Payment Cards as a Payment Method in Online Sportsbooks
If you’ve ever wondered which payment methods are the best when it comes to online sportsbooks, this article is written just for you. This article will focus on payment cards and explain to you the different types of payment cards that you can use in sportsbooks. Each of these payment card types has its pros and cons, and we’ll try our best to write the most important things about each of them.
At best online betting sites, the deposit and withdrawal methods differ in many ways. There’s almost no sportsbook in the world that doesn’t accept payment cards as a deposit and withdrawal method.
Payment cards have, without a doubt, taken primacy over cash in the modern world, so this type of payment is one of the most popular and most used methods in almost all online sportsbooks and casinos. Our team of experts has done numerous reviews of sportsbooks throughout their career, and nobody could remember a single bookmaker who didn’t receive at least some type of payment card. There are several types of payment cards: from credit, debit to prepaid cards, but they all have one thing in common – ease of use and acceptance by sportsbooks. Now we’ll look at the different types of existing payment cards.
Suppose you’ve ever wanted to know the difference between a credit and debit card. In that case, you’ll read it understandably in this text and hopefully understand the main differences. Credit cards, as the name says, are payment cards that enable you to use your funds, as well as the funds that your bank lends to you (hence the name). So, every time you pay with a credit card, you’re buying on loan and paying off the amount in monthly installments.
The specifics of credit cards is that not everyone can get a credit card because the bank considers to whom it issues the means of payment that can be used even if the person doesn’t have funds on the account. Thus, credit cards can be held mainly by permanently employed persons or those with regular money influx to the bank account. If you’re planning on using your credit card when depositing in sportsbooks, you’ll be happy to know that basically, all online bookmakers accept credit cards as a deposit method.
Pros and cons
The advantages of using credit cards in sportsbooks are as follows:
- Credit cards mostly have a much higher deposit limit than other deposit methods
- Users can increase their limits
- Mainly, all sportsbooks accept credit cards as a deposit method
- Credit cards have a higher security level than debit cards
- Credit cards are one of the fastest and safest deposit methods since deposits are mainly processed instantly
In addition to the advantages, there are also disadvantages of using credit cards in sportsbooks:
- Some banks don’t think kindly of sports betting and gambling, which may cause troubles with deposits
- Although the security level when using credit cards is high, there’s always a risk of identity theft on the internet
- Playing with the money lent to you by the bank may turn to be a bad idea since you have to pay interest on that money
- It’s impossible to request payouts on a credit card in some countries
In the end, one of the most important questions may be which credit card to use. If you haven’t used credit cards yet, we can tell you that three major companies are considered leaders in the credit card market – VISA, MasterCard, and American Express. It’s not easy to answer which of these companies to choose because all three companies are very reputable and professional. We believe that you can’t go wrong with any, and since the topic of this article is not the best credit card, we leave you the freedom of choice.
If you don’t have the option of getting a credit card or, like some, you avoid using it for sports betting so that you don’t get into a situation of spending too much; the question arises of which are the best alternatives for you. Of course, the most similar option is a debit card, then e-wallets, or if you’re a bit tech-savvy, some of the well-known cryptocurrencies. All these methods are equally effective and high-quality without risking maxing out your credit card.
The easiest way to explain the term of a debit card is a payment in cash, only with a card! A debit card is a payment card that allows you to pay for goods and services with the money from your account, as well as to withdraw cash from an ATM at any moment if you have funds on the account. A debit card is very easy to get since all banks in the world issue it when opening a current account. No bookmaker in the world doesn’t accept some kind of a debit card. Also, using it to deposit and withdraw money is very simple. What makes them popular are fast and safe transactions, low fees, and ease of use.
Pros and cons
The advantages of using debit cards in sportsbooks are as follows:
- Using debit payment cards is mostly a very secure payment method
- Increasingly security due to the existence of PIN code
- Fast transactions without intermediaries
- Ability to use 24/7
Easy withdrawal of funds from almost any ATM in the world
In addition to the advantages, there are also disadvantages of using debit cards in sportsbooks:
- Although the security level when using debit cards is high, there’s always a risk of identity theft on the internet
- Banks regularly charge the so-called monthly service fee
- If you lose your debit card, you may have problems until you cancel it
As you can see, using a debit card can be an enjoyable experience, but it comes with some risks. Suppose you don’t like being exposed to the constant risk of someone getting your personal and financial data. In that case, it may be better to choose an alternative deposit method in sportsbooks, such as e-wallets or maybe cryptocurrencies.
Prepaid cards have recently become a trendy payment method. They have many positives, such as cost control, which is a perfect way to teach children how to handle money. The reason for this is simple; you can’t spend more than you have on a card. For this reason, they’re very similar to debit cards, but these prepaid cards are almost all disposable cards that can be thrown away after use.
Pros and cons
The advantages of using prepaid cards in sportsbooks are as follows:
- Almost everybody can get them because they’re not credit cards, and you’re not required to have a regular influx of money
- They are accepted in many places
- They are great for budget management
In addition to the advantages, there are also disadvantages of using prepaid cards in sportsbooks:
- The maintenance of these cards can get expensive, as you have to pay the fee for issuing, renewing, monthly maintenance, etc
- They have a lower level of security than credit or debit payment cards
If you are planning to get yourself a prepaid payment card, then it’s good to know which two are the most famous prepaid payment cards in the world of sports betting.
PaySafeCard prepaid card is one of the most famous payment cards of this type used in sportsbooks and casinos. It’s sold worldwide and is popular because it’s easy to use, relatively safe, and has instantly processed transactions in sportsbooks. What is especially good about this card is the possibility of separating the home budget from the betting budget, making instant deposits and fast payouts, and the fact that transactions are relatively safe. Currently, more than 3,500 online sportsbooks and casinos accept this prepaid card, and all you need to do is enter a 16-digit PIN code, and the funds will be instantly visible on your online account.
The advantages of using PaySafeCard are significant:
- They protect your data since, aside from the PIN code, you remain anonymous
- Your money is safe and
- You have control over your expenses
The second popular company offering prepaid payment card services popular among casinos and sportsbooks is Entropay. The Entropay user can choose whether he’ll open a VISA or MasterCard payment card, and after that, he can start using it. We won’t talk about this service here a lot because Entropay is primarily an e-wallet. Still, we have to mention that there’s an option of getting a prepaid card for users. If you want, we advise you to take advantage of this opportunity.
At the very end, we’ll not make a final decision about which option is best for the simple reason that each type of payment card has its pros and cons, and we’re pretty sure that there’s no ideal type of card. Payment cards are suitable for those who don’t like spending too much time on deposits, but they have drawbacks. Here we’re mainly referring to security flaws, as well as transaction fees.