Offering many payment methods is a crucial part of any eSports betting site. Since customers can come from different parts of the world, casinos and sportsbooks must be ready to accommodate everyone by partnering with financial services and payment networks.
The problem that bettors face today is that one betting platform can offer too many payment methods. Customers get bombarded with other options they’re not fully aware of. For this reason, we’ll be talking about the most famous eSports betting withdrawal and deposit methods. We’ll take a look at their pros and cons to help you make the right choice.
There are an almost overwhelming amount of deposit and withdrawal methods out there today. How can you know which one to choose? With our breakdown of the best methods available on lots of providers, we hope that you’ll find the right one for you.
We have compiled this list by researching the pros and cons of each method and breaking it down into this list.
Available almost everywhere
Good payment processing time
Fees can be costly
Some bettors use credit cards for betting just because their credit card issuers allow them. Unless you’re in the UK and other countries where placing bets with a credit card is illegal, you’ll be able to borrow money for betting.
One payment network that takes advantage of this is Visa, which is a name you’ve surely heard many times before. Most importantly, it’s a name you recognize as one of the most trusted financial services companies in the world.
Using Visa credit or debit cards for funding your eSports betting account will smoothen up your betting experience. For one, Visa is among the biggest payment processing networks that are fully operational worldwide. This means regardless of your country or your betting site, you’re going to enjoy Visa’s services including a 1 to 3-day processing time.
While Visa is considered to be among the best eSports betting deposit methods, bettors still find some drawbacks that are worth mentioning. For example, new accounts have to pay extra fees during their first year. The interest rates can also reach more than the average number that you’d find in other card issuers.
Using a credit card for betting can increase the risk
We can’t mention Visa without mentioning its main competitor: Mastercard. These two payment network processors offer nearly the same range of services, so people like saying it all comes down to personal preference. However, your card issuer can only work with one network, so you might want to think about that first.
Quick Processing Time
Like Visa, Mastercard is a known payment network processor in nearly every part of the world, which means its biggest advantages are security and availability. The best eSports betting sites are sure to offer Mastercard as a payment method because its processing time only takes up to 1 to 2 days.
You Can Easily Dig Yourself Into a Hole
The only problem with funding your account through Mastercard credit cards is the high cost of borrowing money. If you’re the type of person who doesn’t pay his or her bills monthly, you will slowly but easily dig yourself into a hole by accumulating a lot of charges.
Since gambling can be addicting in itself, we recommend using Mastercard debit cards instead. You’ll still be able to use Mastercard’s services like quickly transferring funds from your betting account into your bank account, which isn’t present in other eSports betting withdrawal methods.
Very easy to set up
Simple app interface
Not great for international transactions
Processing payments isn’t that fast
PayPal is a digital wallet where you can make transactions conveniently in a flash. All you need is an email and you’re good to send or receive funds. In fact, you don’t even need to have a bank account to use this payment method, which is why most people prefer PayPal betting sites over to those who offer traditional options only.
No Fees for Local Transactions
PayPal is very easy to use. It has a simple user interface even though its site and app pack a ton of amazing features. Transactions made with this method get processed instantly, making it one of the best eSports betting deposit methods that bettors have ever known. On top of that, there are no fees for sending money to family and friends.
Okay Processing Time
Most of PayPal’s benefits are only in effect as long as your transactions are completed locally. By this, we mean you’re sending to or receiving funds from your family and friends. But if your transactions are part of a business, there will be fees involved. Transferring funds to your bank account can also take up to 3 to 5 business days.
PayPal customers also complain about their funds being on hold for no particular reason and worse, their account accounts being frozen. As frustrating as this can be, PayPal seems to disregard these issues by saying that it’s for their customers’ own safety.
Most gambling platforms only offer eSports betting withdrawal methods that include digital wallets, credit and debit cards, and traditional banking options. Paysafecard doesn’t fit in any of these categories as its approach uses a prepaid online payment based on vouchers with a 16-digit PIN code.
Very Easy to Set Up and Use
Paysafecard betting sites are fairly common because this payment method is very easy to set up. You don’t need to have a bank accountor a bank card to get started as well. All you have to do is purchase a PaySafeCard, load it with money, and enter your card’s 16-digit PIN code to check out in any online transaction you make.
Standard Account Has a Daily Transaction Limit
Perhaps the biggest downside of using this payment method is that if you’re using a Standard account, your daily transaction will be limited to €250, which isn’t going to cut it at all if you’re a high roller (a person who gambles big). You can go as far as €2,500 per day with an Unlimited account though.
Has tons of features like crypto exchange and insurance
Great for international transactions
Doesn’t allow betting in the UK
What makes Revolut among the best eSports betting deposit methods is that it has a quick processing time. After making a deposit, your funds will immediately go into your account without trouble. As for withdrawals, you can expect up to 1 to 3 days for your request to get completed.
Many Options Inside the Platform
As they’re the biggest financial technology startup in the UK, you know that betting with Revolut is truly legit. You can do a lot with this payment method as they offer a wide variety of banking services such as money transferring, cryptocurrency exchange, and so much more! You can easily access these services using the Revolut app.
No Betting in the UK
Revolut doesn’t allow all gambling activities in the UK, which means UK bettors would have to find a different method to fund their betting accounts. Also, if you have a Standard account, you can only make 5 no-commission withdrawals in a month up to €200, which can definitely be a real nuisance.
No bank account required
Lots of ways to fund your account
Offers a reward system
High fees when transferring funds
EcoPayz offers prepaid payment services that allow you to bring money in and out of your betting account without needing a bank account. There are many top-up methods that you can use to fund your EcoPayz account including Visa, Paysafecard, Klarna, Neteller, Instadebit, and Trustly.
Reward System Benefits
EcoPayz betting sites are everywhere, which means you can fully control your funds with this option regardless of where you live. Unlike most other eSports betting withdrawal methods, EcoPayz has a reward system for its loyal customers. After you make enough transactions with this option, you can enjoy benefits like free money transfers and more.
Costly Transfer Fee
The main thing that people aren’t so happy with EcoPayz is that they charge too many internal fees. In EcoPayz betting sites, for example, you will be charged up to7% when transferring your funds from your account to your bank. This fee is higher than in other payment options.
Customers can delay their payments
Not that popular outside Europe
Klarna is a Swedish financial technology company that is very popular in Europe, especially in Switzerland, Austria, and Germany. Originally, this company’s target market was the ecommerce industry but its expansion throughout the years has also broadened its range of services.
Delayed Payments Are Allowed
Klarna hands out credit by letting their customers delay their payments. Because of this, Klarna eSports betting sites continue to grow in numbers. They know that by adding Klarna as one of their eSports betting deposit methods, they can make nice profits. In return, they give customers generous perks like 0% interest, rewards, and cashback.
Long Refund Process
A known disadvantage of Klarna is its inefficient refund policy. In most payment methods, you can quickly request a refund if your transaction didn’t go as you plan, perhaps you sent the funds to the wrong person or you typed the wrong amount. Unfortunately, Klarna doesn’t address this that well. Refunds take a long time to get completed.
Neteller offers e-money transfer services. After creating an account, you’ll be able to transfer funds from your bank account or credit card to the many eSports betting sites that have this payment option. You can bet on eSports with Neteller in many countries although the deposit types available to you will vary depending on your country.
Many Different Ways to Fund Your Account
Similar to all the payment methods on our list, Neteller is a secure platform that guarantees your money and information are safe. And aside from your bank account and credit card, you can use 40 other methods to fund your Neteller account.
Long Processing Time and Fees Per Transaction
Every transaction you make with Neteller is charged. Depending on the amount of money that you’re moving, the fees can reach up to 5%, which is pretty high compared to other eSports betting withdrawal methods. This gets worse because while deposits can go through in no time at all, withdrawals can take up to 5 days to get processed.
No bank cards or apps needed to pay
Easy to create an account
Logging in can be inconvenient
Trustly’s main advantages are its convenience and fast transaction time. Since bank cards are unnecessary, there’s no lengthy sign-up process and you won’t need to enter any details and credentials except the actual banks that you use. This means eSports betting sites offering Trustly can generate more profit by including it as an option.
Affiliated with the Leading Banks
Trustly makes it easier for you to pay using your online bank account without any cards or apps. It’s supported by many banks throughout the world, and by having around 525 million customers, it’s definitely one of the most popular eSports betting deposit methods out there.
Details Always to be Re-enter
To make sure that your money and info are always secure, Trustly doesn’t save your bank’s login details. Whenever you want to transfer your funds, you’ll have to enter everything again, which is a pain in the neck for people who want quick access to their accounts all the time.
Extremely fast payment
Great for international transactions
Value can be volatile
Not available in most traditional bookies
Asking about the advantages of Bitcoin is like asking about the advantages of cryptocurrency. If your bookie offers Bitcoin as one of its eSports betting deposit methods, choosing it will lessen your overall betting expenses. Bitcoin payments have extremely low transaction fees for international payments even though those transactions get processed insanely fast.
No Interest Rates and Extra Fees
While there are still mixed opinions about eSports betting with Bitcoin, some people like using it as a payment method because of how convenient it is. It doesn’t get affected by factors like interest rates and inflation, making it a go-to payment option for many.
Only Supported by New Bookies
Not a lot of eSports betting sites offer Bitcoin because of its current stance with most governments. As a result, you won’t have a lot of bookies to sign up with.
We recommend that you first check the available payment methods in your country, state, or area. Since we’ve included a lot of payment methods here, there’s a good chance that you can create an account with one.
If you want the most convenient options with the fastest processing time, digital wallets, cryptocurrencies, and prepaid cards could be the right choices for you. Debit cards are fine options as well although we’re not that in favor of using credit cards for gambling.
eSports Betting Deposit Methods 2023 FAQ
👉 Which eSports betting payment methods should I use?
You should first identify the payment methods that are available in your area and start from there. Digital wallets and cryptocurrencies payment options offer the fastest transaction processing but if you want a wider range of services, you should use credit cards for eSports betting.
💰 Do I need a bank account to start betting on eSports?
In PayPal eSports betting sites and other gambling platforms that support digital wallets, you don’t need to have a bank account to start betting on eSports.
UK: Players must be 18+. If you are having trouble with gambling then help and advice can be found at begambleaware.org.
US: Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.