Top Banking Options on UK Betting Sites
When it comes to banking on a UK bookmaker site, there are a variety of different methods you can use to deposit or withdraw your funds.
Some of the most popular methods include debit cards, prepaid cash cards, e-wallets, and bank transfers.
However, each bookmaker online will have its own list of accepted banking methods, so be sure to check before registering with a site.
In this guide, we’ll quickly introduce you to some of the most commonly used banking options on online UK betting sites.
Consider each option and weigh whether it’s suitable for your gaming needs. The type of banking you use can affect how quickly you access your funds, especially when you need them.
What to Consider Before Choosing a Banking Option
Banking is arguably the most important part of online betting.
If you cannot fund your account or withdraw your winnings, there’s really no point in registering with a new betting site. Therefore, before you settle on a preferred banking option, take time to consider the following factors:
- Processing Times – Some payments process immediately while others take up to 5 business days. The amount of time it takes for your payments to post can greatly affect the regularity of your gameplay.
- Banking Security – Although licensed betting platforms are generally safe, you can never be too careful when inputting private financial details into the Internet. Stick with verified banking options that offer encryption services and fraud protection.
- Transaction Fees – Some payment methods charge a small flat rate or a percentage fee based on your total transaction. These fees can vary and will cut into your profits.
Although no banking option is perfect, it’s fairly easy to find an equal balance of the three important factors we’ve just discussed.
The Top Banking Options
Below is a list of some of the most popular banking methods used on UK bookmaker sites.
Here, we’ve given brief descriptions of each method and will go into further detail later on.
- Debit Cards – You can make secure online payments instantly by using Visa, Electron, Maestro or Mastercard Debit Cards.
- Bank Transfers – Direct bank transfers are widely accepted and incredibly secure but they’re often the slowest banking option you can choose.
- e-Wallets – e-Wallets have quickly become some of the most popular payment options for their added security features and inherent anonymity. Options include PayPal, Skrill, Neteller, and more.
- Cryptocurrencies – Although less common than other services, a growing number of UK betting sites are willing to accept payments through Bitcoin and other cryptocurrencies.
- Prepaid Card Services – Prepaid cards, such as the PaySafe Card, allow you to make direct card payments without putting your personal bank details at risk.
- Cash – A handful of betting platforms still maintain a strong presence on the high street and allow bettors to deposit and withdraw funds directly into their accounts at physical locations.
Let’s take a closer look at these payment options and explore how the pros and cons of each.
The use of debit cards was always one of the most popular choice of punters to fund their bookmaker account. It's instant and means you can only deposit what funds you have in your bank account.
Now with the ban on credit cards in force most players would have settled for the use of their standard debit card which is directly linked to your UK banking account. This means you also have control over your spending unlike a credit card. This is because the debit card allows you to only spend the funds you have available.
It's free to deposit, as it is with most UK payment methods and the minimum amount you can put in is £5.
The maximum amount you can deposit is around £20,000 which is second only to a Bank transfer which takes your limit up to a hefty £100,000 (whales only!).
The overwhelming majority of UK betting sites allow members to deposit and withdraw funds from their accounts using a direct bank transfer.
This is a highly reliable and secure way to move money around and is perfect for anyone wanting to keep a clear record of their betting activities.
However, the main downside to using bank transfers is that they’re often the slowest form of payment.
The processing times on a single direct deposit can take up to 5 business days, leaving you waiting while your funds post into your account.
These wait times are often even lengthier for withdrawals.
This can be incredibly frustrating for anyone wanting to make quick payments, but it is still a very popular banking option amongst UK bettors.
Although slower to gain momentum than in other countries, e-Wallets have recently become one of the most commonly used payment methods on British betting sites.
E-Wallets allow you to store cash and card information on a single platform that acts as an intermediary between you and your bank.
This means you can process payments without your bank knowing where the money goes.
They are well respected for their high levels of security and fraud protection and, today, there are a variety of options available to online bettors.
Let’s take a look at the most popular to learn what sets them apart.
PayPal was first launched in 1998 as a way to send digital person-to-person payments through the Internet. Since then, it’s quickly grown to become the largest e-wallet with nearly half a billion annual users.
PayPal is one of the most secure platforms and is commonly accepted on most UK betting sites. You can see our list of current Paypal bookmakers.
Its payments process quickly and are sent through an encrypted payment portal system that protects your information.
Although slightly newer and thus smaller than PayPal, Skrill is another commonly accepted e-Wallet known for its digital payments.
Skrill is currently available in over 200 countries and allows customers to make payments in over 40 currencies.
Additionally, Skrill offers a prepaid Mastercard, which can be used to make payments online and in-store. This is an attractive option for anyone wanting to directly use their winnings.
Neteller came around sometime between the launch of PayPal and Skrill.
It works on the same concept of allowing users to process payments through a digital wallet that stores both cash and card details.
However, unlike the other two platforms, Neteller has a reputation for being the go-to e-wallet for online betting.
Due to this reputation, some bookkeepers may avoid using it. See a current list of Neteller betting sites.
E-wallets offer their users anonymity and protection from fraud but, be warned, you may miss out on some top promos if you use these services.
Bookmakers have found irregularities among duplicated accounts linked to the same e-wallets, pushing them to limit bonuses and promos on e-wallet payments.
Technically speaking, the legality of using cryptocurrencies on UK betting sites is a little unclear.
Cryptocurrencies are unregulated by the UK Gambling Commission, so there is no specific law that prohibits their use.
However, the commission has issued a formal statement warning that operators should have “robust” anti-money laundering and customer protection measures in place, which may not be possible if they allow customers to use cryptocurrencies.
As a result, the number of UK betting sites currently willing to accept cryptocurrency payments is still relatively small.
That isn’t to say that they’re not out there though.
As cryptocurrencies continue to enter the mainstream, more and more brands are willing to accept Bitcoin as a legitimate form of payment.
Nonetheless, plenty of UK punters appreciate the benefits of using cryptocurrency payments, including the anonymity associated with it.
If you're looking to use cryptocurrencies on a UK betting site, your best bet is to check the site's terms and conditions to see if they mention anything about these payments.
Prepaid Card Services
Following some major regulatory shakeups, many UK bettors turned to prepaid card services to finance their online betting habits.
Certain companies, such as PaySafe, allow members to purchase prepaid cards that can be loaded at local vendors or online.
The cards then act as a debit or credit card without the limitations set on Visa and Mastercards.
Prepaid cards also offer wider anonymity because there’s nothing to link the payment to a particular person.
Instead, the money simply transfers from the card and, when it’s empty, it can be discarded or reloaded.
PaySafe is still a relatively new banking option but more and more UK betting sites are willing to accept paysafecard payments.
It may sound odd to use cash as a form of payment on an online betting site but a handful of major bookmakers still have sizeable presences on the main street.
Simply walk into a physical venue and deposit your funds directly into your account.
If you wish to make a withdrawal, you’ll have to come to the venue with a prepaid cash card.
Paying cash is ideal for anyone with saved up spare change who wants to put it down on an upcoming bid.
However, it’s not the fastest way to fund your bankroll and it’s quickly become a payment method of the past.
What About Credit Cards?
Since April 14, 2020, online betting platforms in the UK have been banned from accepting funds processed through Visa and Mastercard credit cards.
These new regulations have made it nearly impossible to use a credit card as a banking option and, again in 2021, the Commission expanded its list of band cards.
The shift in policy came after several years of pressure, pushing the United Kingdom Gambling Commission to issue a ban.
The regulations are intended to protect vulnerable individuals from becoming addicted to gambling and the Gambling Commission also claims that the move is intended to protect punters from possible instances of identity theft and credit card fraud.
Despite the Commission’s protective outlook, the move has caused a significant impact on the online betting industry.
Prior to regulation, Visa and Mastercard credit cards were two of the most popular payment processors in the UK and the government’s new policies have forced countless numbers of bettors to turn to new banking options, such as e-Wallets.
There are plenty of great banking options to choose from when signing up with a UK betting site.
You should be able to find one that meets your needs, whether you want to use a debit card, prepaid cash card, e-wallet, or bank transfer.
Just be sure to read the terms and conditions of each option to ensure that you're aware of any fees or restrictions that may apply.