Everything You Need To Know About The Payment Process In Online Betting

One of the most important things you have to do before you start betting online is to make sure that you can make a deposit and withdraw your winnings. You can check those things by going to each gambling operator’s payment section.

We know that the majority of bettors reading this probably don’t have a lot of experience in the iGaming industry. That’s why we’ve decided to point out everything that you should know about the payment process before you start betting.

Online casinos and bookies use different payment alternatives

If you visit one of the big land-based casinos and betting shops, you can use cash and play on the things you like. Needless to say, you can’t do that in an online betting platform, which is why operators have to provide their clients with different payment alternatives.

Interestingly, every brand has a different approach when it comes down to this process. Some companies only focus on e-wallets, whereas others prefer to offer their customers debit/credit card transactions. If you visit SilentBet, you will also find many casinos and bookies that have different cryptocurrencies, such as Ethereum, Dogecoin, Bitcoin, and others.

In some cases, each payment option has different minimum and maximum requirements

One of the intriguing things about the deposit and withdrawal alternatives is that each option might have its own minimum and maximum limit. Usually, bookies and casinos have a set minimum requirement for all options (for example, $10 for a minimum deposit), but this isn’t always the case.

The only way to find out whether each option is different is to visit the operator’s payment section. Sadly, some brands don’t allow their clients to check this thing unless they have an account. This means that you may have to sign up if you want to check this information.

Deposits are instant, but withdrawals aren’t 

Even though there are some exceptions, the majority of gambling operators allow their clients to make instant deposits. This is really convenient because punters can start betting in a matter of seconds. They need to choose their preferred deposit method and how much money they want to deposit.

Sadly, pulling out your winning is not as easy as making a deposit. There are some exceptions, but the majority of betting websites require their clients to wait up to a few days before they can receive their winnings. In some cases, the payment option itself does not allow instant transactions. There are also some operators who want to review every transaction prior to enabling it. 

You may have to pay a fee if you make smaller deposits and withdrawals

Unlike a few years ago, the majority of betting operators don’t have any additional fees that you have to pay. Sadly, some brands haven’t removed this annoying requirement yet, especially when it comes down to smaller transactions.

If you want to check whether you have to pay any fees for a deposit/withdrawal, open the operator’s payment section or ask the customer support team. In addition to the brands that have a fee for smaller transactions, some places will charge a certain percentage every time you make a deposit or a withdrawal. As you can probably guess, it is a good idea to use another betting platform.

Sometimes, you can’t use every deposit option

The fact that most online bookies and casinos want to provide as many deposit options as possible shouldn’t come as a surprise. There are operators where you may find more than 100 different alternatives, but you may have to avoid some of them if you want to try out a specific bonus.

Some betting companies don’t allow their users to make a deposit via one of the popular e-wallets if they want to take advantage of a given offer. Usually, this condition applies to the welcome promo, but this isn’t always the case.

Certain casinos and bookies support many currencies

If you open an account on a reputable gambling platform, there is a pretty good chance that you will be able to use different currencies. In addition to the most popular options, such as EUR and USD, some brands support things like GBP, NOK, LEV, and so on.

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