ONLINE bettors have a multitude of options when it comes to depositing and withdrawing funds to and from their betting accounts, ensuring there is a method to suit everybody’s needs.
Withdrawal and deposit processes vary slightly depending on which bookmaker you are betting with and can ultimately impact which bookie you decide to bet your hard-earned coin with.
Additionally, there are numerous factors to consider before deciding on which method you will use – how long will it take for funds to be transferred? Are there any hidden costs? Will the bookmaker gain access to my bank details?
We plan to answer all of these questions below in our comprehensive guide to safely transferring money to and from your online betting account where we have covered the most popular ways of doing so.
Safe betting site deposits and withdrawals
While we would never advise handing out your banking details to just any random betting site on the internet. At this website we only recommend sites licensed to operate in Australia. We also have a strict criteria when choosing a bookmaker. Rest assured the ones we recommend will do the right thing by you.
All of our bookies are the leaders in their field, building excellent reputations in regards to fairness and security.
When it comes to transferring funds, all of our bookmakers offer the highest standards of encryption software to ensure your personal and banking information is protected at all times.
However, if you are still not comfortable sharing your banking details directly with the bookies, there is a range of options to consider when depositing and withdrawing cash to and from your online betting account.
Methods to fund your account
Credit/Debit Card: Depositing funds using your Visa or MasterCard is probably the most popular method due to the fact that the money is available to bet with straight away. With most bookies this method is transaction free, however some banking institutions may apply a small cash advance fee. The process of depositing funds via this method is fairly straightforward, simply head to the banking sections of your chosen bookie, enter your credit card details and your chosen deposit amount and confirm the payment.
You can withdraw funds from your betting account directly into your credit card with most bookmakers who generally save your card information so you will not have to enter it time and time again. However, most bookies do not allow withdrawals to a debit card and will instead transfer the funds to the bank account linked to your card.
Bank Transfer: This is a method of choice for many punters who do not have a credit or a debit card. It is a way which gives punters a greater sense of security, with money sent directly from your bank account to your online betting account through your bank’s website.
Online bettors simply fill out a new transfer using the account information of their chosen online bookmaker and process it like any normal internet banking transaction.
While it does have its perks such as being ideal for transferring large sums of cash, the downfall is that it can take between two and 10 days for the funds to arrive in your online betting account (although it is generally the next business day).
When it comes to withdrawing funds using a bank transfer it is very simply, all you have to do is enter the nominated bank account details you would like the money transferred into, with the transaction normally processed the next business day before appearing in your bank account.
One important detail to note with this method is that the name on your bank account must match the name of your online betting account, otherwise the transfer will not be completed.
PayPal: PayPal is a free service which enables bettors to transfer funds online in a safe manner. To use PayPal you must first head to their website and set up an account which will then be linked directly to your bank account and/or credit card.
You can then deposit funds into your online betting account by selecting this method within the baking section of your chosen bookie’s website, entering your PayPal details and the amount you wish to transfer.
Important to note is that your PayPal account does not need to have funds in it prior to depositing cash into your betting account because it is already linked to your bank account.
You can also withdraw cash from your betting account using PayPal, with it taking up to one business day before the funds appear in your PayPal account.
A con of using this method is that PayPal does enforce a small fee when withdrawing money, however many punters are willing to accept this for the added security on offer, with PayPal providing industry-leading fraud protection.
POLi: Short for Pay OnLine, POLi is a free service available to Australian and New Zealand bettors. It is a method of instant bank transfer which is able to deposit funds into your online betting account instantaneously, allowing you to start punting straight away.
Conveniently, you do not have to have an account with POLi in order to use this service, while you can also process payments from your PC, mobile phone or tablet free from credit card charges or booking fees.
Unfortunately, POLi is not a supported method of withdrawal by our online bookmakers, meaning you will have to find another way to get your cash out.
E-Wallets: E-wallets are the ideal solution for those punters wishing to deposit cash into their betting accounts without sharing their banking details with the bookies themselves.
To use this method, you must first create an online account with one of the e-Wallet brands supported by your chosen bookmaker which you must then transfer funds into through your bank account, normally via a credit or debit card.
Once the money is in your e-Wallet account you can then transfer it directly to your betting account.
Two of the most common e-Wallets are:
- Neteller – Used in over 180 countries, it is a widely accepted method of depositing funds into your betting account. The cash is acknowledged in your betting account immediately. It works by creating a one-time only card number each time customers transfer money into their Neteller account which can then be used in much the same way as a standard credit/debit card.
- Skrill – Skrill works in much the same way as Neteller, providing an instant way of depositing funds into your account. An added perk with Skrill is that you don’t have to deposit funds into your Skrill account prior to depositing funds into your betting account, with Skrill itself handling the deposit into your Skrill account and transferring it into your betting account in one simple step.
A downside to using Skrill and Neteller is that there is a small fee when withdrawing funds from your betting account, however they do have the advantage of being quick, with money available in your e-Wallet account within 24 hours.
Pre-paid vouchers and credit cards: If none of the above methods suit your needs and you are searching for a method which is safe and secure then you can consider using a pre-paid service such as:
- PaySafeCard: This is an electronic money system which allows punters to exchange their money in order to secure a unique 19-digit code which can be used online as an instant method of depositing funds into your betting account. PaySafeCard vouchers can be purchased online or from participating retail outlets.
- Entropay: A virtual pre-paid Visa card which can be funded in a variety of ways such as via bank transfer, credit/debit card or at many local service stations or retail providers. Deposits are instant and free, just like a normal credit card transaction, however most bookies do not support this method when withdrawing funds.
- Bookmaker cash cards: This is a withdrawal method only but is growing in its popularity, allowing punters instant access to their winnings.
The cash card, available through bookies such as Crownbet, Sportsbet and William Hill, is basically a debit card which is linked to your online betting account.
Money must be transferred to your card via the withdrawals section of your chosen bookmaker’s website, with the card then able to be used like any normal EFTPOS debit card or to get cash out at an ATM of your choice.
Deposit and withdrawal charges
None of our recommended online bookmakers charge a deposit or withdrawal fee, however some of the payment methods themselves, such as PayPal, do impose a small fee so it is best to check beforehand.
Some of the cash cards also have fees attached to them, with ATMs enforcing a fee when withdrawing cash, whilst some of the bookies themselves do charge a small amount when getting cash out with a sale.
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