If you opt to use a pay per head service to run your online sportsbook, you’ll still be required to handle the cashier (deposit/withdrawals). You’ll need ways to receive/send money globally.
Handling the money has numerous benefits, which we’re going to look at first.
Benefits of Handling the Cashier as a Bookie
- Safety of Funds: Why rely on a sportsbook platform to handle your money? Not only will you incur fees, but you should always want to maintain control of your bank.
- Lower Fees: If you use the best payment options, which we’ll look at below, you’re going to end up spending a lot less in fees, which add up quickly and eat into your profits.
- More Anonymity: You can remain more anonymous by using only the payment methods you want to use. The last thing you want to leave is a paper trail of deposits into your bank.
- Payout Times: When you handle the money, you know exactly when and where you’re sending it. This way your players aren’t waiting for a payment processor to complete the transaction.
Best Payment Options That Bookies Should Be Using
Here are the best payment options for online sportsbook owners.
These are also the best ways to collect money from your players. These payment options check all of the important boxes, including low fees, anonymity and fast transactions.
There are various payment options that are ideal for bookies, here are the best:
- Cash: Do you have local clientele betting? There’s nothing better than dealing with cash, as there’s no paper trail and you won’t ever need to claim the income you’re making.
Think of it this way. If you have fifty deposits into your bank account every month, you’re going to end up having to explain where all of this money has been coming from and why.
If you deal with cash only for your local clients, you have a lot less to worry about.
- Cryptocurrencies: For every client that isn’t local, you should pay them with cryptocurrency. There are a number of popular cryptos that are widely used by sports bettors.
Bitcoin (BTC) might be the most popular cryptocurrency, but it doesn’t offer the lowest fees.
Fees are increasing to send BTC and that’s making sports bettors switch to alternatives. Litecoin (LTC) remains popular, has been stable recently and the fees are tiny to send/receive LTC.
Ethereum (ETH) is another popular cryptocurrency with sports bettors.
You should spend some time researching the best cryptocurrencies for sports betting to determine which will be suitable for you. Ask your player sheet what cryptos they prefer using as well.
Cash and Crypto Are King
When it comes to payment options you should be looking at as a bookie, cash and cryptos are the best bet. They’re safe to use, have low fees, offer anonymity and are popular with bettors.
At the end of the day, just make sure you pay your clients quickly, but at the same time ensure you aren’t leaving a paper trail that can get you into hot water down the road.