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Credit Cards and Online Betting

Online betting is something that always requires you to have money. You need to deposit money into your sportsbook account before you can start placing wagers on your favorite sports. But it’s important to know what kind of payment method you can do this with and how these all work. One option that has been quite the staple of online betting sites for a long time is credit cards. These come from various brands and are well-known around the world as providing convenient payment methods.

However, using a credit card for online betting isn’t like going to a store in the real world and simply using a PIN number or contactless payment to proceed. Instead, it requires a bit more information to complete. So, that’s what we’re here to explain to you, should you make the decision to deposit and pay with a credit card at your chosen sportsbook. Let’s find out more about this payment method.

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What Types of Credit Cards Are Available?

Types of Credit Cards
Because credit cards are used in everyday life, they’re quite well-known on a global scale. So, it’s of no surprise when you see options like Visa or Mastercard showing up at your chosen sportsbook. But there are a few other possibilities alongside these two mainstays when it comes to card payments.

Yes, both Visa and Mastercard offer up credit cards, but they also provide debit cards at the same time. In fact, products that come from these brands include Visa Debit, Visa Electron, and Maestro, meaning that regardless of if you’re a fan of debit or credit cards, you can make use of either from these two main brands. But they’re not the only possibilities when it comes to online betting with credit cards.

American Express is another option that many people utilize, especially when it comes to bettors in the United States of America. It’s one of the biggest brands in the US, and several online sportsbooks accept deposits made through this option. Diners Club International operates as another popular brand there, as does the Discovery card. While not being quite on the peak level that the Visa and Mastercard brands are, these options will still provide much the same service as they do.

Not only that, but you’ll also find that certain companies also offer prepaid or virtual cards. Visa has a setup with the company known as Entropay, which provides virtual Visa cards. These require you to top them up with money, but you make use of them in much the same way as you would a standard credit card. Some people prefer using virtual prepaid cards because they can put a specific amount of money on them, and this stops them from going over their credit limit or using all their debit card money on betting. They’re also a more secure option when it comes to making deposits at online gambling sites.

So, as you can see, there are various credit card brands that can be utilized for betting online, as well as virtual cards and debit cards, too.

Your Initial Sportsbook Deposit with a Credit Card

Your Initial Sportsbook Deposit with a Credit Card
The first thing that we recommend doing when it comes to depositing is to make sure that you’re playing at a platform that caters to your needs. So, does it provide the sport or sports that you’re looking to bet on? After all, any platform can provide a stunning website, but if it doesn’t offer up what you want to wager on, there’s little point in joining it, right? Fortunately, we have put together a collection of multiple online sportsbooks, so you can check out everything that they provide right here.

Of course, while credit cards are quite popular in the world of online betting, it’s also important to know that the site you’re joining accepts deposits through this method. But once you locate the one that you want to become a member of, making a deposit shouldn’t be any problem. Credit card deposits are generally instant transactions, so you can get to playing the games right after the completion of your deposit.

Now, how do you go about doing this? Well, you just need to make your way over the sportsbook’s cashier page and select your preferred credit card from the drop-down menu. While you will usually find Visa and Mastercard options on hand, American Express, Discovery and others sometimes won’t be accepted. That’s why, if you’re using one of those cards, you need to be playing at a platform that does accept them.

On the depositing page of the cashier, you’ll be required to enter certain details from the credit card that you’re using. First of all, the long number running along the front of the card will be required, which is usually 16 digits long. Afterwards, you’ll also need to enter the expiry date of the card, as well as the name that appears on it. You’ll need to input this information exactly as it shows up on the card itself.

Finally, the last thing that is usually required of you is to enter the CVV2 code that exists on the back strip of the card. This is usually three or four digits, and each different credit or debit card utilizes its own numbers for this. After entering all of this information, you need to input the amount that you would like to deposit at your chosen sportsbook and hit the “Proceed” button. Usually, you will be asked to confirm all of the details that you have entered and then confirm the transaction you would like to make.

It is at this point that one of two things will happen. Either the transaction will process through straight away for you, and you will see the funds show up in your sportsbook balance, or you will have to go through a secondary stage of verification. If you possess a Visa card, for example, the Verified by Visa process may come into effect. This simply requires you to confirm some further information about yourself and the card that you’re using for depositing online.

Once you have gone through the secondary verification process – if this applies to you – your funds will appear in your sportsbook account, and you can begin with placing your wagers on your favorite sports. It’s really quite simple, and with the transaction being instant, you’re not restricted with waiting for the money to arrive in your sportsbook account.

Breaking Down Potential Fees

Breaking Down Potential Fees
So, what could be a factor in depositing at your chosen sportsbook through a credit or debit card? Well, sometimes, you’ll also find that transactions come with additional fees to pay. These can be quite frustrating to see, although you’re not charged at every sportsbook for this. But while they aren’t in action everywhere, it’s important to know how any potential fees work. Then, at least if they do occur, you’ll know what to expect from them.

With credit cards, it’s usually the case that if you do have a deposit fee to pay, it will be a percentage of the amount that you’re transferring into your sportsbook account. Now, this isn’t something that has a set, specific amount for all platforms. You’ll usually find that it’s something like 3.9% or 1% or 5%, but it differs from sportsbook to sportsbook. And that depends upon if there is an actual transaction fee to pay.

So, if you do happen to join a sportsbook where a deposit fee is charged to your credit card, just know that it will come off as an added percentage of the amount that you’re depositing. Overall, it can potentially turn out to be a very small portion of the funds you’re transferring. If you’re depositing $100, for example, then a 3.9% transaction fee will stand at $3.90. Yes, it’s true that this could be used for contributing towards a wager on your favorite sporting events. Yet, that’s why it’s important to know that some sites do charge for funding your account. It’s up to you whether or not you take the opportunity to join them.

 

Pros and Cons

So, why should you make use of a credit card in order to fund your chosen sportsbook account? Well, first of all, they provide you with the possibility of making instant deposits, as mentioned previously. We know what it’s like to send money to a site and have to wait for it to be collected or to show up in our accounts before we can start placing bets. It’s a little bit frustrating, but this is not something that you’ll have to worry about with using a credit card. Instead, your money is there waiting for you to utilize as you like from the moment that the transaction on the cashier page goes through.

Something else that is great about using credit cards is that they’re available to use at so many online sportsbooks. Because of how popular brands like Mastercard and Visa are, most people are familiar with how they work. It’s the known-brand status that they possess. Therefore, working alongside these companies ensures that sportsbooks are providing something familiar to bettors. That’s why it’s not very often that you’ll find an online betting site that doesn’t provide credit card deposit options.

In the case of virtual credit cards, like those you can receive from Entropay, these provide a safer possibility when it comes to depositing online. This is because you don’t expose any of your standard bank account or credit card details to the sportsbook. A virtual card has its own unique number, and you top it up with however much money you’d like. Then, it’s up to you how much of that you use for funding your account.

Because virtual cards aren’t really connected to any sort of bank, the only funds that can be exposed to anyone are the funds that you top it up with. So, this is why some bettors choose to use prepaid cards – because of the extra value of security that they bring.

On the other hand, using a credit card can be one of the largest security risks when it comes to depositing methods. Using a standard credit or debit card, be it an American Express, Visa Debit, or Maestro option, for example, means that you will be exposing your card details to the sportsbook you’re using. This is why it’s also important to make sure that the site is fully licensed, uses SSL encrypted technology, and also has the padlock on display alongside the address bar. Credit cards are unfortunately always at risk of being exposed when in use online, so without keeping an eye out for the necessary security regulations, you could be giving others access to your personal details.

Additionally, you can sometimes find that fees are to be paid for deposits with this option. As we noted above, these aren’t usually high charges, but some bettors don’t wish to pay to transfer their own money into an online sportsbook. So, while you can find sites that don’t charge you for depositing, it’s also a possibility that you will register at a sportsbook that does come with extra fees to pay.

The only other thing that generally stands out as being a bit of a con when it comes to using cards is that Mastercard deposits often won’t allow you to withdraw via the same method. This does, of course, pertain to a specific type of credit card, but it is frequently the case with using the Mastercard option. Generally speaking, if you use this option for funding an account, a withdrawal will need to be sent to you through a bank wire transfer. These usually take a lot longer than standard card or alternative payment method withdrawals. Therefore, it’s just something to consider when deciding upon the type of card you would like to deposit with.

FAQs

How Long Does a Withdrawal Take with a Credit Card?

This is something that will differ from sportsbook to sportsbook and card to card. Usually, it will depend upon the sportsbook’s processing time of withdrawals and then the transaction time of the specific card. Following the platform’s approval, it shouldn’t take longer than three to five business days for your funds to show in your account.

Can I Use the Same Card to Deposit Repeatedly Without Having to Enter Its Information Again?

In many cases, you will be able to save the credit card’s details to the sportsbook that you’re playing at. This will then allow you to select it on the cashier page and proceed through with simply inputting the amount that you’d like to deposit. In this respect, you don’t have to enter the card details every time that you head over to the cashier page. This will only be required if you opt to use a different credit card each time you deposit.

Why Do I Need to Provide Copies of My Card to My Chosen Sportsbook?

This is for your own security. Generally, a sportsbook will need to confirm your identity and that you are in fact in possession of the card you have deposited from and want to withdraw to as well. Therefore, it’s common to find that most online sportsbooks will request a copy of the front and back of the card, with certain digits covered up for your own security. This way, the money that you would like to withdraw is certain to reach the correct account.

Why Would My Card Payment Be Declined?

You’ll need to ensure that all details that you enter from the card are correct, from the long 16-digit number through to the CVV2 code. If you’re certain that you have all of this information in correctly, then you’ll need to be sure that you also have enough funds available to make the deposit. Some credit card companies will also place automatic blocks on payments being made to gambling sites, so in this respect, you will need to contact your provider to unblock it.

In Conclusion

So, should you go ahead and make the decision to deposit at your chosen sportsbook with a credit card?

While it does have its good points, certain features of the credit card option do make it a little bit of a security risk at times. This is especially true when it comes to standard card possibilities. Prepaid virtual cards can, of course, counteract this and are a lot more secure than the standard credit and debit cards.

Of course, it’s always great to be able to make an instant deposit, which is what you’ll get with a credit card deposit. Not only that, but you will find that credit and debit cards are accepted at a large number of online sportsbooks. Therefore, you’re not particularly restricted with where you sign up to and make deposits with this particular option.

And while it’s true that you may sometimes have fees to pay when using a credit card, this is not always the case, and they’re usually very minimal if you do. Overall, it makes for a well-known, popular payment method for using when it comes to online betting.