Meta – The increased competition has made most online betting companies give their customers a wide range of uncomplicated payment options for deposits and withdrawals.
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Top Five Payment Options That Have Changed the Gaming Industry
Betting sites australia is one of the fastest-growing sectors. Today, the gaming industry in the country was worth $60 billion, and the figure is expected to rise to $87.75 billion by 2024. The increased competition has made most online betting companies give their customers a wide range of uncomplicated payment options for deposits and withdrawals.
Although payment options and needs vary from one country to another, all punters are looking for safe and convenient payment methods. But with too many options available, it can be overwhelming to pick the best. Therefore, when choosing a payment method in sports betting, factors to consider include;
- Reliability
- Safety
- Convenience
- Availability
- Cost
This article explores the top five payment solutions that have revolutionized internet betting over the past few years.
Cryptocurrency
Cryptocurrencies have become the most preferred payment method in online sports betting. Such payment options are safe and fasts when it comes to making payments or withdrawals. The use of cryptocurrency has surged, especially now that the value of cryptocurrency is over $50,887.
The concern of many bettors when choosing a payment option is the security of the provided options. When you make a cryptocurrency payment, a new passcode is sent to you to minimize hackers from accessing your account.
Most sports betting sites accept Bitcoin, Ethereum and Litecoin. All bitcoin transactions offer instant deposits, and all their pay-outs are completed within hours. Additionally, cryptocurrencies do not have transaction fees, and they promote discretion for all customer’s data.
Debit/Credit Cards
They are the most used payment methods in the world of online sports betting. Most of the best football bookmarkers in the market accept MasterCard and Visa, while others accept Discover Cards and American Express. Credit and Debit cards are widely accepted because they are fast, secure and reliable. Furthermore, many of them are already using credit and credit cards in their day-to-day online transactions, so they are familiar with how cards function.
Debit/Credit payment has a proven track record since it has been around for quite a long time. Furthermore, customers do not have to rely on third parties when making payments. Debit and credit card payment methods are limited to casinos, but the biggest online bookies offer them.
Digital Wallets
Virtual wallets have been on steady growth in sports betting over the last decade. The greatest attraction for these payment options is their safety and convenience. You can set up a payment option within minutes and begin using it to make payments or withdrawals. Digital wallets are also fast, secure and cheap.
They offer a certain level of privacy since you are not required to submit your card details to the betting platform. Online bettors have a wide range of wallets to choose from, with the most popular ones being Skrill, PayPal and Neteller. With digital wallets, you can quickly complete your transaction through smartphones or tablets.
Bank Transfers
Even as gamblers move to digital payment options, some, especially big-money bettors, still use convention methods like bank transfers. Not long ago, bank transfer was the most used payment option by online betting companies. Bank transfers are acceptable because they are secure, convenient and reliable. Additionally, the old generation gamblers are yet to accept digital payment methods.
One big downfall of bank transfers is that money takes longer than expected to reflect compared to other modes of payments. Although deposits are fast, withdrawals can take up to one week before the money reflects on your account. However, as mentioned earlier, they are most suitable when depositing or withdrawing considerable sums to a betting company. Many sportsbooks allow gamblers to fund their accounts via a pay bill number.
P2p Transfers
It is a payment method that allows players to transfer money to other players within minutes. The biggest benefit of Player-to-Player payment is that it is fast, simple and secure. Friends or family members who enjoy gambling can make use of this payment method. Not all bookies have this payment method.
If you have a huge interest in P2P transfers, check that your sportsbook of choice has this payment option. The only thing you will be required to complete a transaction using a P2P transaction is your recipient’s username. Although most sportsbooks yet accept this mode of payment, it is slowly gaining popularity.
Conclusion
There are a variety of payment methods bettors in India can use to fund their accounts.
<blockquote>When choosing a suitable online betting payment option, be sure that you control how and where your money moves before making your first deposit. </blockquote>
Kate Richardson, betting expert
So, if you are signing up for a new bookie, it is essential to choose a payment method that is secure, convenient, and cheap.
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