Matched betting deposit options
November 16, 2016
The early advice when matched betting is to use a debit card for depositing with bookmakers but there are other options you can use too.
The majority of UK bookmakers won’t make their welcome bonuses available for deposits made through Skrill, Neteller and other online wallets . However, money back offers and other betting promotions aren’t always subject to this condition which is when another deposit option is worth considering.
Having one place from which to manage your matched betting can be very useful. Transactions don’t get confused with household expenses and withdrawals can be used to make deposits with other bookmakers and exchanges more quickly when using an online wallet.
Some people prefer to open a second bank account solely for matched betting. This helps keep things simple when checking transfers in and out of betting accounts plus it’s fairly easy to see how much money you’re making matched betting.
You may find your activities are slowed down by a big win with a bookmaker which can wipe your exchange balance clear. If you don’t have enough funds to top up your exchange, you could be left waiting days for your withdrawal to make it into your bank account before getting back into matched bets.
The benefit of an internet wallet is the withdrawn funds can be re-used straight away as they appear immediately in your wallet account. There may be charges for making withdrawals from the wallet to your bank account but these will have little impact if you don’t dip into your profits too often.
Another important consideration is the offer terms and conditions. Always check for deposit method restrictions before making a deposit. In general, sign up offers and deposit bonuses are restricted to deposits made by debit and credit cards but thereafter, most other offers aren’t affected.
Finally, you’ll be required to make withdrawals via the same payment method used for the previous deposit.
All you need is an email address and password to make transactions so there’s no need to remember card details and expiry dates. Register with a provider and link your bank account to your wallet and once it has been verified, you’re ready to go.
Internet wallet deposit options for matched betting
Many people are familiar with using PayPal and in the last year or so, bookmakers have started accepting PayPal as a payment method. You can make payments and transfer money to other PayPal accounts, such as friends and family, free of charge. There are no fees for withdrawing to your bank account but there is a charge of 50p if the bank returns the payment to PayPal for any reason. Funding PayPal payments with a credit card will incur a small fee of 3.4% plus 20p.
Neteller allow you to fund your account with a wide variety of deposit options with fees varying from zero to 8%. Bank transfers are free and withdrawals back to the bank cost €7.50 until your VIP status increases and withdrawals are free.There is no charge for depositing with bookmakers but you should check the bookmakers terms as some may charge for Neteller deposits or limit the number of free deposits.
Formerly Moneybookers, Skrill is another popular online wallet with free funding of your wallet. Transfers to your bank account cost €3.95 and like Neteller, are free once VIP status increases. Skrill don’t charge for depositing with betting sites but the bookmaker may apply restrictions or fees.