How To Deposit And Withdraw Money In Online Betting (2022)

Learn how to deposit and withdraw funds on a sports betting site. Plus different online betting payment/withdrawal methods for beginners.

How To Deposit And Withdraw Money In Online Betting

How you can deposit and withdraw money on a sports betting site is a crucial piece of information. You need to find the best options for your needs and ensure that you can easily add funds whenever you need to or withdraw your hard-earned cash to spend on something else. 

However, many sports betting sites sometimes don’t offer enough information about how you can take those steps. Before signing up, it's generally a good idea to learn more about deposits and withdrawals to completely understand your options. 

Also, some payment options aren’t available in all countries. You need to be sure that you can move your money whenever needed and avoid having any future issues. This post will give you all of the information you need to know on this topic. 

Different payment/withdrawal methods that betting sites offer

The internet has developed multiple payment options that people can use for different needs, including sports betting. Luckily, the best UK betting sites have kept up with the latest technologies to provide their customers with a fantastic experience. 

Many sports betting beginners are often scared by the number of options and don’t fully understand them all. Here’s how payment options look on 888sport, one of the UK's most prominent online sportsbooks.

888sport payment options

And here are some of the best payment/withdrawal methods available to you.

Direct wire bank transfers

Wire transfers are one of the oldest online payment options, and they are pretty straightforward. You simply need a bank account through which you can wire transfer cash into your sports betting account. The amount will appear as a balance on the account. 

Depending on the bank you use, you might be able to send money using an online account at the bank or even using your phone. However, in many cases, banks will require you to go to the nearest branch to send your wire transfer. 

This process requires the recipient’s name, detailed contact information, transfer numbers, routing numbers, and other bank account details. Wires need a couple of days on average to process the transfer, and after the funds have been released, the sportsbook will also have to process the payment. 

This is generally a safe method because the transfer happens between two banks. If you use the same bank as your sports bookie, you might have access to instant withdrawals and deposits without any fees. Some of the most well-regardeded banks in the UK are: 

  • Barclays 
  • Santander UK 
  • HSBC Holdings 
  • Royal Bank of Scotland 

Credit cards

Banks issue credit and debit cards that you can use for depositing and withdrawing money from betting accounts. Cards are currently the most popular method for sports betting and internet payments in general. 

Both of these options work similarly. You just need to click on your account, choose the card option you wish to use, set the amount you want to withdraw or deposit, and enter your credit or debit card information. 

It’s the same as buying anything else online. The transactions are instant, but in some cases, the bookie might have a verification system that takes a day or two to process before letting your withdrawal through. One of the best aspects of using a credit card is that you can access benefits like cashback.

You can use most cards freely regardless of the country you’re in, and the transaction fees are generally low. However, you need to confirm these details with your credit card operator. The most popular options: 

  • Visa 
  • MasterCard 
  • Paysafecard
  • EcoCard 

E-wallets 

At their core, e-wallets are third-party services that handle deposits and withdrawals on your behalf. With this method, you must first create an e-wallet account and then create an account on a betting site. Before using an e-wallet, you need to move cash into it using a banking card or a direct deposit transaction. 

Once you have your balance available, it’s possible to make withdrawals or deposits on your sports bookie site. To make everything quicker, it’s best to use a single e-wallet account to make both deposits and withdrawals. 

E-wallets are very safe and easy to use. Even though they are a third-party service, e-wallets are generally quite cheap as well. However, most of them require you to use a mobile device. Some of the most popular e-wallets are: 

  • PayPal 
  • Skrill
  • Trustly 
  • Neteller 

Crypto

The top sports betting sites have recognised the growing number of esports bettors who use cryptocurrencies. Digital currencies are the latest finance technology that you can use for withdrawals and deposits. 

The first thing you need is a crypto wallet. These wallets are similar to typical e-wallets, but they are designed to help you hold cryptocurrencies. After that, you will have to acquire crypto tokens and place them into your wallet. 

From there, the process is quite simple. The wallet can be used as an online bank account for your betting efforts. Crypto is highly safe, quick, and private. The top crypto coins that you can use for betting in the UK are: 

  • Bitcoin 
  • Ethereum 
  • Litecoin
  • Ripple 

Creating an account on the betting site

The first thing that you need to do is to create your own account on the betting site. In most cases, this process takes a couple of minutes and you can instantly start using the services on the platform. 

Find a good bookie

First, find a betting site that suits your needs. Make sure to consider the payment options, terms of use, read reviews from other users, check bonuses, rewards, and other features before signing up. 

Register 

After you’ve found a site you like, go to their main page and look for the “register”, “sign up”, or “create account” button. You will be sent to the registration page, where you will have to include information such as: 

  • Your name and last name 
  • Your date of birth 
  • Your address and place of residence 
  • Your mobile number 
  • Your email 
  • Desired account credentials 

Bear in mind that some sites might ask for additional information such as a security question or a National Insurance Number.

Choosing a payment method & making a deposit 

In some cases, this is a separate process that you will have to go through after registering, but some sports betting sites have a more integrated approach. No matter the case, you will only have to click the payment option you prefer and then make a deposit so that you can start betting. 

Important: Keep in mind that some bookmakers in the UK need to verify your account and all of the information that you have provided before you can start betting. The verification usually takes a couple of hours, but it just shows that the site takes great care of who joins its platform to remove scammers. 

How to deposit/withdraw funds on your account  

Here is the entire step-by-step process about how you can withdraw and deposit your funds. The process is virtually identical on all betting sites. 

Log into your account 

Use the credentials that you’ve created during the registration process to log in to your account so that you can make your deposit. Keep in mind that you won’t be able to log in or do any actions with your account if it hasn’t been verified yet. 

Choose the desired action 

Once logged in, go to the “cashier” page, where you can see all of the actions that you can do. Click on the action that you want to do (deposit or withdrawal). 

Choose deposit/withdrawal option 

The next step is to choose the payment option that you want to do. Since you’ve previously set up the desired option, you will only have to click on it, and you will automatically be sent to the next page where you can make the payment. 

If you’re making a deposit for the first time, make sure to check the bonus options that your bookie offers. For example, many sites offer bonuses on first deposits if the value of the deposit is at least a minimum amount. 

888sport first deposit options

Provide necessary payment information 

At the end, you will have to include the required payment information before making your deposit or withdrawal. The required information can differ depending on the payment method you’re using. 

It’s possible to use the same method for deposits and withdrawal 

Naturally, to make things as simple as possible, every sports bettor wants to use a single financial method that will allow them to both deposit and withdraw their funds. This is possible with various options, including e-wallets, direct wire transfers, and cryptocurrencies. 

However, every financial method allows you to do both of these actions. At the same time, it also depends on the betting site itself. Some might give you the option to do both actions with a single method, while others won’t. 

Overall, it’s best to check the website before choosing the account that you want to use. For example, let’s look at the deposit/withdrawal differences at bet365

Deposit options: 

bet365 deposit options

Withdrawal options:

bet365 withdrawal options

It’s important to see the specifics of an easy method to avoid any surprises. For example, PayPal lets you withdraw your funds only if you use it to make the deposits. 

How long does it take for your payment to be processed? 

When it comes to withdrawals, most online sportsbooks have a general policy to process these transactions in 24 hours. That’s the time that they need to process a withdrawal during business hours. However, as we mentioned earlier, some options might only take a few minutes to be processed. 

The best way to know what to expect is to look up this information on the official homepage of your betting site. All of the UK’s most reputable sports betting hubs are fairly transparent about these details because they care about customer service. 

Fees for withdrawals/deposits 

In general, betting sites don’t have any deposit fees. However, you might have fees associated with the payment provider that you are using. It’s also important to mention that bookies often have withdrawal fees. 

In some cases, these are fixed fees, while some sites have percentage-based fees that can be higher or lower depending on the amount that you’re withdrawing. Many casinos offer fee-free payment options, which is something worth considering when choosing the bookmaker. 

Also, some platforms offer several withdrawals or monthly deposits that are completely free. 

Minimum and maximum withdrawal/deposit limits 

All sports betting sites have their own rules regarding minimum and maximum limits. These limits refer to the amounts that you can deposit or withdraw with a single transaction. For example, here are the limits on 10Bet with different payment methods: 

10Bet payment methods

In other words, all payment options have different limits. Keep in mind that some websites have their own daily limits as well. Overall, it’s best to become informed and read about how this works on specific platforms since they all have their own rules. 

If you ever go over the limit or would like to deposit less than the minimum requirement, you can always consider other payment options as they might have different minimum and maximum limits. 

Earning bonuses on your deposits 

Everyone loves getting free stuff. One of the most important things to consider when choosing a site are their bonuses and promotions. These freebies can give you so much more value for your cash and offer even more fun times. Deposit bonuses are very common and usually pay off quite well. 

The basic principle is quite simple. Bookies ask their players to deposit slightly higher amounts to earn bonuses. For example, if you deposit at least £300 with a single transaction, you will receive a bonus that equals 50% of that amount. 

In other words, you will earn an extra £150 in your balance. Always be on the lookout for these offers when thinking about making payments. Sometimes it’s better to be patient and pay more upfront so that you can get the best value into your account. 

Conclusion 

We hope that our post has helped you to understand how to use different payment methods on sports betting sites. In the end, remember to keep all of your payment and personal information private and don’t share it anywhere online. 

Betting sites offer great security, but you also need to be responsible as a player to avoid any issues with your payment channels.