If you are a bookie who already has a betting operation or are looking to start your own business, one of the most important aspects that you must consider is the payment methods.
In the market there are a large number of payment methods that bookies can incorporate into their betting business.
For this reason, in this blog, we will cover the main payment methods for a betting business and how you should choose which ones to integrate into your betting business.
Why are payment methods important to your betting business?
The payment methods that you integrate into your betting business will greatly impact the performance of your business.
For example, bookies with five or more payment methods on their betting site tend to have more action and receive more bets.
In contrast, bookies with three or fewer payment methods have less betting activity, and their bettors are not as loyal.
This is because bettors look for betting sites that allow them to bet quickly and safely. The method of payment has a lot to do with this decision.
Bettors want to use payment methods that allow them to make quick and easy deposits to their betting site account. Also, in many cases, bettors want to use payment methods that guarantee certain anonymity.
It is for this reason that a betting site must have several payment methods. In this way, bettors will be able to choose the method that suits them best and with which they feel most comfortable.
What are the leading payment methods of a bookie business?
There are a wide variety of payment methods that bookies can integrate into their betting operation. But the most popular are:
Many gambling sites still use traditional banking systems to accept deposits and pay bettors.
For example, bettors can make a standard bank transfer to fund their accounts on the betting site.
Some gambling sites also accept bank checks.
These methods are less and less used because they are very slow, cumbersome, and with very high transaction fees.
In other words, these are the most inefficient payment methods in the betting industry. However, many bettors prefer them. Therefore bookies should offer them if they do not want to miss out on an important segment of gamblers.
Money transfers through companies such as Money Gram and Western Union have been one of the most popular payment methods at gambling sites for many years.
In fact, some betting sites only accept this method. The problem with this system is that it is complicated and inconvenient. Since bettors must move to a shop of one of these companies to send the money.
In addition, the transfer fees vary according to the amount you want to send. As a result, gambling sites often offer low deposit limits for bettors using these systems.
The segment of digital transfers is very broad and includes companies such as PayPal, Neteller, and Skrill, to name a few.
These services allow bettors to make digital transfers directly to the betting site. For this,, they only need to use the app or website of one of the providers mentioned above.
To use these services, bettors need to connect their bank accounts or credit or debit cards to the service in order to send funds.
Gamblers like these services because they do not have to provide their bank or card details to the bookie directly.
Bettors feel more secure sending funds with these services. In addition, the transaction fees are usually low, and the money is credited immediately.
These services are the most convenient for moving money to and from the betting site.
To protect their identity or simply to stay within a betting budget, many bettors use prepaid cards.
Prepaid cards work like a debit card, with the difference that the card has a limited amount of money. When the card runs out of funds, it stops working and must be reloaded with a new amount.
This system is a bit complicated for bettors to use as they must go to physical locations to buy or reload the cards. However, it is widely popular with bettors who want to remain anonymous when betting.
There are not many complications in accepting this type of payment system for bookies since it works just like a normal credit card.
Cryptocurrencies are another extremely broad segment. There are hundreds of cryptocurrencies, although not all of them work for gambling.
The most popular in the betting industry are Bitcoin, Ethereum, and Litecoin. However, depending on the betting sites, they may accept other coins.
In fact, some gambling sites have developed their own unique cryptocurrencies.
The thing with cryptocurrencies is that, in principle, it can be challenging to understand and implement them in your betting business.
But once you get the hang of it, cryptocurrencies provide many advantages for both the bettor and the bookie.
For example, transactions are secure since they use a complex encryption system. Therefore the information of both parties is protected and cannot be breached.
In addition, transactions with cryptocurrencies are 100% effective, since there is no intermediary entity. This means that no transaction will be held or delayed.
The fees to carry out transactions with cryptocurrencies are low, and money usually passes from one party to another quickly.
How to choose the payment systems for my bookie business?
When it comes to selecting the payment systems for your betting site, you should keep the following in mind:
Convenience for bookies and gamblers
You must choose payment systems that are comfortable and practical for your customers. But also for you as well.
For example, cryptocurrencies offer many advantages for making transactions on a gambling site. However, if you have a hard time understanding and handling them, then don’t force yourself to incorporate them into your betting business.
Try to implement as many payment systems as possible on your betting site, but make sure you can fully master them.
Managing many payment systems at once can be complicated, and if you lack organizational skills, you can lose control of them in a short time.
If you are starting your betting business, you should start with 2 or 3 payment systems. Then, when you have more experience and are more familiar with the industry and your bookmaking software, you can expand your offer of means of payment.
Integrate Payment Systems in Your Bookie Business.
If you have the best Pay Per Head provider, integrating the payment systems into your betting site will be very easy.
Most Pay Per Head providers have the support and infrastructure necessary to integrate the leading payment systems into your betting business.
Which is the best Pay Per Head Provider to Integrate Payment Systems?
Each Pay Per Head provider has its peculiarities and characteristics.
Depending on the payment systems you will use in your business, one provider may be better than another.
For this reason, you should check the best Pay Per Head reviews to determine which provider is the one that best suits your needs.