If you've never had to deposit cash at an online bookies in Britain before, don't worry. We can assure you the process is simple and straightforward.
In this step-by-step guide we'll take you through how to transfer money into an online betting account. And, as a bonus, we'll even show you the steps to quickly cashing out your winnings too.
You need to be 18 or over to bet legally online for real money in the UK. And the first thing you'll be asked when making a deposit at an online betting site in 2020, is your age. So, you might have to provide a form of photo I.D via email, or if you're on the electoral roll in the United Kingdom, the betting site will be able to use this info to verify your age instantly.
If you haven't already done so, you may also need to scan and send in proof of address too. This is a necessary requirement of the betting site under the UK Gambling Act of 2005, to prevent against illegal money laundering online.
Once these details are confirmed, making your first cash deposit is a simple process at the majority of bookies online today. And over the next few steps we'll show you exactly how you go about this.
When you click on the deposits page for the first time you'll need to decide how you want to fund payments to your account.
While each of the above methods will allow you to deposit cash to your betting account in Britain, not every one of them behaves in exactly the same way. Some will transfer your deposit value into your bankroll instantly. While others may take a few days to process before the funds appear.
So when you're settling on a payment method to use here are some important things to ask yourself:
If you want to bet for real money at a bookmakers online, you'll need to upload funds into your account to make this possible. Even if you see a betting site advertising a "free bet" the chances are you'll still have to make at least a minimum real cash deposit in order to take up the offer.
These types of free bet bonuses are governed by T&Cs, which include conditions the bettor needs to meet in order to qualify for the promotion. If you don't meet the conditions outlined, then any winnings you made using your free bet can be confiscated by the site. So, it's always a good idea to check the redemption terms of these offers, which will always specify an amount you yourself need to deposit and wager, for the free bet to stand.
Of course, if you're going to deposit real money into an online betting account, you do so hoping to have some success with the wagers you make. If you have been fortunate enough to build up some winnings, here's what you'll need to do before you can get your hands on the cash:
When you deposit money at a UK bookmaker for the very first time, you can qualify for what is known as a welcome bonus, or sign up promotion. This is when the betting site gives you something, such as a free bet or a deposit match on the amount you made, to thank you for choosing them. They're a common part of online gambling in the UK, and betting sites use them as an incentive to get new members signed up. The idea is that by taking up the offer in the first instance, you'll then go on to place further real money wagers at the site. Thus offsetting the cost of the promotional offer.
Common Withdrawal Methods
Not every accepted deposit method can also be used to take money out of your online betting account. If you're weighing up the pros and cons of a deposit method to use, keep in mind that the following payment types can also be used to withdraw money at the majority of UK betting sites too.
With any withdrawal type, just as with deposit methods, it's important to check if any fees are charged for the transaction. Not only at the online bookies themselves, but also at the payment provider's end. Otherwise you could end up seeing a percentage of your winnings shaved off before they've even landed back in your bank account.
What To Expect When Withdrawing
When it comes to taking money out of your online betting account, the process is simple, but not as fast as making a deposit.
No matter which withdrawal type you use you'll have to make a request to move money out of your bankroll, which the bookmaker will need to approve. Depending on the day and time you do this, it could take up to 48 hours before your request is processed.
You also might have to provide further I.D verification at the time of your first withdrawal. This is another security layer that betting sites use to prevent against money laundering and they're required to perform these checks as a condition of their licence. The bookmaker may ask you to scan the front and back of your card (remember to hide the CCV when you do this). Or you could be asked to provide evidence of your bank account, such as a recent statement dated within the last three months.
These checks are a one off and you won't need to perform them each time you withdraw.
Every withdrawal you make at an online betting site in Britain will be subject to a short delay while your request is being processed. This normally takes around 2 days at the top bookmakers online. Once approved, how quickly it takes to get your money back will depend on the withdrawal method you use.
The following table outlines typical withdrawal speeds you can expect to be subject to, after the request has been approved.