Best betting payment methods for online bookmakers in Nigeria - May 2024
Take your sports betting journey up a notch with the extensive list of payment methods available from some of the best bookmakers in Nigeria in May2024. Nigerian betting sites prioritize accessibility and ease, ensuring that users can pick and choose from a variety of payment options based on their individual preferences.
Join us as we explore the variety of payment options available from Nigeria’s leading bookmakers below.
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What payment methods are authorized by bookmakers for Nigerian markets?
- Bank/ ATM Transfers
- Electronic Fund Transfers
- Electronic Wallets (E-wallet)
- Cryptocurrency
- Card Transfers (Visa and Mastercard)
While the number of payment methods allowed by Nigerian betting sites are vast, they each have their own set of advantages and disadvantages, and understanding the pros and cons of each method is essential for a seamless betting experience. Let’s explore each method in detail below.
- Bank transfers
- Visa
- Mastercard
- Flutterwave
- AstroPay
- Interswitch
- OPay
- PalmPay
- Dogecoin
- Dash
- Monero
- Skrill
- Tron
- Payz
- Jeton
- Bitcoin
- Litecoin
- Ethereum
- Monnify
- Airtm
- Neteller
- PayDirect
Bookmakers in Nigeria are among the most advanced across the entire continent of Africa. They offer the widest variety of payment options that cater to bettors with differing backgrounds and financial preferences, ranging from simple physical bank transfers to more tech-based options such as crypto betting. For a detailed breakdown of the advantages and disadvantages of various payment methods, continue reading below.
Palmpay
PalmPay is a mobile payment platform that offers a seamless and secure way for users to make transactions. In terms of sports betting in Nigeria, PalmPay serves as a convenient tool for punters to deposit funds into their betting accounts quickly and efficiently. Perhaps one of the best parts of using this service is its widespread usage. Palmpay is accepted by several bookmakers on our list, which helps ensure accessibility for a large portion of the population. Read our article on Nigerian Bookmakers that accept Palmpay to learn more.
OPay
OPay is a commonly used mobile payment platform in Nigeria and is widely considered the most popular alternative to Palmpay. Both platforms offer almost the exact same service, with the major difference often coming in terms of promotions and fees. Like its competitors, OPay is accepted by most bookmakers and is a go-to option for quick and secure fund transfers. Read our article on Nigerian Bookmakers that accept Opay to learn more.
Bitcoin
Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, allowing users to send and receive payments without the need for intermediaries like banks. In Nigeria, Bitcoin has gained significant popularity as a means of conducting financial transactions due to its accessibility, security, and potential for anonymity. Nigeria’s widespread acceptance of digital currency means that bettors can also use Ethereum and Litecoin for their betting needs bu Bitcoin still stands as the undisputed market leader. Read our article on Nigerian Bookmakers that accept Bitcoin to learn more.
Bank Transfers
Bank transfers are perhaps the oldest form of payment in Nigeria. However, with the rise of faster and more convenient payment options like digital wallets and instant payment solutions, bank transfers are gradually becoming obsolete in the fast-paced world of online betting. Bettors are increasingly seeking methods that provide quicker access to their funds, and the evolving landscape of payment options in Nigeria reflects this shift.
GT Bank has long been the go-to option for Nigerian bettors looking to fund their betting accounts due to its accessibility. The bank boasts over 250 branches across Nigeria and is accepted by most Nigerian betting sites featured on our list. In addition, GT Bank customers can use one of over 1000 ATM machines across the country for hassle-free, contactless payments to and from their betting accounts.
Electronic Funds Transfer
Leveraging Electronic Funds Transfer (EFT) payments through platforms like Flutterwave, Interswitch, PalmPay, and Payz has become a popular and convenient method for betting in Nigeria.
The advantages of these electronic fund transfer systems are noteworthy, including swift processing times that grant users immediate access to their funds. Additionally, the security features embedded in EFT solutions provide users peace of mind that they are operating in a regulated and safe financial environment.
Due to the sheer variety of EFT transfer options available to Nigerian bettors, betting sites do tend to pick and choose the ones they prefer working with, so it is important to ensure that your preferred betting site accommodates the EFT company that you choose to transact through.
Debit Cards
Like bank transfers, debit and credit card payments using Visa and Mastercard are among the oldest forms of payment in Nigeria. However, in keeping with the similarities with bank transfers, they are diminishing in popularity and are not as widely accepted by bookmakers in Nigeria when compared to methods such as EFT and electronic wallets.
Still, this does not mean that if you prefer debit card payments, you will not be able to place your bets. Many bookmakers in Nigeria still accept card payments, such as 1xBet and Betano, and you can always consider downloading a free electronic wallet from Google Play or the App Store, which will allow you to transfer funds from your credit/ debit card to your wallet in a matter of minutes.
Electronic Wallets
Making payments using digital wallets like AstroPay, OPay, and Skrill introduces a streamlined and tech-savvy approach to betting transactions in Nigeria. Most electronic wallets provide multiple services and bridge the gap between dedicated EFT services and a debit card, as it allows you to store money in your account and use it when you feel it necessary. Most EFT services will require you to link your debit card or bank account to it, while electronic wallets allow you flexibility over how you fund your account.
AstroPay has a unique feature that allows you to receive a prepaid card that you can top up with the amount that you choose. This means that you can opt to use this as a dedicated betting account, which is always advisable since you run less risk of overindulging in betting. Overall, the efficiency, security, and adaptability of electronic wallets like AstroPay, OPay, and Skrill make them compelling choices for Nigerian bettors seeking a contemporary and reliable payment method.
Cryptocurrency
Engaging with cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Litecoin for online betting payments in Nigeria introduces a cutting-edge and decentralized dimension to financial transactions. Crypto is fast becoming one of the most frequently used methods of making payments in Nigeria, and this extends to the betting world as well.
The advantages of cryptocurrencies are notable, offering users heightened privacy and anonymity due to the absence of personal information tied to transactions. The use of blockchain technology ensures secure and transparent transactions, minimizing the risk of fraud. Cryptocurrency transactions are often characterized by their speed, allowing users to enjoy almost instantaneous deposit and withdrawal processes
However, the obvious drawback of this method is that the volatility of cryptocurrency values is a noteworthy consideration, potentially impacting the value of your funds. While not all bookmakers in Nigeria necessarily accept cryptocurrency as a form of payment, you will have no problem finding ones that do, as there are likely more betting sites that advocate its use than those that don’t. Cloudbet has emerged as one of the major cryptocurrency-based betting sites, though they specialise in Bitcoin and Bitcoin cash only. Nevertheless, there are numerous other betting sites that accept cryptocurrencies, including the more popular ones, such as Bitcoin and Ethereum, to lower-value options, such as Tron, Monero, and Dash.
Are the payment methods offered by Nigerian sports betting sites reliable?
Reliable sports betting sites implement strong security measures to protect users' financial information. Encryption and other security protocols are essential to ensuring the safety of transactions, and the bookmakers displayed on SportyTrader have all passed out verification checks in terms of safety and reliability.
As a rule of thumb, we always suggest that before you decide on a betting site, take a look at the payment options that they offer. Bookmakers that offer unknown or dodgy payment methods and options are best to steer clear of. You can also check out SportyTrader's comprehensive reviews to learn more about the security of the best betting sites in Nigeria.
Are there any fees when making a payment on a sports betting site in Nigeria?
Generally, betting sites in Nigeria do not charge fees when you are making payments. It is not in the bookmakers’ best interests to do this as it reduces your winnings and will often lead to customers moving to other betting sites that opt to waive such fees.
However, this is not an exact science. Due to the variety of payment methods available, some options can carry fees. For example, transaction fees can apply when using electronic wallets. In addition, if a sports betting site accepts cryptocurrencies like Bitcoin, Ethereum, or others, users should be aware of potential blockchain network fees associated with cryptocurrency transactions.
Indeed, these fees are not necessarily attributable to all bookmakers directly but are definitely worth considering. The most common withdrawal fee betting sites may impose is if users exceed a certain number of withdrawals within a specified time frame. If you’re an avid punter, this is another important consideration.
What is the minimum deposit for a bookmaker payment in Nigeria?
There is no exact answer to this question since each bookmaker sets its own minimums and limits. For example, Bet9ja requires a minimum of ₦100, while 1xBet asks for a minimum of ₦800. Check out our bookmaker reviews to see what the minimum amount for your chosen bookmaker looks like.
Another factor that impacts the minimum deposit is the actual method that you choose to make your deposit. Betano provides a good example of this point as the minimum deposit using a Visa or Mastercard is set at just ₦50, while EFT and electronic wallet deposits through Flutterwave and Monnify carry ₦200 and ₦100 minimums, respectively.
Then we come to cryptocurrency deposits, which are a little different. Most betting sites in Nigeria will set a minimum deposit amount regardless of the value of the currency used. For example, Cloudbet requires a minimum of 1BTC, but the actual monetary value of 1BTC can vary vastly from the time you make your first deposit to when you make a second one.
As always, we urge all bettors to review the bookmakers' terms and conditions before making a final decision.
Bookmaker deposit limit: What is the maximum payout in Naira (₦)?
Deposit limits also vary from one bookmaker to another, and the figure is often influenced by several factors, including but not limited to the size of the bookmaker and the method you choose to deposit funds. Using Bet9ja as an example, the maximum deposit allowed is ₦10000 when using OPay, but by using AstroPay, you will be able to deposit up to ₦1000000 in one go.
Payout limits, on the other hand, are often in place to manage the bookmaker's exposure to large losses. High-profile events or bets with long odds may have lower limits compared to more common bets. You can find this information on the bookmaker's website, specifically in the terms of service or rules section.
How long does it take to receive payment for a deposit on a sports betting site in Nigeria?
This can vary depending on several factors, primarily the chosen payment method. Generally, deposits made through popular methods like credit/debit cards, digital wallets, and cryptocurrencies are processed swiftly, allowing users to see the funds in their betting accounts almost instantly.
However, bank transfers may take longer, typically ranging between two to three business days. The processing time can be influenced by the banks involved and any international transactions or currency conversions. Additionally, some delays may occur due to verification processes or security checks initiated by the betting site.
Sports betting & crypto: An increasingly popular option in Nigeria
Cryptocurrency is witnessing a rapid rise in popularity as a preferred payment method for betting in Nigeria. The decentralized and borderless nature of digital currencies, such as Bitcoin, Ethereum, and others, fits perfectly into the ever-changing landscape of online betting.
Bettors in Nigeria are drawn to the advantages offered by cryptocurrencies, including faster transaction speeds, enhanced privacy, and reduced fees compared to traditional payment methods.
As the cryptocurrency ecosystem continues to mature and gain acceptance, more Nigerian bettors are recognizing the convenience and innovation that digital currencies bring to the world of sports betting.
How do I withdraw money from a sports betting site in Nigeria?
Once you have reached the withdrawal threshold, most bookmakers in Nigeria offer you a variety of ways to cash out your winnings, and they often mirror the same methods used to make a deposit. This can include payments to digital wallets, cryptocurrency, and mobile money options.
Here again, it's important to note that the availability of withdrawal methods can vary between sports betting sites. Additionally, the processing times and potential fees associated with each method may differ.
Transfer time: How long does it take to receive your winnings after withdrawing money from a bookmaker in Nigeria?
Once again, there is no one-size-fits-all answer to this question. Understandably, once you’ve won a bet, you would like access to your winnings right away; however, this is not always possible, depending on the method you choose to receive your payout.
Bank transfers are often considered one of the longest in terms of the amount of time taken until your funds clear since there are several more processes that a bank has to undertake in addition to the sheer number of transactions they are dealing with at one given time.
Payments to electronic wallets, either in cash or cryptocurrency, are widely thought to be the fastest option.
Do sports betting sites in Nigeria charge withdrawal fees?
As mentioned earlier, it is not in the best interests of betting sites in Nigeria to charge withdrawal fees, but that does not mean that they do not exist.
Withdrawal method-specific fees and currency conversion fees are some of the more common reasons that withdrawal fees become present, though these are usually imposed by the vendor you are using for the withdrawal as opposed to being a fee levied by the bookmakers themselves.
To determine whether a sports betting site charges withdrawal fees, it's essential to review the terms and conditions, as well as the banking or payments section of the specific bookmakers and the platform you are using for withdrawals.
Payment methods for betting sites in Nigeria:
