Thanks to online lottery sites and lotto betting sites, it’s now possible to win money on lotteries around the world. Whether you want to have a wager on the US Mega Millions, have an eye on Italy’s SuperEna or fancy a flutter on Spain’s Christmas lottery, there’s a lottery site for you. But, what payment method s are accepted at these lotto sites, and which is best to use? We cover everything you need to know about the payment options available so that you can pick out a top lottery site, sign up and start your lottery adventure today.
Online lottery payment methods
With such a vast choice of lottery payment methods, how can you be sure that you’ve chosen the right one for you? Let’s take a look at some of the most popular options.
Credit & Debit Cards
Debit and credit cards are traditional payment methods at both online and offline retailers, which makes them a natural choice for lotto sites. Most sites will allow customers to make deposits and withdrawals using Visa and MasterCard, but individual sites may also permit payments using other card providers.
Pros
- Fuss-free
Virtually everyone has access to a debit or credit card and use them practically every day. This means people understand how to use them, making for a simple, fuss-free way to buy lottery tickets or deposit funds into your online lottery account.
- Instant payments
Whether you’re buying a lottery ticket online or depositing funds into your lotto betting account, card payments are almost always instant.
Cons
- Fees
While debit cards are nearly always a free payment option,your credit card provider might enforce their own charges when it comes to making lottery ticket purchases or depositing money onto a lottery betting site . This is because some providers deem it as a cash advance.
E-wallets
E-wallets are becoming more and more popular payment methods. Most people are familiar with PayPal , but names such as Neteller are also becoming more commonly known.
Pros
- Security
When you sign up to an e-wallet provider you’ll give them your personal details, which means you won’t need to enter them on the lottery site. You’ll simply log in and the provider acts as a bridge between your bank and the site. This adds another level of protection to your personal information.
- Speed
Both deposits and withdrawals are practically instant when you’re using an e-wallet as a payment method. This means you can start betting on lottery and withdraw your lottery betting winnings quickly.
Cons
- Bonus exclusions
Many lottery betting sites offer bonuses, such as free cash or matched deposits, to their new customers. However, a handful of lottery sites—as well as other gambling sites and sportsbooks—exclude payments via certain e-wallets from claiming these bonuses. Check for any such exclusions in the terms and conditions before you choose your lottery site.
Virtual prepaid cards
Prepaid cards are accepted at a vast range of lottery sites. They function in a similar way to a regular debit card, but users will only have access to a certain amount of money on this card. paysafecard is one of the most widely available- players can buy a card and pay using the 16-digit PIN on the card.
Pros
- Controls spending
Prepaid cards are a useful way of taking control of your lottery betting budget as you’ll only have access to the predetermined amount of money on the card.
- Security
As with e-wallets, prepaid card users won’t need to enter personal banking information when making purchases on lottery sites. This adds another level of protection to your information.
Cons
- Fees
Depending on the prepaid card you choose you may have to pay a monthly service fee.
- Spending limits
Some prepaid cards may have maximum spend limits, which could limit the amount you deposit into your lotto betting account.
Bank Transfers
Many top lottery sites offer customers the chance to make deposits and withdrawals via bank transfer.
Pros
- Simple
Bank transfers to gambling sites work in the same way as other bank transfers. The familiarity of these transfers makes it an easy and hassle-free process.
Cons
- Processing times
Whether you’re making deposits to your lottery betting account, or withdrawing your lotto betting winnings, payments via bank transfer usually have a longer processing time than other payments. This will vary between lottery sites, but is usually around 1 to 5 working days.
Bitcoin
With the increasing popularity of cryptocurrencies, Bitcoin lotteries are becoming more and more common, especially at new lottery sites. At Bitcoin lottery sites customers can make deposits and withdraw winnings with the virtual currency.
Pros
- Security
Bitcoin provides total anonymity which provides you with another level of security regarding the safeguarding of your personal information.
- Universal currency
Bitcoin currency is universal, which means there’s no loss of value when converting from EUR to GBP, for instance. This is especially useful if you’re betting on international lotteries.
Cons
- Fluctuating value
Bitcoin doesn’t yet have any regulation per se, which means it’s subject to fluctuations and can value can fluctuate significantly in a short period of time. This means the value of your win can vary from day-to-day.
Withdrawal processing times
While many lottery site deposit banking options are practically instant, you’ll usually need to wait a short processing time for withdrawals. This processing time can be as little as a matter of hours to a few days and will vary for each payment method and at each lottery site.
Compare, pay and play
Now you understand the top lottery payment methods, you’re probably ready to start betting on your favourite lotto draws. The next step is to find your ideal online lottery site. Take a look at our list of top sites and see which one fits the bill. Simply sign up for your favourite and start your online lottery adventure.
