A lot of people ask me what the safest way to put money into an online betting account is, so I decided it was about time to dedicate a page to the subject.
Below you’ll find a run through of the safest options, including the option I use and an explanation of why that’s my choice.
Safest Deposit Options
To keep it simple the list will start with the safest first:
#1: E-Wallets (PayPal, Neteller, Skrill)
PayPal is my preferred choice of deposit option at any online betting site but really I’d rank any e-wallet deposit method as the safest possible.
There are three main reasons:
1) Both deposits and withdrawals come instantly out of and go instantly back into my e-wallet without a fee.
2) Depositing via an e-wallet service is the only way to avoid sharing your card details with the gambling site in question.
When you deposit using PayPal you log into your betting account, select the amount to deposit and then you are transferred to PayPal’s website to confirm the transaction.
You card details are blocked out and at no point are they shared, your financial details remain completely anonymous.
This means that if you have ever accidentally picked up a Keylogger virus (a nasty program which tracks what you type) then it won’t be able to log your card details and steal them from you.
Plus if there is ever a security breach at your bookmakers (in other industries these are starting to become quite common) then your details aren’t stored anywhere so you’ll be protected.
3) Your bank doesn’t know you’ve made the deposit. All that will be seen on your bank statement is a deposit into your PayPal account. If you make a withdrawal it will also just look like the money has come back out of PayPal.
You can see why this is important to me if you read my post about How To Deposit And Keep Your Card Details Private. This method stops the bank, and anyone reading your bank statements, from tracking your actions.
#2: Debit Cards (Visa, MasterCard, Maestro etc.)
For years I used to use my debit card for online gambling transactions and it wasn’t until pretty recently that I encountered any kind of problems.
Here are the pro’s and con’s:
– Deposits are processed instantly.
– Deposits and withdrawals come directly from and go directly back to your bank account.
– All transactions are free.
– The min deposit is £5 as oppose to e-wallets which are £10.
– Withdrawals back to your bank account take anywhere between 1 and 3 days.
– If your computer is infected with a keylogger virus then when you type in your card details it’s highly likely they’ll be stolen.
– The bank will know exactly what you’ve done with your money. I’ve had my account temporarily suspended due to online gambling transactions twice.
– Your card details will be stored meaning a security breach at the bookies means you’ll have to cancel your card and quick.
Credit cards are quite a unique deposit method when it comes to online gamlbing and one which a lot of people just assume is the safest bet.
I’ve never used my credit card to deposit at any online betting site and there are a few different reasons why not.
Firstly: My credit card limit is much higher than the amount of money I keep in my currenct account. If I was to have my card details stolen and someone maxed out my credit card limit it would be a lot more than if they spent all the money in my current account.
Secondly: Whilst the bookmakers won’t charge you for using this method I know most credit card providers charge a small fee when you make a withdrawal.
Thirdly: You can never withdraw more than you deposited via a Credit Card so if you do win you need to connect another method to your account to get the money out.
If you’re planning to use a credit card you may as well just deposit into PayPal with it and then move your money from there.