The top four methods to fund an online sportsbook account
There was a time when betting online was a bit of a challenge. The Internet was still a relatively new technology, credit cards were wary of online purchases and there weren’t many options beyond. Nowadays, we are in the golden age, as the banking methods available to players make it a breeze to get your funds in and out to sportsbooks. If you’re just about set to make your first deposit, read on to understand the four easiest ways to get your money into gaming accounts.
Credit cards are universal, so if the sportsbook or casino you are betting at accepts them, this will be the easiest way to go. Almost everyone has some form of plastic, which means that you can simply pull it out of your wallet, punch in the numbers and make a deposit.
Keep in mind that some banks will block certain cards and even after you make a deposit, many books will ask for a picture of the card itself. After you've gone through this process once and found a card that works, this arguably becomes the easiest way to fund your account.
Although cryptocurrency isn't fully in the mainstream just yet, it is knocking on the door. And in the sports betting community, many are well-versed in what Bitcoin, Ethereum and many of the other main crypto options are all about.
In short, without delving too much into the blockchain and the underlying technology, cryptocurrencies are digital money. These allow you to transfer money back and forth to sportsbooks with the click of a mouse. Deposits and withdrawals are processed very quickly, and the fees are generally quite low.
The acquire cryptocurrency, you’ll have to get money from an exchange. There are centralized exchanges like Coinbase, Kraken and Binance where you simply put U.S. Dollars – or whatever your local currency is – into your account via traditional banking methods like a wire or online transfer. Once you have funds in that account, you can buy Bitcoin or any other cryptocurrency on the exchange. From there, you send it over to the sportsbook and fund your account.
Although many cryptocurrencies can be volatile, it is not something you have to worry about here. You can exchange from USD to Bitcoin, make a deposit and exchange back within minutes and with minimal fees. On top of that, many sportsbooks give bigger bonuses for using crypto as it saves them and you on the costs.
Western Union and MoneyGram might feel like a thing of the past, but if you're a bit on the old school side of it and want to use tried, tested and true methods, these are solid choices. Simply find the nearest Western Union or MoneyGram location and bring them the cash. From there, you'll have to fill out some paperwork to detail where the money needs to be sent (you'll get that information from the sportsbook customer service team).
Typically, this method is a bit slower as it takes time not only to send, but for you to visit the on-site location to process this. However, it is a reliable method, just a bit slower to hit your account compared to credit cards and crypto.
Many people are familiar with online e-wallets, as they've become a huge part of e-commerce. Companies like PayPal are ubiquitous these days.
In the sports betting space, Skrill is the biggest operator as they make it very easy to transfer money around. You'll have to create and verify a Skrill account and then link your banking to it. From there, you simply fund your account and transfer money to the sportsbook.
Overall, Skrill is a very reliable method, but it does take a few minutes to set up your account the first time. Once that’s done, though, all subsequent deposits and withdrawals are quite quick.
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