Creating an account with an online betting site is one thing, and funding your account is another. You will not be able to participate in sports betting if your account is not sufficiently funded. The thing with funding the betting account is not all of them fund transfer methods allow transactions to gambling sites. Some allow instant fund transfer, but with a corresponding processing fee/transaction fee, which is a pretty high amount.
Below, we will discuss the popular payment processors most online betting sites use. In addition, the same fund transfer methods we use and recommend.
Written By Rajeesh Nair Editor & Betting Expert.
Fact-checked & Updated on 18th June 2022 by Ushan Arya Industry Researcher.
Published on 7th February 2022.
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Alternative Deposit methods – why use them?
Many of us use the usual methods when paying online, which is the use of a credit card or debit card. However, if you are going to place a bet online, it is a must to make sure your online betting account is sufficiently funded or else you will not be able to place your bet. Again, the usual way of doing so is the use of a credit card.
Which Deposit option should you choose?
Below, we present to you various deposit methods we feel would benefit Indian punters the most. These are the following:
UPI/United Payment Interface
A fund transfer method makes a fund transfer to the betting account a breeze. It allows instant transfer of a few amounts from one account to another without divulging deposit details and credentials. When using UPI, you will be required to provide a UPI ID, which is the same UPI ID found on e-Wallets and apps like PhonePe, Google Pay, and Paytm.
What made UPI a safe method?
It is one of the safest methods because you don’t need to disclose your deposit details when using it. Therefore, your deposit credentials are safe, especially from the eyes of hackers and phishers. When choosing UPI as a payment method of choice, you will be asked to key in your UPI ID. After which, you will receive a payment request along with the reference number.
Another simple way to fund your online betting account is through Net Deposit. It allows instant and safe fund transfer. The majority of online betting sites, especially the top-rated ones, include Net Deposit as one of the fund transfer options. To begin using Net Deposit, you must first have access to your bank’s online deposit credentials. It can be treated as shopping online.
With Net Deposit, you have to choose the bank in which the deposit is made. Once you select your preferred bank, you will be redirected to a separate page, which is the payment gateway, where you need to key in all important details, such as your deposit credentials. If you are done providing all important information, you will receive an OTP confirming the amount you want to transfer. When using Net Deposit, your safety and security are not compromised because the payment gateways are secured so as long as it is accessed through the website’s official link. The OTP adds a layer of security, too, as it minimizes the chance of you being a victim of fraud.
Many Indian punters prefer using Neteller over other payment methods for many reasons. It works like an online bank account in that you can use it to pay and receive funds from online betting sites. It allows easy and safe fund transfer, but creating a Neteller account is the challenge. You will need to verify your account with Neteller, especially your own identity. Everything would be simple and easy once your Neteller account is already set up.
It is a payment gateway similar to Neteller. The same company owns both Neteller and Skrill. Choosing between Skrill and Neteller is more of a personal preference. The good thing is the majority of online betting sites accept both Skrill and Neteller. The fees and process are pretty much the same, but they differ in terms of the VIP program and app interface and design.
It is a pretty new payment method that tries to compete with payment methods like PayPal and Paysafe Group. It was launched in 2013, but as the years passed by, it started to create a name in the industry. It slowly catches up to the big names in the deposit industry. However, the only concern with UPay cards is that not all online betting sites accept UPay cards. It only takes a matter of time for other online betting sites to include UPay cards in the list of payment methods.
It is probably one of the most popular online payment processors and has been around for many years now, and up until now, it is up and kicking. There are millions of PayPal users across the globe. It is used to pay for goods and services because of the exceptional customer service and protection. In the event you get scammed using PayPal, the company will do everything it can to make amends for you. We see only PayPal’s only issue is that only a few online betting sites accept PayPal.
Bitcoin is another payment method online bettors should consider. Some might find it quite difficult to use, but you will find Bitcoin one of the most convenient payment methods once you get the hang of it. It functions the same way as fiat money, but the thing is, there’s no physical proof of money. Bitcoin is stored online, and acquiring Bitcoin is easy. Once your account is funded with Bitcoin, you can easily make a fund transfer and add it to your betting account. However, before you are going to use Bitcoin as a payment gateway, you must have a clear understanding of what Bitcoin is all about and how to use it. If you do not know what you are doing, you could end up losing all your funds.
Other Deposit methods
Aside from the recommended payment methods mentioned above, other alternative payment methods might be worth checking. If you have tried the above-mentioned deposit methods but feel like you need more alternatives, you might want to check this out:
- Other forms of Cryptocurrency like Ethereum and Litecoin
FAQs about Deposit options
We know for a fact that there are plenty of questions surrounding deposit options, including how to bank with online betting sites. Some of the frequently asked questions are addressed below: