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South Africa Sports Betting Banking Methods

You want to get started betting on your favourite sports 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 by category and listed the most accepted  methods within each category for service in South Africa.  You will see that the most popular methods are generally available across each of the sportsbooks.  If you are interested in understanding the transaction size limits for each method, these vary by sportsbook.  In other words, the limit for Skrill will be different at each sportsbook.  I cover transaction limits with the high stakes sportsbooks on a page about high limit South Africa sports betting.  Below this first section about the banking types and the respective companies in each category, I show you which methods are accepted by each sportsbook and the betting account currencies that are offered.  Note that each method may only support certain currencies.  In particular, when dealing in Rand, only some e-wallet companies provide support.  Knowing your desired currency for betting will be key, as your banking method base currency should match your betting account currency so that you can avoid currency exchange fees.  You might note that Paypal is not listed here.  This is because Paypal does not process payments from South Africa to sports betting companies.  They only do this for select countries within Europe.

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.  The benefit of this is that funds can be transferred back onto the card for withdrawal at any local ATM.  Entropay is available in South Africa, but your Entropay balance will be in USD, GBP or EUR which means that there will be some currency exchange as part of your transactions if you have your betting account in the rand.



 

Credit cards, debit cards and prepaid card solutions

E-wallet solution providers

Bank debit and transfer solutions

If you want to use funds from your bank account directly, you can transfer funds via wire transfer.  However, you may prefer the safety of e-wallets given the laws surrounding gambling that is unrelated to sports betting in South Africa (sports betting is no problem). For example, some of our listed companies also provide online casino and poker games that are technically not allowed, though you can likely still access them.  If you are in South Africa, you will leave a record that you transacted funds to an out-of-country company that deals in these forms of gambling.  E-wallets add a layer of anonymity.  Bank Wire Transfers are available at all listed most betting sites.  Wire transfers may take a little longer to settle as a transaction but this method generally allows for extremely high limits and is thus very good for high rollers.  

Skrill, Neteller and EcoPayz are some of the names you may have heard about 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 betting account, or conversely, use them to withdraw winnings back to your funding source.  However, it is very important to note that if you hope to bet using the rand, Skrill Neteller and EcoPayz offer ZAR e-wallet accounts, so you may deposit and withdraws funds to and from an ZAR betting account without having to exchange funds.

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 24 hours at most betting sites.  They also provide a layer of insulation between the sportsbook and your funding source like a bank, making them a safe banking option.  Once the money is in or funding source attached, only the e-wallet, you and the recipient of funds will know about your transaction details.

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.

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