Depositing at Online Sportsbooks with Credit Cards
Using credit and debit cards to make purchases online is as old as the Internet itself. Ecommerce is big business, and because online retailers are too far out of reach to take cash, using a VISA, MasterCard, or other branded credit/debit product is a popular choice for online shopping.
The appeal of making a credit card purchase to fund a sportsbook account is obvious – it is fast, it is convenient, most of us already have a card or two in our wallets, and it ostensibly secure, considering that we use the cards every day of our lives. The trouble for many sports bettors around the world is that they’re disallowed from using these venerable financial products to make their sportsbook deposits and withdrawals.
Credit Card Deposit Basics
Unlike other methods used to make deposits and withdrawals at sportsbooks, the use of a credit card depends on an existing product that a consumer already uses for other purchases. While plenty of alternative methods exist (from eWallets to voucher systems), entering basic credit card information on a sportsbook’s financial page is familiar to consumers.
Opening a credit or debit card account is often a bit more complicated than the process for opening accounts with other popular payment methods. That’s because these products are designed to do a lot more than just send and receive money from a website – people use these cards to make their everyday purchases, and in the case of debit cards, the account the card is linked to is often their method of payment from their workplace.
Opening a traditional credit card account happens a number of ways. Some users get credit card applications in the mail, send off for them, and in a few days they have a line of credit attached to a simple piece of plastic they carry around with them. The application process involves a lot of personal information, including bank details, and the issuance of a card depends on creditworthiness and personal financial history.
Opening a debit card account is identical to opening a new bank account, a complex process that likewise involves sharing personal financial information and history. Debit cards are accepted at many sportsbooks around the Internet, but they’re not as popular as traditional credit products.
Green Dot Money Pak Reloadable Cards (pictured, right)
A third credit-style product exists, one in which is becoming the most popular for customers opening new accounts at bookmaker websites – the pre-paid debit card (also known as a “reloadable debit” card). These cards are nothing like traditional credit cards, in that the line of credit available depends on how much a customer has deposited (or “pre-paid”) onto the account.
Products like Green Dot Money Pak(s) are popular enough as bookmaker deposit methods to have their own categories at review sites and on sportsbook finance pages. They can be found almost anywhere, including your local Walgreens, Walmart or local gas station (it’s that easy to find one). Most sportsbooks now use this method as one of their primary deposit methods and it’s easily one of the highest-approved.
For more info on Green Dot cards check out their site at www.GreenDot.com – also, 5Dimes.eu is one of the top sportsbooks accepting ALL players that accepts Money Pak deposits right now.
Credit Cards & North American Customers
Unfortunately for American and Canadian citizens, the North American market is has slowed down immensely in terms of credit card and debit card deposits and withdrawals – especially concerning the funding of online gambling accounts.
In 2006, the US government passed the Unlawful Internet Gambling Enforcement Act, or UIGEA, which made it illegal for financial companies based in America to process certain types of transactions with “known illegal online gambling” venues.
The end-result? Attempting to make a deposit as an American using a VISA or MasterCard or any other credit or debit product will lead to the transaction being declined, usually without fail. Rather than make it illegal for people to wager on sports, the government instead focused on preventing the banks from processing the transactions.
This focus on credit card transactions bled over to Canada from the United States, and has (in the past) made credit card companies afraid to move into new markets or expand business in existing ones. For the time being, North American citizens will have a difficult (if not impossible) time of depositing money using a traditional credit card.
Credit Card Approval Rate Percentage
The same isn’t true for citizens of other countries; in fact, the use of a credit card to make a sportsbook deposit is still one of the most popular methods in the world, thanks to international business.
Specific numbers related to the approval rate for credit card deposits are not available; this is because of the high volume of such deposits being attempted and the ubiquity of the method, in use in hundreds of countries around the world.
Generally speaking, bookmakers that accept these deposits have a high success rate using them. This is due to the companies backing these methods, and their solid reputation and long history of doing financial business around the world. As we already mentioned earlier in this article, Green Dot Money Pak’s are the most highly-approved method.
Sportsbooks that Accept Credit Cards
Because credit card deposits are available at the vast majority of legal online bookmakers, the list below is representative of the types of books that accept deposits (and withdrawals) using these methods. Take note that some of the list below are US-facing bookmakers, for which offering a credit card method is essentially a lifeline to North American credit card customers: