Top 10 Payment Methods for Sports Betting Software 2021-22
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So you’ve got yourself a cutting edge sports betting website that comes with all the latest features and functionalities, supports a myriad of bet types, and a plethora of betting markets. That’s great! But have you given a thought about the online payment providers for sports betting websites?
Several sports betting businesses that provide top-notch services fail to make a mark in the industry because their sports betting payment solutions are not good enough. Because their users don’t find them convenient. And in today’s fast-paced digital world where the competition is tough and every single day, new platforms are getting launched, rendering a user-friendly platform becomes a necessity.
The success of every platform depends heavily on how easily the users are able to carry out transactions. When you provide your users with the option of picking the online betting payment methods they find convenient, you help in facilitating transactions without frets. In addition to this, seamless and credible online betting payment gateways enable you to build trust among your users and make your platform reliable.
But let’s face it. Finding trusted betting payment methods for online betting sites could be intimidating as well as a daunting task. With several online betting site payment methods available today, picking the one that’s right for your sports betting platform could be confusing. And if you have carried out a simple search on Google, you must have found plenty of online payment providers for betting, all claiming to be the ideal choice.
And that’s why we are here. To pull you out of the dilemma and help you pick the ideal as well as trusted betting payment options, we have curated a list of top 10 payment methods for online betting websites that will be ideal for your sports betting software solution. Whether you are just starting your sports betting business or you are someone who is running a successful sportsbook, this list will help you to find and pick the ideal payment gateway for your sports betting website.
But before we dive right into the list, let’s understand what sport betting payment gateways are and how they work.
What are payment gateways?
Payment gateways are provided by third-party solution providers. These solution providers render you seamlessly working and easy to use payment gateways that get integrated into your online solution. The payment gateways act as a tunnel that connects your platform and the bank accounts of your customers. A payment gateway also enables your users to carry out transactions by using diverse payment modes such as credit cards, debit cards, net banking, online wallets, and many more.
How do Payment Gateways Work?
The complete process of making a deposit or withdrawing funds is as follows:
- When the customer on the sports betting website clicks on the “Deposit” or “Withdraw” button, he/she is taken to the online betting site payment methods.
- When the customer reaches the betting payment options, he/she is required to enter all the crucial information such as name, address, bank details, card details, security questions, etc.
- Once the above steps are completed, the customer is taken to a 3D secure page and is asked to authorize the transaction.
- The bank then checks the account balance of the user to ensure if he/she has sufficient funds to carry out the transaction. If the verdict is yes, then the bank notifies the merchant and makes the transaction. If the verdict is no, then the merchant is notified with the error message.
Types of Payment gateways
- Redirects When a customer clicks on the checkout button, he/she is taken to the main page of the payment gateway and here, the transaction is carried out and completed. This method is called redirect.
- Payment offsite In these payment modes, the front end checkout is carried out on your betting platform software and the rest of the process is carried out on the backend of the payment gateway. The perfect example of this payment gateway would be Stripe.
- On-site payments The complete payment process is carried out on your website which gives you complete control over the process. This method is usually used by large businesses with huge websites.
Points to Consider While Choosing the Payment Gateway
- Ease of Integration and Compatibility Easy to integrate gambling payment gateways help you save a lot of time. They get your online sportsbook betting software up and running quickly without any hassle.
- High Encryption Standards Before picking the third party payment gateway provider, ensure it comes with high encryption standards, after all, this company will be receiving and handling all the crucial and sensitive information of your customers.
- Payment Processing Fees The type of business and the type of transaction decides the payment processing fees. Hence it becomes one of the most crucial factors for picking up the ideal payment gateway for gambling sites.
- Multi-currency Support Since people from all over the world will be using your online sports betting software for placing bets, multi-currency support becomes a crucial factor to consider.
- Global Support Several users from diverse countries rely on offshore sports wagering software solutions for placing bets. And for expanding your business to different countries, global support becomes crucial for your sportsbook betting software.
- Speed Sports betting transactions vary in speed. Some sports betting payment methods provide fast processing and some slow. But for good user experience, the ideal pick would come with fast payment processing and enables your users to carry out transactions seamlessly.
- Fraud Detection Another important feature that you should look for is fraud detection. Online payment providers for betting can help you identify all the breaches and illegal activities on your platform and can help you carry out large transactions without any frets.
- Mobile Payments More than 45% of bets are placed via mobile devices and hence to ensure your users can make the most of the betting experience, it's important to pick betting payment solution that supports mobile payments.
- Reporting Tools Some payment gateways come with reporting tools that enable you to review all the transactions, your commissions, and chargebacks, and opting for these can enable you to get your hands on detailed reports and analysis of your revenue.
- User Experience If the payment gateway for online gambling is difficult to understand or use, chances are your users will either bounce back from making a deposit or will struggle while making a withdrawal. To ensure a seamless user experience, it's important to pick the one that can be used without any frets.
- 24/7 Customer Care Last but not the least, ensure that the sports betting payment methods you are opting for come with 24/7 customer care and provide technical assistance in case something goes wrong while carrying out sports betting payments.
- Limit Some payment gateways come with an upper limit. Transactions above this limit don’t go through. Sports betting websites deal with a great deal of transactions that take place almost every single day. Hence, while choosing the payment gateway, it becomes crucial to be aware of such limits implemented.
- Multiple Cards Support Most people use Mastercards, Visa, Amex etc. But some also rely on debit cards to make payments. Make sure your payment gateway accepts all the widely used cards to ensure seamless transactions.
- Comprehensive Merchant Dashboards The merchant dashboards come with all the critical tools that allow business owners to track transactions, stay updated about most used modes of payment, manage refunds, settlements and much more.
Importance of Online Betting Payment Methods in the Gambling Industry
The sports betting industry is one of the most rapidly booming industries. The sports betting industry has successfully reached the figure of $203 Billion in the year 2020. There are 31 thousand businesses operating worldwide. In addition to this, the recent legalizations in several countries, including the USA, have boosted the overall growth and worth of the industry. No wonder several entrepreneurs are looking to invest in this industry through online sports betting software solutions or sports wagering software.
The online Sports betting industry differs from country to country and province to province. Every country, every state has its laws. In addition to this, several establishments are required to comply with several laws of diverse countries in which they set up sports betting business.
Apart from all these, the online sports betting websites receive high traffic and process several high volume transactions in a single day while managing players, bookies, betting markets, bet types, admin accounts, and several betting events. No doubt that the operations that are carried out are complex and no wonder why sports betting websites are always at high risk, and a target for fraud as well as illegal activities.
Hence the integration of reliable and secure betting payment options has become a necessity and it’s crucial for facilitating safe and secure transactions on the sports betting software platform.
Types of Payment Methods For Online Betting
Several payment types are used in sports wagering software. Below is the list of some of the most used sports betting solutions:
- Bank cards Several online betting platform software use bank cards such as Visa, Mastercards, Maestro, etc for faster payments.
- E-wallets Skrill, QIWI, Webmoney, Jeton Wallet are some of the most common E-wallets that are used in online sports betting software.
- Mobile Payments Mobile payments are not only user-friendly but also quick. Siru mobile and Wizall Senegal are two mobile payment solutions used in sports betting applications.
- Crypto and Fiat Online sports betting websites allow their customers to make deposits and payments by harnessing the power of fiat and major cryptocurrency such as Bitcoin, Dash, Litecoin, Ethereum, Zcash, and many more.
- Bank transfer Several online betting platform software solutions enable their users to carry out bank transfers.
Top 10 Payment Methods For Online Betting
Here is the list of the top 10 online betting payment methods for sportsbooks and sports betting websites that provide faster sports betting transactions and a seamless user experience.
- Cardinity Cardinity is one of the best online betting site payment methods which provide high-risk merchant accounts. Cardinity comes with PCI DSS compliance and also a 3D secure customer authentication tool that enables you to reduce the risk of chargebacks significantly. The payment gateway provider provides payment processing for several online gambling activities such as betting as well as sports betting, a game of chance, poker, online casinos, dice games, and several others.
- Harvexs Harvexs payment gateway enables you to accept debit and credit cards, facilitates online payment providers for betting, and also provides you casino merchant accounts. The payment provider comes with a UK/Malta license, Curacao license, and other license options that enable you to comply with the terms of diverse jurisdictions. Harvex also supports fiat and cryptocurrencies that enable your users to place bets and carry out sports betting transactions without any hassle.
- Ikajo Ikajo is another trusted online payment provider for betting that supports 100+ currencies, 100+ payment options and operates in 150+ countries around the globe. Ikajo also comes equipped with anti-fraud tools, advanced analytics, smart routing, and advanced analytics.
- Merchant Scout Merchant scout supports 150+ currencies, 30+ payment methods, and 30+ merchant banks. With a record of catering to the needs of 50+ online sports betting software and casinos, Merchant scouts support diverse industries such as sports betting, sportsbooks, online, Bingo, Binary options, skill games, and lottery.
- Latpay Latpay provides cutting edge payment solutions for sports betting, online casinos, lottery, bingo and also covers sectors that involve high risk such as Forex as well as Travel. The best part about Latpay is its high compatibility and security. Laypay also allows you to know your customers with the help of an ID validation system.
- First Data (Fiserv) First data comes equipped with fraud and security tools, prepaid open-loop cards, ACH platforms, and disbursement solutions and support sports wagering, fantasy sports, lotteries, online gaming, and casinos.
- PurePay PurePay provides payment options across North America and Europe and also supports crypto payments worldwide and also enables businesses to obtain alternative payment methods. The 3D security and fast payment options, PurePay become an ideal pick.
- Instabill Instabill supports online slots, blackjacks, poker, online casinos, and many more and enables you to pay via gift cards. The merchant accounts get approved within 5 business days to two weeks. The payment gateway comes with high security and also prevents chargebacks.
- Skrill Skrill is available in 200 countries and provides instant transfer. Skrill is used by some of the best online sports wagering software solutions such as Betway, Bet365, Royal panda, Badog, and many more. The best part about skrill is low transaction fees, high-end security and easy payment options.
- Neteller Neteller is widely used in the online sports betting industry. Neteller supports over 200 countries and is considered one of the safest payment systems. Several sports betting websites in the UK, Canada, and many more rely on Neteller for fast payments.
How GammaStack Can Help you Get the Ideal Betting Payment Options
GammaStack is one of the well-established and well-known sports betting software providers. Equipped with 8+ years of experience, we provide you with the best-in-class sports wagering software solution that comes equipped with the payment module.
The payment module we provide in the solution consists of several payment gateways. In addition to this, this module can be scaled up and scaled down as per your specific requirements. This means you can get the payment gateway of your choice without any hassle.
At GammaStack, we bring you feature-loaded online sports betting software solutions and the most comprehensive white label sports betting software solutions that come enriched with some of the most trusted and reliable payment gateways that are used by global leaders. In addition to this, our sportsbook betting software solutions also come with the KYC module, a powerful sports betting engine, as well a risk module.
Want to know more about cutting edge payment gateways and sports betting solutions? Contact us today!
Frequently Asked Questions On Payment Methods for Sports Betting Software
Do you provide payment gateways with your sports betting software? Yes, our sports betting software solution comes equipped with top-notch payment gateways that are safe and highly secure.
Ofcourse, we can integrate the payment gateway as per your needs into your sportsbook. Our process of integration does not disrupt your business operation and to ensure smooth functioning, the software solution gets thoroughly tested to ensure there are no glitches.
Yes. We understand that a lot of gamblers prefer cryptocurrency over regular currency for gambling. Hence, the third party payment gateways we provide support Fiat as well as crypto currencies.
We have only partnered up with the best. We provide payment gateways like Worldpay, Skrill, Instabill, Neteller, Latpay, First Data and many more.