As technology becomes more accessible and reliable, more industries strive for a cashless payment system. Online sports betting or bookmaker services are among the sectors that benefit from it the most. You can see various sportsbooks online like Sportsbet.io rapidly become more well-known among sports fans and crypto users alike because their betting services are so accessible.
Why is the development of a cashless payment system so important to the rise of online sports betting? For starters, it is convenient. Gamblers worldwide find more methods to top up their bankroll to pay for an ante while also keeping the same channel to receive their winnings on withdrawals. Check out the state of cashless payment in sports betting right now:
The Most Commonly Accepted Payment Methods
A quick look at supported methods can give you a quick glimpse of your available payment options. They now come in two broad categories namely fiat and crypto. Most of them are also channels for Sportsbet.io withdrawal. Here’s a brief elaboration on both and some examples:
Fiat Payment
Fiat refers to cash-circulating centralized banks as legal tenders. That includes the United States dollar (USD) and euro (EUR) as the most widely accepted currencies for international use. You can use them in various payment options, such as credit/debit cards, bank transfers, and electronic wallets (e-wallets).
Cryptocurrencies
Cryptocurrencies or crypto are the newer kind of cashless mode of payment. They are circulating on distributed ledger technology (DLT), the most common of which is blockchain. It operates autonomously via protocol to verify users and validate requests.
The most popular cryptocurrencies for payment are Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Lesser-known adopted assets like Litecoin (LTC) and Dogecoin (DOGE) are also slowly gaining traction across all industries as more consumer-friendly assets.
Criteria Of A Good Payment Method
What makes a good payment method can be different as time goes on. There are core criteria that must be met at all times, but the standards have become increasingly competitive in the finance industry. Nevertheless, you should be able to identify a good payment method if it meets the following requirements:
Reliability
Reliability means that the payment method is serviceable 24/7 and won’t cancel your transaction randomly. This trait is important in a payment system because the mutability of your payment method is a matter of security.
If your money transfer keeps getting canceled, then it’s a cause for concern over whether the method is old or intercepted. Likewise, you can also question the payment provider’s willingness to serve you or work on its issues. A cancelled money transfer can ruin your schedule, so always opt for a reliable payment method.
Cost-Efficient
Every payment method comes with a fee. The rates depend on the provider and it can change over time as services are updated. Choose the payment method with the lowest fees possible if you plan on using its services regularly.
Processing Speed
Processing speed refers to the overall time it takes to complete your money transfer requests. For instance, a Sportsbet.io deposit in crypto can be instant or take up to several minutes to complete.
On the other hand, processing speeds for fiat payments will be different because banks tend to take up to 3 business days to validate your accounts via know-your-customer (KYC).
Successful Bookmakers Choose Their Payment Methods Wisely
Meeting the above criteria is the bare minimum for a payment method. Good bookmakers rely on the payment providers’ reputation to ensure quality and trust for their customers. You will find Visa, Mastercard, and Binance among the top supported brands in this industry for good reason.
