Best betting payment methods for online bookmakers in India - May 2024
One of the key factors with any indian betting site is being able to deposit and withdraw money. Let’s check out the payment methods that are available with the bookmakers in India and which are going to suit you the best.
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India is one of the world’s largest and fastest growing online betting markets with an estimated worth of 6000 crore ($60 billion USD), with some sources even claiming north of the 10000 crore mark ($100 billion USD). With such a massive market, it’s no surprise that a number of sports betting sites are trying to get in on the action. Naturally, this has led to even easier and more convenient ways for users to deposit onto best India betting sites in May 2024.
What payment methods are authorized by bookmakers for India?
For the most part, the majority of online payment methods in India can be broken down into these four categories:
- Bank transfer
- Bank cards
- Digital wallets
- Cryptocurrency
In those four categories there are a number of options available. Each one has their specific pros and cons, which we will explore more in this article. Here are the most common payment methods you will find in May 2024.
- UPI (Unified Payments Interface)
- IMPS (Immediate Payment Service)
- NetBanking
- Visa
- Mastercard
- Skrill
- Neteller
- Google Pay
- AstroPay
- PhonePe
- Paytm
- Bitcoin / Ethereum
As you can see, there are plenty of options available for sports bettors located in India. Perhaps the most prevalent are bank transfers, specifically by way of the UPI method. Continue reading on to learn more about all of the above methods to find out which is best for you.
UPI (Unified Payment Interface)
Likely the most important payment system on this list, the UPI logo is often proudly displayed by online sports betting sites in India. It’s with good reason, as this banking system was officially developed by the government to provide Indian citizens a solution to online payments. The instant payment system facilitates inter-banking transactions which users can access through their mobile devices.
The real advantage with this method is that you don’t have to provide any personal information when making a deposit on an online betting site. Simply download the UPI app onto your phone, create a UPI ID and link your bank account. The rest is history.
IMPS (Immediate Payment System)
IMPS is another government-backed service in India that functions in largely the same way as the aforementioned UPI. Once again focusing on mobile devices, IMPS allows users to make transfers between banks instantly.
The key difference to UPI is in the amount that the user wishes to transfer. IMPS allows for much higher amounts to be sent and thus deposited on an online betting site. The transaction limit according to IMPS is 5 lakh (₹500,000) per 24 hours.
NetBanking
NetBanking simply refers to internet banking, which is certainly still a viable payment method when it comes to online sportsbooks in India. Whether being performed through mobile or by accessing the banks website by computer, plenty of betting sites offer NetBanking (sometimes referred to as INB) deposits and withdrawals.
NetBanking in India is almost always free of charge. Users can also expect their transactions to be completed extremely quickly, with the majority of transfers only taking between 30 minutes to two hours.
Visa / Mastercard
Credit and debit cards remain some of the most common and popular payment methods not only in India but worldwide. Security is the name of the game with Visa and Mastercard as users can be confident that their payments will be completely protected.
Add into the fact that these types of transfers with betting sites often take just a few minutes, it’s clear why these two behemoth banking institutions are often the first choice for sports bettors in 2024.
Skrill
Skrill is one of the largest and most recognizable names in the digital wallet / payment processor industry. Founded in 2001 under the name Moneybookers, Skrill became one of the leading payment solution services in just five years time. They’ve continued to innovate and provide their users with one of the fastest and most convenient ways to send money and make payments online.
Skrill represents an excellent choice for online sports bettors and is almost universally accepted in sportsbooks in India and around the world. The process requires you to fund your Skrill account first, which you can then use to make a deposit to an online betting site.
Neteller
Neteller is almost identical to Skrill, boasting a highly reputable name as well as an equally impressive amount of time operating in the digital wallet industry. Founded two years before Skrill in 1999, Neteller experienced a similar rise. Within just a few years they were a leader in terms of online payment solutions. Neteller remains today as one of the most widely-accepted and most trustworthy names for sports bettors looking to fund their account.
The process is similar, with bettors first funding their Neteller account (usually by bank transfer or credit card payment), which can then be used to transfer directly to a betting site. A highly recommended payment method for those looking to bet online in India.
Google Pay
Google’s payment service is also an option for sports bettors in India in May 2024. While not as universally accepted as the prior payment methods, there are a number of top sportsbooks such as 1xBet and Stake.com that accept Google Pay.
Acting as a digital wallet and online payment processor, Google Pay provides punters with a fast, secure and convenient way to fund their betting accounts. Payments can be made by mobile device Backed up by arguably the premier tech titan in the world, bettors won’t have to worry about the security of their funds and personal information. It’s also important to note that Google Pay is incorporated into the Indian government’s UPI payment service.
AstroPay
Another digital wallet, AstroPay was founded in 2009 and is widely accepted among online betting sites in India. Operating in much the same ways as the previously mentioned Skrill and Neteller, users are required to first fund their AstroPay account which can then be used to make a deposit on an online bookmaker.
One of the advantages of AstroPay is the amount of options that users have to make payments. They offer the typical online payments through app or website, as well as physical and virtual debit cards and P2P transfers. Those using AstroPay will find over 200 payment methods available to fund their account, making it a highly versatile option.
PhonePe
PhonePe is a mobile payment platform that is integrated into the UPI system, adding that extra level of trust and security. It is a platform developed exclusively in India for Indian citizens, making it the perfect choice for sports betting enthusiasts in the country!
Transfers can be made in just a few steps with the only information required being your UPI ID, the receiver's UPI ID and the amount you want to send! With the focus of this app on the Indian market, we highly recommend giving it a shot!
Paytm
Similar to PhonePE, Paytm is another payment system developed in India and UPI integrated, making it a fantastic choice for Indian sports bettors! PayTM is one of the countries most popular platforms for transferring money, making UPI payments, recharging your mobile data and more.
A key difference with Paytm is that users can store funds in their account, giving it more functionality instead of acting like a pure payment processor in the vein of PhonePe or Google Pay. It’s widely accepted across India as well as in the online betting world. Another superb option for India-based sports bettors!
Bitcoin / Ethereum / Litecoin
These are two different cryptocurrencies but have more or less the same utility when it comes to online sports betting sites. Cryptocurrency provides users a convenient and secure way to make payments to their favorite betting sites. The anonymity of crypto is seen as a big advantage by many due to the extra layer of security that it adds. It’s become such a popular method of payment that sites such as Stake.com operate exclusively using cryptocurrency.
The process is rather straightforward: first, you’ll have to purchase your Bitcoin, Ethereum, Litecoin or another accepted coin on a crypto wallet, then you can deposit it to your preferred online betting site.
Are the payment methods offered by indian sports betting sites reliable?
If you’re worried about the security of your transactions when dealing with online sports betting sites in India, you can put your mind at ease. India is unique in that it offers a few government-backed payment methods, meaning users' information and data will be 100% secure and protected. There are also a number of other highly-reputable digital wallets and payment processors that have been operating in the space for decades.
On the bookmaker’s side of things, you can be sure that every sportsbook on our Best Indian Betting Sites list offers the latest encryption security systems to ensure that all of your data and personal information are stored and secure. In this sense it is similar to making a purchase with any other commercial web site or online store.
Are there any fees when making a payment on a sports betting site in India?
Generally, sports bettors in India will not encounter any fees when making a deposit on a betting site. This can often be confirmed by heading over to the payment methods section of your preferred sportsbook. 1xBet, for example, lists “No fees” under each and every one of their deposit and withdrawal methods. This means that on their end, 1xBet will not hit the user with any additional charges or fees when moving money.
That is from the bookmaker’s side of things. However, there may be a select few digital wallets that charge a commision fee for depositing and withdrawing funds. That’s certainly not a universal truth though as there are plenty of payment processors operating with no processing fees.
India: What is the minimum deposit for a bookmaker payment?
The minimum deposit amount almost always often varies depending on the betting site. It will also change depending on which payment method you choose to go with. Some sites, such as LottoBet, have a minimum deposit amount of just ₹10.
However, we found the average to be anywhere from ₹350 to ₹500 for methods such as UPI and Visa / Mastercard. Other methods, such as Skrill and Neteller, tend to be a bit on the higher side such as on Parimatch where the minimum is ₹800 using these digital wallets.
Bookmaker deposit limit: what is the maximum payout in INR (₹)?
Similarly to the minimum deposit limit, the maximum deposit limit will vary depending on both the betting site and the payment method. Many bookmakers allow users to request higher deposit limits as well, so these are not so set in stone. You will find certain payment methods allow for larger deposit amounts, such as India’s IMPS service which we highlighted earlier.
It’s a similar story for withdrawal limits. 1xBet, for example, has a minimum withdrawal amount of ₹550 for UPI and ₹1,000 for IMPS. Bookmakers will often publish their limits for both deposits and withdrawals under the ‘Help’ or FAQs section of their site. We recommend familiarizing yourself with the different possibilities before making your first deposit.
How long does it take to receive payment for a deposit on an indian sports betting site?
One of the advantages that users can enjoy with the rapid rise of various payment methods are the ulta-fast transaction times. Most of the time, you’ll have your funds ready to go in your betting account in just a matter of minutes!
There are a few exceptions, such as bank transfers for larger amounts (IMPS), which could take a few business days for the transaction to finalize.
Sports betting and Crypto: an increasingly popular option in India
Cryptocurrency such as Bitcoin and Ethereum have worked their way into the mainstream over the last five years. This type of digital currency lends itself perfectly towards markets such as online sports betting due to the extremely secure and anonymous nature of the transactions. This allows the user to add another layer of security by not having personal banking information shared with the bookmaker. Simply purchase your cryptocurrency from an online wallet and make the transfer to the betting site directly. Books such as Stake.com deal exclusively in cryptocurrency, displaying just how viable it is as an option in 2024.
However, if you wish to go this route it’s vitally important that you be aware of exactly how each betting site handles crypto transactions. For example, some might accept Bitcoin, Ethereum and other coins for deposits, but the result could be an invalid welcome bonus. Be sure to check the terms and conditions for both the payment information as well as any bonuses that you are interested in.
How do I withdraw money from an indian sports betting site?
So you’ve been betting on your favorite sports and have found success. Great! The next step is to withdraw some of your winnings. You’ll find that the majority of online sportsbooks require the user to use the same method to withdraw that they used to deposit when possible. This is referred to as a closed-loop policy and is implemented across the online betting industry.
You can find out more by reviewing the payment methods section on a bookmaker's FAQs or Help pages.
Transfer time: how long does it take to receive your winnings after withdrawing in India?
Once again, the withdrawal time is another factor that is influenced by both the betting site you are using as well as the payment method. However, as a general rule of thumb: withdrawals tend to take longer to process than deposits. You’ll also find certain payment methods to process faster than others on average. Digital wallets tend to be faster than bank transfers, for example.
10cric sees digital wallets such as Neteller, Skrill and AstroPay with a 48 hour processing time to receive withdrawals. 1xBet sees UPI withdrawals take up to five business days but Neteller and Skrill are delayed by just 15 minutes. As you can see, it is often highly dependent on the betting site itself.
India: Do sports betting sites charge withdrawal fees?
Another great piece of news for bettors in India is that it is extremely rare to find an Indian bookmaker charging withdrawal fees. There might be some unique circumstances where the user may have to pay some kind of extra charge, such as repeated withdrawals in a short amount of time. However, rest assured that these are rare cases and for the most part, you won’t encounter any additional withdrawal fees.
Payment methods for betting sites in India:
- Bitcoin Betting Sites in India: Bookmakers that Accept Bitcoin
- Paytm Betting Sites: Bookmakers in India that Accept Paytm
- Ethereum Betting Sites: Bookmakers in India that Accept Ethereum
- Litecoin Betting Sites: Bookmakers in India that Accept Litecoin
- PhonePe Betting Sites: Bookmakers in India that Accept PhonePe
