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By: Ashleigh Lauren Johnson

6 min read

Top 5 Most Secure Betting Payment Method - Full Guide | Altenar

With the rise of hacking, data theft and fraud as a bi-product of the pandemic, many bettors are looking for ways to enjoy their much-loved pastimes, from betting on football to creating fantasy leagues, in secure and safe ways to ensure their data is safe from outside influences. 


As a result, the world of security has stepped up a notch, especially within the sports betting industry, which has seen more regulatory frameworks implemented globally and regulations that ensure providers and operators are following strict security measures, guidelines and standards to create environments where safer gaming is a part of the fun. 


One way to help bolster an environment for your players that protects their personal data is to choose the sportsbook offering the best payment method for your players.


Taking a look at some of the available options for secure payments for operators and players is a part of Altenar's process and it’s this inquisitive and exploratory nature that has seen the sportsbook software provider become an award-winning, tier one, preferred provider around the world.  


For this reason, Altenar has compiled a list of the top 7 most secure payment methods for operators and their players, to ensure that there is a reduction in risk from fraud to data theft. 




Neteller

Neteller is one of the most secure and most used e-wallets on the market and is one of the preferred sports betting payment methods. 


Neteller sports a two-step authentication that notifies you of every login attempt. Neteller holds a 128-bit SSL encryption certificate and is authorised by the United Kingdom Financial Conduct Authority, which ensures that Neteller is using the most up-to-date security technologies. 


Providing a buffer between your chosen betting site and your bank, Neteller adds an extra layer of security for its users. 


What’s the process of using Neteller as a betting payment method? 

A player can open a Neteller account for free by inputting their name, country, currency, as well as their email address and then creating a secure and memorable password. 


The process is easy and for that reason many players enjoy using Neteller.


The Pros & Cons of Neteller 

Pros:

  • Enhanced security 
  • Mobile app 
  • Ca support different currencies 
  • Anonymity 
  • Instant deposits 
  • Cash withdrawals

Cons:

  • Deposit fees by financial institutions
  • Might not be available in certain countries




Cryptocurrencies

‘Are cryptocurrencies safe to bet with?’ This is the question on the tip of many tongues, as more and more bookies begin to accept crypto as a form of betting payment. 


Crypto has been around since 2009 thanks to the creation of Bitcoin, which endeavoured to be a new form of currency: digital. As a result, many other coins, currencies and altcoins came into existence from more well-known cryptos like Ethereum (ETH), Shiba Inu (SHIB) and newer coins being created every day. 


As a result, there can be a large amount of scepticism around crypto and what it truly is. 


For betting, two security measures should be taken into consideration and are something that crypto can offer: 


  • Transaction security 
  • Confidentiality and privacy


What’s the process of using Cryptocurrency as a betting payment method? 

A player must choose the cryptocurrency they prefer to trade with, more often than not, it’s best to do some research into the crypto before buying it, as some are likely to be more secure and stable than others. 


Once you’ve chosen your cryptocurrency, check that your preferred site accepts crypto payments in that currency and recognises the wallet you hold the crypto in. 


Some wallets and cryptos will have exchange fees, so do as much homework as you can.


The Pros & Cons of Cryptocurrency

Pros:

  • Increased capacity when it comes to storing value.
  • Crypto is a more convenient and faster way to pay, especially if you don’t have to exchange currencies. 
  • Confidentiality is assured, as crypto is difficult to trace, and your value is protected from hackers and fraud.

Cons:

  • Some countries will have restrictions when it comes to cryptocurrency. 
  • Crypto might not be legal in your country of play.
  • Crypto, unlike traditional currencies, may take longer to be converted into functional assets.




PayPal

Paypal is one of the world's most secure payment methods and was one of Elon Musk's first successes in the world of technology. Paypal is one of the top 7 most-secure payment methods in the sports betting industry and as a result, has landed itself on this list. 


Most sports betting sites accept Paypal payments because providers understand the importance of security spending. 


What’s the process of using Paypal as a betting payment method? 


A player will need to present an email address linked to their Paypal account for a payment to be processed. That’s it. The role of Paypal in the sports betting world is phenomenal because it offers ease of transaction and high levels of security. 


You can link your card details to the PayPal account, and from there you can begin betting on your favourite events and matches. The security measure, from using PayPal, comes from the fact that your payment details are hidden keeping them secure from hackers and fraudsters. 


The Pros & Cons of PayPal

Pros:

  • Easy to use
  • No fees for sending money to family and friends
  • Encrypts your bank or credit card information 
  • Paying through PayPal offer higher levels of security 
  • Fraud prevention


Cons:

  • PayPal charges for business transactions
  • Bank transfers can take several days
  • Instant access to money charges a 1% fee
  • PayPal takes security seriously and some people experience account freezes as a result  




VISA and MasterCard

As a common payment method, VISA and MasterCard are in this ‘top 7 most secure betting payment method’ guide because they are likely the two payment methods most accessible to a wide variety of players around the world. 


What’s the process of using VISA and MasterCard as a betting payment method? 


VISA payments are often included in a lot of bonuses that bookies put onto their sites, where welcome bonuses and reload offers are often standard for players using VISA as a payment method. You must apply online or in-branch for a VISA card and a player will need to prove their identity to be verified.


MasterCard is another debit card payment system and offers the same potential for bonuses to players, however, MasterCard allows for deposits and withdrawals, which can be attractive to players. You must apply online or in-branch for a MasterCard card and a player will need to prove their identity to be verified.


The Pros & Cons of VISA and MasterCard Payments

Pros:

  • Increased security because of the PIN code 
  • Transactions free of intermediaries 
  • Can be used 24/7 in some instances
  • Ease of withdrawal

Cons:

  • Loss of debit cards can increase the risk of theft
  • Risk of internet identity theft




Skrill 

Skrill, much akin to PayPal, is one of the most secure forms of payment in sports betting. Working like PayPal by encrypting your bank details and removing the need for players to disclose any personal banking information. 


What’s the process of using Skrill as a betting payment method? 


The player creates an easy-to-open Skrill profile and then deposits the amount of money they’d like to bet with.


The player can visit the Skrill homepage and sign up with their name, country, currency and email, where the player will then be asked to create a password for the account. 


Further removing the heightened risk of fraud and theft. 


The Pros & Cons of Skrill 

Pros:

  • One-touch payments 
  • Quick integration 
  • Can manage multiple currencies 
  • A plethora of payment options 
  • Chargeback protection 
  • Access to Skrill wallet holders
  • Better conversion rates

Cons:

  • Verification can be time consuming 
  • Limited customer service

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