When most people think of betting, they dedicate most of their time to selecting sports, leagues, odds, and free bets. Yet, banking is a crucial part of the online betting process that can dictate the quality of experience you get.
A good betting experience means quick deposits, fast withdrawals, generous bonuses, and competitive odds. It also means a reliable betting app—one that doesn’t crash during peak hours or lag during in-play betting.
All these features can be tied to the type of payment method you choose. Here’s how.
Banking speed is a common problem for many punters. You choose a deposit method. But your money takes over a day to reflect into your account. Or you win money and request a cashout. But the money takes over a week to be processed.
While multiple factors influence payment speeds, your payment method is the most important one. E-wallets and cryptos, for example, support quick banking speeds—instant deposits and 1-2 days for withdrawals.
Credit and debit cards also attract quick deposits, but withdrawals can take up to five days. Wire transfer, on the other hand, is slow for both deposits and withdrawals.
In light of that information, e-wallets and cryptocurrencies are the best choices for quick casino banking. In case you’re wondering, withdrawals take longer than deposits because operators take time to verify you won fairly.
Free Bets and Bonuses
Let’s face it. We all wish sportsbooks would give out more free bets. In reality, however, bookies give out bonuses sparingly. Usually, you have to fulfill multiple conditions that include using specific payment methods to receive these rewards.
Credit and debit cards qualify for bonuses in nearly every betting website. It doesn’t matter whether you use Visa, MasterCard, Maestro or pre-paid cards. All you need is to find a casino with your favorite card provider and you can get a bonus.
Truth be told, casinos that accept prepaid Visa cards offer the most generous bonus sizes.While, regular websites can match your first deposit up to $100. Prepaid Visa casinos let you claim bonuses worth up to $14000.
Crucially, look beyond bonus amounts when choosing betting bonuses and promotions. Read bonus policies to determine the value you get from every reward. As a tip, look for bonuses that make it easy to withdraw winnings.
Fees and Limits
Are you a low roller or a high-stakes player? If you have a small budget, then e-wallets and some cryptocurrencies are your best option. Most digital wallets like PayPal, Skrill and Google Pay allow you to send from $1 to $1000.
Better yet, you can make small payments at close to zero fees. Unfortunately, we can’t say the same about wire transfer. Depending on your bank, you must send at least $20 and incur a fixed fee.
That said, wire transfer is excellent for sending large amounts of money. You could deposit up to $100,000 while paying less than 1% of the amount in fees. Cryptocurrencies like Bitcoin are another great option for completing large payments.
Still, on banking, fees can make a difference in the amount of money you win through online betting. When banking through some e-wallets and cards, casinos and sportsbooks don’t charge you. While using other options, you must part with 1% to 3% of your profits.
Security and Trust
Sometimes the reason to choose one payment over another has little to do with speed, fees, and limits but everything to do with security and trust. Let’s say you identify a cryptocurrency promising little to no fees, lightning-fast speeds, and huge limits.
However, it’s an unknown company with questionable security issues. Worse, it has a terrible reputation for scamming people. Would you choose it to deposit money to your favorite casino?
Another example is when a popular banking app has a reputation for selling people’s data. Sure, it might feature the latest data encryption tools. But it still collects your personal information and sells it without asking for your consent.
With both examples, you would probably not like the experience you get. This explains the need to take time before selecting a payment method. Compare multiple companies and choose a safe, secure and trustworthy company.
Mobile betting is on the rise. Nearly every betting website keeps reminding you to install their app or try their website. You probably also want a payment method you can use across multiple devices in light of that information.
If you use an iPhone, you’ll want a banking company that works on iOS devices. Apple Pay, PayPal, and credit cards are great examples. If you use an android device, you’ll want a payment provider that works on android gadgets.
When you think about it, you like some payment companies because they offer something you can’t get elsewhere. Take PayPal as an example. It offers chargebacks that protect you from scam betting companies.
It also offers One Touch to help protect your data. With One Touch, you provide your banking information once. From there, PayPal helps you transact with multiple casinos without revealing your banking data.
Apple Pay is another innovative banking provider. It is secure and works with all your iOS devices through a single account. It also features multiple intuitive features and has an excellent customer service department.
Availability in your Jurisdiction
One common problem many sports punters face is realizing they can’t use specific banking providers at various betting websites. For example, Neteller is tremendously popular with online casinos in Europe. But it no longer operates in the US.
Neteller withdrew from the US market for business reasons. However, some e-wallets are unavailable because the government banned them or casinos don’t want to work with them. This is why PayPal isn’t available in every casino despite its global success.
Before you choose a payment company, therefore, ensure it’s available at your favorite casinos. Crucially, ensure you can use it for both deposits and withdrawals. Almost every casino demands that you use the same company for both deposits and withdrawals.