Banking Options for Online Sportsbooks
Sportsbook owners and bookies need more than just a good sportsbook software in order to have a thriving business. In today’s competitive sports betting industry, a bookie needs to have it all in order to be successful. Thus, Banking Options for Online Sportsbooks is a necessity in order for bookmakers to grow and succeed.
This is especially true for online sportsbook as not everyone is able to make a deposit with a credit card or debit card. In addition, players are impatient and want to get their winning fast. Therefore, online sportsbooks need to offer a variety of withdrawal options that can meet these needs.
There are hundreds of different banking options available for online sportsbooks and gamblers. Ideally, a sportsbook would have all of them available. However, the reality is that it costs money to offer different types of banking options.
In addition, some of these banking methods are not available everywhere. Thus, sportsbooks have to make decisions as to which deposit and withdrawal options they want to have in their sportsbook.
In this tutorial, we will go over the best Banking Options for Online Sportsbooks to help bookies out!
Banking Options for Online Sportsbooks – Pros and Cons of Popular Banking Methods
Credit Cards – Credit cards are probably the most popular ways for players to deposit money in an online sportsbook. This is because the deposit goes through instantaneously and players can start betting right away. However, while it is easier to make a deposit with them, making a withdrawal is a different story.
This is because an online sportsbook can only deposit back the initial amount back to the credit card. Thus, a player must have an alternate banking form to receive their winnings. Needless to say, most sportsbooks have it available for player convenience but it is not ideal for bookies. Especially since they have high fees for bookies and players can easily refute the charges.
Cryptocurrency – Another banking methods that bookies use is cryptocurrency. Yes, we are mostly talking about using Bitcoin for deposit and withdrawal. This is because deposits and withdrawals only take minutes in most cases. In addition, cryptocurrencies can easily be sent to a bank account or cash via Crypto ATMs.
Last but not least, integrating cryptocurrency into your sportsbook is easily done. Especially if you manage a sportsbook with a pay per head software.
PayPal – PayPal was not always friendly to sportsbooks but with the right credentials, it is now available for gambling. Today, when it comes to facilitating online gambling transactions, PayPal does the trick instantly and without fees.
E-Wallets – In this case, we are talking about Skrill which is extremely popular amongst bettors. Furthermore, Skrill has a very wide acceptance rate which includes over 200 countries and also supports 40 different currencies.