Online Betting Payment Processing

Money is the lubricant that makes the betting world go ‘round. Without money, there is no such thing as betting. And for that money to be available, we need to be able to move it to and from various online betting sites.

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There are two parts to moving money in the betting world:

  • Getting your money TO a betting site
  • Getting your money FROM a betting site

Both of these movements need to happen for online betting to be successful. The first step is getting your money to the betting site. That will allow you to place your bets and participate in the awesome hobbies of betting on sports, playing gambling games and testing your skills at the poker table.

Getting your money back out is just as important. If it’s not easy for a player to get his money back from a betting site, he will never play there again. The entire process needs to be smooth from the beginning to the end.

So, let’s talk about both aspects. This guide will explain how the most common deposit and withdrawal methods work.

Accepted Deposit Methods

After you choose a betting site and sign up for an account there, the first step is to make a deposit. This allows you to fund your account and join the betting action. Every betting site has its own unique list of deposit methods, but the following methods are a few of the most common.

Credit and Debit Cards

Works in the US? Yes

Credit or debit cards are one of the easiest and fastest ways to get your money online. You can visit the cashier of just about any betting or gambling site in the world and see an option for credit and debit cards.

The actual process of depositing at betting sites with a credit card is basically the same as it is with making a purchase from Amazon or some other online store. You select the brand of your card, type in your card number and then type in an amount to deposit. If the deposit is successful, your account should be funded instantly.

Every once in a while, your credit/debit card deposit will fail even if you have money available. This most often happens to those who use US-based banking institutions. Banks are weird about online gambling and will sometimes prevent transactions if they know your deposit is going to a betting site.

There are a couple of things you can do if your first deposit fails. First, you can try using a different card. Second, you can try using a different deposit amount. Try a smaller deposit that doesn’t end in a zero. Pick a random number like $127 instead of $130.

If neither of those options work, give your betting site’s customer service department a call. Sometimes they have other methods to make the deposit a success.

Wire Transfer

Works in the US? Yes

The wire transfer deposit method isn’t used very often, but it is available at many betting sites. When you choose this deposit method, you’ll be sent a set of instructions that tell you how to complete the transfer.

Wire transfers require you to visit your bank in person to send money straight to the betting site’s bank account. It’s kind of a pain to visit the bank in person (as opposed to just depositing online), but it works fairly quickly. Your bank may charge you a fee for making a wire transfer, so save this one for larger deposits.

Cash Transfer

Works in the US? Yes

Cash transfers use services such as Western Union and MoneyGram to send money straight to the betting site. The downside to using cash transfers is that you have to drive to the nearest money station and complete the transfer in person.

The good news is that you’re probably not far from a cash transfer station. Cash transfer outlets are located all over the place. You can use a debit card to complete the transaction or just bring cash. This deposit method comes in handy when you have extra cash lying around and would like to use that money to place your bets.

EcoCard

Works in the US? No

The EcoCard is a part of the ecoPayz online wallet solution. You can create an account with ecoPayz and use that as a virtual wallet. You can send money to ecoPayz straight from your bank account and then use ecoPayz to move that money to your betting account.

You can also get a plastic EcoCard that you can use as an ATM/debit card linked to your ecoPayz account. So if you request a payout, you can either send the money to your bank or use your physical EcoCard to withdraw cash and make purchases.

Neteller

Works in the US? No

Neteller is a great deposit and payment method that works in a similar manner to PayPal. Neteller acts as an online wallet that you can use to move your money around online. Neteller transfers are processed very quickly. If Neteller is an option at your betting site, it’s worth a look.

Paysafecard (formerly Ukash)

Works in the US? No

Paysafecard and Ukash merged in 2015 and now operate as a single entity. The basic idea behind Paysafecard is that you purchase a card in person with cash and then redeem it online. This serves the dual purposes of protecting your banking information and providing a convenient solution to converting physical cash into online currency.

Click2Pay

Works in the US? No

Click2Pay is a similar concept to Neteller. It is an online wallet that you can use to hold money, transfer money to betting sites and receive payments from betting sites. The fees are low and payments are processed quickly.

Online wallets like Click2Pay are especially useful when you have accounts at multiple betting sites. The single online wallet makes it fast and easy to move money between different sites.

Withdrawal Options

Hopefully, a time will come when it’s time to cash out your winnings. Withdrawing your winnings is the final and most important step in betting. This is when you get to claim your earnings and spend your hard-earned cash.

Most betting sites automatically process your withdrawal back out through the same method that you used to deposit. If you used Neteller to make a deposit, you will usually use Neteller to get your winnings. Credit cards can sometimes be credited back with your winnings, but many times you’ll have to choose a different withdrawal method.

In any case, here are some of the most popular payment solutions:

Check in the Mail

Works in the US? Yes

The old-fashioned paper check in the mail is the most popular payment solution for US-based players. Choose this option and the betting site will send a check via FedEx or the USPS. Take that check to the bank, deposit it and you’re good to go.

Cash Transfer

Works in the US? Yes

This is another popular option in the United States. If you choose to receive a cash transfer, the betting site will send you an e-mail with the information you need to visit a local cash transfer station and claim your withdrawal. You’ll get cold, hard cash with this method, which is always nice.

The one downside to this payment solution is that withdrawals are usually limited to less than $1,000 at a time. If you need to cash out something like $15,000, you’ll want to opt for a paper check instead.

Bank Transfer

Works in the US? Sometimes

Bank transfers are nice because they don’t rely on any 3rd party services. If you choose this method, the betting site will send the money straight to your bank account. You don’t have to do anything except wait for the funds to hit your account.

This option is sometimes available in the United States, but not always. Betting sites use all sorts of different payment processors so this one comes and goes. If it’s available, it’s the fastest and easiest way to get your money.

Neteller and Click2Pay

Works in the US? No

These two payout methods are grouped together because they act in a similar fashion. Both Click2Pay and Neteller are online wallets that can be used to receive your funds. The betting site will credit your Click2Pay/Neteller account with the money and then you can either withdraw that money straight to your bank account or move it to another betting site.

Other Options

Every betting site handles withdrawals differently so you will occasionally find other withdrawal options that aren’t listed here. As long as you play at a reputable betting site, you can trust those other payment methods. In most cases, the payment method will be described in detail and you can decide if it works for you.

New – we added a page about Paysafecard betting sites, a popular prepaid voucher option.