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So you’ve got yourself a cutting-edge sports betting website that comes with all the latest features and functionalities, supports a myriad of bet types, and a plethora of betting markets. But what about the online payment processing for online betting?
In this rising competition of online betting platforms, having the best-in-industry online betting payment solutions is very essential for your success. Yet, finding the best-fit, trusted, and authenticated payment gateways for your online betting payment system is not as easy as it seems to be.
Therefore, we are here with a blog that highlights the top 10 online betting payment methods in 2024 that can scale your payment processing and make you the most trusted payment methods betting sites industry-wide.
What are payment gateways?
Have you ever thought about how your daily processing of online payments on different websites and platforms works? Well, the online betting that you enjoy along with other online activities, is all because of the payment gateways.
Payment gateways are online services that facilitate the secure and seamless processing of electronic transactions, particularly in the context of e-commerce. They act as intermediaries between merchants (sellers) and customers, ensuring that sensitive financial information is transmitted securely and that payments are processed efficiently.
Third-party solution providers provide payment gateways. These gateways act as a tunnel that connects your platform and the bank accounts of your customers and users to carry out transactions by using diverse payment modes such as credit cards, debit cards, net banking, online wallets, and many more.
Payment gateways are online services that facilitate the secure and seamless processing of electronic transactions, particularly in the context of e-commerce. They act as intermediaries between merchants (sellers) and customers, ensuring that sensitive financial information is transmitted securely and that payments are processed efficiently.
Third-party solution providers provide payment gateways. These gateways act as a tunnel that connects your platform and the bank accounts of your customers and users to carry out transactions by using diverse payment modes such as credit cards, debit cards, net banking, online wallets, and many more.
How do Payment Gateways Work?
There are four key players with different roles in any online transaction:
The Merchant
This is you. Any online business offering a myriad of services in any vertical is the merchant.
The Customer
Any person who is receiving online services or products via online services is the customer.
The Acquirer
The bank that maintains the account of the merchant is known as the acquirer.
The Issuing Bank
The issuing bank is the customer’s bank.
The process takes place in a very streamlined manner.
Customer Initiates Payment
When a customer makes a purchase online and proceeds to the checkout, they choose a payment method (debit card, credit card, digital wallet, etc.).
Transaction Information is Sent to the Gateway
The customer's payment information, along with details about the purchase, is securely transmitted to the payment gateway.
Authorization Request
The payment gateway then sends the transaction details to the payment processor or acquiring bank to check for the availability of funds and to verify the authenticity of the transaction.
Authorization Response
The payment processor responds to the payment gateway with an approval or decline message. If the transaction is approved, the payment gateway proceeds to the next step.
Confirmation to Merchant
The payment gateway sends an acceptance or confirmation to the merchant, allowing them to fulfill the order or provide access to the purchased goods or services. This leads to the settlement of the payments with confirmed notification to the customer.
Online betting payment: Several ways
Redirects
When a customer clicks on the checkout button, he/she is taken to the site of the payment gateway and here, the transaction is carried out and completed. This method is called redirect.
Payment offsite
In these payment modes, the front-end checkout is carried out on your betting platform software and the rest of the process is carried out on the backend of the payment gateway. The perfect example of this payment gateway would be Stripe.
On-site payments
The complete payment process is carried out on your website which gives you complete control over the process. This method is usually used by large businesses with huge websites.
Popular online sports betting payment options
In this digital age, many universally accepted popular payment options have come up. The diverse options available to choose from for payment processing for online betting have become more convenient than ever before.
- Bank cards such as Visa, Mastercard, Maestro, etc for faster payments.
- E-wallets like Skrill, QIWI, Webmoney, and Jeton
- Mobile Paymentssuch as Siru Mobile and Wizall Senegal are popular in sports betting applications.
- Crypto and Fiat which includes Bitcoin, Dash, Litecoin, Ethereum, Zcash, and many more.
- Bank transfer from national and international banks.
Want to Know More About the Best Practices
Top 10 Payment Methods For Online Betting
For sportsbook betting software, just any payment gateway won’t do. You need high-risk-managed merchant accounts and you need to be mindful of user safety as well as convenience.
Here is the list of the top 10 online betting payment methods for sportsbooks and sports betting websites that provide faster sports betting transactions and a seamless user experience.
Harvex
Harvex is known for its quick facility for betting and casino merchant accounts.
Accepts all kinds of payment options along with fiat and cryptocurrencies for global transactions without any hassle.
Ikajo
Ikajo is the other trusted online payment provider for betting.
It supports 100+ currencies and 100+ payment options in 150+ countries around the globe.
Ikajo also comes equipped with anti-risk tools, smart routing, advanced analytics, etc.
First Data (Fiserv)
First data comes equipped with all risk management and security tools, ACH platforms, prepaid cards, etc.
It supports different industries, thus making it capable for all your payment eneds associated with sports wagering, fantasy sports, lotteries, online gaming, and casinos.
Skrill
Skrill is available in 200 countries and provides instant transfer.
Skrill is used by some of the best online sports wagering software solutions such as Bet365, Royal Panda, Badog, Betway, and so on.
The best part about Skrill is the low transaction fees, high-end security, and easy payment options.
Neteller
Neteller is widely used in the online betting industry.
Neteller supports over 200 countries and is considered the safest payment system.
Many betting businesses, especially in the UK, Canada, and nearby regions rely on Neteller for fast payments.
PayPal
PayPal is the most popular payment option and gateway today that not only deals in sports betting but a lot of other industries too to ease transactions internationally.
Hence, PayPal has been considered the fastest yet safest mode of online payment.
Stripe
Stripe is one of the APIs that enables top online payment and commercial transactional platforms which offers the quickest, hassle-free, and rich payment experience worldwide.
Payments of any size are just a quick thing for Stripe and hence is the most popular payment gateway.
Instabill
Instabill supports online slots, blackjacks, poker, online casinos, and many more and enables you to pay via gift cards.
The merchant accounts get approved within 5 business days to two weeks.
The payment gateway comes with high security and also prevents chargebacks.
Merchant Scout
Merchant Scout supports 150+ currencies, 30+ payment methods, and 30+ merchant banks.
With a record of catering to the needs of 50+ online Sports Betting Software and casinos, Merchant Scouts support diverse industries.
Latpay
Latpay provides cutting-edge payment solutions for sports betting, online casinos, lottery, and bingo and also covers sectors that involve high risk such as Forex as well as Travel.
The best part about Latpay is its high compatibility and security. Laypay also allows you to know your customers with the help of an ID validation system.
EXPLORE MORE BLOGS FROM VARIOUS CATEGORIES
GammaStack - Your best betting payment methods provider
GammaStack is one of the well-established sports betting software providers, offering universally accepted options of payment processing for online betting for more than 13 years.
At GammaStack, we bring you feature-loaded online sports betting software solutions enriched with the most trusted and bespoke payment gateways to help your business attract players from worldwide.
At GammaStack, we bring you feature-loaded online sports betting software solutions enriched with the most trusted and bespoke payment gateways to help your business attract players from worldwide.
Want to know more about cutting-edge payment gateways and sports betting solutions?
Contact us today!
FAQs
The payment gateway process works in a manner that the punters submit an order for payment to the betting company which approached the payment gateways. The chosen payment gateway connects to the issuing bank and thus finalises or processes a payout with the merchant bank.
Do you provide payment gateways with your sports betting software? Yes, our sports betting software solution comes equipped with top-notch payment gateways that are safe and highly secure.
Of course, we can integrate the payment gateway as per your needs into your sportsbook. Our process of integration does not disrupt your business operation and to ensure smooth functioning, the software solution gets thoroughly tested to ensure there are no glitches.
Yes. We understand that a lot of gamblers prefer cryptocurrency over regular currency for gambling. Hence, the third-party payment gateways we provide support Fiat as well as cryptocurrencies.
We have only partnered up with the best. We provide payment gateways like Worldpay, Skrill, Instabill, Neteller, Latpay, First Data and many more.
Yes, get our solutions added with the best of all risk management tools so that you offer users a safe, secure, and hassle-free betting adventure.
GammaStack is a provider of development services which covers software for sports betting, online casinos, slot games, fantasy sports, and many more.
Sources
- https://razorpay.com/blog/payment-gateway-101/
- https://www.bigcommerce.com/blog/payment-gateways/#3-types-of-payment-gateways
- https://www.entrepreneur.com/article/294964
- https://www.alliedwallet.com/blog/blog-posts/what-qualities-should-you-look-for-in-your-payment-gateway/
- https://www.netsolutions.com/insights/12-factors-to-consider-while-choosing-a-payment-gateway-for-your-e-commerce-store/
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