Sports is a major interest for many people- women and men combined. So, the practice of watching sports-related content and doing activities related to it is highly sought after. Sports betting, in particular, holds a considerable fanbase. Statistically, the market size of sports betting can increase to USD 8 billion by the end of 2025.
While there are many sports betting software providers, one of the main points of concern for consumers is the security and ease of payment. If you are creating one such software, take the help of skilled developers like at AIS Technolabs to integrate top-quality payment gateways.
There are specific types that are most common for such applications. Here, we will discuss the best eight options.
What do you mean by payment gateways?
There are services available for different types of online websites and platforms that they can use to complete successful transactions online. This is what the payments gateways are, which are third-party-based solutions for secure digital-based funding transfers globally.
The solution providers for payment gateways supply simple payment gateways that can seamlessly mix with online sports betting platforms and carry out transactions safely. These gateways bridge the customer's bank account and the betting software.
Moreover, customers can choose different payment methods to carry out their transactions. To explain, some users in global regions can have specific payment methods that are active on their devices or authorized under governmental regulations.
They are more likely to find a suitable payment method out of multiple options due to the multiple availabilities.
Types of Payment gateways
Before considering the types of payment methods, you must first know the payment gateway variations. The type of payment method you can access would depend highly on the active gateway type in the software.
While working with AIS Technolabs experts, you would notice their focus on this during the payment integration stage of the software development process.
- Redirects-Here, the users click on top of the checkout button on the website. Then, the software redirects its connection to the main payment gateway page. The transaction continues and is completed in this section.
- On-site payments - The whole payment process completes directly on the website. Therefore, users have full control over their transaction process. Bigger enterprises use this option primarily.
- Off-site payments-The checkout steps are completed in the front-end portion of the online betting software. The rest of the transaction process ends in the payment gateway backend.
Best Payment Methods for Online Betting Software
There are different payment methods suitable for integrating into an online betting application or site. The options that assure the best security features, multi-platform accessibility, and smooth transactions are listed here.
One of the top forms of secure payment methods on sports betting platforms is cryptocurrency. The benefits here are the anonymous quality of transactions that the users can expect with their transfers. Therefore, users can participate in sports betting activities secretly and do not get their transactions traced back to their accounts.
The security features of crypto-based payments guarantee private and secure payments across global connections with no legal restrictions. Users can make bigger limits for payments and withdrawals, conduct fast transactions, and get benefits like smart contracts.
2. Credit & Debit cards
Users can utilize the bank-based cards they own for transactions on online betting platforms. Here, the acceptable global payment services are Mastercard, Maestro, and Visa. Some sites allow restrictions for one or more types; during the app development process, discuss with the experts from AIS Technolabs about integrating all.
This is a simple method for quick and safe fund withdrawal and deposit methods. Users have to add their financial details, as mentioned, to activate the transaction. Some platforms sync this data, and users have only to provide their security code.
3. Dedicated E-wallet
One of the quickest payment methods available for sports betting software is e-wallets. It allows fiat currency exchange, is one of the most accessible options to manage and use, and performs reliably well. While they operate under third-party payment providers, e-wallets carefully follow financial regulations.
Users can expect safety from fraudulent activities or transactions while using e-wallets. You can fill up the e-wallet with a set amount and quickly transfer the necessary amount to the sports betting account. It can take some hours during withdrawals but is usually completed within three business days. In case of verification-related concerns, the time can extend.
It is one of the most popular payment methods used in different sports betting software. Neteller is supported in under 200 countries and counting, like Canada or the United States. So, users in various locations get this as a sporting betting platform payment method option.
Another top choice for the payment method in the online betting software types is Skrill. It is another option that is allowed in around 200 countries globally. Skrill is a common choice for instant payment, and users can expect strong security, low transaction fees, and a simple payment process.
6. Prepaid cards
To note, prepaid cards are not the quickest mode of payment available for sports betting sites or apps. However, these options are secure and reliable, with users having to fill out a prepaid voucher beforehand. It does not ask for users' financial data for withdrawals or deposits. However, a little transaction fee is issued under some options for withdrawals.
7. Mobile payments/UPI
Users can opt for UPI or mobile-based payment transactions. They are simple to carry out, especially on the go. There is a need for a dedicated app or internet connection for these payments in most cases. The developers of your solution can add UPI syncing feature to handle one-click transactions for all the UPI/mobile payment options. Some options can charge a transaction fee.
This payment method is helpful for various sporting betting options, like online casinos, poker, or online slots. Users can work with gift cards to pay for the games online. The approval period for the Instabill merchant accounts takes around 5 business days to about 2 weeks. You can expect benefits here, like chargebacks and robust security features.
Indeed, with the right team at the helm of the sports betting software development project, you can expect top-quality outcomes with high engagement potential. The workers at AIS Technolabs are skilled and trained in diverse software development, technologies, and strategies. Plus, these developers consider compliance matters a priority.
They use their honed techniques and experience with different payment platforms and systems to ensure a secure transaction medium for your company’s website. Need help with yours? Talk to us soon!