If you are joining a betting site and opening an online betting account, there will be a number of payment options available to you. They include:
- Bank Cards
- E-Wallets and Third-Party Payment Methods
- Direct Transfers
Betting sites accept credit cards, debit cards, debit card deposits, and prepaid cards. This is one of the most popular and it is usually the easiest way to pay or deposit money into your online betting account.
E-Wallets and Third-Party Payment Methods
Another popular option is the E-Wallet. There are a number of e-Wallets out there. One of the most popular ones is PayPal.
You can also deposit into your online gambling site wallet via direct transfer or bank transfer. This is done via direct bank or wire transfer to the betting site’s account.
Not all sites allow all forms of payments. When it comes to e-wallets, for example, some sites only allow certain third-party payment partners like PayPal. Others, on the other hand, do not allow PayPal payments.
Payment Method Restrictions
Most betting sites offer their customers a wide range of accepted payment methods and they rarely have payment method restrictions.
You may run into issues if you are using betting sites outside the UK or if you are from outside the UK and paying with credit cards or debit cards that are from another country.
For more on any betting payment method restrictions that UK betting sites may have, try and get in touch with their customer support team.
Minimum deposit amounts may also be required.
How Do Betting Sites Pay Me My Winnings?
Most gambling sites in the UK will require you to sign up for a bank account where they can deposit your winnings.
Your withdrawal bank account may need to be verified before you can use it. Many sites also allow the use of e-Wallets to withdraw your earnings. E-Wallets include PayPal.
How to Withdraw Money from a Betting Site?
If you have a qualifying bet and you need your betting site to process the qualifying bet settlement, you can do so directly from your betting site account dashboard or profile.
Go to your betting site’s online account page or profile. Head over to your wallet and select withdraw.
Usually, you should be able to withdraw the entire content of your wallet, aside from your welcome bonus or winnings from your welcome bonus, which may be subject to wagering requirements.
Withdrawing Bonus Earnings
Your welcome bonus earnings will likely be subjected to wagering. The same goes for earnings from free bets and free bet stakes.
How much wagering is needed varies from betting site to betting site. Most of the time, there will be indicators on how much more wagering is needed before you can withdraw your money. If in doubt, you can get in touch with their customer support staff.
What are Wagering Requirements?
Wagering requirements are the required amount of times that a free bet earnings need to be wagered or bet before they can be you can withdraw funds.
Where do Wagering Requirements Apply?
Wagering requirements usually apply to earnings that customers make from any bonuses or free bets they receive from the casino or the betting site. These can include earnings from:
- Welcome Bonus
- Deposit Bonus
- Betting Bonus
- Free Bets and Free Bet Stakes
- Casino Bonus
About Free Bets and Bonus Credits
Free bets and bonuses are credits that are given by casinos and online betting sites. The most common ones are the - welcome bonus, deposit bonus, and betting bonuses.
You can also get free bets or bonuses following deposits and withdrawals.
Are Free Bets Valid to Use?
Yes. Free bets are as valid as real money bets. You can even use them for your first sports bet with your online bookmaker.
However, online bookmakers may subject them to conditions like wagering and validity.
Free bets expire. Use up your free bets paid and the free bets credited to your account within the validity time frame.
In addition to the validity period, your free bet stakes may also be subject to a maximum free bet cap.
How do Betting Sites Make Money?
Sports betting sites and sports betting companies make money from losing bets. This is known as a “vigorish” or a “Vig”. They only collect a commission if a bettor loses the bet or a wager. You will find that usually there is no commission made on winning bets.