How the Choice of Payment Methods Impacts Security and Speed in Sports Betting
The sports betting revolution has swept the world in the last 20 years. It has opened up new possibilities for sports fans and betting companies, as the internet makes it possible to bet on various sports events from the comfort of your own home.
At the same time, the financial world has been going through a similar phase of rapid development, as new fintech solutions are developed yearly, providing customers with various payment options. Naturally, bookmakers have responded and most of the new betting sites South Africa, Nigeria, Portugal and other nations have offered to provide a wide range of choices when making deposits and withdrawals.
Yet not all payment methods are the same, and when it comes to speed and security, there are important differences to be aware of when choosing the best for you.
Perhaps the oldest form of payment used in the modern betting industry, the bank transfer involves your bank sending money directly to the account of the betting company that you are betting with. As well as being one of the oldest options around, it is also one of the most secure, as it relies on robust security systems and is a simple method. On the other hand, it can be slow. In fact, in some cases, deposits and withdrawals made using bank transfer can take up to a week.
Card payment is the most popular form of banking for sports betting transactions across most nations. There are two main forms of card payment: credit card and debit card. Using a credit card to bet on sports is essentially borrowing money from a creditor to make a sports bet, and understandably, many nations have made credit betting illegal as it can encourage unsafe gambling.
Debit card betting, on the other hand, is widely accepted, in fact, is probably the most ubiquitous form of banking used by betting customers. Like the bank transfer, the debit card transaction takes money directly from a bank account to the betting site, but deposits are made much more quickly, as are withdrawals, although these can take up to three days in some cases.
Although card payments are relatively fast and widely accepted, they involve handing over your card details to a sports betting company, so some bettors prefer more secure options.
There are many different brands of e-wallets out there, but they all operate on the same basis, which involves transferring funds from a bank account to a third-party e-wallet account which you then use to fund your betting account. The e-wallet method has two main advantages.
Firstly, it is fast. Transactions typically go through instantly, while withdrawals are only delayed by the processing times of the sports betting company concerned. Secondly, it is more secure than some card transactions, as the betting company is not given any information about your original source of funds. The downside with the e-wallet option is that not every betting site accepts e-wallet payments, particularly the less common versions.
Cryptocurrency is the newest form of payment used by betting customers, and it offers a level of speed and security that, in some cases, is greater than that offered by e-wallets.
Cryptocurrencies are not linked to a central bank or fund, and cryptocurrency by its very nature is based on high levels of encryption, providing excellent security. Like the e-wallet payment system, cryptocurrency payments involve using a dedicated wallet so that the betting company doesn’t have access to any of your financial details, such as account numbers.
There are, however, some downsides to cryptocurrencies. Most sports betting companies do not accept cryptocurrency as a form of payment, while in some nations, it is illegal to use cryptocurrency as a form of payment. That situation may change in the future. However, the inherent instability of many of the more obscure cryptocurrencies means that there are risks associated with this method.
The modern sports bettor has a variety of payment options at their disposal. Still, it is important to ensure that you choose a banking method that offers the combination of speed and security that you are looking for.