There will always be plenty of different ways that you can send money into a betting site account, and there are of course going to be loads of ways that you can make a withdrawal from such an account too.
However, there are going to be pros and cons of choosing to use some payment methods rather than other ones, and to help you get your head around each of them, I have compiled the following guide below.
If you are still learning the ropes of betting online or even on a mobile device and betting app, then read on as I am more than confident there will be a payment options that will suit you down to the ground.
Credit Cards
You should always try and avoid betting on credit, for you could end up in quite some financial difficulties if you are not careful!
However, having said that if you do fancy a bet and you only have your credit card at hand, then most betting sites will allow you to make a deposit with either a Visa or Mastercard.
But be aware that when you do use a credit card to fund any type of betting or gambling site account you are going to be charged a cash advance fee, as the card issuers will classify such payments as a cash advance rather than a standard retail purpose.
You may be able to withdraw your winnings back to some Visa issued credit cards, however you will never be able to do so when you use a Mastercard credit card.
Plus, if you do not pay off your credit card bull when it is due, then you will be hit with a range of fees and charges too, so I would only advise using a credit card as a last resort, as they can be a costly way of funding a betting site account.
Skrill
Skrill is one of many web wallets that amongst other things allow users to pay for deposits into their betting site accounts with funds that they hold in their web wallet, and you can also withdraw winnings back to your Skrill web wallet too.
Now the way in which Skrill earn their money is by charging their users and merchants a range of different fees and charges when using some different aspects of their service for example when transferring money into your Skrill account.
You can request a Skrill prepaid debit card to access funds held in your web wallet at any time, but there is a rack of different fees and charges associated with using such a card. Skrill will be the ideal option if you want to store your bankroll online but away from your bank account.
Bank Transfers
It will be up to you if you choose to make a bank transfer into a betting site account, but some people may be put off doing so, as they may not want their bank to know they gamble online, as sometimes such institutions will take a negative view if you ever apply for a loan or overdraft if you do gamble online.
Plus, when you opt to make a bank transfer into a betting site account you can often experience some delays in your funds hitting your account, and the same can be said when you withdraw winnings via a bank wire or transfer into your account too.
There can often be a charge too by any intermediary banks that process such payments, so the value of your withdrawals can be reduced via those fees and charges, so always keep that in mind!
Neteller
Neteller offers a service much like PayPal and Skrill, and as such when you sign up to use their web wallet you can then fund it in one of several different ways, that will incur a small fee and can then use your funds stored in your Neteller web wallet to move money into a betting site or any type of gambling site account instantly.
You can receive winning pay-outs from such gaming sites back to your Neteller account and can also request a prepaid card that will be linked dup to your Neteller account too.
Prepaid Cards
I tend to advise people to shy away from using Prepaid debit cards, for they can be very, very costly to use and if you do experience a problem using them, trying to get help and support from the issuer of those types of payment cards can be time consuming too.
You may also find it is impossible to find a betting site that can credit any winnings you achieve back into a prepaid debit card account, so that is another reason why you may be put off using them.
But if you do live in a country where you have very little other payment options available to you, and you are prepared to put up with the high fees, then it may be worth you getting such a card, despite its limitations!
PaySafeCard Vouchers
PaySafeCard vouchers are sold in any shop that has a Pay Point or Pay Zone sign outside of it, and when you wander into one of those shops you can pay for your betting site accounts in cash, but you will first need to get a PaySafeCard voucher to be able to top up your account.
So, by requesting one of these vouchers and paying for it in cash in your local shop, when you get back home you then need to log into your betting site account, launch the banking interface and then enter the unique PIN on the front of the voucher and the amount you had credited onto the voucher.
Then by clicking onto the deposit button the voucher will be verified in real time and your credits will then be added to your account.
But be aware that you cannot get your winnings paid back out to you with a PaySafeCard voucher as they are only used for depositing, so you are going to have to select a different way to get paid out your winnings.
Debit Cards
One of the very best ways that you can make a deposit into your account without having top pay any fees or charge son top of your deposited amount is by using a debit card that is linked up to your bank account.
Not only are all such deposits processed instantly and in real time, but as soon as you have had a winning session sports betting, you can then have your winnings paid directly and often very quickly into the bank account that is linked up to that debit card too!
PayPal
You can only use your PayPal account to deposit money into and receive winnings out of any betting site accounts you hold if you live in one of the permitted countries that PayPal allow their users to gamble from.
The UK and some European countries are on their permitted list, but you will need to get your PayPal account verified before you can make such deposits or withdrawals, so keep that in mind!
Cryptocurrencies
Bitcoin, Ethereum and any of the many other cryptocurrencies can now be used to move money into and out of any betting site account.
If you want to bet anonymously online then this is the only way you are going to do so, but just keep in mind that you are always going to be at the mercy of the volatile way in which cryptocurrencies can increase and decrease in value at any moment!
Mobile Phone Billing
When you utilize a mobile sportsbook app, you are going to find several of them will allow you to make small deposits into your account and get them added onto your next phone bill!
Whilst you cannot have any winnings credited back to your phone bill, you can cash out in various ways. If you stay in control and do not run up a huge phone bill this may be an ideal and cost-effective solution when you want to quickly place a bet but don’t have a debit card on hand to do so!
Cash Payments
Believe it or not you are going to find that you can pay in cash for your deposits into some betting accounts online, and you could also have your winnings paid back out to you in cold hard cash too!
However, for you to be able to make use of a cash payment service when depositing or withdrawing winnings form a betting site account you will have to open one that is part of a company that operates land-based betting shops in the UK.
Once you do so you can then simply visit one of those betting hips with your online account details and hand over cash to have your account topped up, and when you win you can then pop into any betting shop owned by the same company and get your winnings paid out to you in cash on the spot, and there will be some high limits in place regarding depositing in cash or receiving your winnings in cash too!