With the rise of hacking, data theft, and fraud as a byproduct 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 protected from outside threats.
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 new regulations that ensure providers and operators are following strict security measures, guidelines, and standards to create environments where safer gaming is 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 methods for your players.
Taking a look at some of the available options for secure payments for operators and players is part of Altenar's process—and it’s this inquisitive and exploratory nature that has helped 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 help reduce risks—from fraud to data theft.
Neteller
Neteller is one of the most secure and widely used e-wallets on the market and is a preferred sports betting payment method.
Neteller features two-step authentication that notifies you of every login attempt. It holds a 128-bit SSL encryption certificate and is authorized by the United Kingdom Financial Conduct Authority, ensuring that Neteller uses 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 entering their name, country, currency, and email address, then creating a secure and memorable password.
The process is simple, and for that reason, many players enjoy using Neteller.
The Pros & Cons of Neteller
Pros:
- Enhanced security
- Mobile app
- Can support different currencies
- Anonymity
- Instant deposits
- Cash withdrawals
Cons:
- Deposit fees from financial institutions
- Might not be available in certain countries
Cryptocurrencies
“Are cryptocurrencies safe to bet with?” That’s 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 aimed to be a new form of currency: digital. As a result, many other coins, currencies, and altcoins came into existence—from well-known cryptos like Ethereum (ETH) and Shiba Inu (SHIB) to newer coins being created every day.
As a result, there can be a large amount of skepticism around crypto and what it truly is.
For betting, two security measures should be taken into consideration—and these are things 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 use. More often than not, it’s best to do some research before buying, as some coins 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 recognizes the wallet where you store it.
Some wallets and cryptocurrencies may involve exchange fees, so do as much homework as possible.
The Pros & Cons of Cryptocurrency
Pros:
- Greater capacity for storing value.
- Crypto is a more convenient and faster way to pay—especially if you don’t need to exchange currencies.
- Confidentiality is assured, as crypto is difficult to trace and your assets are protected from hackers and fraud.
Cons:
- Some countries have restrictions on cryptocurrency.
- Crypto may not be legal in your country of play.
- Unlike traditional currencies, crypto may take longer to convert into usable assets.
PayPal
PayPal is one of the world's most secure payment methods and was one of Elon Musk's early successes in the tech industry. It is considered one of the top 7 most secure payment methods in the sports betting industry, which is why it has earned a place on this list.
Most sports betting sites accept PayPal payments because providers understand the importance of secure spending.
What’s the process of using PayPal as a betting payment method?
A player needs only to provide an email address linked to their PayPal account for a payment to be processed. That’s it. PayPal’s role in the sports betting world is significant because it offers both ease of transaction and high levels of security.
You can link your card details to your PayPal account, and from there, you can start betting on your favorite events and matches. The security benefit of using PayPal comes from the fact that your payment details are hidden—keeping them safe 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 offers higher levels of security
- Fraud prevention
Cons:
- PayPal charges for business transactions
- Bank transfers can take several days
- Instant access to money incurs a 1% fee
- Because PayPal takes security seriously, some users experience account freezes
VISA and MasterCard
As common payment methods, VISA and MasterCard are included in this “Top 7 Most Secure Betting Payment Methods” guide because they are among the most accessible options for a wide variety of players around the world.
What’s the process of using VISA and MasterCard as betting payment methods?
VISA payments are often included in many of the bonuses bookies offer on their sites, where welcome bonuses and reload offers are commonly available to players using VISA. You must apply online or in-branch for a VISA card, and players must verify their identity to complete the process.
MasterCard is another debit card payment option and offers similar bonus opportunities to players. However, MasterCard typically supports both deposits and withdrawals, which can be more attractive to users. You must apply online or in-branch for a MasterCard, and identity verification is required.
The Pros & Cons of VISA and MasterCard Payments
Pros:
- Increased security through PIN code protection
- Transactions processed without intermediaries
- Can be used 24/7 in many cases
- Easy withdrawal process
Cons:
- Loss of debit cards can increase the risk of theft
- Risk of online identity theft
Skrill
Skrill, much like PayPal, is one of the most secure payment methods in sports betting. It works similarly to PayPal by encrypting your bank details and eliminating the need for players to disclose any personal banking information.
What’s the process of using Skrill as a betting payment method?
Players can easily create a Skrill account and deposit the amount they’d like to wager.
To get started, simply visit the Skrill homepage and sign up using your name, country, preferred currency, and email address. You’ll then be asked to create a secure password for your account.
Further reduces the risk of fraud and theft.
The Pros & Cons of Skrill
Pros:
- One-touch payments
- Quick integration
- Ability to manage multiple currencies
- Wide range of payment options
- Chargeback protection
- Access to Skrill wallet holders
- Favorable conversion rates
Cons:
- Verification can be time-consuming
- Limited customer support
