Betting Payment Methods
Most experienced punters base their decision on where to bet next specifically on the deposit and withdrawal methods. It is essential for every bettor to know things like limits, fees and waiting times. That’s exactly what we’ll be talking about in this article.
In case you don’t have a lot of time to waste, we have listed 4 payment options that are best overall. Give them a quick look or browse through the rest of the article for more in-depth info.
All Deposit Methods at Australian Betting Sites
This is a full list of the best betting payment methods, accepted at Australian online bookmakers and ones that operate internationally.
This is just the tip of the iceberg. As a punter from Australia, you need the optimal deposit method for individuals based in Australia. Sounds straightforward, but things can go south quickly, especially if you make an uninformed decision.
Know what you’re getting yourself into! For example, a betting site might not accept PayPal deposits, but it could offer attractive odds that compel you to join. If you find yourself in this situation, you might have to pay heftier fees or you might have to complete those deposits long before you actually want to place the bet. If it looks too good, that’s probably because there’s a line in the T&C which changes everything, even your opinion about it.
Top Deposit Methods for Aussie Punters
Quantity breeds quality, which is why Aussies have the upper hand when it comes to online sports betting. The above list includes the most popular betting payment methods, popular at both Australian and International online bookmakers. These are the most recommended if you intend to join an online bookmaker licensed in Australia.
PayPal is here to stay! It’s undoubtedly the world’s most famous e-wallet, so it’s no wonder punters like it so much. To start using it, you’ll first need to head out to their site and register PayPal account and connect it with your credit/debit card. It’s a very straightforward process that takes only a couple of minutes.
After you finish all of that, you’ll be ready to start depositing and withdrawing with PayPal right away. The great thing is that you don’t even have to top up you’re PayPal account because it will automatically transfer funds from your credit/debit card. However, keep in mind that they will charge you a small fee in the process.
PayPal is an exceptionally safe payment option, featuring one of the industry-leading security systems. That is one of the main reasons it spread so fast among Australian punters and betting operators. Today most of the top bookies accept PayPal. To find a full list of the PayPal bookmakers, check out the table above and go to our dedicated PayPal page.
- Straightforward to use
- Exceptionally safe
- Fast deposits and withdrawals
- You’ll have to have a registered bank account and a credit/debit card
Most of the top Aussie betting sites offer PayPal, but Unibet is probably the top choice. Give it a look!
Watch and bet live!
Reliable Bookmaker with Flawless Track Record
Owned by Australian Post, POLi is a 100% Aussie payment method loved by thousands of punters around here. Why is that you must be wondering? Well, first of all, POLi is exceptionally easy to use. You don’t even have to have a POLi account to start. Just select POLi at bookie’s cashier, log in with your bank account via POLi dashboard, and you’ll be able to make instant deposits to your betting account straight away.
This may sound a bit risky, but don’t worry, you’re protected with top-notch SSL encryption from start to finish. The real issue with POLi is that it doesn’t support withdrawals, meaning that you’ll have to cash out with some other banking option.
But when we consider how POLi is so straightforward to use, widely accepted among Aussie betting sites, and don’t require any additional registrations, it’s easy to understand why people around here like it so much. Oh, and have we mentioned it’s completely free?
- 100% Aussie owned
- Free of charges
- Swift deposits
- Not a withdrawal method
Probably the most reliable POLi betting site in Australia is Palmerbet. Check out our review by clicking below.
Traditional Values and Great Betting App
Apple Pay may seem like a payment processor only for iPhone fans, but in reality, it’s much much, more than that. This payment processor connects to your credit/debit cards and has all the usual things we used to see from Apple products, like slick design with “simpler is better” approach, high security based on Face ID and Touch ID and overall premium look to it.
It has all the features you’ll expect to see from a first-class payment method, with only one major flaw, and that is the number of bookies accepting it. Apple Pay is still a rising star on the Australian betting market, meaning that there are just a few bookmakers taking Apple Pay deposits. However, as time goes by, it’s almost certain that much more punters and betting operators will want to enjoy all the merits Apple Pay brings to the table.
- Super safe
- Very easy to use
- Small number of bookies accepting Apple Pay
- Not a withdrawal option
If you wish to deposit with Apple Pay, you can do that at bet365.
Best Live Streaming
Geo restrictions apply. You must have a funded account or have placed a bet in the last 24 hours to access. Under Australian law, we are required to inform you that Live Streaming on bet365 is exempt from Parts 3 and 4 of the Broadcasting Services (Online Content Service Provider Rules) 2018.
We’re back to the basics! Credit/debit cards are probably the most widespread payment option among Australian bookmakers. They have been here for decades now, and many punters have at one point tried to deposit or withdraw funds using one of the popular cards, such as Visa or MasterCard.
- Widely accepted banking method
- Straightforward to use
- Quick deposits and withdrawals
- High fees
- Possible card frauds
There are many sites accepting credit/debit cards, and one of the best ones around is BlueBet.
Variety of Betting Markets
Choosing a Deposit Method
Most online bookmakers do not impose any out-of-the-ordinary terms and conditions, but this doesn’t mean that they can’t do so. As far as individual online bookmakers go, it’s best to take a look at our bookmaker reviews. However, you should first “come to terms” with the payment provider’s respective rule book.
In simple words, how popular is the given deposit method among online bookmakers? Is it easily obtainable? Where can you use it? In our honest opinion, the ones that we recommend have proven to be the most popular ones. No wonder they’re the most sought-after betting payment options!
- Transaction Fees
As you can see, there are two types of fees. Depending on the nature of the payment provider, and its respective terms, you might, but not necessarily, be charged a transaction fee. In other words, whenever you make a transaction, or in this case, a deposit to an online bookmaker, you pay a fee, like in the case with credit cards.
- Maintenance Fees
The other type of fee you might be subject to is maintenance fees. These are usually fixed and have nothing to do with how much you deposit or withdraw. They can be annual or monthly. Expect to see maintenance fees if you use Skrill or Neteller among others.
- Transaction Efficiency
The reason why we discourage the use of bank transfers for depositing at online bookmakers. How long does it take for the money to reach the bookmaker, and be readily available for betting is of utmost importance, so much so that this could easily be the starting point. Most deposit methods are instant, but Bpay and Bank Transfers can take a few days to be fully completed.
- Types of Transactions Supported
Although it sounds scary, you just need to know if the payment provider is known to be a withdrawal option at online bookmakers in Australia. This is probably the main reason why PayPal is the favorite. In case the deposit method cannot act as a withdrawal option, the winnings are paid out via Bank Transfer.
Not all payment providers get the same treatment. Moreover, not all punters get the same treatment as well, and this has a lot do with the deposit method they choose. Punters who deposit with credit cards are subject to scrutinous KYC checks, whereas PayPal customers are subject to much more “lenient” treatment. For what it’s worth, these checks are carried out for your safety.
- Currencies Supported
You want to deposit, bet and withdraw in AUD. This cannot be negotiated. The aforementioned payment providers enable you to enjoy the thrills of online sports betting in AUD. However, should you choose to join an International Online Bookmaker, you might have to look for options that support USD, EUR or GBP transactions. As far as you’re concerned, you will just be betting in a different currency. The payment provider or the bookmaker will automatically do the currency conversion.
What is the Best Betting Deposit Option?
The general answer is, “the one that fully meets your needs”. However, since you deserve a clear-cut answer, we’d recommend POLi and PayPal. Both enable you to deposit instantly, both come with low fees (only if you join Australian Online Bookmakers) and both come with industry-leading security and privacy protection. PayPal goes above and beyond, having the finest fraud prevention system in the industry. They’re at the top of the best betting payment methods “financial food-chain”.
As you will see, these two are not just the most popular, as a matter of fact, it’s rightfully so, meaning they have all the features needed to stay there.
So, do you have a POLi or a PayPal account? Pick your online bookmaker, and let the betting begin! If you’re in it for the long haul, you might as well get the best deposit method for Australian punters right off the bat.
How to Pick a Top Withdrawal Method?
For you, for me, it doesn’t make a difference. Payment providers, just like betting sites come with their own distinctive features, and, unfortunately, with flaws that have to be taken into consideration. Choosing the deposit method is easier, but only if you’re not hoping for any profits in the foreseeable future.
Two things are definite. One, the best betting payment methods can be both a deposit and a withdrawal method. Two, withdrawals, like deposits, can be instant, but they are extremely rare. In other words, most of what we’re going to discuss from this point on is similar to what we discussed earlier.
There are a couple of things you should ask yourself before you even make your deposit. Fairly simple questions, which require straightforward answers. PayPal is second to none, but even it has its flaws.
Popular Betting Withdrawal Methods
Experienced punters are well aware of the fact that the number of withdrawal or payout methods is considerably lower. We’re not going to go into that particular topic, since it’s out of our scope.
Australia is an important sports betting and financial market. In spite of this, there isn’t a wide array of payment solutions that enable punters to withdraw winnings from betting sites. They are as follows.
- Credit Cards (VISA)
- Bank Transfer/ EFT
- Betting Site Member Cards
Just because there aren’t many of them, we can confidently label these as the best betting payment methods for withdrawals. Bank transfers are the default withdrawal option, universal, available at any betting site. Regardless of how you’ve made your deposit, regardless of the deposit method, bank transfers are at your full disposal. You will have to provide the bank account details to the bookmaker, and the money will be transferred within the specified period.
PayPal is the go-to betting payment method, and for several reasons. It’s both a deposit and a withdrawal payment solution. It’s fast, simple and easy to use, but most importantly, it’s convenient. The passionate Aussie punter cannot imagine his online sports betting experience without PayPal.
Credit card withdrawals are also a thing at betting sites. However, they tend to be quite inconvenient, a real mess! The extensive KYC checks bookmakers conduct can be overwhelming, and negatively affect the betting experience.
Most deposit methods proved to be instant at online bookmakers, but we can’t say the same about withdrawal options. The withdrawal periods vary greatly, depending on the nature of the payment provider, the online bookmaker at hand, and the amount you’re withdrawing.
In general, withdrawal times at betting sites are in the range of a couple of hours, up to 72 hours. And this is the range that includes withdrawals of punters that have their KYC documents readily available.
Australian betting sites are amongst the better ones when it comes to this particular matter. In other words, Aussie betting sites usually process all withdrawals within 48 hours. PayPal withdrawals are completed much faster.
Our top pick is PayPal, but there are thousands of punters from Australia and the rest of the world who find bank transfers or EFTs perfectly fine.
What is KYC Policy and Why it Matters?
Every single customer at betting sites needs to verify the identity, and if a credit card is used, additional verification checks apply. Know your customer is standard practice, and the sooner you go through this procedure, the sooner you will be able to receive your money once you submit a withdrawal request.
KYC policy has several objectives, such as protecting the customer, it’s an anti-money laundering measure, it prevents underage betting and/or gambling, and it also allows the bookmaker to know precisely who are its customers and where they come from. Of course, the tax collection agency is also concerned with this, but for the time being, we’re not going to talk about that.
In short, the KYC policy laid out by bookmakers protects you in many ways that you can’t even think of. However, the one you’re most concerned about is that in the event of a credit card theft, the punter is not able to withdraw any winnings.
Deposit & Withdrawal Fees
It doesn’t matter if you’re aware of them or not, you will eventually come across some kind of payment method fees at betting sites. Now, it’s highly unlikely that these fees are charged by the bookmaker, but it’s not impossible.
Credit cards carry the highest fees, followed by e-wallets and bank transfers. We’ve made sure we’ve covered all important details regarding this matter in the respective payment method reviews. Withdrawal times, fees, popularity amongst bookmakers, security protocols, all of this is covered!
In our opinion, the best online betting payment methods come with acceptable fees, both maintenance and transaction ones.
Betting Payment Methods - FAQs
What is the best payment method for betting?
If the online betting site you prefer has PayPal then we see this as the perfect payment method as it’s quick, easy and is a low cost from a fee perspective. However, good old credit and debit cards are very useful too. Take a look at other top payment options for more info.
Do bookmakers charge fees on deposits?
Generally, the best online betting sites won’t charge you a fee for either depositing or withdrawing. However, that doesn’t mean that either your payment method or your bank won’t charge you small fees. It’s always worth checking with those too. We talk more about betting payment fees in the article above.
Are deposits and withdrawal payment methods the same?
Often, some online bookmakers will have more depositing options than they do withdrawal options so it’s always worth checking first at your chosen bookie. Take a look at our article to learn more about the best withdrawal options.
What to look for when picking a deposit method?
You should consider several things when picking your next deposit method, such as waiting times, maintenance fees, user experience and so on. We talk more in the article above about everything you should know before making the choice.