As with any online transaction, security is vital in sports betting. When handing over real money to a sportsbook, you need to know that your money and personal information are safe and that you are not at risk of fraud or theft.
Online sportsbooks are constantly working to improve their technology to protect their customers from the evolving threat posed by hackers and criminals. However, there are also some steps that you can take to protect yourself.
It’s often a good idea to check out advice sites such as askgamblers.com to stay informed about the latest payment methods and financial threats, as well as which sites are safe and which you should think twice about using.
Another critical step is to choose a deposit method that you trust.
There are dozens of payment options, from old-fashioned bank transfers to the latest digital wallet technology. But which is the most secure when it comes to sports betting?
Credit and Debit Cards
The Visa and Mastercard credit or debit cards are still the most common way to fund a sportsbook account, and the options you are most likely to find on every betting platform. There’s a good reason for this popularity. They are highly secure payment methods, thanks to the resources these enormous banking operations can employ.
Credit and debit cards use the latest SSL encryption in the banking industry, regularly detect and block suspicious payments, and give customers the power to dispute transactions they don’t recognise.
There are some potential issues. Some banks that offer these cards may not allow gambling transactions, and some sportsbooks can limit withdrawals to these methods. However, using a credit or debit card on a regulated sportsbook site is one of the safest payment options.
E-wallets
The emergence of digital wallets as alternative banking options has shaken up the financial industry over the last 20 years. The digital or e-wallet works as a middleman between your original bank account and the sportsbook, so when you use one of these brands, such as PayPal, Skrill, or Neteller, you don’t need to give the sportsbook your bank account details.
This offers an extra layer of security not present with credit or debit cards.
Additional protection is provided by the two-factor authentication (2FA) routinely used with e-wallets.
The facility to make instant transfers without disclosing any financial information has been extremely popular with sports bettors. The downside of this method is that not all e-wallets are available at all betting sites. PayPal is the most widely used, followed by Skrill and Neteller, but you may find that some sportsbooks restrict access to bonuses if you make a deposit using one of these methods. As far as security is concerned, however, e-wallets are hard to beat.
Prepaid Cards
The prepaid card method is another option that has proven popular with sports bettors for convenience and security. Brands such as Paysafecard enable customers to buy a voucher or card at a retail outlet and use it to fund their sportsbook account by entering a unique code.
As with e-wallet options, the prepaid card has the significant advantage that you don’t need to link your bank account, giving the sportsbook access to your financial information.
Prepaid banking is even more secure than an e-wallet option, as you don’t even need to provide digital wallet details. This option also puts a hard limit on the amount of money you can wager. Even if a hacker compromised your account, they could only access the amount of the card or voucher.
The downside of the prepaid card is that, although these methods are widely accepted at sportsbooks, it isn’t possible to make withdrawals onto them. You’ll, therefore, need another method to receive payouts.
Bank Transfers
The old-fashioned bank transfer is one of the slowest payment methods around. Withdrawals through this method are particularly slow, taking up to five days.
It is also, however, one of the most reliable banking options. The level of encryption and customer protection offered through this method is even higher than with credit and debit cards. All transactions are verified and protected. Although there are usually high transaction limits, a bank transfer can be a smart option if you have a large bankroll. New instant bank payment systems such as Trustly and iDEAL are also helping to make bank transfers faster.
The longer transaction times may be linked to fees with some sportsbooks, but if you’re prepared to sacrifice a little speed, bank transfer is the safest deposit method you’ll find.
Stay Safe, Whatever Method You Use
Whatever banking method you use to make your deposits, it is always important to follow basic safety measures when betting online. Always bet with reputable and licensed sites, never share your password or login details with anyone, keep your security software up to date, and, where possible, use 2FA and biometric encryption. That way, whether you’re betting on the NBA or the Premier League, you can ensure your betting is as safe and secure as possible.
