Popular Sportsbook Banking Mechanisms

Ever wondered how money moves when interacting with online stores, or about the safety and security of your hard-earned money when making deposits or withdrawals? We have taken a deep dive into what options are available for users to transfer money to and from their favourite online stores. Read on to get a better understanding of how it all works!

The South African online sports betting community has seen some steady and consistent growth over the last few years, with internet users gaining more and more trust and confidence in the banking mechanisms of their favourite e-commerce brands. As of January 2022, there were 41.19 million active internet users in South Africa! 

The first thing you need to do once you have chosen your preferred online sports betting operator is to register an account. Once you’ve been registered then it is time to fund your account, make a deposit and start playing.

In this article, Sportingbet will outline the most common deposit methods offered by some popular football betting sites, and we’ll also highlight which ones are available for withdrawal. Also, you will get more info on lesser-known details such as withdrawal times or fees. 

However, it is important to note that not all deposit and withdrawal methods are created equally. We will also cover some of the main issues you may come across when withdrawing your money and how to resolve them. Hopefully, with this background knowledge, you will be in a better position to choose the method best suited to you.

Web wallet is a widely used modern-day term that refers to an online wallet. This type of wallet serves the same purpose as your day-to-day wallet. Of course, the most significant difference is that web wallets are online software usually downloaded as an App.

PayPal

PayPal is a well-known e-wallet, most online sports betting sites are aware of this and therefore it is a widely accepted method by the vast majority of sportsbooks. A benefit of PayPal is that it is an instant payment method and if you also choose it to make your withdrawals, you should know that it is also the fastest.

In addition, PayPal is a very easy to use payment method and creating an account is very simple. Without a doubt, you will have no problem if you decide to play using this payment method.

Neteller

Neteller is another popular e-wallet, quite like PayPal and Skrill, and a favourite in the online gambling community. The online betting payment and withdrawal times are short and there are no commissions. So, it is one of the most recommended methods for all players. 

Skrill

When it comes to Skrill, you can't go wrong when you decide to use it to deposit and withdraw. It is yet another of the most widely used e-wallets. You will just need to double check with your preferred bookie because some welcome bonuses are not compatible with this specific e-wallet.

ecoPayz

ecoPayz is also an online account for secure internet transactions, somewhat like PayPal. This payment method is much less widespread, but it is still good to consider. It has no commissions, and the opening of an account takes a few minutes. If you are looking for a lesser-known option, ecoPayz should be top of your list.

Undoubtedly, credit and debit cards are the preferred method of payment and withdrawal for most people transacting online. Many online betting operators like Sportingbet, accept Visa and Mastercard. Some can even accept Maestro cards

With this option you will have a tried and tested, reliable deposit method, although the withdrawal times are generally longer than those of e-wallets. The best thing about credit card payments is that they are accepted by any operator and at the time of deposit is immediate. In addition, you will have no commissions during payments.

You can use several debit and credit cards to make transactions to your Sportingbet account. Sportingbet accepts your Visa and MasterCard credit cards. When it comes to debit cards, the following are accepted:

• Switch
• Maestro
• Visa
• Laser cards

For some sports betting enthusiasts, the time tested method is usually the simplest. With this option you simply make a bank transfer from your bank to the bookmaker’s. Online banking is a modern convenience that offers us many services and comfort when it comes to depositing our money. This is always an option, however, the process is a little slower and it will take longer for your money to reach your betting account.

There are a number of relatively new payment methods that are growing in popularity with tech-savvy South Africans.

Apple Pay

Apple pay is a widely used payment method in the online sports betting scene. This banking option has been operational since 2014 and has proven to be popular. As a standalone app, Apple Pay does not have set deposit limits. However, when using it to deposit cash into a sportsbook, most operators will determine the minimum and maximum amount you are able to transfer.

Note that Apple Pay does not accept withdrawals from betting sites. In the event of withdrawals, you will be compelled to use a different payment method. That being said, the option processes payments instantly, making it a smart choice for depositing into your account.

Google Pay

Google Pay is a relatively new payment option on the scene. Different online merchants offer this method of payment due to its safety and reliability. With Google Pay, you are able to deposit and withdraw from your account at no cost. Deposit and withdrawal limits are dependent on the bookie you are using. What will really excite you about Google Play is the guaranteed instant deposits, whereas withdrawals can take a few minutes to process.

Bitcoin and Cryptocurrency

Crypto payments are fast becoming a staple in the online matrix. Perhaps one day in the future, it will be a more commonly used betting payment method. At the moment however, only popular online merchants already accept the most popular cryptocurrencies like Bitcoin.

When one deals with online financial profiles, one has to consider privacy as a priority. If you play with a regulated and licenced online sportsbook, you won't have any problems with data privacy as your data is stored in secure environments. However, it is important to ensure that you choose a secure deposit method and withdrawal option. It is also worth noting that you should make sure that your internet connection is secure.

When you enter your bank or card details on any platform, you will need to make sure that it is completely safe. If you are using a licensed betting website you can be assured that the environment is safe, together with the payment platforms, courtesy of SSL data encryption technology.

Most users already know which method they will use once signed up with the bookmaker. However, for those who have doubts, there are some points that need to be taken into account, such as the time it takes to process or the commission they may charge.

Deposit and withdrawal limits

With all reputable bookmakers, you will find both deposits and withdrawals limits . These maximum deposit and withdrawal limits allow you to control how much you can deposit. In fact, most bookmakers allow you to arrange your deposits by daily, weekly or monthly maximums.

Bonuses

Bookmakers like Sportingbet, offer you a free bet bonus if you make a min deposit. However, with other bookies, sometimes we are not able to access promotions if we make our deposit using a certain method where the T&Cs apply. For example, some bookmakers prevent you from getting certain promotions when using certain payment methods.It is important to make sure before you can get these bonuses with the payment method you make.

Ozow

Ozow is an online payment method that allows you to make instant and secure payments over the internet. You do not need to bank with a certain bank to make use of this method. ABSA, Capitec, FNB, Investec, Nedbank and Standard Bank all will allow you to use Ozow. You do not even need a bank account or any account with Ozow, just a valid and legit bank account with any major bank. 

Very neat from Ozow, they are not charging any bank fees! Plus, it really is instant! And obviously very secure and safe. 

EFT 

Electronic Transfer, the old faithful, has been there since the start! It’s also known more commonly as a bank transfer of funds to another bank. An EFT can take anywhere from 1 to 4 business days. It is the most widely accepted method because it is trusted, perhaps not the easiest, fastest but reliable.

Visa

You can withdraw winnings to your Visa card provided you made a successful withdrawal in the last 6 months to that card. 

Mastercard

 It is the Master. Mastercard is accepted by more than 24million merchants and comes with the SecureCode which will protect you from unauthorized entities.

PromoCodes

A PromoCode is a 12 digit number that can be used to bet at Sportingbet and is usually issued as a promotion or a competition of sorts. These can be found at events more often than not.

FNB E-Wallet

eWallet is a prepaid account that allows you to perform transactions, both online and offline, via your computer or smartphone. It works as a fast mode electronic wallet that allows you to perform transactions from the comfort of your home. The key requirement of owning an eWallet account is a South Africa cellphone number via FNB ATMs, FNB Cellphone Banking, FNB Online Banking or FNB App.

If none of these above tickle your fancy, have a chat with our friendly agents, they will be able to help with any queries you may have.