To bet on any sporting event, we need funds in order to cover that process. The aim for all of us is to make profits as we go along but at the very least, we will need to have money in our customer account when we start up and then hopefully we can take some funds out having landed some winners.
Further funds may also be needed as we go along so just how do we deposit and withdraw from our online betting account and what methods are available to us?
At a very basic level, bookmakers will provide debit and credit cards as a means of funding in order to cover a single stake or a bank of bets moving forward. Most of us have access to plastic so this is a very easy way to get on board. In addition, there should be the facility to add funds via a bank transfer and these are the minimum options that you should expect to see.
Beyond those entry levels, certain bookmakers such as Coral, Bet365, Ladbrokes and others will give players the ability to fund and withdraw from their online betting account using an eWallet. PayPal is the most popular eWallet worldwide but it has quite stringent terms for betting sites so not all operators offer this.
The most common eWallet providers, in gambling terms, are Skrill and Neteller, and these will appear quite frequently across the majority of bookmakers. More obscure companies such as Entropay and Ukash may also appear but how, exactly does the process work?
Anyone who has ever made a purchase using PayPal will be very familiar with the method used to add funds to a betting account using an eWallet. To start the process, just go to your account so, for example, go to the Bet365 login page and from there, you should see your balance showing in the top right-hand corner.
Click on the deposit button, choose Paypal or whichever eWallet you want to use and you will be taken to that account where you decide how much you want to fund. Alternatively, if you’re using plastic, go to your Bet365 login and enter your card details as you would for any online transaction.
For withdrawals, simply select how much you want to take out of your online betting account and where you would like the money sent to. Overall, it’s a very simple procedure for both deposits and withdrawals.
In regards to terms and conditions, the three questions you need to ask are:
- How long will it take?
- Is the transaction free?
- What are the minimum and maximum amounts?
Ideally, all transactions should be instant: If you’re lining up a bank of bets then you don’t want to be hanging around for your money to appear in your account. In general, the majority of methods should be instant with the exception of bank transfers which may typically take between two and five days.
In terms of transaction fees, the vast majority of bookmakers will ensure that it is free to deposit to and withdraw from your betting account but some of the smaller operators may make a small charge if using eWallets.
Minimum and maximum transaction amounts can vary but at the bottom level, they may start at £5.00 or £10.00 and be capped at around £10,000. While that is a general summary of the likely answers to those three questions, we can’t speak for each individual bookmaker so, as always, we suggest that you check the terms and conditions of the operator in question and you can always read through our comprehensive reviews.
Additional Points to Note
If you are looking to take advantage of a welcome bonus or specific promotion, you may need to be careful in terms of which funding method you use. The reason is that many operators will not let you proceed with the offer if you make a deposit using an eWallet method so if you are looking to line up a bank of bets, check the terms and conditions in full.
For example, Coral exclude PaySafe, Skrill and Neteller and if you were to use any of these methods, you would have to cancel a bet on Coral because the promo that you were looking to take up would be null and void. The safest approach is to use a debit or credit card but each bookmaker should make those terms clear as to which methods, if any, are excluded.
As a general rule, eWallets are fine for funding if you are making a general top up deposit to your account but if you are just signing up as a customer or looking to take advantage of a specific promotion, we suggest using a debit or credit card but you can, as always, check the bookmaker’s terms and conditions for clarification on this.
The actual process of depositing to and withdrawing from your bookmaker’s account is really very simple and for anyone who has ever made a purchase or made a bank withdrawal on the internet, the procedure should cause no alarms.
There are, however, points to note which are outlined in this review. To summarise, please check if certain funding methods are excluded from a specific promotion as no-one wants to cancel a bet with Coral or any other operator simply because they have used a certain provider.
Transaction times, potential fees and minimum / maximum limits should also be considered. In general, the terms in each respect are fair ones but they vary depending on your bookie so remember to check those ts and cs.
Lastly, if it’s important for you to have choice then read our bookmaker reviews or check on the relevant homepage to see which methods are available. Deposits and withdrawals are straightforward and now you should be armed with the questions you need to consider, along with all the additional information you need to access your money.