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Australian Sports Betting Banking Methods

You want to get started betting on sports or horses, but want to learn about the best services available to deposit and withdraw funds from your sportsbook account.  I’ve outlined the kinds of banking methods below and the most accepted  methods within each category for service in Australia.  If you are interested in understanding the transaction size limits for each method, these vary by sportsbook.  I cover some of these limits on the page regarding high limit Australian sports betting.

Credit Cards like Visa and MasterCard are accepted by every sportsbook in my list.  Depending on your credit card company, your deposit may be treated with sportsbooks as cash advances, not purchases.  This means that your transaction may be eligible for interest charges from the moment of the transaction.  Check to see if this is in fact the case with your particular card if you wish to avoid these interest charges.  Maestro and Visa Debit and Visa Electron are considered “debit” solutions which allow you to debit funds from your associated bank account, which avoids interest charges.

Entropay is essentially a virtual Visa card which is prepaid - meaning there is no credit check or application required.  It allows you to pay instantly and privately so that you don’t share your financial information with the betting service, and your card statement won’t have a betting-related charge listed, but rather “Entropay”.  You can load your virtual Entropay Visa by using an actual credit card, your debit card or with your bank transfer and funds can easily be paid back onto your Entropay virtual Visa for transfer back to your original funding source.  If your funding source is a credit card, by using Entropay as the intermediary solution, you can avoid potential cash advance interest charges that might be applicable in your jurisdiction as your transaction with them will be treated as a purchase, not a cash advance.  Entropay is available in Australia.

Paypal, Skrill (and Skrill One-Tap), Neteller and ClickandBuy are some of the names you may have heard for online payments and transfers.  These are often referred to as e-wallets.  With them, you can link a credit card or bank account as a funding source to deposit money into your sportsbook account, or conversely, use them to withdraw winnings.

The benefit of these e-wallet providers is that they allow you to move money electronically for very low fees, in very little time.  Depositing money is nearly instantaneous, and withdrawals are often processed within 48 hours at most sportsbooks, sometimes, within 24 hours.  

An additional benefit of some of these e-wallets is their ability to allow you to access their service from your smartphone or mobile device.  Additionally, most of these e-wallet providers allow for transaction sizes large enough to accommodate the needs of almost every bettor.  All of the above should be available for use in Australia.

Both POLI and iDebit are bank debit payment solutions that allow you to make instantaneous payments or deposits from your Australian-based bank account.  The iDebit solution however, is a two-way solution which also allows you to make withdrawals back to your bank account.  Withdrawals can are processed within 24 hours.  POLI is purely a deposit or payment method, not for withdrawals.

BPay allows you to make payments directly from your Australian bank account and the processing time varies between 1 to 3 days

Bank Wire Transfers tend to work well for high value bettors as the transaction size limits tend to be very high.  These transfers both in and out of your betting account are generally processed within 2 to 10 days.

Some sportsbooks also accept old-fashioned cheques.

Ukash works like a gift card or gift certificate.   Simply find Ukash cards/vouchers at a retailers in Australia such as a news stand, petrol station etc. There you will be able to buy the Ukash code in denominations of  $20, $50, $100 and so on up to $500 Australian Dollars.  The actual cost at the cashier will be a few dollars higher than the denomination, this is the built-in fee for using the Ukash service for transferring your money.  You may then redeem your Ukash voucher at by entering the PIN code and the corresponding amount at your sportsbook of choice.

Paysafecard also works like a gift card in denominations of A$10, A$20, A$50 and A$100.  Your price at the cashier will be slightly higher as the built-in fee to Paysafecard and the retailer.  You may combine up to ten Paysafecards at the same time for a total spend of up to A$1,000.  Simply redeem the value of the card by entering the 16-digit PIN at your sports betting site of choice.

Credit cards, debit cards and prepaid credit card solutions

E-wallet solution providers

Bank debit and transfer solutions

Prepaid vouchers and cards

Go! Go!

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