What is Paysafecard and How Does It Work?
This is a company that offers online prepaid services to users with the use of a card when making shopping and betting transactions. The purchase of the card can be from various sales outlets in the UK. An upside to Paysafecard is the security detail to it. It grants you a 16-digit pin and does not require any personal information of a user. Its validity is for a year thereafter there is an additional fee of €2 for every surpassed month. They provide access to the method of payment that their customers wish to use like, through a debit card. Several online bookmakers allow Paysafecard gambling through their betting sites. In particular, as it allows privacy while their customers gamble online.
Making a Deposit and Withdrawing Funds
Deposits and withdrawals are possible once a gambler has purchased a Paysafecard. Making Paysafecard your deposit method is simple:
- Access the selected betting site
- Go to the deposit icon
- Choose your payment method by selecting the Paysafecard option
A customer can proceed to make payments after they input the pin provided after procurement. This transaction is free.
On the other hand, withdrawals are not possible when using a Paysafecard. However, when the player needs to do a withdrawal they have to select a different payment method.
Processing Time for Deposits and Withdrawals
When making a deposit, payments are instant as they go directly from the Paysafecard. Making it is fast and efficient. On the other hand, withdrawals take longer depending on the method of payment. For example, Withdrawals through a debit card can take approximately 5 working days to process.
Fees Charged when using Paysafecard
When depositing through a Paysafecard it is free. However, some charges are applicable such as a maintenance fee of €2 after a year of procuring the Paysafecard. Besides, there is a fee for the conversion of currency to a foreign one, for €3 and a €6 redemption fee for all refunds.
A Brief History in Gambling
Paysafecard was first founded in Vienna, Austria in 2000 and later in Germany in 2001. It is owned by the Paysafe Group where it is used to offer prepaid services to the industry. Before its expansion to the gambling market, it offered its services to the Banking sector. It expanded its market by merging with the Ukash vouchers who use Paysafecards currently. Also, it absorbed Wallie which was its Dutch Competitor in 2011, and Skrill in 2013. This method of payment is a leader in different parts of the European Market. Paysafecard gambling began to be used two years after its formation.
Interesting Facts and Figures
The Paysafecard is global and works in countries located in:
- North America
- New Zealand
- Western Asia
- South America
It is considered as the best employer company winning the Glassdoor Employees Choice Award. The company has transacted over €43 billion in volume and its shares on the London Stock Exchange.
The Best Betting Sites that Accept Paysafecard
Some of the popular betting sites that accept Paysafecard are Betway, 10Bet and 888Sport. 10Bet allows a minimum deposit of 15€ with an 8x stake on deposit and bonus. 888sport minimum deposit is 10$ and a placing of a bet should be within 30 days of registration, they offer free bets that expire after 7 days. Betway, the deposit is a minimum of and gives as a welcome bonus as a new customer offer and is the perfect bookmaker for the leagues as it is global.
Pros and Cons of using Paysafecard
As every product has the upside and the downside, Paysafecard is not an exemption. However, the advantages supersede the disadvantages of it.
- There are no fees when you are depositing any amount to the card even during purchasing.
- It provides security on personal information by avoiding its use when registering.
- On bank statements, it will not indicate gambling transactions.
- It regulates the amount available to as you use only the amount that you deposited.
- There is no withdrawal option, thus making it less convenient for online transactions.
- Nono access to purchasing the card online through the use of E-wallets such as PayPal.
In summary – Why is it a good option for transfers when betting?
It is a good alternative that allows a gamer to cut costs while gambling and gaming. Consequently, it protects customers from having bad credit by preventing the reflection of the expenses on the bank information statements. The free deposits encourage a lot of users to discover the latest deposit bonuses that are available to them.
Paysafecard Betting – FAQs
Here are some frequently asked questions about Paysafecard betting and Paysafecard betting sites.
Is it safe and secure to use for Online Betting?
It is one of the safest and secure ways to use for online betting. As the purchasing is through cash, so less collection of information. Furthermore, when depositing the desired amount, personal data is not viewable on bank statements. Thus, enhancing privacy.
Is there a restriction of use in some countries for gambling?
The card is usable in authorised countries that do payments in a particular currency and are in the Standard Card Group. This being the country of the purchased Paysafecard. Also, there are restrictions whereby a card may be dysfunctional in countries that lack this service.
Are there Paysafecard Bonuses available?
There are specific bookmakers who allow the use of Paysafecard with their bonuses. One of these Betfair, which is a popular betting site in the UK. It allows the gamer to access free bets with the use of the card. However, most betting sites do restrict the use of Paysafecard in their promotions.
Is this payment method available for sports betting in the UK?
This is possible with betting sites who are in partnership with Paysafecard. The betting sites that accept Paysafecard allows the gamer to bet through it. For example, betting on Horse Racing and various types of Asian handicap betting. In addition, there are betting sites such as Betway and 888sports that allow the use of this payment method.
Can I also use in betting shops?
Paysafecard is a prepaid method for transactions. In betting the card is only for use by online users thus in the physical betting shops, it is impossible to use it. It requires a bank transaction either via debit card hence it is difficult to use in the betting shop. However, you can buy them at high street shops but they work only through online bookmakers.