Few industries have been affected by technology in recent years more than sports betting. The markets we bet on have modernised with gamblers mixing traditional sports with e-sports and virtual sports. How we bet will never be the same again, with mobile apps taking the place of land-based casinos and desktop websites. It’s a great time to be a lover of professional sports and sports betting.
The way we pay for our bets is also improving. Wagers are no longer covered in cash. Instead, modern bettors using the best mobile sites like mybookie can deposit funds and withdraw winnings instantly using debit cards, e-wallets and even cryptocurrencies.
Regardless of the sports, teams and players, you bet on you will be able to choose how you pay for those gambles. That’s important as it allows players to better manage their gambling costs and stay in control of how they fund their online sports bets.
What’s behind these changes?
Why the sudden effort from online betting sites to offer customers a range of payment methods? The gambling industry is amongst the most competitive in the world today with established names from the high street forced to compete with start-up and online-only bookies. Any slight advantage can have a huge impact on the number of new customers they attract.
In the post, local was king for sports bettors. They gambled at a betting office or casino that was convenient and located near their home or place of work. Customers were once loyal but with so much competition there’s now no need to stick with one betting site. You can create an account with a range of bookies, grab the welcome offer at each and increase your chances of getting the market best price on every bet.
This battle for new players resulted in bookies improving their payment methods. The most popular way to pay for bets and withdraw winners remains debit cards such as VISA, Mastercard and Maestro. These options allow you to deposit funds instantly from your banking account to your betting account. This means you can send funds with a single click then start betting without any delay. Ideal if you are in a rush to secure a price or are enjoying the benefits of in-play gambling.
E-wallets help speed up transactions
The problem with debit card transactions is that although deposits are instant, withdrawals can take between three to five business days to clear. That’s not great, especially if you have backed a nice winner and want to get your hands on the proceeds and spend your winnings. The transfer times is one of the negatives of online betting but e-wallets such as PayPal, Skrill and Neteller help speed things up.
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Deposits are instant but withdrawals take less than 24 hours with most showing in your account in just a few minutes. Bettors have become used to getting things now. They aren’t accustomed to waiting around and it’s little surprise to learn e-wallets have proven extremely popular in the industry. They are also secure, protected by the latest online security measures. This means you can bet with peace of mind, knowing your sensitive payment information is well looked after. Spend more time seeking winners and big odds, less time fretting about transactions.
Crypto has arrived
The leading betting apps are always improving and evolving so it was no surprise to see them join the cryptocurrency movement. Major sportsbooks now allow customers to pay for bets and withdraw winnings using bitcoin. This feature hasn’t reached all sportsbooks, but it won’t take long.
You can add bitcoin to your payment methods easily, with the process taking just a few minutes in most cases. The good news is you must do this only once. After you have paired your betting account with your crypto wallet, you simply add the amount you wish to transfer, then click to make the payment. The funds will appear in your betting wallet instantly.
When making bets, it’s worth keeping in mind a recent rule change that states the payment method you used to fund the stake is the same one any winnings must be sent to. For example, if you use PayPal to deposit and bet, the winnings can’t be sent to VISA. This is to help stop money laundering through betting.