Since the inception of online betting, the industry has grown at a rapid pace. This exponential growth has led to an immense diversification in the payment methods available for players to choose from. With so many options it is not surprising that there are more than a few popular options.
Like people, payment methods come in all shapes and sizes, there is no one size fits all. Different groups of players are all looking for different things and this has opened the way for the use of a wide selection of transaction methods.
When it comes to choosing which method is best for you, there are a few important factors that you will need to take into consideration. The main things that players should look at when deciding which route to go are security, accessibility, waiting times, and fees. The option that is inevitably going to work best for you is the one that ticks as many of those boxes as possible.
Top Payment Methods for Online Betting
As the old saying goes, there is more than one way to skin a cat. This has never been more true then when it comes to the best payment methods for Online Betting. At the end of the day, it boils down to personal preference. Let’s take a look at some of the top payment methods for online betting.
Direct Banking Payments
Traditionally, the most popular or most used payment methods for betting are through Direct Banking Payments. There are three direct banking payment options for players to utilize depending on what accounts they have available. These are direct transfers, Debit Card payments, or Credit Card payments.
This payment method is popular for two pretty obvious reasons. Firstly, they have been around the longest. The advantage in this is that a majority of people are comfortable using these methods and feel confident in the fact that they are secure. The second reason that traditional payments are so popular comes down to accessibility. Just about every person on the planet has access to a bank account. That means that players generally have a bank account before they start betting. This makes direct banking payments pretty effortless.
Direct banking payments do come with a couple of downsides. Often banks charge banking fees over and above fees charged by the betting site that players use. This means that charges can really start to stack up. Bank transfers can also take more than a couple of working days to reflect which means that players could have to wait a significant period before they can start playing or before they see their money reflect in their account.
Top E-wallet Options
A relatively new payment method on the scene, e-wallet payments have grown in popularity. The most popular e-wallets amongst bettors are Neteller, Skrill, Muchbetter and Paypal. The main reason that players love e-wallets so much is because of the privacy and security that they offer. By allowing players to store money online, often without ties to any sort of bank account, players are guaranteed high levels of privacy.
Other reasons that players love e-wallets include their security systems that are regulated by 3rd parties like the Financial Conduct Authority, which prevents money from going missing. EWallets are also often much faster than Direct Payment Methods. This speed appeals to players who are looking to start betting or withdraw money here and now.
Like everything, e-wallets do have their downfalls. The most prolific one is the fact that they are often restricted in countries which means that not all players will have access to them.
Best Cryptocurrency Methods
Another relatively new payment method is cryptocurrency. With the recent boom in cryptocurrency adoption, many betting sites have started accepting crypto payments. The most popular cryptocurrency payment methods are Bitcoin and Ethereum. These kinds of payments are popular amongst players who prefer decentralized payment and offer perks like instant deposits and very speedy withdrawals.
The downside of Cryptocurrency payment methods is that they can be complicated for people who are unfamiliar with them. They also always require players to have crypto wallets that can charge quite steep fees. The price of Crypto can also be unstable which can affect players’ winnings.
Make a Deposit and Start Betting Today!
As you can see there is no one most used payment method for Betting. If you are looking for the best payment method, you are going to need to look at which one is best for you. If you are unsure of which one to go with there is no harm in trying a few out. After all, having a payment method that works for you is going to greatly enhance your experience and take your betting to the next level.