Most Popular 5 Online Betting Payment Methods for the UK in 2023
I have investigated each of the available online betting payment methods, looking into the safety, convenience, speed and cost. I looked into which of these methods were offered by the best betting websites in the UK and which were the most popular among punters. From this I have compiled a list of the five most popular methods of payment for online sportsbooks in the UK.
|Payment Service Provider||Type||Average Deposit Time||Average Withdrawal Time||Provider’s Transaction fees||Why is it a popular payment method|
|Visa||Debit Card||Instant||48 hours||None||Instant deposits, eligible for bonuses|
|Mastercard||Debit Card||Instant||48 hours||None||Instant deposits, eligible for bonuses|
|PayPal||E-Wallet||Instant||2-24 hours||Commission of 3.4%||Speedy Withdrawals|
|Skrill||E-Wallet||Instant||2-24 hours||None||Added Security|
|Trustily||Bank Transfer||Instant||1-2 Business Days||None||Rapid bank transfer with no fees|
|Most Popular Payment Methods: Did you know?|
|According to VISA they are used by 2.5 customers. They are the most popular payment method among UK sports bettors. |
Depositing with some e-wallets mean that you may not be eligible for welcome bonuses and other promos. The terms and conditions at Betfred are typical.
The different Types of Payment Methods
There are countless options available when you are placing a bet online. You need to look into the pros and cons of these online betting payment methods in order to determine which suits you best. Here is the lowdown on these methods to help you make your choice.
- Debit and Credit cards
- Mobile Apps
- Bank Transfers
- Prepaid Cards and Vouchers
Debit & Credit cards
Debit cards are available on the overwhelming majority of betting sites, including betting exchanges. There are very few where this is not the case, for example on some cryptocurrency-exclusive sites. The use of debit cards is straightforward. You enter the relevant details, tell them how much you want to deposit, confirm, and you’re ready to enjoy your betting. You do need to ensure that you meet your limits. For depositing, £5 or £10 are the typical starting points, while the maximum can go up to tens of thousands of pounds, and is not always specified. The same is true of maximum payout amounts. There are rarely fees and the system is secure.
Deposit times are typically instant and withdrawal times are usually between two and five working days. This is slower than with some other methods. While minimum deposits and withdrawals are low, maximum levels can also be lower than other methods. Other methods also grant you greater anonymity.
It should be noted that,at the time of writing, credit cards are not accepted by UK betting sites. This has been the case since April 2020.
- VISA: VISA is the most popular and universally available of all Sports betting payment methods for UK customers. It is flexible, easily accessible and secure. Most welcome offers with UK sportsbooks are open to those who deposit with VISA. Deposits are instant and there are usually no fees. Withdrawal is slower than some other methods but for a debit card it is quite quick.
- Mastercard: Mastercard is one of the most well-established payment methods for online bookmakers. It is secure and reliable with low fees and is a method which enables you to take advantage of most welcome offers.
|Expert Opinion on Debit Cards on a Betting Site|
|Chris Sampson: I strongly recommend the use of debit cards on betting sites. I like to feel that my funds are secure and easily accessible and I have found that managing my transactions this way has been very straightforward. Depositing with your debit card also ensures that you are eligible for the vast majority of welcome bonuses at online bookies in the UK. The withdrawal times may be a little slower than some methods, however, you can be sure that your money is safe and plan around this. While there are generally no fees you must be aware of any charges that your debit card company or the bookmaker might make. You also need to check individual withdrawal times and deposit and withdrawal limits. As ever, check terms and conditions.|
Cryptocurrencies are a digital currency that often use blockchain technology to process payments, as opposed to going through a centralised network. Cryptocurrency is more commonly associated with online casinos, however, there are some sportsbooks who have introduced this method.
- Bitcoin: Bitcoin is possibly the best known crypto method. It is the most popular and most widely available cryptocurrency. Bitcoin is extremely secure and it guarantees you fantastic levels of anonymity. Remember, however, that limits can vary massively with this method and relatively few sports betting sites accept this form of payment.
- Ethereum: Ethereum is a type of public and open-source blockchain-based decentralized and distributed computing platform that is supported by millions of blockchain transactional machines and is used to pay for goods and services. Ethereum is different from Bitcoin as it uses accounts and balances known as state transitions. The cryptocurrency used on the Ethereum blockchain is called Ether, and you can use it to gamble online.
- Litecoin: Litecoin is another crypto platform that offers you fast transactions, no fees and anonymity.
E-wallets and digital wallets act as online storage platforms for customers. Transactions are funded from bank accounts, however, these platforms do not require users to enter their card details, therefore adding a layer of protection. E-wallet customers have an account number and login details instead, with users being able to both deposit and withdraw funds to and from their betting site. They generally have deposit and withdrawal amounts of around £5-£10, depending on the individual bookmaker.
These platforms are extremely useful for those who have numerous bank accounts. They are excellent in terms of anonymity too, as payments to a betting site will appear on bank statements as the e-wallet. Deposits and withdrawals tend to be speedy with e-wallets. There are an abundance of these platforms available to UK bettors.
- Paypal: The most popular type of e-wallet in the world, PayPal is one of the most commonly used alternative payment methods at UK betting sites. One of the key benefits is the rapid withdrawal times. While these can take up to 24 hours, they can be processed in as quickly as two hours. They are also a safe, secure and reputable company. There is a small commission of 3.4%.
- Skrill: UK based Skrill has similar qualities to paypal. It offers a range of features such as a prepaid Mastercard, 1-Tap, a superb app, and a VIP programme. Unfortunately Skrill is often not eligible for bookmaker promotions.
- Neteller: Neteller are compatible with many funding options and offer many of the advantages of other e-wallets. They also keep their fees low. Their security is top-notch, with state-of-the-art encryption, fingerprint ID, and a two-step verification system, to stay ahead of so many other betting payment methods. They have the same promotional barriers as other e-wallets, and are less commonly available.
- Muchbetter: MuchBetter is a top quality e-wallet service. It was founded in 2017 and comes as a free app which is available on the Apple Store and Google Play. It offers fast deposits and withdrawals along with some of the lowest fees among e-wallets for UK betting sites.
- Jeton:One of the newer e-wallets, Jeton is user-friendly and offers quick deposits and withdrawals along with top notch security.
Many UK online betting sites accept payments via mobile app. Simply download a mobile wallet app on your phone and add debit card details which will be stored securely. This will give you a quick and safe method of payment.
- Paypal Mobile App: The PayPal Mobile App, like other payment apps lets you send and receive money using just your mobile device. This allows you to have all of the benefits of PayPal at your fingertips.
- Pay By Phone:Another new method of funding your betting activity is Pay By Phone. Here, punters can make deposits on betting sites through their mobile phone contract or pay as you go tariff. While no more than £30 can be added, this option is very convenient, with a code being sent via SMS in order to verify payments.
- Boku: Boku is one of the newest betting deposit options and provides a means of funding online betting accounts using your mobile phone. You have two options when it comes to funding a betting account using Boku – you can deposit directly or via Neteller.
- Skrill App:The official Skrill app is available for download from the Apple App Store or the Google Play Store. Remember that these are the only official apps available for use with your Skrill account.
- Neteller: Neteller’s app gives you the chance to use their service on the move. This enables you to fund your online betting account on the go.
- Zimpler: Zimpler is still in its infancy in terms of its presence in the cashier section of online betting sites. It is an app to look out for in the future.
- Apple Pay: Apple Pay was launched in 2014. Linked to other Apple products, deposits can be made quickly and conveniently. No fees are incurred, while payments are authorised by a code or fingerprint ID. Apple Pay is not available for withdrawing funds on betting sites.
- Google Pay: Google Pay is easy to deposit funds with. It is incredibly secure and there are no additional fees. Punters can deposit funds with Google through linking to their mobile account or a debit card.
Some punters still prefer the traditional methods of payment and choose to fund their accounts with bank transfers. This system is simple and reliable. Just enter your details and the request is made straight to your bank. Deposits are usually free, though there can be withdrawal fees depending on your bank. However, processing times can be longer, between two and 10 days for both deposits and withdrawals.
- Bank Transfers: Most sites will accept bank transfers (card payments) to top up the funds in your betting account. This payment method is not, however, the quickest. If you are in a rush to place a bet, most of the top online betting sites will recommend the use of debit cards with your card details as the swiftest payment method.
- Wire transfers: To deposit larger amounts of money some punters prefer a wire transfer. A wire transfer is a form of electronic payment that sends money directly from one bank account to another bank. With a wire transfer, the bank acts as a middleman for the payment. The sender sends the money to their bank. The bank then sends the money to the recipient’s bank and finally to the recipient.
- Trustily: Trustly has links with over 200 banks in 25 countries and deals with a range of currencies. Costs are kept as low as possible, with no fees for either deposits or withdrawals. This gives them a huge advantage over other betting payment methods. It allows an instant bank transfer without additional payments.
Prepaid Cards, Coupons and Vouchers
Prepaid cards and vouchers are reloadable money cards. You add cash to them and top them up when the funds run out, just like you would with a pay-as-you-go mobile phone. Many punters find this method to be convenient when funding their online betting accounts. Customers can purchase vouchers at local sales outlets and pay online by entering the code at the checkout of the respective website.
- Paysafecard: Privacy is a top priority for punters. For those who do not want to be linked to a betting site through their method of payment, paysafecard could be their preferred betting payment method. It works just like a ‘pay as you go’ card – you pay at a shop and get a 16-digit pin card that you can then use for that amount of money at any relevant betting site. Minimum deposits are usually £10, and the maximum card is generally £100, although multiple cards can be bought and used all at one go. There are no additional fees. Unfortunately you are unable to use this method for withdrawals.
- EcoPayz: EcoPayz is an online payment service, acting as an alternative to the likes of PayPal, Skrill and Neteller. Founded in 2000 and regulated by the Financial Conduct Authority, EcoPayz is accepted by the majority of UK bookies. Users even have the option to use an EcoPayz Mastercard. It offers instant deposits, however, can incur costs.
|Did you know?|
|Online and mobile payment methods offer excellent convenience and security. However, some punters still prefer to place physical wagers in-store. A number of bookmakers with a high street presence offer a seamless way to pay in-store and bet online, giving you the fullest betting experience possible. Examples include Coral Connect and Ladbrokes’ The Grid. These services usually require you to sign up online or download an app. From there, you can manage all your wagers with that bookmaker, online and in the betting shop, in one place.|
Solutions to Common Issues with Betting Payment Methods
With the best will in the world there are times when astute punters run into problems with trustworthy betting sites. Betting.com look at some common problems involving payment methods and offer solutions.
1. I can’t find where to verify my payment methods
Go to the section on your account at your chosen bookmaker and look through the verification process thoroughly. If the information is not forthcoming contact customer service.
2. I can’t change my payment method on my account
Depending on your online bookmaker, you can usually add and edit your payment details before you make a deposit once you are logged into your account via the deposit page. If you are experiencing problems with this contact customer support.
3. I can’t remove my credit card from my account
Go to the section on your account (there will usually be an icon to click on titled “My Account” or similar. Go to payment methods. When your cards are listed there should be an option to delete the card. Make sure that you have confirmed this action. If this is not working you need to contact customer support.
4. In-game deposits from my mobile are not working
This could be down to a problem with your connection or a problem with your mobile app. Check this out and if necessary contact customer service. You may need to check things out with your bank, your mobile service provider and the bookie. In addition you may have reached your deposit limit. Check that you have not exceeded any self imposed restrictions.
5. I requested a withdrawal to my card. Why are the funds still available in my balance?
Check processing times with your bookie and the bank. Check that you have selected the correct method of withdrawal as many UK bookies offer a closed loop policy. Ensure that your account has been verified correctly. If the problem persists contact customer support.
6. My latest deposit hasn’t been added to my account
Check that you have not exceeded your deposit limit and that everything is working smoothly. You may then need to contact your bank and/or customer support.
7. I am unable to withdraw my winnings
You may not have met the requirements of the closed loop policy or your account may not be verified. Check with your bank and customer service that everything is in order. It may be that you need to ensure that you are requesting your winnings into the correct account.
8. I can’t cancel my withdrawal
If your withdrawal is still classed as pending you should be able to cancel it. If it has gone to “processing” you may not be able to do so. Contact customer support if you are having problems.
9. I didn’t receive my winnings in full
Check the terms and conditions to make sure you are correct then contact customer service.
|Did you know?|
|Most online betting sites have a list of FAQ on deposits and withdrawals|
If your deposit method doesn’t allow a withdrawal back, then it’s by bank transfer. If you’ve used more than one payment method, you’ll need to withdraw to the method you’ve deposited most with.
The UK Gambling Commission can help you with rules and regulations surrounding payments.
8 Extra tips to help you decide on a Betting payment method
Selecting a betting payment method comes down to personal preference. You must analyse your betting habits and look at how you prefer to organise your finances in order to make a decision. Betting.com have listed eight additional tips to help you select the best method for you.
- If you travel, and play from time to time when abroad, make sure that the payment method you like to use is available.
- Check the speed of transactions
- Check the deposit limits
- Make sure to use the same method when you deposit and withdraw to avoid any inconveniences
- Have a look at the possible fees when using a specific payment method – charged by the Betting and by the payment provider!
- Check if their bonuses aren’t tied to a particular payment method.
- Consider creating an payment account specifically dedicated to play
- Check if the Betting Site uses the proper security protection when doing a transaction (the little green lock at the top)
How to place a deposit and withdraw your winnings
While there are slight variations between bookmakers, most online betting sites follow a general structure for deposits and withdrawals.
How to place a deposit
- Log in to your account and select the deposits or cashier page
- Choose the payment type from the list of available methods
- Decide how much you want to pay into your bankroll
- Fill in all required fields (usually indicated by an asterisk)
- Check the box to say you accept the T&Cs (if applicable)
- Confirm the payment by clicking the deposit button (or equivalent)
How to withdraw the winnings
- Log in to your account and select “withdraw” from the menu options (this option is sometimes located under the services menu).
- If your deposit method is also an accepted withdrawal method at the bookies it will automatically be selected for you.
- If your deposit type isn’t one that processes incoming payments too, then you’ll need to select a method from the available withdrawal types.
- Enter in the details of your withdrawal type into the fields where applicable. This will be auto-filled if you’re using your deposit method.
- Select the amount you want to take out (this needs to adhere to minimum withdrawal conditions at the bookmaker) and the funds must be available in your bankroll.
- Once all fields are complete confirm the withdrawal request. This will then go to the bookmaker for processing. You should get approval within 48 hours of the request being sent.
|Did you know?|
|Most UK bookies operate a closed loop policy for deposits and withdrawals. – It is understood that using the same payment method for both depositing and withdrawing funds will make the entire process more efficient. However, some payment methods do not cater for the withdrawing of funds, meaning that an alternative must be found. You must try to ensure that the funds are coming from the same bank account. If your deposit method doesn’t allow a withdrawal back, then it’s by bank transfer. If you’ve used more than one payment method, you’ll need to withdraw to the method you’ve deposited most with.|
Popular Payment Methods: Make sure your payment method is safe, secure and suitable for you and your betting
Safety of your cash and your data are the most important factors when selecting a payment method. However, there are also elements of personal choice, many of which will stem from your betting habits. If you use the same bookie or if you have accounts with several betting sites may have a bearing. If promos and welcome bonuses are important to you that will influence your decision. Hopefully you can find a payment method for you which enhances your betting experience. Remember to always study the terms and conditions and to gamble responsibly.
Frequently Asked Questions
The best way to make a large deposit into a betting account is via a bank account.
Bank transfers take longer than many other payment methods but can be a great way to fill an online betting account with substantial deposits of money.
Most online sites will have high upper limits on a payment made by bank transfer, so you can bolster your account as much as you’d like.
Different sites have different rules, regulations and policies.
Take the time to look through each one, learning their turnaround time for deposits and withdrawals. This will help you make your mind up.
Take a look at the perks offered, such as free bets, while you’re doing your research to find the best payment option and payment providers for you.
Trustworthiness, availability, fees, transaction times, ease of use, and more are examples of the kind of things we look for in the best betting payment methods.
Betting sites do not accept credit cards as they were being used by problem gamblers.
The law changed as of 2020 to prevent problem gamblers making sizable deposits they could not afford using credit cards.
Chris is a former athlete and a qualified PE teacher. He is a keen football fan, watching many matches at different levels throughout the season, and enjoys following many different sports. With betting and sports sites, he has a keen eye for detail and can to highlight positives and negatives for users. His experience in sport as a performer, teacher, writer and fan allows him to see things from many different perspectives.