Matched betting payment methods
When doing matched betting, there are several payment methods you can use to deposit money into your bookmaker accounts in order to attain value from them. In this article, we will look into each possible method and see which the best payment method to use is.
E-wallets (Skrill, PayPal, Neteller etc)
E-wallets are useful sometimes for matched betting in the fact that when you withdraw your money from a bookmaker, the money will get to your e-wallet much faster than it will go back to a bank account. When you withdraw from the bookies via an e-wallet, it can usually be in your e-wallet the same day if not the next day at the latest. You won’t have to wait 3-5 working days for a withdrawal to come back to your account like you would if you were using a bank account. If your bankroll for matched betting isn’t big like less than £1,000, then using an e-wallet is ideal because you can turnover your cash much faster as you are not waiting days for your money to come back to you.
The downsides to e-wallets are that there are fees attached to pretty much every transaction you ever do. There are fees for when you deposit money from your bank account into your e-wallet, there are fees when you withdraw back to your bank account from your e-wallet and there are even fees when you withdraw from a bookmaker back to your e-wallet. Whilst the fees aren’t massive each time, when you are doing a lot of volume (turnover), the fees associated will quickly add up and eat into your profit margins from matched betting. If you charged £0.10 for each transaction and in a month you make 1,000 transactions say, you could end up paying £100 in fees for the month which is a lot when you consider how much that will eat into your matched betting profits. The idea of matched betting is that you keep your losses and fees low and keep your profits high. Using an e-wallet could dint your matched betting profits each month which is something we would all like to avoid.
Another disadvantage to using e-wallets is the bookmakers generally will only allow you to receive a free bet offer or bonus when you deposit via a bank account. E-wallets like PayPal and Skrill are not acceptable forms of depositing funds into your bookie account when trying to extract free bets from them. A few years ago, this was never an issue because matched betting wasn’t as well known back then. However, in the past few years matched betting has become increasingly popular and so the bookmakers have had to react to the influx of a huge number of people matched betting each month. The bookies will have become wise to the fact that depositing via an e-wallet will be quicker for the individual to move their money around faster and stopped people receiving free bets using these payment methods.
Bank account/ debit cards
When depositing via a bank account, you can usually take part in the free bet promotions and bonuses that the bookmakers are offering. This means that you can opt-in to the bookies incentives for new and existing customers without being penalised for using an e-wallet. Of course you should always check the bookies’ terms and conditions before doing an offer to make sure you have opted in correctly and deposited via a suitable payment method. The beginning of your matched betting journey is the sign up offers and as we know these are also the most profitable offers in matched betting as we can get 100% deposit bonuses and free bets which are equal to or more than our initial betting stake so the profitability is massive when initially joining all the new bookies. This therefore makes it crucial almost to be depositing via a bank account at least to begin with. When placing dutching bets or each way bets for example, there are no free bets involved so using an e-wallet may be okay as you are not expecting to receive a free bet or bonus from the bookie off the back of it. The same applies to arbitrage bets as no free bets are necessary.
Another good thing for using a bank account is it allows the bookie to verify you quickly. From depositing via an e-wallet, you will usually get an email from the bookmaker asking you to send over your proof of ID and proof of address. However with a bank account deposit, it gives you more authenticity in the bookmaker’s eyes and allows you to get your bookmaker account verified quicker. Furthermore, another neat thing about bank accounts is there are no fees! The only time you are ever likely to get a fee from using a bank account to deposit or withdraw from a bookies, is if the bookie is based abroad and so they have to do a foreign exchange on your account. This is only ever known to be with smaller bookmakers and the fee is only £3.00 maximum so it’s less of a common occurrence than with e-wallets.
It takes 3-5 working days for a withdrawal to be processed which can be frustrating for those who have a small bankroll to begin with. In my own experience however, I have never known it to take that long. I have withdrawn from a bookie before and had the money in my bank account the following day. Provided you have given the bookmaker your ID and proof of address and the bookies are satisfied, there is no reason for them to delay withdrawal. If you feel they are taking too long, you can contact the bookie and get IBAS involved if necessary.
Using a bank account to deposit at bookmakers can have an effect on your credit score and also affect your ability to get a loan or mortgage in the near future. However with research you can see that the lenders will only require 3 months worth of bank statements so just make sure you stop matched betting in the lead up to you applying for a loan or mortgage.
So in this article I have looked at the pros and cons of using both an e-wallet and a bank account. As you can see from this article, it is much better and makes more sense to deposit and withdraw using a bank account.
This is my own opinion and should not be construed as financial advice and you should always do your own research before deciding which the best option for you is. This is because each person’s needs are different to the next person. Using a bank account works for me because it allows me to separate my personal bills account away from matched betting activities. This also allows me to see my profits much more easily and allows me to do a bank reconciliation with a spreadsheet in excel to make sure everything adds up. Of course if you have a small bankroll, it is frustrating having a small bankroll when using a bank account in the beginning but when you have a large enough bankroll like I have built up over time, the process becomes much more easier and you will find you can tackle more bets at once.
E-wallets do have their uses but I have never used them for matched betting purposes due to the fees involved.
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