Betting Payment Methods

Written by Dave Last time updated 11/20/2023

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

Payment MethodDepositWithdrawal
VisaInstant24-48 Hours
MastercardInstant24-48 Hours
PayPalInstant24-48 Hours
BPAY2-3 Days2-6 Days
Cheque7-28 Days7-28 Days
POLiInstantN/A
Apple PayInstantInstant
SkrillInstant24-48 Hours
NettellerInstant24-48 Hours
FlexepinInstantN/A
MasterpassInstant24-48 Hours
paysafecardInstantN/A
Electronic Funds Transfer2-3 Days2-5 Days

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.

Recommended Payment Methods

PayPal

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 a 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 your 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.

PayPal Pros
  • Straightforward to use
  • Exceptionally safe
  • Fast deposits and withdrawals
PayPal Cons
  • 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!

Ad disclosure
#
4.5/5

Great Betting App

Watch Live Streams

Great all-round bookie, Unibet TV, Impressive app
Payment methods (4 in total):
visa-debit.png
apple-pay.png
paypal.png
poli.png
Minimum Deposit:
AU $5
Withdraw Time:
1-5 Days
Licences:
Northern Territory
App availability
App availability:

POLi

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?

POLi Pros
  • 100% Aussie owned
  • Free of charges
  • Swift deposits
POLi Cons
  • Not a withdrawal method

There are plenty of betting sites that accept POLi. One of the very best options from that list is the popular Aussie-owned Palmerbet.

Ad disclosure
#
4.5/5

Aussie Sport Focus

Great for Multi Bets

Strong focus on racing, Excellent for enhanced odds, Good bet builder
Payment methods (6 in total):
paypal.png
poli.png
visa-debit.png
payid.png
bpay.png
bank-transfer.png
Minimum Deposit:
AU $10
Withdraw Time:
1-2 Days
Licences:
New South Wales
App availability
App availability:

Apple Pay

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 a “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 and even less accepting withdrawals. 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.

Apple Pay
  • Super safe
  • Very easy to use
Apple Pay
  • Small number of bookies accepting Apple Pay
  • Only a withdrawal option with bet365

If you wish to deposit and withdraw with Apple Pay, you can do that at bet365.

Ad disclosure
#
5/5

Best Live Streaming

Many Sports Covered

Huge range of sports, Exceptional product, Lots of payment options
Payment methods (9 in total):
flexepin.png
poli.png
visa-debit.png
apple-pay.png
payid.png
paypal.png
google-pay.png
mypaysafecard.png
Minimum Deposit:
AU $1
Withdraw Time:
1-5 Days
Licences:
Northern Territory
App availability
App availability:

Credit/Debit Cards

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.

The main advantage of using credit/debit cards is that they provide fast deposits and are very effortless to use. Just fill in the card details, click submit, and the funds will be transferred to your betting account almost instantly. On the other hand, using card usually comes with substantial fees both from bookies and banks, so make sure you always check terms of use before making a deposit or requesting a withdrawal.

Credit/Debit Cards Pros
  • Widely accepted banking method
  • Straightforward to use
  • Quick deposits and withdrawals
Credit/Debit Cards Cons
  • High fees
  • Possible card frauds

There are many sites accepting credit/debit cards, and one of the best ones around is BlueBet.

Ad disclosure
#
4.5/5

Horse Racing Live Streams

Big Races Covered

Superb betting app, Watch live horse racing, Range of sports markets
Payment methods (3 in total):
visa-debit.png
bpay.png
poli.png
Minimum Deposit:
AU $10
Withdraw Time:
1-2 Days
Licences:
New South Wales
App availability
App availability:

PayID

PayID is a new payment option that is becoming more and more popular in Australia. This also means it is starting to be offered by the country’s top bookies as well. PayID works by allowing you to use a unique identifier as a way of getting or sending faster payments. It allows you to connect a mobile phone number, email address or ABN number to your bank account.

There are already some great options for PayID betting sites in Australia. We think bet365 is a great choice and it is no surprise to see them listing this given the high number of payment methods this bookie has. Another top bookie listing PayID is Betfair. This betting exchange is another top choice, especially for those that want to be able to place live bets online with their PayID bookmaker.

Ad disclosure
#
4.5/5

Live Betting Online

Betting Exchange

Place live bets online, The Betfair Hub, High-value odds
Payment methods (7 in total):
poli.png
visa-debit.png
paypal.png
neteller.png
bank-transfer.png
bpay.png
payid.png
Minimum Deposit:
AU $5
Withdraw Time:
1-3 Days
Licences:
Northern Territory
App availability
App availability:

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.

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.

Experienced punters are well aware of the fact that the number of withdrawal or payout methods is considerably lower than deposit options.

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. The main options are as follows:

  • Credit Cards (VISA)
  • Bank Transfer/ EFT
  • PayPal
  • Apple Pay
  • 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 and are 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.

Apple Pay is a newer withdrawal method that is currently only available for bet365 customers. We will be sure to let you know if other recommended sites follow suit.

How to Pick a Top Withdrawal Method?

Payment providers, just like betting sites, come with their own distinctive features, and, unfortunately, with a few flaws that have to be taken into consideration. Choosing the deposit method is easier, but it’s important to consider withdrawal options as well.

The best betting payment methods can be both a deposit and a withdrawal method. That is just one factor to consider when looking for a top payment method. Here are a few others:

Ask Yourself When Picking a Payment Method:

  1. Do you want a payment solution that enables you to deposit and withdraw?
  2. Are instant deposits and withdrawals a priority for your betting experience?
  3. Do fees matter to you?
  4. Are you a bookmaker hopper, meaning, do you frequently join new betting sites?

Withdrawal Times

Most deposit methods prove 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 you use, 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.

For this reason, 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.

Instant Withdrawal Betting Sites

Withdrawals, like deposits, can be instant, but that is an extremely rare trait to find. That said, some payment methods are faster than others, so finding a quick withdrawal betting site could suit your needs.

We think the best choice of fast withdrawal betting sites is bet365. It is one of the reasons we regularly name this as our top Australian bookmakers generally.

It is possible to withdraw funds quickly with this bookie thanks to the fact they offer Apple Pay as a withdrawal method. That is one huge advantage they have over other bookies. Anyone looking for betting sites with instant withdrawal may also be keen to discover the bet365 Mastercard. This provides instant withdrawals and is a great choice if you plan on staying with this bookie for quite some time.

We discuss this in greater detail in our bet365 review. Alternatively, head straight to this top Aussie bookie to get started.

Ad disclosure
#
5/5

Best Live Streaming

Many Sports Covered

Huge range of sports, Exceptional product, Lots of payment options
Payment methods (9 in total):
flexepin.png
poli.png
visa-debit.png
apple-pay.png
payid.png
paypal.png
google-pay.png
mypaysafecard.png
Minimum Deposit:
AU $1
Withdraw Time:
1-5 Days
Licences:
Northern Territory
App availability
App availability:

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.

aussiebet approved logo
There are many payment options available for Aussie punters. We have reviewed all of them and listed best betting sites to have them. Take a look at the full list!
Australian betting payment methods

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.

What is the best instant withdrawal betting site?

It is rare to find a top betting site that offers instant withdrawals. That said, there are a number of options with bet365. Apple Pay and the bet365 Mastercard make fast withdrawal betting possible with this bookie.

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.

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.

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.

Chances are you’re about to lose
For free and confidential support call 1800 858 858 or visit gamblinghelponline .org.au
Leaving so soon? Just 1 minute!
Here’s our choice to help you choose!
This site uses cookies. To accept cookies click on accept
Read Cookie Policy Accept

Our experts manually test and compare every betting site to offer our readers detailed and up-to-date information. We rank bookies based on several important criteria, including apps, markets, odds, special features etc. To learn more about the review process, visit the How we rate page.

We are a professional review site that may receive compensation from the betting sites and products we review. We test each bookmaker to a high standard and all views given are our own.