Best Betting Payment Methods – Deposit & Withdrawal Options
Before you feel the thrill of sports betting, you have to deposit a certain amount of real money, otherwise, you’re “smelling roses with a gas mask”. Most experienced punters base their decision where to bet next specifically on the deposit options and the terms associated with them, including, but not limited to fees, the time it takes before the money is available for betting and/or what payment method they already have under their belt. Are there any betting payment methods labelled best sports betting deposit methods for Aussie punters?
Newbie or experienced, it won’t hurt to know the full details associated with the best betting payment methods popular among Australia’s most passionate punters. Get the facts straight!
Deposit Options at Australian Online Betting Sites
|Deposit Method||Deposit Period|
|Electronic Funds Transfer||2-3 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.
Recommended Deposit Methods for Australian Sport Bettors
The list is not that narrowed down, but that’s because Australia is light years ahead of other markets. Moreover, it’s easy to pinpoint the best betting payment methods, mainly because it’s a highly competitive market. Australia’s “home made” payment providers dominate the list, and there’s a very good, yet very simple reason for it.
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. On the other hand, the following list shows only the payment providers that operate in Australia, but not all of them. In other words, these are recommended if you intend to join an online bookmaker licensed in Australia.
- Credit Cards – VISA & MasterCard
The order in which the deposit methods are displayed is not based on any features or flaws. You’ve probably heard of the first 4. PayPal is, after all, a global payment provider which is a cornerstone of many online industries, including online sports betting. The other 3 are, and we can confidently say, Australia’s finest in the area of financial services. In case you want to learn more about them, check out the details!
Things to Consider Before Choosing a Betting Site Deposit Method as a Punter
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 one. 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 of is called 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 Method for Aussie Punters?
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 Choose the Best Betting Sites Withdrawal Method for You?
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 questions you should ask yourself before you even make your deposit.
- Do you want a payment solution that enables you to deposit and withdraw?
- Are instant deposits and withdrawals a priority for your betting experience?
- Do fees matter to you?
- Are you a bookmaker hopper, meaning, do you frequently join new betting sites?
Fairly simple questions, which require straightforward answers. PayPal is second to none, but even it has its flaws.
Popular Betting Sites Withdrawal Methods in Australia
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 which 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 image 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.
Withdrawal Times at Online Bookmakers
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 which 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.
What is the BEST Withdrawal Method for Aussie Punters?
It all boils down to what kind of a punter you are. If you like to place big bets, a bank transfer deposit is what you’re looking for. Moreover, it’s recommended that you withdraw any amount via bank transfer as well.
Like we hinted earlier, PayPal is the favorite, the undisputed withdrawal method popular amongst Aussie punters. Not only it’s fast and efficient, it’s also a strong indicator that you’re betting at a fully licensed online bookmaker. However, we should point out that the bookmaker might require you to use your PayPal account as deposit method if you want to have it available as a withdrawal option.
Deposit & Withdrawal Fees for Aussie Punters
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.