What is iGaming without an efficient, fast, and safe payment system? The excitement can quickly disappear if a player’s deposit isn’t successful or their payment details are compromised. That is why sports betting platforms and iGame operators include only the best payment systems and gateways on their websites. According to Forbes, “Consumers want an efficient and enjoyable user experience, as well as easy, automatic, and widely accepted new payment methods.”
Consequently, payment methods that are Accessible, easy to use, fast, safe, and with reasonable fees will always be more popular among players than those that are not. For instance, there’s hardly any clime where debit and credit cards are not widely used or accepted. Consequently, most iGamers prefer this payment method for their transactions.
The next section briefly highlights the top 10 payment methods that sports betting platforms and gamers prefer.
The 10 Most Payment Methods for Sports Betting Platforms in 2024
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PayPal (eWallet)
PayPal is a US-owned payment solution available in almost every country globally. It allows users to send and receive funds in many currencies, but most favorably in the USD. Given its global coverage and reputation, many brands for betting with PayPal exist, making it one of the most popular payment options among players and iGaming operators globally.
Being an e-wallet, users have to first fund their PayPal accounts through cards or bank transfers or receive payments from another PayPal user before they can use it for betting payment.
Registration involves having a valid email address, phone number, and other personal details. PayPal is highly security-conscious and allows instant payment and withdrawals for online sports betting platforms.
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Skrill (eWallet)
Just like PayPal, Skrill is also an e-wallet. It requires funding from another Skrill account or linked cards and bank accounts. However, Skrill has a wider reach and fewer restrictions in many countries than PayPal. Consequently, bettors or gamers who cannot access PayPal can use Skrill as an alternative.
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Neteller (eWallet)
Another e-wallet option that most iGamers root for is Neteller. It’s popular for its high transaction limits, speed, and reward system. Neteller supports deposits and withdrawals and according to Kate Richardson, a seasoned iGaming reviewer, it is the most preferred by iGaming operators. That’s because of the customers’ loyalty and satisfaction incentives that it puts in place.
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Debit and Credit Cards
You can call them the king of online payment and you will not be wrong. Debit and credit cards are universally accessible and offer an excellent payment experience that resonates well with many users. Besides being instant in transactions, cards are trusted and highly secure with two-factor authentication for transaction safety.
However, besides high transaction fees, some countries like the UK are not keen on players using credit cards for online betting. Countries that haven’t banned them have a limit to what players can spend.
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Apple Pay (Contactless Payments)
“Apple Pay lets you pay online or make contactless payments with your iPhone, iPad, or Apple Watch. Because it is safe, private, and secure, it is also convenient,” says MacReports
The technology simply collects and encrypts players’ card details and makes payments on their added sportsbook or iGaming account based on request. So, when a player wants to deposit money into their online sportsbook or iGaming account, they just tap on the app on their devices and pay with it without entering their card details.
Apple is very selective with the betting platforms they partner with. As such, having a brand that accepts this payment option means that such brands have passed through certain scrutiny.
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Trustly (Bank Transfer)
Trustly is a payment processor that acts like a middleman between customers’ banks and their merchants. The payment gateway, which debuted in 2018, is only available in North America and Europe for now. It is, however, famous because of the seamless payment process it affords people from online banking apps.
Here’s how it works: Trustly collects funds from customers’ bank accounts (no need for cards to do this) and uses the same to pay for goods and services on supported platforms. With betting websites, players only have to add their Trustly accounts and that’s all.
Given the credibility of this payment solution, iGaming operators are likely to attract many players, especially in Europe, if they support payment with it.
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Cryptocurrencies (Digital Currency)
Because of the anonymity it affords, many iGamers and bettors now turn to cryptocurrency for online deposits and other payments. Common cryptos accepted for iGaming payments include Bitcoin, Ethereum, and Litecoin.
With cryptocurrency, players can deposit as much as they want without raising the watchers’ eyebrows. However, despite its undeniable advantages, the volatility of crypto is a big concern.
Operators that support cryptocurrency as a payment method are likely to attract tech-savvy players from a wide base. And given the strong technology behind this payment process, they can be sure of safety from fraudulent activities.
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Paysafecard (Pre-paid)
Paysafecard is a payment solution involving purchasing prepaid cards and using its details to settle payments on merchant’s platforms. It’s beloved by players and bettors who want to keep their financial details offline. Also, in places where traditional banking is unavailable, Paysafecard is an excellent alternative.
For operators, nothing feels safer than knowing you don’t have to burden yourself with how to keep players’ payment details safe.
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PayNearMe (cash)
One of the deposit methods that doesn’t require having debit cards, bank accounts, or e-wallets is PayNearMe. With it, players can deposit into their online betting platforms by making cash payments at any participating store or pharmacy near them. The payment service is however deficient in the fact that it doesn’t support withdrawals.
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Boku (Mobile Phone Bill)
Boku may not be in the elite league of payment providers; yet, it’s preferred by many players because of its flexibility.
It allows gamers to use their mobile prepaid balance to deposit on betting sites, iGaming platforms, and other supporting merchants. If the mobile phone does not have sufficient
Future Prospects
With Artificial Intelligence gaining its way into the financial sector, we may just be on the brink of witnessing a new dawn in fraud prevention and cracking with many of these payment gateways. Some powerful algorithms are already being developed that can streamline transactions and catch fraud in its infancy.
While we look forward to a future of AI-driven payment processing, there is the fear that regulations against online gambling and money laundering may become more prominent in the coming years. Consequently, many gateways may find it difficult to meet regulators’ demands, forcing players to choose a payment method they wouldn’t do ordinarily.
Regardless, iGame operators can keep their businesses afloat by being flexible and working out ways to comply with relevant regulations guiding their operations.
Conclusion
The 10 payment methods for sports betting and iGaming in this piece have their pros and cons. It behooves users to diligently compare the strengths and weaknesses of various payment methods before throwing their weights behind them.