Jacob LjunggrenSAFETY INSPECTOR 🕵️
Top 3 safest sportsbook payment methods
Since 2018, over twenty states have fully legalized online sports betting. This means that payments between your bank account and a licensed online sportsbook are perfectly legal… in theory.
The reality is that many banks are not up to speed with the legislative changes that have swept the country and routinely block transactions to and from sportsbooks. To make matters worse is that they have made it easier to get your money into your sportsbook account but more challenging to get it out, and there is nothing more frustrating than winning big and then not being able to withdraw your money!
Fortunately, there are several safe alternatives to a direct Visa/Mastercard transfer.
🥇 PayPal - The safest payment method
This payment provider is the most popular payment service used by sports bettors in the US, and for a good reason.
Easy-to-use → many of you will already be familiar with PayPal’s service. The payment platform is used by millions of people worldwide and takes only a few minutes to become acquainted with. The sign-up, in particular, couldn’t be easier as you only need a valid email address to get started. PayPal also has an app that is incredibly easy to navigate.
Safe & Secure → PayPal uses one of the most sophisticated encryption and authentication technologies in the world. If you use PayPal, not only are your payment transfers incredibly secure sportsbooks any other affiliates cannot access your data.
There is also the fact that there will be three layers of security if you use PayPal as you will still be transferring cash between your bank and your sportsbook, which will also have their security systems in place.
High withdrawal rate → When selecting PayPal as our number one payment option, the deciding factor was the ease and success rate of withdrawals using the payment platform. With traditional Visa/Mastercard transactions, you might be able to get your money in, but it is extremely difficult to get your cash out. However, PayPal withdrawals - although they may take a few days - are seamless.
Availability → every major licensed online sportsbook uses PayPal in the country.
Deposit fee → Any service will eventually cost you, and although PayPal’s 2.9% deposit fee and $0.30 fee is nothing excessive, it can add to the total cost of a wager.
Let’s say you want to place a wager of $100 at relatively low odds, that if you win, would get you a $10 profit. Then you will need to add $3.20 to the cost of this wager thanks to PayPal’s fees. This means that your profit will only be $6.80.
Online sportbooks that accept PayPal
Risk-free bet up to $500
Bet $1, get $200
Deposit Bonus of up to $1,000
up to $1,000 risk-free bet
$1000 sign-up bonus
100% Deposit Match up to $1,500
up to $1,000 risk-free bet
How to sign-up to PayPal
888Sport is fast becoming one of the most popular sportsbooks to bet on in New Jersey. PayPal is also the most popular alternative payment methods to Visa/Mastercard. It's a match ... Read more
Skrill is another popular e-wallet that is very similar to PayPal. There are a few differences to its main rival that can benefit certain bettors, such as the fact that it charges on withdrawals rather than deposits.
Easy-to-use → Skrill’s service is just as easy to use as PayPal. It only takes a few minutes to sign up and another few minutes to familiarize yourself with the platform. The only reason why PayPal can seem favorable in this department is that many more customers are already signed up to PayPal and know their way around.
Safe & Secure → Skrill uses state of the art encryption technology that ensures your payments are secure. Since they act as a middleman between your bank and your sportsbook, there is one more security layer than a standard bank transfer.
No deposit fee → Skrill is not free; they charge a $5.50 withdrawal fee which is not insignificant, especially for players who prefer smaller bets. However, we would much rather pay a fee on our winnings rather than on the deposit.
High withdrawal rate → If Skrill you find Skrill offered as a deposit method, then you can rest assured it will be offered as a withdrawal option since they only get paid when you withdraw.
Only available at four online sportsbooks → The payment provider is available at Bet365, Unibet, BetMGM and Fox Bet, a significantly smaller selection than PayPal.
Online Sportsbooks that accept Skrill
🥉 Prepaid Cards (Play+)
These cards have been growing in popularity and we can see why. The option requires no approval and allows you to keep gambling payments separate.
A Play+ card offers you complete control → Since this is a prepaid card, you ultimately can decide how much money is in your card at any one time. This means you can withdraw from your bank account to the point you go into overdraft or mix your gambling payments in your PayPal account with your other payments.
Co-branded and linked with a large number of loyalty schemes → Most legal online sportsbooks now have loyalty schemes that can be linked with a Play+ card. This makes it much easier to receive free bets and sign-up for promotions.
No approval required → To apply for a Play+ card, you simply apply via your sportsbook, and you will be approved, no questions asked. There is no private information or credit check required. This is because it is a prepaid card, so there is no overdraft, loan or credit involved. You simply load it with cash and bet.
Lengthy withdrawal times → You may have to wait a few days before you can spend your winnings with a Play+ card. This is because you have to wait for your sportsbook to validate the withdrawal (which can take anything from a few hours to a few days) and then for the transaction between your play+ card and your bank account to process (another few days). Of course, this is also the case with a PayPal account, but the difference is that you can spend your money as soon as it reaches your PayPal account.