Best Esports Betting Payment Methods

Esports’ betting popularity has been on the rise in the last few years. That has resulted in numerous bookies offering varieties of esport betting markets. Bookies provide different payment methods for this industry. Having a variety of banking options helps them reach a wider clientele. 

All payment methods have their unique pros and cons, which can make it a bit difficult for a player to choose the best option. However, this article will highlight some popular payment options used by esports bettors and the criteria employed to weigh through different options.

Visa

Visa is an electronic fund transfer system that facilitates easy transactions between banks, merchants, consumers, and banking institutions. It is one of the most convenient digital payment options used throughout the world. Even licensed bookmakers use Visa as a deposit method thanks to its multiple layers of protection. 

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MasterCard

Mastercard is one of the top credit card networks used for processing online payments globally. Most eSports casinos have accepted Mastercard since it is a reliable and convenient payment method. Players can use Mastercard to conduct safe and secure money transfers such as deposits and withdrawals. 

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Bitcoin

Bitcoin is a borderless payment option for esport betting, which allows seamless transfer of money in different amounts between the parties. It is a popular form of digital currency among people of different classes across the world. Individuals, as well as businesses, can use bitcoin to purchase goods and services, as is the case with conventional forms of currencies. 

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PayPal

PayPal is a digital wallet owned by American multinational company PayPal Holdings, Inc. The 134th corporation on the 2021 Fortune 500 list is arguably the largest e-wallet in the world in 2021. PayPal is available in almost all countries that have online money transfer systems. It offers transfer services at a fee to different online vendors, including sports betting websites.

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Paysafe Card

Founded in 2000 by four Austrians, the payment platform now provides financial services to customers in more than 40 countries, including most of Europe and North America. By 2015, the paysafecard brand joined Optimal Payments, a multinational digital payment company, which rebranded itself Paysafe Group. In Europe, no external banking partner is required, because the payment provider's subsidiary is licensed to perform financial transactions. 

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Neteller

Neteller is an electronic money transfer method that is used in a variety of online trade activities, among them payments to and from online sports betting sites. It can be used to withdraw money directly using a Net+ card or transfer such funds to a bank account. The service is owned by PaySafe Group, a company that has since acquired Skrill, a former competitor of Neteller. This is one of the premier e-transfer services having set up shop in 1999. It began its operations in Canada but in 2004 it shifted to the Isle of Man. Following the acquisition of Skrill, it became one of the largest e-money transfer services.

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American Express

American Express (Amex) is among the top 5 most accepted cards worldwide. Online merchants that accept MasterCard and Visa likely take American Express. This payment method is prevalent in tourist destinations. While major bank cards specialize in credit offerings, American Express offers additional services like travelers' checks and insurance. 

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Bank transfer

A bank transfer is exactly what it sounds like – it is a transfer directly from a bank account to another bank account or an online payment account. The individual logs into their bank, sets up the details of the person or company that they want to transfer the money to, selects the amount and submits the request to the bank for completion. 

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Dogecoin

Safest payment methods for esports betting

Safest payment methods for esports betting

Punters can be comfortable using a payment channel for depositing or withdrawing funds only if they are sure that the payment method is secure. For that, they have to consider the security features. Some of the security features to check are highlighted below.

Encryption

Any perceptive bettor should ensure that the payment provider encrypts all financial and personal information to protect them from prying eyes. The encryption technology used should also be the latest and most secure.

Authentication

Another essential security feature to consider is authentication. All outgoing deposit or withdrawal requests should require proper authentication to ensure unauthorized persons do not transact using a player’s account. Two-factor authentication is one of the most common security features employed by online payment merchants and casinos. It introduces an extra step in the authentication process for enhanced security.

Passcodes

Passcodes have become quite common in recent years. They are an additional security step requiring users to enter an additional secure password, which is usually sent to the user’s email or phone by the payment provider.

Besides security features, punters should also consider the general reputation of the deposit provider. One that has had numerous cases of payment fraud will likely not be a good option irrespective of the security features it offers.

Safest payment methods for esports betting
How to choose a banking method

How to choose a banking method

Esports bettors should make numerous considerations when choosing a banking method to ensure they get the best. A little research work might be necessary to make an informed pick. Here are some of the top considerations to make.

Crypto esports betting is one of the most popular payment methods out there. Esports betting with crypto has several benefits bettors can enjoy. Do not forget to check this method out.

Transaction limits: Transaction limits refer to the amount that punters can transact via the banking method within a day or in any single transaction. A punter’s bankroll should be the main influencing factor for this considerations. For example, high roller bettors should only consider banking options that have high transaction limits.

Withdrawal times: Some payment methods usually limit withdrawal times to certain hours of particular days and only some days of the week. Such may be quite inconvenient to some punters. The same applies to withdrawal processing times. A good option offers the least withdrawal processing time and allows withdrawals to be made at any time.

Security: Security is probably the most obvious consideration to make. Players should limit their options to only the banking methods that guarantee top security for all transactions made. The same applies to privacy.

Fees: The amount charged for deposits or withdrawals should also influence the player’s choice of banking method. Payment channels that offer low fees, or even no fees, are usually more preferred by most players.

Banking features: Different banking methods come with different deposit features. Punters should always opt for those that offer the most useful and functional features to enjoy the most benefits.

Customer service: Customer service is among the most overlooked considerations punters make when choosing a banking method. Though rare with some top banking providers, there are possibilities of experiencing deposit or withdrawal issues. Such require interactions with customer service to resolve the problems. Punters should thus choose payment providers that offer friendly and professional customer services promptly.

How to choose a banking method
How to make a deposit for betting on esports

How to make a deposit for betting on esports

The process of depositing to bet on esports is usually quite straightforward, but that mostly depends on the banking method used. In some cases, there is more than one way to make the deposit. For example, the deposit procedure can be initiated from the betting site or the bank site. Whichever the case, the result is usually the same, including possible fees charged on the transaction.

Using PayPal on eSports betting sites

PayPal is among the many payment options players can use to make deposits or withdrawals for esports betting. That is especially the case when it comes to betting on esports on international betting sites. The process of depositing using the payment method is relatively easy and fast. Here are the steps to follow.

The process

The first step is to log into or sign up for an account in a betting site that accepts PayPal banking method and offers esports. The player can then navigate to the banking page and then scroll to find the PayPal payment option. The process of getting to the PayPal deposit option may differ on some betting sites depending on the user interface.

After clicking on the PayPal deposit option, the betting site should open a form where the punter must fill in their details. The details include name, PayPal email address, and the amount the punter wishes to deposit. After confirming that the details are correct, the betting site will redirect the punter to their PayPal account.

The punter then has to log in to their account and have enough funds to make the deposit and approve the transaction. If everything checks out, the punter only needs to input their credentials, including passwords, and submit the transaction request.

PayPal payments are usually processed in real-time. That means that the amount deposited should be reflected in the player’s gaming account almost as soon as the transaction process is completed.

How to make a deposit for betting on esports
Why esports betting and PayPal are perfect partners

Why esports betting and PayPal are perfect partners

PayPal is among the popular payment methods in esports betting. It is owned by an American multinational financial technology company called PayPal Holdings, Inc. This e-wallet allows transactions in various currencies. The payment system is available in virtually all countries.

That is among the top reasons most bookies offering esports betting markets have it as a banking option, as it ensures most punters can deposit money easily and conveniently. Here are other reasons PayPal is so popular.

  • Ease of use: Of all the deposit options, PayPal is among the easiest to use. It is so easy that even newbies to esports betting prefer it.
  • Fast processing: PayPal deposits are made in real-time. That means punters do not need to wait for the processing to get money into their betting accounts and continue enjoying esports betting.
  • Reliable security: PayPal is among the most secure payment methods for esports betting. Punters do not need to worry about losing money to scammers as long as they take relevant precautions.
  • Zero fees on deposits: PayPal does not charge any fee for money deposited to esports betting sites. Punters can thus make deposits of the exact amount they need. That also helps them manage their bankrolls better.
Why esports betting and PayPal are perfect partners
How to withdraw winnings using PayPal

How to withdraw winnings using PayPal

Lucky players who bet and win on esports have the option of staking their winnings again or withdrawing them. Those who choose to withdraw the winnings have a variety of payment options to consider. PayPal is still among the most common options preferred by punters for withdrawals.

Most of the reasons for that are almost similar to why they prefer using this payment option for making deposits. The only main difference is that withdrawals made via PayPal take considerably longer, unlike deposits, typically processed instantly.

Withdrawal process

To start the withdrawal process, punters have to first log into their betting accounts. The next important step is to check the amount available in their accounts. That is essential because it indicates the maximum amount that they can withdraw. The players can then navigate to the withdrawal page and choose PayPal as the withdrawal option.

Typically, the betting site will require the players to fill in some information before the withdrawal process begins. That is especially for first-time withdrawals. The players must fill in details regarding the PayPal account to which bookie should transfer the withdrawn funds.

They must also indicate the amount to be withdrawn. Something to note is that the amount reflected in the betting account balance is usually not the amount that can be withdrawn in some cases. Some bookies charge withdrawal-processing fees, which have to be considered.

Processing time

The processing times also vary among different bookies. That is because they take different times to validate and approve the withdrawal requests submitted. However, once the bookies approve the withdrawal requests, PayPal usually takes quite a short time to complete the transaction process.

The volume of approved transactions can affect the time taken by the bookie. For betting sites that offer fast withdrawal transaction times, punters usually have withdrawn funds in their accounts within 24 hours.

How to withdraw winnings using PayPal
The best payment methods for eSports betting

The best payment methods for eSports betting

Rating payment options for esports betting is not quite easy. That is because of the numerous considerations that need to be made, most of which can be a bit difficult to distinguish. However, several things stand out for each payment option, which can be used as great indicators.

The first and most essential consideration is whether the payment option is legitimate. That is because numerous payment methods are cropping up in the industry, set up with the main purpose of scamming punters. For that reason, only the payment options that are legitimately registered and licensed to provide banking services are considered in the ratings.

For the other considerations made to rank the banking options, extensive knowledge of deposit methods and the players’ experiences as showcased in their feedback and reviews help with the rankings. Some of the other factors on which the review banking options are based are highlighted below.

Accessibility: Accessibility to the payment option is a rather obvious ranking factor. That is because punters will typically choose deposit options that are inaccessible to them. Accessibility can be affected by factors such as jurisdictional issues. The more accessible a banking method is, the higher it ranks.

Security: As mentioned earlier, security is among the essential features esports punters consider when looking for payment options. For that reason, the payment options that offer the best security features are ranked higher. The same applies to privacy features. The rankings usually come to the tiniest details as most payment options apply almost all the best security features available.

Popularity amongst providers: Most esports betting sites usually offer deposit options based on popularity. The popularity can be used as an indication of quality and reliability. Payment options that are more popular amongst providers thus deserve to be rated higher.

Customer support: Another essential factor to consider when ranking payment methods is customer service. Payment methods that offer great customer service should generally rank higher than those that offer poor or no customer support. Professionalism, availability, and customer support channels are some of the considerations used for ranking customer service.

User interface: The user interface or user-friendliness of the payment method also affects rankings. Banking options that are easy and pleasant to use get higher ratings. That is because they accommodate more clientele, including newbies in the esports betting world.

Processing times: Different payment options have different processing times. That is especially the case when it comes to withdrawals. Deposit options that offer the fastest withdrawal times without any compromises in safety and security are thus ranked higher as they provide more convenience to punters.

Transaction limits: Transaction limits are another great ranking factor. Payment methods that allow punters to deposit both low and high amounts cater to a wider range of punters and thus rank higher.

The best payment methods for eSports betting
Responsible gaming

Responsible gaming

Punters should always practice responsible gaming despite all the excitement, entertainment, and winning opportunities that come with gambling on esports. Responsible gaming includes:

  • Practicing self-control regarding how much time is spent on betting.
  • Avoid betting unnecessarily.
  • Excluding emotions in all betting decisions, among other things.

It also applies to controlling bankroll, which means depositing only reasonable amounts and betting the right amounts.

Responsible gaming ensures punters do not suffer unbearable financial losses. It also prevents mental issues such as depression and stress. Punters that already suffer from the effects of irresponsible gambling should seek immediate help to control the effects and prevent the condition from getting worse.

Responsible gaming