Prepaid cards are quite popular among the online gambling community. Accepted at practically all online betting platforms, prepaid cards are certainly quite beneficial to the user as far as utility is considered. There are plenty of prepaid services supported by the online gambling industry, including Paysafecard, Neosurf, prepaid Visa and Mastercard, among others. Each service is unique in its own right, but all follow the same core principles. This allows us to have some broad idea of how the entire process functions and to reach a conclusion whether or not prepaid cards are right for us.
As is usually the case, prepaid cards come with a whole slew of features, which can be both negative and positive. Moreover, different users will have different experiences with this type of service, some seeing more benefit in it than others. Below, we will take a look at how prepaid cards work, the primary advantages and disadvantages they offer, and how they can be used for the purposes of online sports betting.
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Obtaining a Prepaid Card
Getting your hands on a prepaid card is quite easy and anyone can do it. Prepaid cards are one of the most accessible payment solutions in today’s world, not just for the online gambling scene, but for the Internet in general. You can easily purchase one from a whole slew of retail locations, including supermarkets, gas stations, newspaper stands, and more.
The best thing about this type of payment method is that practically nothing is required of you. You simply pay in cash and get to walk away with a prepaid card holding the same amount. By contrast, most online payment methods require some form of identity verification which can take a while to process. If you choose to use a prepaid card, you can spend your money from the moment you walk away from the retail location.
Prepaid cards come in many shapes and sizes, available as prepaid Visa or MasterCard cards, Paysafecard or Neosurf vouchers, or something else entirely. Regardless, the process it mostly the same with each. You can always pick one up at a local retail location during your commute and use it to fund your sportsbook balance.
Depositing with a Prepaid Card
Once you pick up a prepaid card you will be able to immediately use the money on it. There is usually no downtime since the service does not need to process the card top-up. As a result, you can make a deposit directly after purchasing the card. The process to doing it may be slightly different with each individual service, but the base principle remains the same.
At your online sportsbook of choice, you will need to find the Cashier page and select the prepaid card option, be it Paysafecard, Neosurf, or something else. From then on, you will need to enter the appropriate card information. This is likely printed on the receipt or, if it is a physical card, on the card itself. Enter the amount you wish to deposit and then confirm the transaction. Usually, prepaid card payments go through instantly and the money will appear in your balance right away. It is important to take note of the prepaid card’s balance and the transaction limits set by the gambling website. Typically, the whole process will not take more than a minute and once you do it one time, it will only get faster from there.
Withdrawing with a Prepaid Card
When it comes to withdrawals with prepaid cards, things tend to become a little tricky. Typically, this type of service is designed to make payments in one way direction. Unlike eWallets and bank accounts, prepaid cards are not supposed to be reused. More often than not, customers use prepaid cards to make small purchases on the Internet, such as, subscription payments, digital goods purchases, etc. As a result, withdrawing your balance to a prepaid card is rarely an option.
However, that does not mean that your balance is lost. You will be able to cash it in, one way or another, just not to a prepaid card. Usually, online sportsbooks will offer you an alternative way to get your money. At most websites, this will be available in the form of bank transfers. You will need to supply all the relevant information for the transfer to be made. After that, it can take several days for the transaction to process and the money to appear in your bank account.
Fees Related to Prepaid Card Betting
As far as the fees are concerned, this is also a difficult topic to tackle. Each service is different in its own right and the fee structure will also be unique. Of course, there is also the possibility that the payment method will be free, at least partially, as is the case with Paysafecard.
While we cannot speak to the specifics of prepaid card fees, more often than not, you will find that these services are free of charge. It is one of the primary reasons why so many punters utilize them and so many gambling websites support them. One aspect in which you may encounter fees is when you want to withdraw the balance of the card to your personal bankroll. In such cases, you will be asked to pay a flat fee or a percentage of the total sum.
Additionally, some online gambling websites are known to charge transaction fees for deposits and withdrawals. While this is a dying practice at the top-tier sportsbooks, some are still abiding by it. If this bothers you, you can always switch to a different gambling website that will happily accept your deposit without eating away at your bankroll. One of the best aspects of the online gambling industry is that there are always more betting platforms to choose from, preferably, such that fit your criteria.
Benefits of Betting with Prepaid Cards
Of course, why should you choose a particular banking method without knowing the ins and outs. Specifically, the benefits that it offers you over other similar services. In the case of prepaid cards, it is quite easy to see the advantages that they provide.
The main benefit of using prepaid cards is the ability to issue instant deposits to your bankroll. The payment is processed right away and the money will appear in your balance as soon as you confirm the transaction. By contrast, traditional bank transfers may take some time to clear, be it one business day or several. The efficacy of prepaid card transactions is unquestioned and with good reason.
Additionally, we also have to take into account the accessibility of prepaid cards. Anyone can acquire one easily, all without having to provide a single piece of identification. This also plays into the privacy features of prepaid methods. Since no personal information is required to acquire a prepaid card, no data can become compromised. As a result, your identity will be kept safe in all cases.
Last but not least, prepaid cards are usually cheap and will not require you to pay excessive fees, as with other payment methods. Bank transfers and eWallets all come with some sort of charge for transactions and over time this can amount to significant sums. But even if there is some fee, it is more likely to be smaller than what you would normally pay for other banking method.
Drawbacks of Betting with Prepaid Cards
Naturally, no service is perfect and prepaid cards are not exempt from their share of issues. It is important that you aware of these before settling on a prepaid service, as it may avoid some headaches down the line.
The first drawback of using prepaid cards to the purposes of online gambling is that you will likely not be able to withdraw your balance to the prepaid card. This is unfortunate as far as features go and is the main thing stopping you from using this type of service. While you are able to withdraw your money via other means, these are often much slower and will take some time to process before you have access to it.
Something else that you have to take into account is that prepaid cards often feature low transaction limits. While this is not detrimental to casual bettors, those who like to wager more serious sums will undoubtedly be hindered. There is no way around the inherent limits and if they do not work for you, it is best to seek another more appropriate service.
Regulation and Availability of Prepaid Cards
One of the better aspects of prepaid cards is that they are universally available. Every country has some form of prepaid service at their disposal, with Visa and MasterCard prepaids being among the most widely available. This means that the prepaid cards available to you will support your local currency, thereby helping you avoid any exchange fees. As for the specific services you will have access to, we cannot provide any concrete information. Certain prepaid cards are only available in select jurisdictions, while others are featured on a global level.
Regulation is also something that you should be concerned about as that is the only way to verify whether a prepaid service is legitimate or not. Popular prepaid cards, such as Neosurf or Paysafecard are regulated by trusted government institutions, such as the United Kingdom Financial Conduct Authority. Visa and MasterCard vouchers, on the other hand, are part of the global debit and credit card networks billions of people use around the world. You cannot go wrong with any of these and you can always rely on them to provide you with the necessary features.
Prepaid Cards Security
Of course, when it comes to your money, security is always a top priority. It goes without saying that you should never be careless with your funds and only trust services capable of managing them safely. Most prepaid cards are perfectly acceptable as far as their security features are concerned. These use modern technology to the best of their advantage, allowing you to store and spend your money online without issues.
Moreover, all prepaids use some form of encryption to protect personal information, if any was submitted, and to prevent anything important from falling in the hands of unauthorized individuals. You will be able to trust any of the major prepaid service providers with your money, since they are all regulated and have to abide by government laws and rules regarding the handling of money. As a result, prepaid services are quite advanced as far as security is concerned and you should experience no issues in this regard.
Overall, prepaid methods certainly have theirs ups and downs and it mostly boils down to personal preference whether prepaids are right for you. Arguably, casual punters are more likely to see the benefit of prepaid cards, as high-rollers will be dragged down by the low transaction limits. However, all will see the advantage of the security and privacy features offered by this payment service type. Of course, the almost universal acceptance of prepaid cards is hard to ignore, as is the utility that comes with that. All in all, you should compare and contrast with other service type to ensure that you have the best possible experience and only choose a payment method that works for you personally.