Sports betting is one of, if not the largest vertical in iGaming around the world, and though nuances of the segment differ fr om country-to-country, the core of the matter remains the same … the world loves sports betting and fr om it, a wealth of sports betting businesses has risen out the world mad-for-sport.
This is why Altenar,a sportsbook software provider, wants to shed light over ways to protect your revenue, player’s money and the overall safety of your sports betting businesses.
Sports betting platforms comprise a large amount of revenue intake for the iGaming industry, and as the rise of Esports and fantasy leagues takes grip of the ever-expanding industry, a revenue increase has been predicted; $270 million in 2017 to $87.75 billion by 2024. The growth of the industry is skyrocketing, and with it, the provider, operators and sports betting businesses that have rode the wave of all things sports betting.
It’s this money that stands as a poignant reminder of the hard work and trust that has been built over many years between operator and player, that must be protected and amongst it, adding new layers to safer gaming.
With the rise of revenue comes the increased risk of scams, fraud and merchants receiving chargebacks… as, knowing the card details or a form of payment is legitimate is often not as simple as knowing the difference between a player special and bet builder features.
From this, payment gateways for sports betting has been the go-to for many sports betting businesses that see countless transactions, both incoming and outgoing, in a single day.
Payment gateways for sports betting are vast and offer players and operators a wealth of choice, and degrees of extreme safety precaution when it comes to payment methods for sports betting. These hassle-free, global services are provided by third-party solution providers, who are integrated into the sports betting software, or sports betting platform that operators have created and players love to use.
The payment gateway acts as a tunnel between your sports betting platform and your players bank account.
All the while enabling a host of payment methods for sports betting; bank transfer, bank cards, mobile payments, E-wallets, Cryptocurrencies and Fiats.
Getting to know the ins and out of these sports betting payment methods is easy, and so, without further ado, here are the top 10 payment methods for sports betting software 2022-2023…
Payment Gateways For Sports Betting, Method 1: Bank Transfer / Bank Cards
Even in the world of fantasy leagues, Esports and online sports betting businesses, there is still a home for traditional pastimes and payment methods.
Debit Card Payment
Making faster payments is often the desired effect for player and operator, and this is why a host of sports betting providers accept Visa, Maestro, Mastercard, debit and credit for payments.
Being one of the most common forms of payment - debit cards, players are often able to see the standing/current balance immediately from their transactions allowing the gamer to keep-up-to-date on their spending habits within the online-bookie world.
This instant transfer is often preferred amongst players, potentially as it is the most accessible globally; most of the time sports betting platforms won’t charge a player for using a debit card.
Credit Card Payment
With not being linked directly to a player’s bank account, credit cards are often a second, or joint first option for sports betting payment methods. Visa and Mastercard are often the firm favourites, however, some sports betting businesses will accept Amex and Maestro.
While credit cards are exemplary in some instances, there have been moments of drawback for this payment method when it comes to withdrawals of winnings, for example.
A player can only withdraw the funds that they deposited initially, which would result in a player needing to withdraw any additional winnings (money) via bank transfer.
With credit cards, there might be hidden fees associated with your player’s credit card provider, so it’s always apt to double check if this is the case, for both player and sports betting provider alike.
Prepaid Card Payment
Even with the more common payment types listed above, some players prefer to use prepaid cards and over the years this has seen recognition, growing popularity and use.
With the growing demand for prepaid cards as an online betting payment method, the likes of Visa and Mastercard now offer these types of systems, so that players, punters, and gamers can top up the card and deposit funds, in what appears to be a hassle free string of events.
One extremely popular form of prepaid cards are Paysafecard, which is often purchased from many corner shops, supermarkets, and overall a lot of retail establishments. From increments of 10, 25, 50 and 100.
With the aforementioned online betting payment methods, it’s prudent to explain that these offer a somewhat traditional look on how sports betting businesses and sports betting platforms can accept payment from players. Though, with an ever-growing risk of fraud, as an unfortunate bi-product of revenue success, some players and providers are looking at payment methods that offer a quicker, more-instant form of payment, like, mobile payments.
Whether or not your punters are more accustomed to using card payments or bank transfers, there is a growing need within the sports betting industry for increasingly safer forms of payment, though it seems that traditional payment methods are here to stay for the foreseeable future.
Though what can the likes of E-wallets, crypto and mobile payments offer to players and sports betting businesses?
Payment Gateways For Sports Betting, Method 2: Mobile Payments and E-Wallets
With the rise of safer technology and fintech broadening the horizons of what’s possible, countless people have flocked to the Elon Musk co-founded mobile payment system, Paypal, and as a relic of what is possible in the fintech space, sports betting businesses and sports betting platforms are accepting these types of payments.
Paypal
E-wallets, in the form of mobile payments, were envisioned to create a monetary system that was safer than anything before, not only this, but payments through the likes of Paypal are often swift, instant and happen with ease.
On top of this, many E-wallets are used as a top online betting payment method, because the transaction doesn’t show in a player’s bank statement as Paypal isn’t directly attached to your banking account, so personal and sensitive information is often safer and there are no hidden charges or fees for using Paypal.
Though, what are some other E-wallets and mobile payments that are increasingly popular with sports betting businesses, sports betting platforms and the chosen payment gateways for sports betting punters?
Skrill
Much akin to Paypal, Skrill, is used for deposits and withdrawals, accessible in over 200 countries and is a way of instantly transferring funds. For this reason Skrill has seen an abundance of success, especially within the sports betting industry.
Having been harnessed by many online sports betting platforms, Skrill has seen tremendous accolades and for that reason has made it into the top 10 payment methods for sports betting software 22-23.
Previously known as Moneybookers, Skirll is owned by the company responsible for two other top 10 hits, Neteller and Paysafecard.
Neteller
Considered to be one of the safest payment systems, Neteller is used in countries around the world, some of which house the largest sports betting businesses, like the UK and Canada.
This transatlantic, online betting payment method, operating from the shores of the Isle Of Man, is an established and recognised financial institution, with, once again, similarities to the blueprint outlined by Paypal.
Sports betting businesses will accept payment via Neteller however, some will not award signup bonuses for deposits through this E-wallet and payment system.
Apple Pay
With one inherent flaw (you must be an Apple user to access this system), Apple Pay is one of the most used, well-known and safe forms of payment and E-wallet services. With access granted and payments made from the Apple Watch, Ipad, Iphone and a host of other tech from the company, players can deposit money with most sports betting businesses through this online betting payment method.
With no hidden fees and a highly secure service, wh ere removing the need for entering card detail has created a simpler form of payment, many players, punters and gamers are leaning toward Apple Pay.
An Alternative To E-Wallet: EcoPayz/ EcoCard
Alternatives to traditional or new forms of online betting payment methods, is always a great avenue to explore, because it might offer players and sports betting businesses a different way to accept payments, that essentially offers more inclusivity, or simpler, quicker and easier forms of payment, for instance.
EcoPayz is one of these payment methods, all the while having access to E-wallet features and traditional features like prepaid cards.
Most sports betting businesses have no restrictions for player bonuses for those who use EcoPayz, and if that isn’t incentive to use this online betting payment method, few would know what else is.
Payment Gateways For Sports Betting, Method 3: Crypto And Fiats
As the world opens up to Cryptocurrencies and Fiats, it seems that online sports betting businesses and sports betting platforms are seeing the advantage of allowing deposits in these digital currencies.
Underpinned by similar technology as e-wallets, such as blockchain and wallets, wh ere currency is stored; Crypto opens up new doors for the sports betting industry as it accepts this payment method.
The two key differences between using Crypto as payment and Fiat as payment, is that, with Fiat payment transactions can take up to several days to transfer, whereas with Crypto, digital money transfers are often instantaneous.
Some advantages of using Crypto as an online betting payment method include:
- Privacy of personal data and information
- Low fees
- No conversion needed
- Quick transactions
- Better security for sports betting businesses
- Higher limits
- Building reputation
Reputation might seem like a fly-away notion, however, in accepting online betting payments through Cryptocurrencies, next-gen and some traditional player’s are likely to gravitate towards your sports betting businesses.
Especially if the likes of Bitcoin (BTC) and Ethereum (ETH) are used, because they have a long-standing trust as a payment method and helping to define the crypto world as it is today.
Bitcoin
Being one of the largest digital assets within the sports betting arena, Bitcoin, was estimated by Digital Art to have achieved a 41.9% market share amongst rival Cryptocurrencies within the sports betting market.
Having been a market favourite, or, market leader for some time, sports betting punters have a deep trust in Bitcoin, which uses its blockchain as a public ledger.
As more and more sports betting businesses harness Bitcoin and Crypto as a whole, technology in this area continues to grow and adapt to security needs.
Ethereum
Ethereum is another well-known Cryptocurrency that is an open-source blockchain with smart contract functionality, essentially, offering greater security for those who hold ETH.
The procedure of using Ethereum as opposed to Bitcoin differs slightly, as with Ethereum, the player will need to be given an ETH address from their chosen sportsbook and choose the deposit amount.
The transfer time is dependent on how busy the ETH blockchain is at that moment, from a few minutes to a few hours. The currency, once deposited into the sportsbook, will appear in the converted currency, not in ETH.
Among these top-ranking Cryptocurrencies player’s and sports betting businesses can also use the following:
- Bitcoin Cash
- Ripple
- EOS
Having reached the end of the Top 10 payment methods for sports betting software 22-23, here is a list of other online betting payment methods that could be of uses to operators and players alike, to name but a few:
- Tether
- TrustPay
- Perfect Money
- Laser
- Instant Bank
- Delta
- Dotpay
- Astro Pay
Sports betting businesses are growing, and with it, the need for the best online betting payment methods, and this is why Altenar has outlined some of the best out there.
Contact the sportsbook software provider today to learn more about the sports betting industry and what Altenar can do for you and your sports betting business.
