While today online bettors have a wide variety of payment methods to choose from and use for their deposits and withdrawals, previously, they were only able to do that using their credit and debit cards. And, even though they have a way wider choice of solutions to use, the majority of players have continued playing with cards, and that’s mainly due to the familiarity and ease of use these payment methods provide them with.
And when talking about credit cards and debit cards, the first thing that pops on your mind is probably VISA credit card. That’s because VISA’s is the world’s most popular credit card. Why play with VISA credit card at online sportsbetting sites?
Well…
… VISA is an international corporation and the world’s largest electronic payment network. It was launched over 50 years ago, in California, San Francisco in 1958 as part of Bank of America’s credit card program. Back then, it was called BankAmeriCard. Later, in 1974 it was renamed again, IBANCO, but two years later, it gained its now-familiar name VISA.
How it came to be?
Well, A branch manager at the bank came up with this brilliant idea, of making the bank’s computer systems process user’s bills across a wide array of businesses instead of individual merchants processing them manually. The cash-only payments were replaced with this, and the job was made easier to businesses, merchants and users. This proved to be the right move, and the project was more than successful. In fact, VISA holds around half of the credit and debit card market shares in the US. Of course, the VISA company has other products, such as prepaid cards, but their credit and debit cards are still some of the most used payment solutions all across the globe.
When it comes to usability…
… it is pointless emphasizing how many people and businesses in the world are using it. You have a VISA card in your wallet as you’re reading this. Probably every adult across the globe has a VISA card, that is, an adult that meets the requirements to get one, but we’ll focus on that a bit later. It is fair to conclude that with such a rich history of security and stability, and its availability, VISA has been heavily used and will continue to do so by millions of people all across the world.
How Does It Work?
You probably already know how does VISA credit card work, but let’s briefly sum up the most important steps you need to make to get started with it.
All banks around the globe can issue a VISA credit card, so you would just need to go to your bank and apply for it. Of course, you would need to meet all the requirements to get a credit card. The bank will go through your application, but the application also needs to be approved by VISA.
Once approved…
…our card will be ready to use. You will get a PIN code in an envelope, a code which would be known only by you. So, to make online payments with it, you would have to enter the card number and PIN code for the transaction to be executed.
But the company has another layer of protection, a tool previously called “Verified by VISA” and now called 3-D Secure. Whenever you’ll request a payment, this tool ensures you have a valid card with sufficient funds on it to make the transaction.
Every month, you get a bank statement informing you about the purchases for that billing period. With most banks, fees apply for online banking, so make sure you get informed on the fees before you apply for your card.
Using VISA for Deposits and Withdrawals
Ever since online betting was introduced, VISA credit card has been used as the number one payment method by online bettors. The main reason for that is the fact that players are familiar with making online payments with this card.
So instead of choosing an alternative method that would maybe provide them with lower or no fees, deposits and withdrawals, these players decide to stick with VISA credit card because it is more convenient and easier for them to play using a method that they know is safe, secure and simple to use.
To make a deposit at an online sportsbetting site…
… you would need to go to its Banking section, or straight to the Deposit section. You would be pleased to hear that you won’t need to search for hours to find a site that accepts it, since most, if not all, online sportsbetting sites accept it.
So, just find VISA’s logo, and click on it. A different window will open where you’ll need to enter the credit card number, the amount of money you wish to deposit and the PIN code. The “Verified by VISA” segment will follow, and as soon as it is established that you have enough funds to make the deposit, the transaction will be completed. The money will be on your balance in a few minutes.
Withdrawals with it are as simple…
… so just go to the Banking/Withdrawal section, and repeat the same process. This time, though, enter the amount of money you would like to withdraw. The site will check whether you’ve claimed any bonuses and met the wagering requirements. As soon as the operator confirms the transaction, it will be processed. However, this process may last 24 hours up to a couple of days, so the transfer won’t be instant.
On a different note, while all sportsbetting sites offer the card as a payment method to players, you should know that if you’re a UK player, you won’t be able to use it on UK sites. Since the 14th of April, 2020, gambling with credit card is banned in the country.
The UKGC announced the ban the year before, confirmed it in January 2020, and put it in effect in April. It was a ban introduced as an additional layer of protection for the problem gamblers and bettors. This ban extends to credit card gambling with eWallets connected to credit cards, as well, so UK players cannot use VISA credit card to place bets on their favourite sports events.
Advantages and Disadvantages
The simplicity, convenience and ease of use of this payment method are its three major advantages and the reason why players choose to use it over any other payment method. But the unrivalled security measures and impeccable reputation and track record are what makes this payment solution the number method used across sportsbetting sites.
Players blindly believe their funds are safe with this payment solution, so instead of trying out new, suspicious methods, they stick with the one they already know offers them all they want.
The first obvious disadvantage is that withdrawals take more time with VISA credit card than with, say, eWallets or Bitcoin. However, if you take into consideration the advantages described above, it’s better to wait for the withdrawals to reach your card than to risk losing the money due to fraudulent activities or flaws in the security measures tied to many other payment solutions.
The other downside…
as of 2020 is that UK players cannot use it. There are other countries that don’t allow credit card gambling, but UK players have been using VISA credit card for years. The UK online gambling market is huge, and placing bets is UK players’ everyday habit. Since they cannot place bets with it, they need to look for alternative solutions to fund their account and cash out their winnings.
While today online bettors have a wide variety of payment methods to choose from and use for their deposits and withdrawals, previously, they were only able to do that using their credit and debit cards. And, even though they have a way wider choice of solutions to use, the majority of players have continued playing with cards, and that’s mainly due to the familiarity and ease of use these payment methods provide them with.
And when talking about credit cards and debit cards, the first thing...
