With the rapid rise of esports over the past few years, the esports betting market has also seen substantial growth. Whilst the growth has caused concerns for some users in regard to how they should go about their payment methods. Look no further, this guide will breakdown everything you need to know.
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How do the different options work?
Before going into detail of each and every different payment method there is, it is wise to first gain an understanding of the methods available.
The use of Credit Cards, Debit Cards and direct Bank Transfer are longstanding popular methods for all forms of payments online. This is because they are both simple and easy to use, with users typically not needing to learn a new platform to make the payments.
eWallets have recently been growing in popularity. There are a plethora of options available, each with their own unique features. Users connect a card/bank of choice to these wallets, and then use the wallet to process any payments, adding another layer of security.
Much like how gift cards work, people can purchase vouchers in-store and online and provide them with a selected amount of credit that can be used anywhere that accepts it.
The best banking options
Now that we have a shared understanding on the different types of payment methods available, we can take a deeper look into the best individual options.
PayPal has been a staple in online payments for the past 10 years, continually growing in features and user interface. There are typically low-fees, instant transactions and additional security. It is also fairly simple to use, so you won’t spend forever learning a new system.
Skrill is similar to PayPal, a well-established payment method option online with many perks however, hasn’t quite hit the popularity of PayPal yet. This is another favourable option.
Whilst both PayPal & Skrill are both popular eWallets, Neteller is one that has become a popular payment method, specifically for all forms of online betting. Despite betting not being it’s primary target market, it does hold many benefits compared to others.
EcoPayz is yet another eWallet that has been growing in popularity, as in works in most countries and player’s can select their preferred currency. There is a nice option on EcoPayz which allows users to get a virtual card attached, meaning they can make deposits in advance; this can be used anywhere MasterCard is accepted.
Credit & Debit cards
The use of Credit & Debit Cards for online payments is one of the most popular forms on payment options. VISA and MasterCard are the highly recognisable brands that can be used almost anywhere in the world. Be aware that some platforms may charge a small fee for the transaction.
This one is very similar to the Credit & Debit Cards, as those cards are link to your bank. Bank Transfer is sometimes preferred as it can offer an added layer of security and is accepted throughout the world. Once again, be aware of small fees.
Bitcoin has been the longstanding most popular Cryptocurrency in the world, however, it has only started receiving heavy public attention in the past couple of years. Bitcoin is heavily tailored towards betting, including esports. This allows users to be fully anonymous, untraceable and offers a high level of security.
As mentioned in the Vouchers section previously, Paysafecard is the one that you will have likely seen on majority of betting websites. This acts as physical currency available in 46 countries and can be purchased almost anywhere.
Similar to how EcoPayz works, Entropay enables users to create their own virtual VIAS card. With their simple interface and reputable security measures, this is another fantastic option for esports betting.
Need another eWallet? Here you go. Zimpler has popped up and is unique as it connects to a mobile phone. The method is then an invoice service which users can pay through the phone number, to whoever needs to be paid. There is a four-digit pin that is required to be used. Zimpler pays the company and allows the customer two weeks to pay them back.
What makes an online payment method good?
Hopefully the above information helps you select your ideal esports betting payment options. However, if you want to do more independent research into any of the companies mentioned or others you find, here are some things to keep an eye on.
No one wants their preferred payment method to be unavailable or experiencing technical difficulties. Thankfully, these issues are typically long in the past, but some options with have better stability than others.
Little to no fees
If you’re lucky, your preferred method won’t charge fees whilst you’re enjoying your esports betting. However, as we mentioned above, some methods do charge small fees. Be sure to check out the full details for each platform so you aren’t taken by surprise.
The biggest priority for every online payment system; security. All of the options listed above are known for having strong security, but if you want to try out a different method, be sure they follow the correct procedures and offer strong security.
Ease of use
Having a user interface that is easy on the eye and a system that is easy to understand is a priority for these online payment options. Majority of mainstream options, like the ones we have suggested, tend to provide a good, easy experience for the user.