One of the main factors that determine whether or not you choose to play at an online betting site is the payment methods allowed. Many betting sites have realized this and are constantly increasing the range of payment methods they offer to make their sites more accessible to players. However, with the multiple payment methods available on these sites, a proper review is required to ensure that players make the best financial decision when choosing a payment method. This piece is highlighting some of the most popular payment methods from the different financial institutions which these sites offer.
Top Casinos With Best Payment Options
Trusted Payment Methods For Online Betting : Overview
India, like the rest of the world, has their resident payment methods which they utilize to initiate and manage both online and offline monetary casino transactions. Some of these methods are quite multinational while others are local and resonate within the vibrant country. They include;
MasterCard is an American multinational financial services corporation. It’s a service provider which is headquartered in the US. MasterCard has a lot of products and services which it proffers to its clients all over the world. These services include deposits, withdrawals, investments, etc. via its prepaid, debit and credit cards. It is used and widely accepted in many online casinos globally and is one of the most straightforward online payment options.
This is another payment platform which majors on online payments. However, it equally possesses resources for a lot of other operations including debit cards, credit cards, etc. PayPal is an American company which is operating online payments on a multinational scale. Hence this payment method can be used for all online monetary transactions. However, this online payment option is limited as casino players in countries like Afghanistan, Ghana, Nigeria, Lebanon, Haiti, etc and many more are not allowed to use it.
Neteller is an e-money transfer service which began processing gambling payments in 2000. This payment method is used to facilitate monetary transactions from merchants like Forex trading firms and social networking firms. Funds from such merchants and gambling sites can be withdrawn directly via the Net+ cards. Online casino players can use Neteller to make deposits and get their payouts quickly and securely.
This is a digital wallet platform developed and powered by Google. It’s a payment system designed to facilitate in-app and tap-to-pay purchases on smart devices regardless of their operating system. Google Pay is a contactless payment method that replaces a card chip, pin, or magnetic stripe as it permits funds transfer to retailers. There are no hidden fees and you don’t need to enter any card information which makes it safe. However, not all betting sites accept this payment method, so you should do research first.
This is a prepaid online payment method which is voucher-based. These vouchers possess a 16-digit pin code which functions independently of a bank account, credit card or any other personal information. Here, users purchase these vouchers and pay online by entering the code when checking out of any site.
Founded in 2000, this global payment solutions provider offers instant payment services to clients across the world. This method permits one to send, receive and spend money worldwide all from one online account. This method requires no credit checks and it equally has its card which is licensed by MasterCard. It is widely accepted in many online casinos worldwide.
This payment method is available to every bank and financial institution all over the world. It involves instructing your bank to send money into another financial account and like any of the previous options, it comes with processing charges. However, these charges may differ with each bank. Almost all online casinos worldwide accept bank transfers as it is very fast, seamless and safe.
Make Quick Withdraw And Deposits
One major turn off a betting site can have is a long buffering time which leads to slow transactions. With betting, timing is everything. It’s of no use to place bets after the match has ended or after the window is closed. Slow transactions can cost bettors a whole lot of winnings. Hence, all monetary transactions be it deposits or withdrawals need to be as swift as possible to facilitate bets placement. On Indian betting sites, you can expect little or no wait time during transaction processing. This is because these sites offer diverse payment methods, accommodate different financial institutions and accept multiple currencies too.
Bettors on Indian betting sites get to make and complete their deposits and withdrawals in little time. Hence they get to place all their bets in time and this maximizes their chances of winning. This is why sites like Fun88 are highly revered. This site is quite flexible and accommodating when it comes to monetary transactions. It even goes as far as offering certain bonuses like free bets when individuals make deposits. Hence, it’s quick, easy, and even rewarding to make deposits at online betting sites. So what are you waiting for? Check Fun88 casino review and claim your bonus.
Deposit Or Withdraw Via Credit Or Debit Cards
Debit and Credit cards are products of diverse financial solutions service providers. Sometimes and depending on the brand, their use may be restrictive, especially on certain sites. However, they’re majorly convenient as you can make purchases, transfers and receive funds from anywhere in the world via your credit or debit cards.
While some betting sites accommodate this option, others don’t. This is why it’s important to review a betting site before making deposits. Indian betting sites like Fun88 accept payment and withdrawals via debit, credit and even prepaid cards from multiple financial methods like Mastercard, PayPal and lots more.
To make deposits or withdrawals via either of these cards, you’ll need internet connectivity because it’s an online transaction after all. Your card details like some or all of its digits, the CVV, the financial institution of your choosing and of course the pin, are all required. It should take under 2 minutes to enter these details. Once this is complete, you can enter the amount you want to deposit or withdraw from the betting site, then watch your funds come in no time at all. After you have completed the deposits or withdrawal process, the recipient account which in this case is your betting account, will be funded then you can place your bets.
Things To Consider When Choosing Casino Payment Methods
The different payment methods have their individual characteristics. Some of which might not favor certain individuals. Hence, when looking for a payment method, here are a few pointers to consider.
Before you go ahead to choose a payment method, check for its wait time. This is the amount of time it takes for a transaction to be completed. Some methods have a faster wait time than others. So if you’re looking to place your bets immediately, go for a payment method with the least wait time.
Some payment methods are better known than others and this is what makes it a credible option. If it’s your first time paying money on a betting site, you should go with the option that you know and have tried. This way you already know what to do if something goes wrong.
Some of these methods utilize two-factor authentication and some other security measures while others do not. These features are usually accessed once you search the web for the payment method. Always go for the payment method that deploys the best security measures. This way you save yourself the pain of getting ripped off.
As earlier mentioned, different payment methods have different transaction fees. Some methods charge higher than others and it’s important to compare their different rates before selection. Most times the greater the charges, the less the processing time, hence by knowing the rates you can decide to save or splurge depending on your selection.
How Quickly I Can withdraw Winnings With The Best Payment Methods?
It is one thing to fund your betting account, and it’s another to withdraw from it. Supposing you placed bets and have made a sizeable amount in winnings, you can then progress to initiate a withdrawal from the said account. However, some betting sites do take their precious time to complete the withdrawal process and some can even elongate it to 10 working days which is obscene.
Individuals should be able to retrieve their earnings at the least time possible while paying minimal rates in transaction fees. With the best payment methods like MasterCard, PayPal, Neteller, etc. this can be a possibility. These methods offer a minimum of 2-5 days at the lowest rates to complete a withdrawal.
However, to initiate this process, you’ll need the internet, a smartphone or mobile device, and of course, withdrawable money in your betting account. The last part is important because on most of these betting sites, individuals might attempt to withdraw bonuses that were given by the site and this is hardly successful. Most bonuses cannot be withdrawn until the individual places a bet with the bonus amount and make a win. Even with this, only the profits can be withdrawn, the stakes remain in the betting account.
Are Taxes/GST Liable on Betting Transactions?
Absolutely. As a bettor or a gambler, GST (Goods and Service Tax) is always payable on the margin between the money received and that which is paid out for a betting event. However, these taxes do not apply in all countries but for India, the Supreme Court held that gambling and betting activities are taxable under the GST Act.
According to thehindu.com, the court claims that lotteries, betting and gambling are all ‘actionable claims’ and hence, are under the definition of goods under section 2(52) of the central Goods and Services tax Act, 2017.
Also, the Income Tax Act defines winnings and prizes from gambling and betting activities as income. Hence, section 194B of the same Act stipulates that all winnings and prizes that are worth over 10,000 rupees should be deducted by 30% at the source. This means that the online betting site will deduct 30% of your winnings above 10,000 rupees before you even initiate a withdrawal.
In essence, for transactions like deposits or withdrawals at online betting sites alone, the GST does not apply. Only the financial institution’s transaction charges apply. However, on the winnings and prizes itself, these taxes apply.
Frequently Asked Questions
Here are some of the frequently asked questions concerning payment methods for online betting sites.
Before you can partake in any real and paying gambling activity online you’ll need to deposit funds on the gambling site. You can pay via credit cards, debit cards, bank transfer or e-wallet services like PayPal and Neteller. Once you’ve deposited, you can then stake, bet and win.
Most betting sites have minimum deposits which bettors need to make to be able to bet. For Fun88, the minimum deposit is $10.
Initiate a withdrawal process on your betting site account, key in the amount you want to withdraw, select the method of withdrawal and then wait for confirmation and funding.
It can take anywhere from 2-5 working days before a withdrawal transaction is complete and the recipient account is funded.
Depending on your country of residence, they could be. Confirm with your Income Tax laws to be certain.
If your payment is taking too long to be confirmed, you can either give it more time or contact support for a transaction cancellation.
Most bonuses cannot be withdrawn. They can only be staked and then the winnings on the bet can then be withdrawn.
Online betting sites have diverse payment options and knowing which option is best for you does go a long way to maximize your winnings. While some options take too long, others might cost too high. Hence, having detailed information about each of these payment methods really helps you achieve your betting potential. This piece has served as a guide to these options as it’s highlighted the pointers to look for before selecting a payment method, the applicable taxes on earnings and lots more. With the information provided here, you’re fully equipped to make informed decisions whilst dominating the betting niche.