Betting Payment Systems, Gateway Methods, And Payment Service Providers Explained

Sports betting has been one of the favourite activities of online gamblers.

With online sports betting platforms becoming increasingly popular, the global betting market is expected to grow to $144 billion by 2024 with a Compound Average Growth Rate (CAGR) of 11%.

As online services are seen as the standard as many, setting up decent sports betting payment gateway should be considered as a top priority for merchants.

In this article, we will explore sports betting payment gateway solutions, how they work, what options betting platforms have, as well as the deposit and withdrawal methods they typically offer to gamers.

What Is a Betting Payment Gateway?

Sports betting payment gateway is a solution offered for merchants that act as a bridge between the service provider and the gambler.

When someone opens an account on an online betting platform, they need to fund their account with money to start placing bets.

The gamer uses the merchant's payment gateway to do that, which they also use to withdraw funds from their account.

When a sports betting platform receives money from the gamer (e.g., for lost bets or service fee), the payment gateway solution will transfer the funds to the merchant.

While businesses in traditional sectors have no problems with opening a merchant account, sports betting services are often rejected by payment gateway solutions due to the high-risk nature of the industry.

Therefore, to solve this issue, service providers must open a merchant account at dedicated sports betting payment gateway solution.

However, the payment gateways that accept sports betting platforms often take advantage of the merchants' limited chances and overcharge them with fees.

Fortunately, merchants can also use e-wallet solutions like STICPAY that do not charge extra fees for high-risk industries while offering sports betting platforms fast and cost-efficient transactions along with advanced security and anti-fraud measures.

Betting Deposit and Withdrawal Methods

Sports betting platforms usually offer multiple payment methods for customers to deposit and withdraw funds from their accounts:

• Credit and debit cards: Credit cards are among the most convenient methods to deposit funds to your sports betting account as your funds get credited almost instantly.
• Cryptocurrency: Cryptocurrencies like Bitcoin and Ethereum are getting increasingly popular among betting platforms. By using digital assets to fund your account or withdraw money, you benefit from cost-efficient and fast transactions.
• Bank wire: One of the most common ways to withdraw funds from your betting account is via bank transfers. However, although it is a cost-efficient payment method, you may need to wait for a few days for your funds to arrive.
• E-wallets: E-wallets like STICPAY combine multiple payment methods with additional features – such as advanced security measures and fast and cost-efficient transactions – to provide the best user experience for online sports betting users.
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STICPAY Payment Options

The previous section mentioned that the award-winning e-wallet service STICPAY offers multiple payment methods for its users, including:

• Visa and MasterCard
• UnionPay China
• Local bank transfers
• International bank wires
• Cryptocurrency (Bitcoin, Ethereum, Litecoin, Tether)
• STIC Card (for withdrawals)
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Betting Payments in Southeast Asia

The legality of online sports betting varies by country.

In Southeast Asia, the situation is a bit more complicated, especially after China's urging for a crackdown on online gambling in the region.

However, online sports betting has remained legal in multiple Southeast Asian nations.

We recommend to consider the relevant laws and regulations to know the rules and make sure that sports betting is legal in your country.

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