While online cricket betting is extremely popular among India’s cricket lovers, a common question which is often heard in Indian betting circles is – ‘What is the best way to deposit money from online betting websites?’
We’ll try and answer this here.
All the online betting sites offer a range of options to deposit money and get started with them. While your location, i.e., the home country is often deemed as a major factor while selecting an option, there are other parameters that have to be taken into consideration as well.
All these mediums of depositing money also come with their own advantages and disadvantages which have been aptly listed below.
The methods of making a deposit can broadly be classified into the following 3 categories:
1. DIRECT BANK TRANSFER (NETBANKING)
As is often the case with every other transaction that you make on the internet, bank transfer remains the most simple and classic medium of depositing money in your online betting account as well. The ease of use makes bank transfers extremely reliable and popular as well.
Advantages: Simple, straightforward and less risky.
Disadvantages: Often deemed to be very slow and bound by statutory government regulations, which makes this method less convenient.
2. CREDIT CARDS and DEBIT CARDS (Mastercard, Visa, Maestro)
After direct bank transfers, using credit and debit cards is the most common method of completing a transaction in India. Despite being fraught with certain risks, these cards provide you with the option of carrying a “lot” of money in your pocket despite not carrying any cash.
Online betting players accept all major type of cards like Visa and Mastercard to allow ease of access in depositing money to their users.
Advantages: No restrictions with regard to the amount being deposited as transactions that are done using credit/debit cards can be of both small and large amounts. Also, the money is deposited instantly using these cards, which might not be the case in bank transfers.
Disadvantages: Online fraud and data theft make the usage of credit and debit cards an extremely risky proposition. Some betting sites are also known to reject transfers which are made using this medium. Further, the user has to ensure that the card being used has originally been issued in his or her name only.
With the advent of internet, E-Wallets have emerged as the most popular and widely accepted medium of making monetary transactions in every sphere of life. Online betting business is no different and using an e-wallet like Neteller, Skrill ecoPayz, AstroPay or Neosurf is perhaps the easiest way of making a deposit.
However, it needs to be noted here that the Indian authorities have tightened the laws around these e-wallets in recent times. As a result, these options have become a tad bit harder to use and more controlled now.
Advantages: Instant deposit of money is the primary advantage of using e-wallets as a cricket lover can effectively place a bet within seconds by using this method of deposit. These wallets are also accepted by all online betting websites.
Disadvantages: To make a deposit using your e-wallet, first you have to add money in it using bank transfer or a credit/debit card. As a result, the whole process becomes a bit cumbersome and slow in nature. Further, there have been reports of some particular e-wallets refusing transfers which are related to betting websites due to safety issues.
DEPOSITS MADE EASY
- Create your account on a betting website (say Betway).
- Create an account and log into an e-wallet (like Neteller of AstroPay).
- Deposit money into your preferred e-wallet using a credit or debit card (preferably ICICI Bank or Federal Bank).
- Now use your e-wallet to deposit funds and you’re all set to place your first bet.