Best Online Betting Payment Methods
When you bet online at the best sports betting sites or the best online casinos, there is a key factor to consider in the form of which are the best betting payment methods to use?
In a largely digital world, it’s unlikely you don’t already use some of the options available to you. However, it helps if you’re properly informed and can make the right decision based on what’s best for you.
Is speed of the utmost importance, or is a safe and secure environment more crucial? Do you want to withdraw to the same payment method and are you happy paying fees? Stick with us here as we talk you through all the best betting and casino payment method options available in the UK today.
Best Deposit Payment Options For Online Betting Sites and Online Casinos – The Full List
Every online betting site that has great bonus codes in the UK will offer you different options and there are a few staples which make up the best betting payment methods for depositing.
The best online casinos will generally have the same deposit methods as the best online betting sites have. This is largely due to many UK based casinos being part of a bigger brand with sports betting available.
However, on occasion, there will be other standalone betting sites and standalone casino brands that will have their own set of the best betting payment methods.
From the below list of the best depositing options, you are able to read more on each option to fully understand how they work. They are on this list because they’re safe and secure and trusted by us to get the job done.
|Payment Method||Depositing Timeline||Benefits||Negatives|
|Debit Card||Instant||Availability | Secure||Linked to Bank|
|Apple Pay||Instant||Simple | Secure | Speed||Apple Users Only|
|EntroPay||Instant||Speed | High Limit||Small Fees|
|PayPal||Instant||Speed | Trusted||Small Fees|
|Skrill||Instant||Speed | High Limit||Promotion Restrictions|
|Neteller||Instant||Speed | Trusted||Promotion Restrictions|
|Paysafecard||Instant||Secure | Good for Small Deposits||Low Limits|
|ecoPayz||Instant||Secure | High Limit | Trusted||Small Fees|
|Trustly||Instant||Speed | Security||Linked to Bank|
|MuchBetter||Instant||Designed for Bettors/Gamers||Small Fees|
|Neosurf||Instant||Prepaid Card | No Bank Details||Purchase from Retail Store|
|Bank Transfer||3-5 Working Days||Trusted | Secure||Slow|
|Bank Cheque||10 working days||High Limits||Very Slow|
Please note that as of 14 April 2020, credit cards are no longer accepted as a deposit or withdrawal method at UK betting sites.
How Do I Choose a Depositing Method for Betting Online?
The likelihood is that, without really thinking about it, you’ve already chosen your depositing method for online betting, as it is the payment method you use on a day-to-day basis.
If you use your debit card for everything, then you’ll use this. Whilst if you use PayPal or Skrill for transactions online, then you’ll use this instead.
However, just because you use one or the other more regularly in your day-to-day activities doesn’t mean you shouldn’t look out for more options when it comes to the best betting bonus codes.
What should I consider when choosing a deposit method?
- Availability within Betting Sites
- Deposit Limits
- Promotional Limitations
- Speed of Service
- Transaction Fees
- Account Fees
Availability within betting sites
If you’re considering a particular payment option and want to join a new bookmaker or online casino, then you need to make sure that they actually accept this betting payment method. If they don’t – or even if the majority of betting operators don’t – then you want to look elsewhere for depositing.
This won’t apply to everybody but if you are the sort of punter that likes to deposit large amounts, then make sure that the deposit payment methods you’re looking at can support that. Likewise, if you want to make a small deposit, make sure the best betting sites and the best payment methods don’t have a minimum deposit that exceeds this.
A lot of online bookies and online casinos will not let you qualify for promotions if you’ve deposited from an E-Wallet. Good examples are Neteller and Skrill. So, it’s worth being aware of this or keeping a couple of different depositing methods available.
Speed of Service
In honesty, you want your deposit to be instant so that you can start betting or playing at the casino straight away. If speed isn’t of interest then it does open the door to cheques and bank transfers as an option.
A good online betting site doesn’t charge you to deposit, however, be very aware of any fees that a payment provider may charge for depositing. It’s rare, but not unheard of so if they do charge, maybe look elsewhere.
This one is more dependant on your situation but some payment methods may have monthly or yearly account fees, especially if you’re on a more premium platform. This would be your choice in the first place so the argument could be to make the most of it and use this method for your betting depositing.
Which is the Best Deposit Method for Online Betting and Online Casino?
Whilst the list above is extensive and covers the majority of the best betting payment methods for depositing, there are some that stand out over others in our opinion.
The ones that stand out are betting payment methods that have stood the test of time despite competitors trying to overtake them. They are trusted across the globe and not just the UK and offer unparalleled speed for depositing funds into online betting and casino accounts.
We suggest taking a look at all of these betting payment methods for depositing so you see the pros and cons of each in more detail. However, it’s PayPal that stands out for us in comparison to all others and the betting and casino sites that accept PayPal are generally really strong too.
The best depositing payment methods for sports betting and online casinos in the UK are:
Betting Site and Online Casino Deposit Limits Explained – Should I Set them?
There’s always been a bit of a stigma around deposit limits at online bookies and online casinos. This is because they’re sometimes seen as a negative responsible gambling measure. But that just couldn’t be further from the truth.
It’s a great measure that truly allows you to stay in control of your betting or casino play, making sure that you don’t go beyond your means. Which in turn, only adds to your overall enjoyment factor from online gambling.
Ultimately, a deposit limit is just an amount of cash that you set on a daily/weekly/monthly basis. Once you reach that amount, you can’t deposit more until the time limit has passed. Of course, you can apply to the operator to raise the levels and it’s your decision whether you set them, of course.
The bookies and casinos are happy if you set them too. People who have set deposit limits from the beginning are less likely to go on to have further gambling issues and therefore have the potential to become loyal and regular customers. It helps betting operators meet with all UK licence regulation too.
Withdrawal Methods at the Best Online Betting Sites and Online Casinos – The Full List
When it comes to withdrawing at the best betting sites and best online casinos, it’s key to remember that some bookies only want you to withdraw to the betting payment methods that you deposited with. This is largely for Anti-Money-Laundering (AML) reasons.
On the flip side of this, some betting payment methods you deposit with won’t be suitable to withdraw funds to when it comes to gambling funds. This could be due to the country where a card was issued or could just be a conscious choice by an online bookie.
With withdrawals, there are sometimes fees to contend with, especially at the payment provider side of things. If an online casino or bookie tries charging you for withdrawals, I’d steer clear. Those payment provider fees are quite small and are arguably negligible when you take into account the other benefits.
Below is our extensive list of all the best withdrawal methods for betting sites and casinos in the UK:
|Payment Method||Withdrawal Timeline||Benefits||Negatives|
|Mastercard Debit/Credit Cards||3-5 Working Days||Secure | Trusted||Can't Always Withdraw Here|
|Visa Debit/Credit Cards||3-5 Working Days||Secure | Trusted||Slower than E-Wallets|
|Entropay||3-5 Working Days||Secure | Trusted||Slower than E-Wallets|
|PayPal||1 Working Day||Fast | Secure | Easy||Small Fees|
|Skrill||1 Working Day||Fast | Good Limits||Promotion Restrictions|
|Neteller||1 Working Day||Fast | Secure | Trusted||Promotion Restrictions|
|Trustly||2 Working Days||Secure | Fast||Linked to Bank|
|Pingit||1 Working Day||Mobile Friendly | Speed||Linked to Bank|
|EcoPayz||1 Working Day||Secure | Good Limits||Small Fees|
|Fast Bank Transfer||5-10 Working Days||Familiar | Trusted||Slower than E-Wallets|
|PaySafeCard||5-10 Working Days||Secure | Trusted||Slower than E-Wallets|
|Neosurf||5-10 Working Days||Prepaid Card | Secure||Slower than E-Wallets|
|Bank Transfer||5-10 Working Days||Familiar | Trusted||Slower than E-Wallets|
|Bank Cheque||7-10 Working Days||Decent Limits||Very Slow | Dated|
Loads of Withdrawal Methods – How do I Choose the Best one for Betting and Gambling?
So, much like depositing payment methods, there are loads of withdrawal methods to choose from and the decision isn’t always as easy as it seems.
In an ideal world, it would be possible to withdraw back to the same method that you deposited from. The bookies and casinos prefer this and, as punters, so do we. But that isn’t always possible for a number of reasons.
It’s all well and good having our favourite withdrawal methods. However, there are a few things that need to click to actually make them a reality for betting sites. Mostly, do the sites even accept this withdrawal method.
What do I need to think about when picking a withdrawal method?
Whilst it may be easier to think of depositing and withdrawing as one action, the questions you need to ask aren’t necessarily the same. These are the things that we think you need to consider when choosing betting payment methods for withdrawing from sports betting sites and online casinos:
- Is it Accepted?
- Can this method be used to Deposit from too?
- Speed of Withdrawal
- Withdrawal Fees
- The reputation of the Betting Payment Methods
Is it accepted?
Will the best online betting sites or best online casinos accept this payment method as a way to withdraw funds? If you have intentions of opening multiple betting or casino accounts then it’s worth knowing that at least 80% of them will accept your preferred withdrawal method choice.
Can this method be used to deposit from too?
Just because you’ve managed to deposit with your preferred betting payment method, doesn’t automatically mean you can withdraw too. Some Mastercards can’t withdraw betting funds, depending on where they’ve been issued for example. Likewise, a provider like Apple Pay won’t be an option necessarily.
The speed of withdrawal
Unlike deposits, you’re not really going to find an option that allows instant withdrawals as every provider has processing times – this is normal. However, if speed is the most important factor, then most E-Wallets would offer withdrawals within 1 working day compared to 10 days for bank transfers or cheques!
This is really important and where a little bit of balance needs to come in. Are you comfortable paying a fee to withdraw as you are likely going to have to with most E-Wallets? However, you do get the speed with E-Wallets. Debit cards may not charge you but take longer. Weigh up what works for you as most fees are small percentages.
The reputation of betting payment method
A pretty obvious one, but something we need to mention. Do your homework, read our reviews of the individual methods and make sure they’re a trusted payment provider. Why put your money in the hands of a brand that isn’t trusted just for the sake of saving a bit of time.
Which Withdrawal Method is the Best for Sports Betting and Casinos?
If you’re betting online or playing at online casinos from within the UK, the withdrawal methods you choose will be different to those of someone betting from another country.
At Bonus Codes, we believe in speed, efficiency, trust, and in not having to pay for hidden payment method fees. So there are a few payment methods that stand out when it comes to withdrawing.
PayPal is our number one choice for withdrawing funds and if the online casino or online betting site offers this as an option then you should be really pleased as a UK punter. However, if it doesn’t offer this then there are still plenty of great options from the full list above.
The best withdrawal methods for sports betting and online casinos are:
- Visa/Mastercard debit cards
Withdrawal Times at the Best Betting Sites and Online Casinos
When you withdraw funds from your betting accounts, it’s not quite as instantaneous as when you deposit. Each withdrawal option will take a different amount of time to process the withdrawals properly.
Add in the fact that it can change on a bookie-by-bookie or casino-by-casino basis and you have a lot of different scenarios on your hands. Especially when you consider that betting companies will also go through KYC and AML policies at this point potentially. You can read more on that below.
Our best withdrawal method tables, above, show you what the general timings are for each option and as you’ll see there are quite big differences.
What are the Best E-Wallet Betting Payment Methods for Withdrawal Times?
The best E-Wallets such as PayPal, Neteller and Skrill should take no more than 2 working days but realistically will be within 1 working day. This makes them by far the quickest method around.
Debit cards can take 3-5 days due to processing times at the bank’s end. Whilst bank transfers and cheques take by far the longest, but you are secure in the knowledge that you trust your bank. Speed isn’t everything though and it’s about finding a good balance that works for you.
What are Age Verification, KYC, and AML Policies – Why do Online Bookies and Casinos Need my Details?
When you join a new online betting site or online casino, you will be asked to go through KYC or AML checks and policies. This is completely normal but can be a point of frustration for some UK punters.
Many people think this is because the betting sites are trying to stop you from getting your money. This isn’t the case. Any of the best online gambling sites are trustworthy and professional so you shouldn’t worry here.
This is actually all about them protecting you and protecting themselves from a Gambling Commission compliance perspective. This is of paramount importance.
So, what is Age Verification?
Age Verification is quite simply where the online betting site or casino is trying to confirm that you are who you say you are and that you’re of legal age to bet.
This is hugely important to ensure that underage gamblers aren’t getting through to the site and plays a part in reducing and restricting problem gambling.
Some online sportsbooks and Casinos will have automated this but often it’s a case of sending in a copy of your ID – with the passport being the most obvious option.
What do Betting Companies Mean by KYC Policies?
KYC means ‘Know Your Customer’ and relates to the bookmaker understanding who you are as a customer.
Any good gambling company will have thousands of transactions going through their books. It’s vital to know that all the money flowing through is done so by customers who are in control of their gambling.
So if there are particularly big deposits made out of the blue, or withdrawals for that matter, you may get a call. Or an email, or even both, from the operator in question. They’re just checking in to see that you’re comfortable with what you’re doing.
Can this be frustrating for those who are betting sensibly? Yes. But is it a good procedure that helps with problem gambling? Yes. So bear with it, follow their instructions and you’ll be fine.
What does AML mean for Betting?
AML means ‘Anti Money Laundering’. It’s a policy aimed to ensure that the money moving through the site is clean and not being used for the purpose of money laundering.
With these checks in place, it makes it much harder and makes the betting and gambling space much fairer and safer overall.
Are there Fees to Pay when Depositing and Withdrawing to Betting and Casino Sites in the UK?
Fees for depositing and withdrawing are, understandably, a bit of a pain for UK punters. No one wants to be charged for such an arbitrary action of course. But, at the end of the day, this is how the payment providers make their money.
It’s worth saying straight away that you should not really be charged for depositing or withdrawing by an online bookmaker or online casino. It’s generally the payment provider or your bank that will add a fee.
If you do come across bookies or casinos that want to charge you then maybe you should consider another operator unless you’re desperate to play there.
When it comes to online betting payment methods, pretty much all the fees you’re likely to pay are at the withdrawing end and in general is a small percentage, depending on how much you’re withdrawing.
The key is to check with your online betting site’s FAQs and help sections to see if there are fees involved – likewise checking with the payment provider themselves for their fee structure.
The Best Online Betting Payment Methods – Plenty to Choose From in the UK
So, there you go; there are so many different options for you to choose from when it comes to the best online betting payment methods. From standard cards, through to E-Wallets and bank services.
With our helpful and objective guide to the best payment methods for betting, you can make a decision about which is best for you. Now, you can start using the best bonus codes when sports betting and playing at online casinos.
Don’t forget, we have full reviews of each individual payment options, and full reviews of all the best online betting bonus codes and online casino bonus codes too.
Best Online Betting and Casino Payment Methods FAQs
What’s the best payment method for online betting or online casinos?
We love PayPal as it’s fast, efficient, trusted and the fees are low enough not to hurt. However, we also like debit cards within the UK as it’s such a familiar way of paying and you’ve built up plenty of trust with your bank over the years.
Are there fees to pay for depositing to online betting sites?
Generally, you shouldn’t pay fees when depositing to online betting sites. If a bookmaker tries to charge you then maybe look at other bookmakers. If a payment provider charges you to deposit, there are plenty more options that don’t that are listed on our page above. Be aware, you may pay fees on withdrawals though and this changes from payment method to payment method.
What are KYC and AML?
These are processes that all the best online betting sites and all the best online casinos should be following to ensure that they ‘Know their Customers’ and are protecting their customers from a responsible gambling perspective. Likewise, AML policies are all about Anti Money Laundering measures. You may get called or emailed from your betting operator to make sure you are who you say you are and that the money you’re playing with is all good. Go with it, it’s standard procedure.