iGaming activities such as online betting is something which has taken off globally and this is easy to see when you consider the sector is now estimated to be worth around $93 billion.
Much of this recent growth has been driven by more countries opening up to sports betting online and new audiences in these territories emerging to boost the sector.
The rising popularity of online betting has only been possible though due to the leading payment options sportsbooks carry. Without the ability to safely deposit or withdraw cash at betting sites online, no-one would want to use them or be able to place bets at them.
Modern bettors now have more choice than ever when it comes to how they deposit cash to wager with or put winnings back into their bank account. Some payment options stand out more than others and this is down to the core features they contain. But what key components do top banking methods for online betting offer?
Apple Pay
There are lots of sportsbooks with Apple Pay to bet with online now and this shows just how popular it has become as a payment option. Although some of this is down to the rise of mobile betting globally, the key features Apple’s leading mobile wallet has to offer are also crucial.
As a mobile wallet, Apple Pay is perfect for betting on the move and allows gamblers to enjoy a seamless sports betting experience as they go. Depositing cash into your sports betting account for example can be done directly from your Apple device wherever you are and with just a few taps of your finger.
As you would expect from any leading payment option for online betting, this method is ultra-secure. Safety features such as two-factor account authentication and touch ID are good examples of this in action. Fee-free deposits via Apple Pay are instant and this is great for allowing punters to start betting on sports without delay.
Cryptocurrencies
For any sports bettors who love using the latest high-tech payment options online, crypto is a good alternative to mobile wallets. Most people have heard of iconic coins like Bitcoin and some sportsbooks online will allow you to deposit/withdraw cash via coins like this.
But what core features does this eye-catching banking option deliver for online bettors?
Superior levels of security is a great place to start. As well as using ultra-secure encryption protocols to run on, duress mode on cutting-edge crypto wallets helps address real-world safety concerns for users. Crypto has also found favor with bettors for the next-level anonymity it delivers. This sees crypto payments not showing up on your bank statement and helping to maintain higher privacy levels.
Lightning-fast transaction times are another key feature of this payment choice and sees deposits/withdrawals processed instantly. Most crypto transactions at sportsbooks also come with very low or zero fees, which means you keep more of any cash you win when betting.
PayPal
Whilst mobile wallets and crypto might be the new kids on the block in terms of high-tech payment options for bettors, e-wallets have not been forgotten. The most popular digital wallets remain a preferred choice for gamblers globally and have some unique features to thank for this.
With the number of global PayPal users in 2024 around 427 million, it’s obvious that this e-wallet leads the pack. Much of this is down to how well established the brand is in the global finance sector and sports betting/gambling industries.
PayPal also comes with instant deposits and this feature means sports fans don’t have to wait to start making bets online. As with all e-wallets, fast withdrawals are another key feature and bettors can often get their winnings in just a few hours! Enhanced security is something PayPal delivers, as bettors do not have to share their bank details with sportsbooks when using it.
Skrill
Skrill is another popular e-wallet that lots of worldwide bettors use to deposit and withdraw cash at online sportsbooks. As with the other examples on our list, this is down to the many attractive features it has.
This leading e-wallet is available in around 200 countries for example and enables transactions in around 40 different currencies. Due to this, bettors across the globe are able to use it at their favorite sportsbook and place wagers via the currency of their choice.
Skrill has next-level safety features which protect gamblers and help to keep their account secure. This includes robust firewalls which keep the platform safe from hackers. Super-quick transaction times deliver a satisfying user experience, as does the intuitive user interface.
Visa and Mastercard
There’s no doubt that Visa and Mastercard debit/credit cards are very popular payment options for online bettors still. But what key features does this banking method have that make it such a hit?
People love things they’re familiar with and this is true for both Visa and Mastercard. As most punters use their debit or credit card on a regular basis in normal life, they feel comfortable enough to use it when betting online. People also like the simplicity of making deposits or withdrawals via debit/credit cards at online betting sites.
This payment choice is found at the vast majority of sportsbooks online and this accessibility is an attractive feature. In addition to this, most sportsbook bonuses can be claimed via Visa/Mastercard and this means punters never miss out on the best deals.
Bank transfer
Bank transfer might be one of the oldest payment options used for online betting but still remains popular with gamblers. One feature which explains this is how secure transactions made via bank transfer are. As with Visa and Mastercard, the familiarity of using this option to deposit or withdraw cash also makes it popular with bettors.
The availability of bank transfer is another key feature and means you can find it at the majority of sportsbooks online without any fuss. Bank transfers are simple to understand and make it easy to keep tabs on your betting payments via your bank statements.
Paysafecard
Responsible gambling is a hot topic in the modern betting industry and has allowed options like paysafecard to really take off in recent years. This is a pre-paid card which users load a set amount of money on to bet with in advance. As you can only bet with the money that’s on the card, it’s easier to not get carried away and avoids betting more than you should.
Another crucial feature of this payment option is how easy it is to use. Once the card has been purchased, you just enter the 16-digit PIN code when depositing cash at your sportsbook and you’re good to go. With no need to enter any banking details into the sportsbook either. This option is also very secure and means none of your banking details are stored on the betting site itself.
Leading payment options for online betting have lots to offer
As the above shows, the top payment choices for online bettors come with some truly awesome features. The key is to dig into the different methods you could deposit/withdraw cash with at sportsbooks and find one that suits your own tastes. For people who like to keep up with the latest happenings in FinTech, mobile wallets, e-wallets and cryptocurrencies are smart places to start.