Why You Need a Great Payment Method When Betting Online
Today’s online sports bettors are a lucky bunch. They don’t really need to worry about high deposit fees. They’re not restricted to slow bank payments during withdrawals. And they can deposit and gamble as little as $5.
Two decades ago, the online sports betting industry was a young industry targeting major sports. The UFC, although alive and kicking, was too small to appear on large betting websites. This article isn’t about the UFC though.
It’s about why you need a good payment method for betting on the MMA online. Let’s get started.
Quick Deposits
When you think about it, we all expect our payment options to transfer money to betting websites instantly. No one has the patient to wait for three working days before you can place a bet: some banks take up to five days to transfer money.
Now, all payment options differ in their payment speeds. Digital wallets like Skrill, PayPal and Google Pay process deposits instantly. Visa and Mastercard offer instant deposits too. But wire transfer and eChecks often take more than a day.
Quick deposits not only save time but they’re also convenient. Most of us only think about adding money to betting accounts when there’s a great MMA bout coming up. And of course, no one wants to miss out on placing bets on a great fight, at least not due to delayed payments.
Wide Acceptance
Some payment methods are great. But they’re not always accepted at leading betting websites. Take crypto as an example. By now, most people are aware of Bitcoin’s safety features. They know it gains value and has low transfer fees.
Yet, you’ll often struggle to find a good casino or bookmaker that supports Bitcoin. In light of that information, choose a payment option supported at your favorite sportsbook. For reference, credit/debit cards, e-wallets, crypto and checks are the most popular casino payment methods.
Although acceptance is vital, ensure you join a reliable casino site. The goal isn’t to find a website that supports your preferred payment option. The objective is to find a trustworthy company that accepts MasterCard, PayPal or Ethereum.
Safety
If you’re like many online users, you’re aware of the dangers that lie online. You know all too well people get scammed all the time. Or some companies have proven records of not securing their customers’ data properly.
As such, you don’t want to deposit money to betting websites from random companies. Choose reputable payment options. You don’t have to pick the biggest brands. But invest in research to verify that your chosen e-wallet or card provider can secure your data and money.
SSL encryption is the standard way of encrypting your data. It’s denoted by a padlock sign on a website’s address bar. Password protection, Two-Factor Authentication and data protection policies provide further proof about a casino’s ability to keep you safe.
Some payment providers, mostly cards and PayPal allow chargebacks. This feature helps you recover your money in case you’re scammed by a betting website. PayPal also offers One Touch, which helps you log into multiple betting sites securely without sharing your credit card details.
Convenient Limits
Let’s face it. Not every MMA bettor wants to gamble $1000 per fight. Most of us risk small amounts for the fun of it. So, when thinking about a good payment method for betting online, think of a company that supports low minimum deposits.
Most e-wallets and crypto coins allow you to send as little as $1. However, the majority of betting websites accept $5 or $10 and above. That’s alright as long as the fees are low or non-existent.
Visa, MasterCard, PayPal, Skrill and most other online payment methods don’t charge for deposits to betting websites. It doesn’t matter whether you want to deposit the minimum amount of $10 or the maximum amount of $10,000.
Withdrawals often apply to withdrawals, though. And depending on your chosen payment company, you might need to part with up to 3% of your profits to cater for fees.
Quick Withdrawals
Fees aren’t the biggest concern for many sports punters. The withdrawal process is the toughest challenge. That’s because every betting company has its policies about cashing out money.
Choose a betting website with a fast payout process. If you win today, you want to receive your money within 24 hours. This is particularly true for e-wallet and crypto payments. Cards take a day or two while bank transfer can take a little bit longer.
Most sportsbooks indicate their withdrawal speeds on their websites. Take a look at these policies. Importantly, also read online reviews to verify that a bookie keeps its word. It’s not unusual for operators to claim they payout fast even when they take days to process money to e-wallets.
Bonus Qualifications
This might come as a surprise to some, but your chosen payment method can determine whether you qualify for a welcome bonus or not. You see—gambling companies take a risk by giving you free betting money.
They risk losing money when you win. That’s okay. But it’s a problem to the bookies if you use a specific payment option to create multiple accounts and claim bonuses severally. Owing to that backdrop, many betting websites exclude companies like Skrill and Neteller from their bonus promotions.
You can use either payment option to deposit and withdraw money safely. You just won’t qualify for a welcome bonus. If you love free bets, therefore, choose payment options like Visa, MasterCard and PayPal.
With that in mind, bonuses aren’t created equal. Take time to compare promotions. Read their terms and conditions so that you accept bonuses whose terms you fully understand.
In Summary
Choosing a payment method for betting online is straightforward. You decide whether you want a digital wallet, card or cryptocurrency. Next, you pick a specific brand and use it to deposit and withdraw money from betting sites.
However, these companies vary immensely in the quality of their services. So, don’t rush to choose a provider. Ensure it offers outstanding safety. It’s convenient, fast, low-cost and qualifies for free bets.
