Payment methods are an essential part of betting with a bookmaker. From time to time, inspiring stories come back in the news: “man wins 100,000 euros with sports betting” or “27-year-old Brit becomes a millionaire by correctly predicting 10 sports games”. Are you starting to dream away when you read these kinds of stories? Very nice, but you are far from that yet. You must first have your financial affairs in order before you can bet on sports. The financial side of gambling consists of two things: deposit money and cash out winnings. You must know how all this works. That is why we have listed everything about money matters for you!
The digital wallet: indispensable for online betting
When you walk into the local betting office, you usually pay for your bets with your debit card. Online bookmakers work slightly differently. You do not pay your bets directly from your bank account, but you use a digital wallet. This digital wallet is linked to your player account. That means one thing right away: you need an account before you can bet money on sports betting. Fortunately, that is not a problem because you already have such a player account within a few minutes.
As soon as you log into your account, you will immediately see how much money is in your digital wallet. Is the amount at zero? You must first top up the balance via, for example, Paypal, Skrill or a credit card. Only then can you start sports betting. It may seem cumbersome for bookmakers to work this way, but such a digital wallet certainly has advantages. You have a fixed place where you manage your gambling budget. You pay your bets from the digital wallet, and the winnings also end up in the same place. Bookmakers, of course, ensure that everything is adequately secured. Deposit money, bet on bets and cash out winnings: thanks to the secure connection, you don’t have to worry for a moment.
Everything about minimum and maximum limits with bookmaker payments
Bookmakers have clear rules when it comes to money matters. That certainly applies to the deposit limits. With most bookmakers, you will have to deal with the minimum and maximum limits. The minimum deposit is relatively low. So you can already bet if you deposit 10 or 20 euros in your account. These low limits make betting with a bookmaker very accessible. Because even with a small budget, you can simply use your sports knowledge to make a profit.
Do you only deposit a small amount into your account at a time? There is a good chance that you will hardly notice that the bookmaker works with limits. That changes as soon as you increase your budget and start betting with large amounts. At that moment, you can just run up against the maximum. Bookmakers often work with a maximum deposit per day or per week. How high that maximum is differing per platform and certainly per payment method. For deposits via Bancontact, the limit is usually somewhat higher than with e-wallets. That is definitely something to check if you plan to bet a lot of money on all those exciting sports bets.
Keep control over your gambling budget
There are two reasons why bookmakers work with maximum deposit limits. First of all, they try to prevent the Highroller from making too much profit with these kinds of limitations. Too much profit for the bettors simply means that the bookmaker is making a loss. Second, the Belgian Gaming Commission has drawn up guidelines for the maximum deposit limit. This is to prevent gambling addiction and financial problems as much as possible.
The maximum deposit limits apply to every gambler. Yet one person gets into financial problems faster than another, simply because he/she has less budget at his / her disposal. That is why it is always wise to set your own limits as well. More and more bookmakers offer bettors the option to set a maximum daily, weekly or monthly limit. Once you have reached that limit, you will not be able to deposit anything. At least as long as the period is running. With such a personal limit, you protect yourself against emotional decisions. If you lose bet after bet, it might be tempting to wager a large amount one more time to make up for it, with all the associated risks. A personal limit helps you to stay in control. You can be sure that you never bet more money than you can afford to lose.
Deposit and pay-out with Paypal, Credit card, E-wallet and more
Bookmakers try to make it as easy as possible for you. This also applies to the financial side of gambling. Within minutes you have already deposited money into your account, and you are ready for your football bet.
When you start depositing money, you may only think about the amount. But you must also select a payment method. Some bookmakers have a massive list of payment methods online. Even if the betting platform offers a somewhat shorter list, there are still a few exciting payment options left. You can pay almost everywhere via Bancontact, credit card, PayPal and e-wallets such as Skrill and Neteller.
Withdrawal to a Skrill account or to your bank account?
You think carefully about which payment method you choose. There is a need to think less deeply about the payment. In many cases, the payout is automatically linked to your payment method. This is also called a closed-loop policy. With such a closed-loop policy, it is impossible to deposit money via Skrill and then have your winnings paid out to a PayPal account. Once you choose Skrill, you use it for both your deposits and withdrawals.
A closed-loop policy provides a lot of clarity. Still, it doesn’t work that way with all bookmakers. Many online gambling sites offer much less payout than payment methods. This way, you can easily find a bookmaker who pays the winnings to your bank account as standard. There are simply no more options. So check what rules your bookmaker applies before you start betting.
The fast service for payments
You save the money from your bets won in your player account. When you finally have a nice amount together, you naturally want to have it available as soon as possible. Fortunately, you never have to wait long for your payout to be processed.
Payouts to an e-wallet are often processed immediately. A payout to your bank account takes a little longer. Most bookmakers have a processing time of a maximum of two days. It then takes no more than five working days before the money is received by you. Are you requesting a payment for the first time, or do you want to have a large amount paid out? It may just happen that your bookmaker asks for some extra information, such as a copy of your passport. This is purely for checking your age and identity. Once everything has been approved, the withdrawal request will be initiated. Before you know it, the profit will be in your account.