Owning a sportsbook or any type of gambling operation is all about making money. While banking may seem like a secondary item on your list when opening a sportsbook, it is far from it. This is because without the ability to send and collect money, there is no point in having a sportsbook. Today, we go over the Importance of Payment Options for a Sportsbook and options a bookie can use.
First, having several banking methods makes up a large part of customer satisfaction and retention for a sportsbook. This is because in today’s sports betting market, bookmakers more or less offer the same thing. The only thing that can make you stand out amongst the competition is the customer service. Furthermore, if a player is unable to place a bet because of a banking issue, then you lost that customer.
Second, you want payment options that allow you to receive money at anytime of the day. For this instance, we are not just talking about being able to send and receive money at 2am. We are talking about easily receiving money 10 minutes before game time when everyone else is doing the same.
Choosing the Best Payment Options for a Sportsbook
Today, there are hundreds of different payment option on the market. Unfortunately, many of them are not available for gambling purpose. Or if they are, the cost of using these services comes at a premium price. This is because gambling operations are often seen as a high risk by financial institutes due its nature. However, it does not mean that sportsbook payment options are not available. It just means you will have to work a bit more to get them.
Cash is always a good option for a bookie but not as convenient to the players. This is because unless you have a runner or go collect it in person, it is awkward to send and receive it. Places like Western Union and MoneyGram do offer online services but they have a no gambling use policy. Use them at your own risk.
Credit Cards are a convenient way to process payments but require several criteria before you can use them.
Online Gaming Payment Solutions are a good option but many of them are often country specific. For example, Naver Pay is the most popular payment method in South Korea but is not available anywhere else. This means your electronic payment method you choose will often depend on the location of your players.
Cryptocurrencies are a good bet for both the sportsbook and the player as they are anonymous and easy to use. However, it will require both parties to first open a cryptocurrency account.
Whatever banking option you choose for your sportsbook, the more you can afford to have the better. A good sportsbook pay per head operation like PricePerPlayer.com can help you find the right payment options for your sportsbook.