Interview: How Bettors Can Get the Most Out of Their Payment Methods

Thu, Jan 25, 2024
by CapperTek

Brits may no longer be able to make deposits using credit cards, but an increasingly long list of e-wallets, prepaid cards and alternative payment methods are rising to the occasion. Do you know all of them and which are actually the best?

We sat down with Joonas Karhu, CEO of the award-winning UK-focused affiliate site Bojoko, to learn more about how players can get the most out of their payment methods.

In this exclusive interview, Karhu shares his insights into the changing market, offers a solution for avoiding hefty fees, and showcases how affiliates help you discover the betting sites that provide your preferred payment method.

Why are we seeing such an increase in payment methods in the UK, and how does this affect regular bettors?

The increase in payment methods in the UK is primarily driven by technological advancements and changing regulations.

As the digital landscape evolves, new payment platforms emerge, offering greater convenience, security, and speed. You no longer need to share your debit card or bank account details with vendors, including sportsbooks. There are so many alternatives that offer additional layers of security.

Additionally, regulatory changes, like the ban on credit card usage for gambling, have created a bit of a vacuum in the market. The reason why credit cards were banned was due to responsible gambling concerns, namely the risk of people betting more than they could afford. However, for many punters, credit cards were that added layer of security, which they now need to get from an alternative payment method, such as e-wallets.

The expansion in payment options translates to greater flexibility and choice for regular bettors. They can now select payment methods that better suit their preferences. Whether it's the speed of e-wallets, the security of bank transfers or pre-paid cards, there's an option for every type of bettor.

However, it also means players need to be more informed about the pros and cons of each method, including transaction times, fees, and limits. Overall, this diversity in payment options is empowering for bettors but can also require them to be more engaged and knowledgeable.

How significant are payment methods for today's bettors?

The importance of payment methods can not be understated. It has gotten to the point that many players pick and choose which betting sites they join based on the payment options available. In an era where convenience and speed are paramount, offering a variety of popular and niche payment options isn't just a convenience; it's necessary for operators to attract and retain members.

Does the availability of these payment methods put pressure on operators?

Absolutely. Today's bettors have more power than they might realise. Operators who fail to offer specific payment options risk losing potential members to competitors. It's a dynamic market where player preference heavily dictates what options are available.

My advice to your readers is not to settle for less and sign up with the operators that offer your preferred payment methods rather than compromise and sign up for multiple payment platforms. If enough players do this, more and more operators will comply.

What are the most common payment methods among UK bettors?

In the UK, the betting landscape has seen a shift in preferred payment methods over the last couple of years. Traditionally, credit cards and bank transfers were predominant. However, with recent regulations, credit card usage for UK bettors has been phased out. This change has led to a further rise of alternative methods such as e-wallets like PayPal, Skrill, and Neteller.

Bank transfers and debit cards still hold significant sway among bettors due to their widespread availability, ease of use, and familiarity.

We are also seeing that players are demanding more and that there is a very big interest in casinos offering more traditionally niche payment methods like Boku, even if most betting sites do not offer them as an option at the moment.

Interesting. Are there many popular payment methods operators don't tend to cater to in the UK?

Yes, there are. While e-wallets and debit cards are widely accepted, certain payment methods are less commonly found. You might be surprised, but at present, we are only aware of a handful of UK brands that support Google Pay. Finding betting sites that allow you to deposit with popular payment methods such as Apple Pay and the previously mentioned Boku can be challenging.

This is why one of our core priorities is helping players discover which betting sites offer their go-to payment method and which do not.

Could you elaborate on how Bojoko help players find casinos with their preferred payment methods?

We have created a specific page for each relevant payment method in the UK market. Let's use our page of recommended Skrill betting sites as an example. Here, players can see every sportsbook that allows them to make deposits and withdrawals with the popular e-wallet.

Equally important, our readers can use our filters to ensure these betting sites have low fees, good bonuses and more. They can also quickly exclude sites with high wagering requirements, slow payout, high minimum deposits and a myriad of other features that may impact their gaming experience.

When you use a fairly popular payment method such as Skrill, it is not hard to find great betting sites catering to you, and the main way we help our readers is to find the best brand for them. With more niche payment methods, the struggle can often be just finding the few betting sites that have them available. Here, we work closely with the payment methods to ensure we are as up-to-date as possible.

How does collaborating with less common payment methods help bettors, and could you give some examples of how this works?

It is very helpful as it establishes a direct line of communication with the payment method. We have partnered with various payment providers to stay on top of the curve and provide the best service for our users. A prime example is our collaboration with MuchBetter, a growing payment service in the betting arena.

The main benefit is that it gives us an additional avenue to locate new betting sites, which include them among their payment options. However, it also gives us further insights when we create our guides on how to sign up for the payment method, make deposits, make withdrawals, etc., as any questions we have can be quickly clarified.

Of course, we also communicate directly with the operators themselves, and when new payment methods are added, we tend to be promptly informed.

What about fees and withdrawal times? How important are these factors?

Given the amount of choice in the iGaming space, players should avoid high fees and prolonged withdrawal times. If an operator sets terms worse than the industry average, they can and will be deal-breakers.

As mentioned, on Bojoko, players can quickly filter out brands with inconvenient withdrawal times and fees, and what we see is that our readers do just that. Players should never settle for less when they can have more.

What would you say is the future of payment methods in the betting industry?

The biggest question on my mind is if, or perhaps rather when, crypto-currencies will be allowed in the UK gambling market. We have seen the impact of blockchain-based payment methods worldwide, and there is a long string of popular options just waiting to be imported to Britain.

Until then, I think we will see more betting sites adapting to the payment methods that are increasing in popularity, such as the previously mentioned Google Pay, Apple Pay and Boku. I also believe we will continue to see more payment platforms being created and becoming more prominent. The market is already crowded, meaning the payment options must compete to win over bettors with better solutions, low to no fees, etc. In other words, it's excellent news for all British punters.