Best UK Betting Payment Methods

To fund your online betting account and to withdraw your winnings, you need to use one of the supported payment methods. There are several different types to pick from, and each comes with certain unique features. Reputable UK sportsbooks usually support a wide variety of payment options.

If you're new to online betting payment methods, then we'll show you everything that you need to know. We'll do that by introducing the main types of banking options and their features. Plus, we'll help you decide which of them to use for your online betting journey.

Top UK Betting Sites With a Variety of Payment Methods

In the UK online gambling market, you'll find numerous betting sites that accept various payment methods. But not every betting platform is worth your time and money. As such, we've decided to list some of the finest UK operators that support a variety of payment options.

Types of Betting Payment Methods

Top online betting sites in the UK will allow you to choose from several different types of payment methods. It’s up to you to decide which one to use for depositing and withdrawing funds. But before you make up your mind, we at BestBet would like to show you all the types of methods that you can use.

Debit Cards

These are by far the most used payment methods in the UK. In 2023, debit cards were responsible for 51% of all payments in the country. Because of its massive popularity, almost every online betting site made sure to accept them as deposit and withdrawal methods.

Among the most commonly supported debit cards are VISA, MasterCard, and Maestro. Now, we specifically didn't mention credit cards as the UK Gambling Commission prohibits their use for online gambling.

E-Wallets

Most UK betting sites also accept payments in e-wallets such as Skrill, Neteller, PayPal, MuchBetter, and MiFinity. Around 36% of Brits use PayPal, and this method accounts for around 20% of all online transactions. Another source states that 22% of UK residents prefer Skrill or Neteller.

We should note that e-wallets are extremely secure and very easy to use. Plus, they conduct instant deposits and withdrawals, which is crucial for UK punters.

Prepaid Vouchers

Next, we have prepaid vouchers, which provide a simple, secure, and anonymous way of depositing funds. They are also perfect for low rollers due to their low limits. The most common types of prepaid payment solutions that you can find at UK bookmakers are Paysafecard and Neosurf.

Around 11.4 million Brits, which is about 21% of the entire adult population, use prepaid vouchers or cards for various purchases. Many of them rely on them for debt avoidance or better financial control.

Mobile Wallets

Mobile wallets are on the rise in every sector, including the online betting market. 57% of all adults in the UK used different kinds of mobile wallets in 2024. Just as a comparison, in 2023, around 42% of the country's residents used these digital payment methods.

The most popular mobile wallets for online betting in the UK are Apple Pay and Google Pay. Both methods support multiple debit cards and bank accounts. Plus, they let you deposit funds instantly and without typing any payment details.

Bank Transfer

A traditional payment method that’s highly reliable and very secure. It goes in favour of high rollers as bank transfers can support larger transactions. However, beware of the banks’ slower withdrawals and fees. Also, for more convenient and simpler payments, you should consider using an open banking method like Trustly and Klarna.

Around 88% of UK adults used either remote or online banking in 2024. The same year, 75% of them used mobile banking apps, and they made 5.6 billion transactions. 

Cryptocurrencies

Many UK betting sites will also allow you to make crypto deposits and withdrawals. Among the most commonly accepted tokens are Bitcoin, Ethereum, Litecoin, Tether, Dogecoin, and Tron. Each of them offers fast, secure, and anonymous transactions at very low fees.

In August 2024, around 12% of UK adults (about 7 million) owned crypto assets. It went up from 10% in 2022, which indicates that the crypto market is growing in the UK.

Comparing Payment Methods for Online Betting

Every type of betting payment method comes with specific attributes that distinguish it from one another. You need to know the featured details so you can pick the right banking option for your needs. As a result, we at BestBet will compare them in the following table.

Type of method	Deposit limits	Withdrawal limits	Deposit speed	Withdrawal speed	Transaction Fees
Debit cards	£5-£10/£5,000-£10,000	£5-£10/£2,000-£5,000	Instant	1-5 working days	Low
E-wallets	£10/£5,000-£25,000	£10/£5,000-£25,000	Instant	Within 24 hours	Medium
Prepaid methods	£10/£1,000	£5/£2,000	Instant	Within 24 hours	None
Mobile payments	£5/£500-£5,000	N/A	Instant	N/A	None
Bank transfer	£10-£100/£10,000	£10-£100/£10,000-£35,000	Instant	3-5 working days	High
Cryptocurrencies	£1-£10/£10,000-no limit	£10/£10,000-no limit	Instant	Within a few hours	Low

How to Deposit Funds on a UK Betting Site

Funding your betting account is a really simple task that even beginners can do in a few minutes. The entire process is identical at all UK online sportsbooks. It requires completing the following steps:

1. Pick a top UK betting site from our list
2. Register and verify a betting account
3. Open the “Cashier” section and click on “Deposit”
4. Choose a payment method from the list
5. Enter an amount according to the specific limits
6. Provide your payment details
7. Approve the money transfer
8. Your funds will instantly appear in your betting balance

How to Withdraw Your Betting Winnings

Cashing out your betting winnings is very similar to depositing funds. But we still need to explain it step by step, so you don’t encounter any difficulties. Here’s how you can request a payout at a UK sportsbook: 

1. Log in to your UK betting account
2. Complete the KYC verification process
3. Go to the “Withdraw” area of the “Cashier” section
4. Pick a preferred payment option from the list
5. Enter your bank, card, or e-wallet details
6. Type an amount based on the withdrawal limits
7. Confirm the payout request
8. Wait for the operator to process and approve the withdrawal

What to Consider Before Picking a Payment Method

Picking the right payment method for online betting is a crucial and sometimes challenging task. To make the best decision, you must first learn about a couple of key factors. Here’s what you need to consider before choosing a banking option for online sports betting in the UK:

• Limits: every payment method has specific deposit and withdrawal limits. Choose the one based on your personal preferences and style of betting. Also, don't forget to check the daily, weekly, and monthly payout limits before cashing out.
• Speed: the deposits are instant on all payment methods. But that’s not the case with withdrawals. Inspect the payout time with every banking option before choosing one. Also, don’t forget to check the operator’s processing time.
• Fees: almost every payment method charges a certain transaction fee. The featured fee can be a fixed amount or a percentage of the amount you want to transfer. Also, make sure to check whether the betting site charges extra fees on specific payment methods.
• Withdrawal policy: many UK betting sites will only allow you to pick the same withdrawal method that you previously used for depositing funds. If the featured method isn’t available for cashing out, then you’re free to use a different one.
• Privacy: if you want a more private and anonymous betting experience, then you need to thoroughly examine every payment option. Check if the featured method requires personal or banking details. Among the types of methods that you should consider are cryptocurrencies and prepaid vouchers.

Using Payment Methods to Apply for Various Betting Bonuses

The finest betting sites in the UK will allow you to use all of their available payment methods to apply for rewarding bonuses. However, keep in mind that some operators tend to exclude specific banking options from their promotions. You can check these details inside the bonus's T&Cs.

Most operators will not accept applying for bonuses with Skrill or Neteller. Some might also include PayPal in the list. Additionally, the excluded payment options may only apply to specific promotions.

Types of UK Betting Bonuses You Can Claim

When exploring the list of betting bonuses, you will come across several different types of offers. Among the most common kinds of promotions are the following:

• Welcome bonus: a type of promo that you can only claim with your first deposit on the betting site. As a prize, you'll usually get a match bonus or free bets. Some UK operators might give out a risk-free bet or a welcome package with a few deposit offers.
• Free bet: a promotion that awards betting credits that you can only use on selected sports or events. The free bets often come with a maximum odds limit that you need to respect.
• No deposit bonus: you can apply for this offer without spending any money beforehand. But you may need to provide a certain promo code. In return, you’ll get a free bet or free credits.
• Cashback: this bonus gives back a percentage of the losses you suffered over the past day, week, or month. Many online betting sites include cashback offers in their VIP programs.
• Risk-free bet: a type of offer that returns your initial bet if your wager doesn't go through. It allows you to try a different sport or test a new betting strategy without worrying about the outcome.
• Combo boost: this promotion will increase your bet slip's potential payout by a certain percentage. It only applies to accumulator bets where the boost increases with every new selection you include.
• Reload bonus: an offer that’s available to existing UK bettors who can only claim it on a specific day of the week. It requires a minimum deposit, and it can reward a match deposit or a free bet.

Final Thoughts

Every UK punter needs to use a payment method to deposit and withdraw funds at betting sites. If you join a top bookmaker, then you probably get to pick from various types of banking methods. Each banking option has different characteristics, including unique limits, transaction speed, and fees.

Make sure to thoroughly analyse the payment methods you’re interested in before using them. Luckily for you, we at BestBet covered the most popular banking options for sports betting in the UK. Check our dedicated guides, compare the payment services you like, and decide which one to use.

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