The sports betting sector remains one of the highest-ranked industries in global growth. It is estimated to hit $90 billion in 2024 and rapidly attract even more new bettors. Even though the regulations of the sports betting industry differ between countries, the players expect the same quality of services.
For sports punters in regions like Michigan, bookmakers expect secure and convenient payment methods. That’s why the best Michigan sportsbooks offer fast and reliable payment methods to satisfy the target market.
This article will reveal the top payment methods used across sports betting platforms.
Top Sports Betting Payment Methods for Security and Convenience
Credit and Debit Cards
Credit and debit cards remain the most frequently used payment option by sports punters. Most sports betting websites accept MasterCard and Visa as payment methods. Many also accept Discover cards and American Express users to make deposits in their bet accounts.
Nevertheless, suppose you want to deposit in a casino that doubles as a bookmaker. In that case, you’ll have to go with MasterCard and Visa. Credit and debit cards offer quick payments and a good level of digital security. They’ve been trusted as payment methods for decades, and people are satisfied with their convenience level.
These cards don’t include an intermediary in the course of payment. Even though some casinos that double as sportsbooks don’t offer credit and debit cards as payments, original bookmaking platforms do.
Digital currency is the new kid on the new block that has fast permeated the sports betting industry. Crypto assets are ranked as the safest and one of the quickest ways to deposit funds into your betting account. In terms of safety, cryptos utilize blockchain technology that anonymizes a punter’s transactions.
Regarding speed, digital currencies are efficient because the transactions made are peer-to-peer. This means that no third parties are involved in transactions. The deposit or withdrawal you make can also be tracked. The blockchain offers a level of transparency that has never been seen before.
Several sports betting websites offer bitcoin, Ethereum, and Litecoin on their platforms. Also, an added benefit of using cryptocurrency in sports betting is the low fee.
PayPal is a global payment method highly utilized in the United States. When several states in the US began to legalize sports betting, platforms didn’t offer PayPal as a payment method. However, today, it is considered one of the most popular methods after credit and debit cards.
You’ll hardly find a sportsbook that doesn’t support PayPal as a payment method. Sports punters highly utilize it because it facilitates quick withdrawals. PayPal also offers free transactions, which aren’t common for e-wallets.
Several bookmakers list bank transfers as a payment method on their platforms. When you use bank transfer, you authorize a transaction between your bank and sports betting account. The punters that use bank transfers the most are those who leverage debit and credit cards.
Bank transfers are reliable and convenient for several bettors. However, it could lead to delayed payment, especially when you’re making a withdrawal during the weekend.
Prepaid cards are considered a high-quality payment method available on sports betting platforms. Nevertheless, they’re not as quick as digital currency or e-wallets like PayPal. They, however, take the best of both worlds.
Like an e-wallet, a prepaid card needs to be funded before a transaction can be made. Like cryptocurrency, you can avoid fixing your financial information to transact with a prepaid card. Prepaid cards can sometimes come with high transaction charges, making them undesirable for low-budget punters.
Before you use any prepaid card option, you need to verify the level of the charges associated with using prepaid cards on the sports betting platform.
Mobile payment is another quality method that sports bettors explore. They’re simple to use and can facilitate transactions better than any other payment method when you’re in transit. Sometimes, you might not even need an internet connection to make or receive a payment.
The only thing you’d need to do before using a mobile payment option is to link it with your bank account. Nonetheless, you need to be aware that mobile payment options might come with a transaction fee.
Also, if you’re big on cybersecurity, using a mobile payment option is probably not the best choice since you’ll have two points of failure in case of a hack.
No matter the location of a sports bettor, the expected service quality of a sportsbook remains the same. A crucial aspect of a bookmaker is the platform’s number of payment methods. After all, speedy transactions allow for quick bets to be made.
The most popular payment methods include credit and debit cards, prepaid cards, cryptocurrency, bank transfers, and e-wallets like PayPal. You can also add any payment method you prefer.