One of the most important factors to consider when choosing a sportsbook is the variety of payment methods available.

In this article, you will come to see that not every payment method is built the same. Many payment methods are much quicker, have far fewer fees, and have different maximum and minimum amounts. 

In this list of the top 10 betting payment methods, we will be covering everything you need to know to be sure you choose an operator with the correct payment methods for you.

Best Payment Methods in the USA

In the next section we will be covering all the major online payment methods found across the majority of top sportsbooks. In our analysis of these methods of payment, we will be taking you through a general run down of each payment platform and listing some pros and cons.

PayPal

PayPal is one of the most widely accepted payment platforms in the world. So much so that it would probably be difficult to find a respected operator that does not allow PayPal transactions.

The PayPal platform is also one of the easiest to access on our list, with the sign-up process taking mere minutes.

Unlike many other payment options, the ease of access combined with lightning fast payments makes PayPal a standout choice amongst its competitors.

Pros

Here are some of the pros to using PayPal:

• Easy to sign up.
• Incredibly accessible platform.
• Fast transaction times.

Cons

Here are some of the Cons to using PayPal:

• Customer service could be better.

Apple Pay

An excellent choice for anyone using one of the many products within the Apple ecosystem, Apple Pay is one of the most convenient payment platforms available.

Additionally, the high level of security Apple has come to be known for is shared with Apple Pay. The platform doesn’t just have one layer of security in touch/face ID but also obscures your card data with an anonymous digital token.

Pros

Here are some of the pros to using Apple Pay:

• Embedded in the Apple ecosystem.
• World-class transaction security.
• Fast transaction times; especially for depositing.

Cons

Here are some of the cons to using Apple Pay:

• Only works with Apple devices.
• Complex setup process.

Skrill

Although mainly used for overseas money transfers, Skrill maintains a highly optimized transfer system and eWallet.

Skrill also specializes in the gambling sector, being accepted by most of the top sportsbooks and gambling platforms worldwide. Skrill allows bettors to use one payment platform regardless of where they decide to place their wagers.

The platform also maintains low fees for both domestic and international money transfers, again allowing freedom to choose your betting platform.

Pros

Here are some of the pros to using Skrill:

• Incredible safety and security.
• Low fees.
• Great international coverage.

Cons

Here are some of the cons to using Skrill:

• Verification time is on the longer side.

Visa

We now come to one of the biggest players in the world of finance, Visa. Known for its credit cards and overall acceptance globally, Visa facilitates payments on almost every gambling and sports betting platform in the U.S.

As for depositing and withdrawing your betting funds, Visa makes it quite easy with quick and trackable transactions being near instant on most top platforms.

Pros

Here are some of the pros to using Visa:

• Global acceptance.
• Fast transaction times.
• Reliable brand.

Cons

Here are some of the cons to using Visa:

• Withdrawal options can be limited on select operators.

Mastercard

Right next to Visa in terms of popularity and world acceptance is Mastercard. Widely known for both its security and convenience, Mastercard allows worldwide transactions with amazing protection.

Mastercard also offers a host of features and benefits to keep you safe. This can range from fraud protection to dispute resolutions and many more.

Overall, when compared to its peers, Mastercard stands out as a reliable and trusted payment platform.

Pros

Here are some of the pros to using Mastercard:

• Brand recognition.
• Low fees.
• Acceptance across many vendors.

Cons

Here are some of the cons to using MasterCard:

• Withdrawal is not available on some platforms.

American Express

Amex, better known as American Express, is one of America’s most trusted brands, with a long history of proving easy and secure payment services. You can confidently use Amex to make both deposits and withdrawals on many of the U.S.’s largest sports betting platforms

We should also mention, many of the higher-end Amex cards do require a hefty annual fee. No need to worry, though, even across the lower-end cards you will be granted solid rewards and access to many of the largest sportsbooks and casinos.

Pros

Here are some of the pros to using American Express:

• Great safety.
• Widely accepted in the U.S.
• Fraud security.

Cons

Here are some of the cons to using American Express:

• Higher card fees.
• Not accepted outside the U.S.

Discover Card

Another great choice on our list is the Discover Card. This payment platform has made a name for itself through its flexibility and rewards programs.

Namely, the main benefits of this card are the 5% cashback rewards available alongside lightning-fast deposits and withdrawals, meaning you can easily access all of your betting funds while receiving some cash back. This does depend on the operator, however.

Pros

Here are some of the pros to using the Discover Card:

• No annual fee.
• Great cash rewards.
• No APR upon sign up.

Cons

Here are some of the cons to using the Discover Card:

• Not accepted outside the US.
• Rewards can be complicated.

Bitcoin

The next entry on our list is Bitcoin, the only cryptocurrency on this list. Known for having safe and fast transactions, Bitcoin is easy to use and widely accepted.

Different from the other payment methods on this list, to use bitcoin you will need to have a Bitcoin wallet and transfer funds to your desired operator. Once you have opened a wallet it is as easy as purchasing some Bitcoin and pressing send.

Using Bitcoin is also extremely fast for both deposits and withdrawals, with the time needed being completely reliant on the operator’s speed.

Pros

Here are some of the pros to using Bitcoin:

• High level of safety and security.
• Fast transactions.

Cons

Here are some of the cons to using Bitcoin:

• Deposit and withdrawal times are completely dependent on the vendor.

Venmo

Venmo is a popular payment method that is known for both its simplicity and peer money transfers. Within the world of sports betting, that simplicity allows you to easily send and receive payments with ease.

Setting up on Venmo is also extremely easy. All you need to do is create an account and link it to your bank account. With that, you should be good to both deposit and withdraw funds as you please.

Pros

Here are some of the pros to using Venmo:

• Linked directly to your bank account.

Cons

Here are some of the cons to using Venmo:

• Not accepted on some sportsbooks.

Neteller

Last but certainly not least on our list is Neteller, a British-owned and operated payment platform with well over two decades of experience in the industry.

One of the main benefits of using Neteller is that it facilitates secure and fast transactions without revealing your personal or financial information. These services are accepted by a wide range of vendors, both domestically and abroad.

Overall Neteller is an extremely convenient choice for many sports bettors; the safe and well-put-together platform is quite hard to beat.

Pros

Here are some of the pros to using Neteller:

• Fast transactions.
• Secure platform.
• Respected global brand.

Cons

Here are some of the cons to using Neteller:

• Lacking customer service options.

How to Make Deposits and Withdrawals Using Payment Methods

Many of the best online payment methods share common features and steps within their deposit and withdrawal functions.

That’s why in the section below, we will be taking you through everything you need to know when using any of the top online betting payment methods.

Depositing at Legal U.S. Sportsbooks

As you have seen earlier in the article, there are many different sports betting deposit methods available across the sports gambling industry. Whether that be credit, debit, or cryptocurrency.

Aside from crypto where you require an eWallet, you will need to create an account to use any of the services listed above. Once you have completed that and have your funds in order, it should only take a click of a button to deposit funds on any sportsbook.

When depositing, bettors should also pay attention to any fees levied by the sportsbook and look to see if there are any deposit limits.

Withdrawing at Legal US Sportsbooks

Just like with depositing, you find a plethora of different sports betting withdrawal options. Some of the more common choices you will find include bank transfers, debit, crypto, or credit.

To withdraw, follow the steps listed by your preferred sportsbook. This will oftentimes require information before withdrawing. Some of the information needed includes proof of identity, password, and email address

When betting online, withdrawal times are of the utmost importance. Withdrawal times are substantially longer than when depositing and can even reach a full business week. Additionally, much like with depositing, be sure to pay attention to any fees and terms and conditions that may apply.

How to Choose the Right Payment Method for You

When choosing a betting payment option, there are several key areas to consider. Some of the factors include deposit and withdrawal times, ease of use, security, fees, and promotions.

Additionally, most online sports betting platforms accept a myriad of payment types but still be sure to double-check the online payment options before choosing a sportsbook.

Consider your Personal Preferences

Different payment methods bring with them unique features and benefits, making it important to choose the correct platform for your needs.

Some people may value security while others value speed; that’s why in the list above we showcase a range of choices with an array of different benefits

A great example would be if you wish for a secure payment method that protects your financial information, you may prefer cryptocurrency, Apple Pay, or a prepaid card.

Fees and Limitations

Many methods of online payment include several fees and charges, whether that’s a fee like Amex’s account fees or simple transaction fees. Always be sure to compare the different fees and charges present to ensure you are choosing the most cost-effective platform for you.

You may find that some gambling payment processors maintain several limitations such as deposit and withdrawal limits. Again, be sure to choose a platform that won’t restrict how you wish to gamble.

Security

Another important area to look at when vetting betting payment methods is security and fraud protection. After all, nobody wants to lose their funds.

Some of the specific areas to look at when analyzing any payment method’s security are encryption, secure servers, password encryption, and easy dispute resolution.

Services such as Apple Pay that require face ID/touch ID would be the best bet for anyone looking to ensure the safety of your funds and information.

Overall Acceptance

Be sure to choose a payment platform that is widely accepted. Some alternative payment platforms are only accepted on choice sportsbooks. In this regard, your payment method can limit the number of vendors you can access.

If acceptance is of concern, choosing one of the larger payment platforms would be your best bet. Some of the most widely accepted options include MasterCard, Visa, and PayPal.

Transaction speed

When choosing a new payment method, be sure to consider the convenience and speed of transactions. Some key areas to pay attention to when considering transaction speed are features such as instant deposits and quick withdrawals.

It should also be mentioned when evaluating a payment platform’s speed, pay attention primarily to the withdrawal time. This is mainly because across most platforms, deposits are near instantaneous, while withdrawals can take weeks.