Internet Betting Payment Processing

The very nature of internet betting requires a framework through which players can pay for their gaming entertainment and receive their winnings in a way that is convenient, simple to use and discreet. There are a number of issues and obstacles to address when dealing with internet betting payment processing, including geographically distant markets, and the differing preferred payment methods for internet betting sites that are available in different markets.

As the world becomes smaller thanks to the internet, there are essentially no ‘national borders’ for digital products that can be delivered online and used on the customer’s personal computer.

Internet Betting Banking Methods

The internet betting industry has a host of options available to offer its customers, some of them mainstream and some of them considered ‘alternative’. These include credit cards, direct debits, prepaid cards, bank transfers and eWallet solutions.

Payment methods are essentially divided into three main sections – the electronic wallet concept where players fund their wallets by using credit cards or their traditional bank accounts; direct transfers from a traditional bank account to the online casino account; and – finally – wire transfers where players manually make a transfer to a bank account and – when the deposit is verified – the money is added to the player’s casino balance.

While these services differ in terms of how the funds are transferred, they all offer the same basic service – the transfer of money from one destination to another.

Some may ask for service fees, while others are completely free. Some are more private and discreet than others, some will require greater transparency.

Different reasons may limit a certain payment method from being used by certain players. A clear example of this can be seen in players from the United States who found their payment options limited after the passing of the Unlawful Internet Gambling Enforcement Act in 2006. Banks and financial institutions were ordered not to honor payments made to and from offshore casinos through the use of credit cards, and US players were forced to seek out alternative methods such as eWallet solutions and prepaid cards.

Making An Internet Betting Deposit

Choose a deposit method – Before selecting a payment method for their internet betting entertainment, players will need to do a little background investigation to see whether the betting deposit method suits their needs and gambling lifestyle. They will also need to check whether there are any limitations on the specific payment method in terms of geographical issues.

Find an internet betting site that accepts the deposit method – Not all internet betting sites accept all methods of payment, and it’s up to the player to check out the cashier section of the casino to make sure that the method is permissible. If not, the player can either seek out another online betting site or check with customer support to see what other methods will be suitable.

Create a real money account at the internet betting site – Players who are ready to wager for real money at the site will be asked to create a real account. This is done by simply accessing the cashier or payment section of the betting site and clicking on the betting deposit method.

This takes players to a page that will allow the payment to be processed via the selected payment method. In all cases, the payment process is extremely simple and players are provided with user-friendly prompts from start to finish in order to complete the transaction.

Enter details – Details that will be required to enter in the prompted field include personal details and banking information. This is only done the first time a deposit is made and takes several moments only. Thereafter, players are asked to specify the amount of money they wish to transfer, and then it is simply waiting for confirmation that the funds have been successfully transferred.

Internet Betting Withdrawals Process

As in the case of online betting deposit methods, there are several options available to players with which to withdraw their funds from their accounts at the betting sites. While some players may be put off by the whole process due to lack of information, the truth is that betting withdrawals involve a very easy process, as explained below.

Choose a funds withdrawal method – Some internet betting sites will insist that players withdraw their funds using the same method with which they deposited their funds, while others will allow players to use a host of other methods available on their site. This is something that should essentially be checked out before players select to make their first deposit at the site.

Go to the Cashier or Banking section of the internet betting site – Here players will need to indicate their desire to make a withdrawal of their funds and they should then be directed to a pager that lists the types of withdrawal methods supported by the site. Players select the method they wish to use by clicking on its icon.
Filling in details – Players are taken to another page where they are will be required to fill in their personal details, including their names.

Account holders will also need to indicate the bank account number where the money should be withdrawn to.

Limitations – The majority of internet betting sites do not have limitations regarding the amount that players can withdraw from their sites. However, while the depositing of funds is almost instant (depending on which method is chosen), the withdrawal process is slightly longer. All withdrawal requests are subject to a waiting period of around 24 hours in most cases.

In cases of both deposits and withdrawals, internet betting sites offer the services of their customer support teams who are always on standby to provide assistance regarding information about the different methods.