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What are the secure payment platforms for online betting?
Online betting can only be fun and entertaining if you have the assurance that your deposited money is safe in your account. Aside from choosing the best online betting website, you also have to make sure the payment platform you’re using is safe and secure. In fact, you can even gauge an online betting site’s credibility by its different payment methods. Remember, not all betting sites are created the same. There have been numerous reports of blacklisted betting sites because they have been proven to defraud their clients of their money.
When it comes to betting online, you can’t play it by ear. You can’t risk losing your money and handing out your personal details to nefarious individuals who might try to earn more money by selling your personal identifiable information (PII).
How to Increase the Security of Payment Platforms for Online Betting
Here are some pointers you should take note of when making a payment for funding your online betting account:
Use a Secure Connection
Never make payments or share personal and financial data while using a public Wi-Fi connection. If you can’t help but use one, make sure that you’re using a virtual private network (VPN) to add another layer of security for your transaction.
It would also help if you can check the Wi-Fi connection and website you’re visiting is secure. One way to check is if the website uses the “https” in the URL. Be on the lookout for the closed lock icon or unbroken key in the browser. This will indicate the security status of the website you’re visiting and transacting with.
Use a Dedicated Credit Card
If you have several credit cards, it would be best if you could assign one that you would exclusively use for your online betting. When you do this, it would be easier for you to check if you’re credited accurately. Monitor your transactions for any discrepancies so you can readily spot and report any suspicious activities.
Read the Online Betting Site Privacy Policy
It can be an arduous task to read the privacy statement of each online betting site that you’re playing on. But it would be really helpful if you take some minutes to read and review them for your protection, particularly identifying how they protect and secure your confidential data. If the online betting site does not have a privacy statement, it’s best not to transact with them.
Choose Credit Over Debit
Most frauds can only be detected after the fact. When you use your debit card, the risk of wiping your account clean is higher. In general, credit card transactions are easier to track. Plus, they offer more protection.
Safest Payment Methods For Online Betting
As much as possible, online betting sites will have varied payment platforms they will partner with. They would want to offer flexible payment options, so it’s easier to entice bettors to deposit and fund their accounts. When it comes to choosing the online betting site, their secure payment platforms can be a deal-breaker. Here are the most common payment methods online betting sites use:
Debit and Credit Cards
Most betting sites would still accept debit and credit cards. These sites want to cater to players who still prefer traditional payment methods. Some casinos will still carry these payment methods because they don’t have to deal with third-party integrations. In most cases, a Visa or MasterCard may be used to fund accounts. They are secure but sometimes may have slow processing times. If you want to get your funds instantly, make sure that your debit account has funds and your credit card still has a remaining balance.
As mentioned, it would be best to choose credit over debit.
PayPal
Perhaps one of the most widely known secure payment platforms worldwide is PayPal. This e-wallet has a high acceptance rate and is highly reliable. That’s why many prefer to use it. It also has an instant deposit feature that gives it a plus point for gamblers. Another advantage of PayPal is its acceptance of the cryptocurrency, Bitcoin. One downside, though, is it may have high transaction fees that you need to shoulder.
Cryptocurrencies
If you already have a crypto wallet, then you may directly use your digital currency to pay for your online bets. In fact, it’s even regarded as the safest payment option there is. Using decentralized technology offers high levels of security and anonymity. That’s why they are preferred by the high-rollers.
On top of sending timely updates and passcodes after payment initiation, crypto users also never have to shoulder transaction fees. Some of the widely accepted cryptocurrencies are Bitcoin, Etherium, Dash, Dash, Altcoin, Litecoin, and Dogecoin.
Trivia: Did you know that online casino operators provide generous bonuses and perks for crypto users?
Take note, however, that some online casinos are yet to accept cryptocurrencies.
Neteller
If you don’t have a credit card, you can still fund your online account using Neteller. Neteller is a digital wallet that offers a secure payment platform for online betting. In fact, it’s one of the widely used payment options for many online casinos.
It’s notable for providing high levels of encryption for its users, so their clients never have to worry about online scams. It’s also a plus that these sites allow you to fund your accounts instantly, so there’s no downtime to your casino game.
If you’re using Neteller for withdrawing your winnings, you can expect same-day processing. Like PayPal, however, they have high transaction fees.
Skrill
Previously known as Moneybookers, Skrill is one of the foremost payment options that online casino bettors use to fund their accounts. Think of it as your middleman that facilitates transactions between your bank and your online casino.
Skrill now offers a virtual debit card that provides a fast, reliable, and secure payment for online betting sites. What’s nice about this digital wallet is its option for choosing a currency. However, if you’re after a first deposit bonus offer, Skrill payments are not supported.
Bank Transfer
A high-stakes player would often prefer using bank transfer or bank wire to transact payments to online betting sites. It’s pretty straightforward and allows them to transfer a considerable amount of cash. Since most banks would flag huge transactions to prevent fraud, bank transfers may often have longer processing times. They are not ideal if you want to fund your online account instantly.
The sports gambling industry is one of the most rapidly growing sectors, reaching a market value of $203 billion in 2020. Its growth is spurred by several legalizations in several countries, including the USA. As they say, hackers will most certainly follow where the money is. Don’t let your guard down when betting online. Use only secure payment platforms for each and every transaction you make.
Which of these secure payment platforms for online betting are you using now?
