In order to place bets with online bookmakers you must open an account and make a deposit. If their money in the account that is required you must make a withdrawal. Bookmakers offer a number of payment methods and usually thee are no fees. Transactions must be quick and safe and secure. When there are delays or problems accessing funds a bookmaker’s reputation can soon suffer. Customers must be able to withdraw their money on demand and without conditions.
When placing bets in betting offices the main payment method is cash. Bookmakers allow betting with debit cards but most shop punters bet with money. Cash transactions are still the most efficient but that has led to a problem with money laundering in betting offices. The internet has led to a wider range of methods for buying products and that also applies to betting.
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Banking methods fall into a number of categories as follows:
- Bank transfer
- Debit and credit cards
The first two methods are self-explanatory but e-Wallets are a relatively new concept that are suited to making deposits and withdrawals on an internet betting site. They allow individuals to make electronic transactions. The bank account is linked to an e-Wallet and ID documents can also form part of an account. E-wallet accounts are quick and easy to set up and require a username and password to make them secure. That means personal data is private and bank details are not available to unauthorised users. Digital wallets are free of charge but suppliers like bookmakers might have to pay a fee. They facilitate betting because of speed and convenience.
Here are some of the major e-Wallets that bookmakers offer for banking and making payments to and taking funds from a betting account:
Paypal was formerly part of the eBay group but is now independent. The company offers one of the most widely used online payment methods and it is very popular with gambling companies. It is a digital account system that allows bettors to deposit and withdraw funds to and from registered bookmaking operators. Setting up a Paypal account is easy and the process involves entering basic personal information and verifying the account as a security measure. Paypal allows bettors to fund a betting account quickly and the funds are available instantaneously. A great deal of betting is done as a whim so it’s important that deposited funds are available for betting immediately. The Paypal account is an interface or middle-man between a bank account and a betting account. It provides an additional level of privacy and safe trading. There are no nominal transaction fees and the limits are not restrictive. The e-Wallet expanded into betting as part of a distinct stage of growth. Transaction fees are lower for high volume merchants like bookmakers. Betting account holders have access to a mobile version which means they can deposit funds using text messaging on mobile phones. This development added to the attraction of Paypal for the depositing of betting funds. The process from identifying a bet, making a deposit and placing a bet is fast and seamless.
Paypal has been subject to criticism and security has been broken. The company has been associated with online fraud. The person receiving funds is anonymous because the sender does not have access to bank sort codes and account codes. However, there have been no major security breaches that bookmakers have suffered so Paypal is still one of the most widely used payment methods for bookmakers. Deposits are subject to a small fee but withdrawals from a betting site do not have a fee.
Skrill used to be called Moneybookers and has a very good reputation in the bookmaking industry. Online gambling transactions with Skrill are inexpensive, immediate and trusted by users. The payment method has been effective over a significant period of time and gamblers understand that it can be trusted. In fact Skrill and formerly Moneybookers are one of the longest standing payment methods offered by bookmakers. This method offers low-cost transfers from a bank account to betting account. Skrill is owned by a British company and is licensed to operate in the European Union. There could be implications for Skrill when the United Kingdom leaves the EU. Transactions are carried out in a single currency which is specified during the new account process. However, this currency cannot be changed once the first transaction has taken place. Skrill is the only e-Wallet that can be used for banking with bookmakers in the state of New Jersey.
The company has been in business for more than 15 years so has established and effective methods in place for the transfer of money. The method is accepted by all the gambling companies and by other merchant sites. Skrill is not only used by bookmakers but is a method of transferring funds to many types of account. When you open an account with Skrill there is an option to apply for a credit card. Account holders can make purchases and take money from ATM machines. There are some costs for making deposits and withdrawal using a Skrill credit card. Money can be transferred between accounts for a nominal small fee. However, there is one potential negative from banking with Skrill with bookmakers which is that users may not be eligible for some free bets and promotions. There are some transaction limits but these should not inconvenience the average bettor.
Neteller has been operating as an e-Wallet since 1999 and most online bookmakers accept it as a payment method. In fact there are no major UK betting brands that do not accept Neteller as a way in which deposits can be made and money taken out. The company offers many funding methods and there are no large fees for the end-user. Money can be transferred into a betting account quickly and with a small charge. Fees do not apply when making credit and deposit cards payments. The customer with the bookmaker can deposit funds with a small fee. Neteller is more expensive than Skrill. However, the fees are nominal and only become an issue if you are funding multiple betting accounts. There are no charges for opening an account and signup procedure is quick and straight forward. Skrill users enjoy an extra layer of privacy and security and these are big factors in the gaming industry.
Neteller is a much quicker method of making payments compared to bank transfers or cheques. Speed is important for bettors as they might not to decide to bet on an outcome until just before the off. There are transaction limits which could prevent a potential better pacing a bet with a big stake. It might be better to use bank transfer or cheques for large amounts, Neteller is an excellent wallet for the bookmaking industry. However, it makes some users ineligible for betting promotions and free bets. These welcome offers allow customers to use a variety of payments methods but Netkeeper is generally not one of them. New account holders must be aware of terms and conditions before making a commitment to Skrill. The method is not limited for gambling use but has a reputation as a trusted and effective payment method. Money can be made available for betting immediately once the payment has been processed. However, it takes time to have limits raised individually and across the board.