Which are the best matched betting bank accounts and other payment methods to use in 2019?
In this article we’ll look at the most popular bank accounts for matched betting along with other payment methods like PayPal and Skrill and assess how effective they are for matched bettors.
Ready? Let’s jump straight in!
A little matched betting background
Since you’re here you probably know what matched betting is and why it’s so popular as a way of making money online.
However, if you’re new to matched betting or you’ve never heard of it before, we have plenty of guides you can check out. A great place to start is with our what is matched betting guide.
In simple terms, matched betting takes advantage of bookies promotions using a risk-free betting technique.
You are guaranteed to make money regardless of the outcome of your bets.
You’re probably thinking this all sounds too good to be true…
That’s exactly what I thought when I first started matched betting. However, I soon realised this money making technique was both legal and incredibly effective.
Over the last few years, matched betting has changed a lot.
More betting customers are moving online which has led to bookies developing their online platforms. That includes the number of different payment methods they offer.
There’s such a large range of payment methods and bank accounts it can be confusing which one you should use when opening new betting accounts.
Do you open a separate bank account for matched betting, should you use PayPal, Skrill etc?
In this article, we’ll get to the bottom of which payment methods you should use for matched betting and which ones you should avoid.
Have you considered Xace? In 2020, more and more traditional finance providers are blocking gambling related payments. However, that’s not the case with Xace. They offer punters friendly, reliable and safe payment transfers. Check out this article for more information.
Different types of payment method
In the modern world of online gambling, there are a huge range of different ways you can deposit and withdraw your funds.
The bookies want to appeal to as many customers as possible and that means offering a wide range of different payment options. Here are just some of the options for punters:
- Debit and credit cards
- Prepaid cards
- Wire/bank transfers
Let’s have a look at each one of these individually.
It’s important to note that some payment methods will not qualify for promotions and other bonuses. However, we’ll look into this below.
Debit and credit cards
The most common form of payment method, credit and debit cards are accepted at pretty much every online bookie. You’ll also have access to the majority of promotions and free bets.
I recommend you use a Visa, Mastercard or Maestro as these are the most popular card companies. There are others such as American Express, but you’re more limited on which bookies you can use.
One great thing about credit and debit card deposits is that transfers are immediate. This is great for matched betting as it allows you to quickly deposit funds in order to take advantage of a new offer.
If possible, I also advise you use a debit card over a credit card.
A lot of credit card companies see betting deposits as cash advances over purchases, therefore you’ll be charged a higher interest rate. Some online bookmakers also charge a deposit fee for credit cards. Whilst this is only a small amount, it all affects your bottom line.
Furthermore, you have a safety net with a debit card. You can never deposit more than you have.
Matched betting bank account
For those of you using a bank account as your preferred payment method, some matched bettors like to use a separate bank account for their matched betting.
Personally, I’ve never used this strategy, however, I think it’s definitely worth considering.
Having a separate bank account allows you to keep your matched betting and everyday spending separate, which is a bonus. This means you’ll be able to keep track of funded betting accounts and your overall earnings more easily.
Using a separate matched betting bank account will also be more beneficial if and when you want to take out a mortgage.
As you’d expect, the banks perform a lot of checks before approving mortgages and sometimes they can be quite stringent.
Whilst matched betting and betting in general will not affect your credit rating, some banks may look grudgingly at a history of betting.
All in all, it’s best to check with your preferred bank before you go ahead and open a separate bank account.
Best bank account for matched betting?
So which are the best bank accounts for matched betting?
In all honesty, most high street banks will more than satisfy your needs for matched betting.
They all offer a very similar service, meaning there is little difference. Having said that, here’s a list of the most popular bank accounts that matched bettors have had experience with:
Monzo matched betting
Monzo is arguably the best bank account for keeping a close eye on what betting accounts you’ve funded. They have a brilliant mobile application that allows you to visually see your total income and outgoings.
They also have an added feature that lets you put money aside within your bank account. You could use this to save money for your matched betting strategy.
All in all, Monzo matched betting is certainly a great option.
Another popular payment method in the modern world of online gambling, major EWallets include NETeller, Skrill, Entropay, Paysafecard and PayPal.
These EWallets provide some of the quickest money transfers, however, you need to keep an eye on the fees. Whilst these are typically small, it all impacts the profitability of your matched betting.
Out of 97 online bookies recommended by Gamblingjudge.com, 77 accept Skrill, 67 accept NETeller and 44 accept Paysafecard. This gives you an idea of which EWallets are popular in the betting industry.
Using PayPal for matched betting
PayPal is one of the most popular and widely recognised online payment methods so it’s no wonder why so many people are interested in using PayPal for matched betting.
The good news?
Most bookmakers accept PayPal and you’ll still be able to complete the free bets and promotions.
As I mentioned earlier, you just need to keep an eye out for the fees – some bookmakers charge a fee to deposit using PayPal.
Currently, Betfair Exchange charges 2% on PayPal deposits whereas Smarkets offer free transfers.
Overall, I recommend you use another method to deposit into your betting exchange account.
Using Skrill for matched betting
Skrill is also a popular choice for online payments.
Despite most bookmakers accepting Skrill, they generally exclude you from welcome offers and there is generally a fee for depositing.
I’d therefore avoid using Skrill for matched betting.
All in all, EWallets make funding your betting accounts a doddle. However, you’ll need to keep an eye out for any hidden fees.
Some people are not keen on using their bank accounts or EWallets for their betting accounts.
This is where prepaid cards come in.
Punters open these cards specifically to fund their betting accounts. Some of these cards can be topped up, whilst others can only be used once.
Most of the EWallet providers mentioned above offer a prepaid card solution which are likely to be accepted at most bookies. Often casinos and bookies, also have special rates with certain EWallets e.g. lowered minimum deposits with Paysafe for casinos.
Prepaid cards are arguably the safest way to deposit your funds, however, there are a few downsides:
- You can’t always withdraw your funds to your prepaid cards – you’ll need to use an alternate withdrawal method.
- There are usually more fees associated with these cards (set up fees, transaction fees etc.)
Wire and bank transfers
If you prefer to stick to the more traditional way of transferring money, wire and bank transfers are for you.
These methods are typically used for larger sums of money due to higher fees than other payment methods listed here.
Nowadays wire and bank transfers can be done over the Internet and there are also a few companies where you can stay anonymous, requiring no private payment details to be passed over the Internet.
In terms of matched betting, I wouldn’t have thought this was necessary unless you specifically want to use wire or bank transfers.
Customers’ increasing trust for online payments
In recent years, customers have become more trusting of online payments and keeping money in the cloud as such.
That’s one of the reasons companies such as Amazon have put such a dent in the retail sector. In terms of the betting industry, punters are happy to open and run their betting accounts online in the knowledge their private details will be secure.
Obviously you’ve still got the traditional gamblers who like to go in-store to place their bets. But unfortunately, these are a dying breed.
This has had a major impact on the betting industry with the number of online bookmakers increasing significantly over the last 10 years or so.
This in turn has brought incredibly fierce competition to the online betting industry, with many operators all competing for the same business.
This is where no risk matched betting comes in. Bettors take advantage of the bookie’s promotions they use to incentivise punters.
Matched betting requirements
Terms and conditions are one of the most important aspects of matched betting.
Unfortunately, the bookies don’t just give out free bets to anyone. They always want something in return and it’s usually cash…
They’re a greedy lot at the end of the day.
Furthermore, the bookies love catching out punters wherever they can. They usually do this by adding very specific and sometimes unclear small print in their promotions.
For the punters and matched bettors that read these terms and conditions, it can be very tricky to decipher. For those that don’t… well you’ve got no hope of qualifying for the promotion.
Not to worry though, this is all likely to change in the near future as the Gambling Commission are cracking down on bookies terms and conditions.
Their aim is to make the terms and conditions for bookies’ promotions more transparent for customers.
A welcome change if you ask me.
However, this hasn’t happened yet so we can’t argue with it. So what do the bookies add in the terms and conditions?
- Minimum or maximum stakes
- Minimum or maximum odds
- Bet timing
- Expiry dates
- Payment method exclusions
There are sometimes more but we’ll just focus on the last one in this article.
A number of bookies restrict certain members from taking advantage of their promotions by the payment method they use to deposit their funds.
Seems ridiculous I know…
Surely it would make more sense to offer the same promotion to all customers regardless of the payment method they use?
However, transparency is something most betting operators are not known for!
Here’s a typical example from the current Bet365 sign up offer.
You can see customers who use NETeller or Skrill to deposit their funds will be excluded from the promotion. Their deposits will not count towards the qualifying deposit.
This is a common theme among a lot of matched betting offers so it’s vital you double-check the terms and conditions before making any deposits.
This is where matched betting sites like OddsMonkey come in very handy. They check through the terms and conditions for each offer and add the important information allowing members to maximise their profit.
Another great tip is to know which payment methods generally qualify for promotions. We’ll take a look at this below.
Which payment methods qualify?
Bank accounts, specifically debit and credit card transfers are the most widely accepted payment methods which are likely to qualify for bookies promotions.
However, this is only a generalisation, there’s no way of saying every bookie will accept these payment methods. Each bookie and/or promotion are all different and it’s vital you double-check before depositing any funds.
Having said that, I’ve never seen a matched betting offer excluding customers using credit or debit cards as their preferred payment method. So in that sense, you should be fine.
In general, matched betting offers exclude customers using EWallets (like the Bet365 example above). I’m not sure why this is, but it’s a common theme.
Online betting account security
Despite online security being at an all-time high, it’s still a concern for some punters.
Running a betting account online generally requires passing personal and financial data over the Internet, putting some gamblers off the idea.
It’s no wonder when there are so many stories in the media of hackers targeting personal details and payment information on a global scale.
Sometimes companies with the best cybersecurity are breached by hackers. A great example is the Sony Pictures hack of 2014.
It’s one of the only drawbacks to betting online and one that operators spend a lot of time combatting.
The most reputable bookies spend thousands on cybersecurity and protecting customers’ personal and private data.
You can do your bit as well.
You should only enter your payment information if you’re 100% sure the site you’re using is legitimate.
Here’s a brilliant tip to check a site’s security.
In the URL at the top of your browser you should see https:// rather than http:// (including the s). This indicates the site is secured using SSL encryption and all data passed between the web server and the browser is kept private. Here’s an example.
Both of these sites are using SSL encryption. You can see https:// at the start of the URL.
Another obvious betting tip is don’t share your private information with anyone else. You don’t want your personal data ending up in the wrong hands.
All in all, take care with what you’re doing and I’m sure you won’t have any problems with online betting account security.
Best payment methods for matched betting
Picking the right payment option when you come to opening new betting accounts is vital for matched betting success.
You don’t want to deposit your funds with a payment method that excludes you from any promotions – aim to profit from as many matched betting offers as possible!
To avoid this I recommend you use credit or debit cards as your preferred payment method.
These are certainly the most widely accepted forms of payment which should qualify for bookmakers promotions etc.
However, as with anything in matched betting, it’s best to double-check!
Let me know which payment method you use for matched betting by leaving a comment below right now.