Best betting payment methods for online bookmakers in South Africa - May 2024

Unlock the world of online betting with the variety of easy and convenient depositing methods available from the leading bookmakers in South Africa. From traditional transactions to cutting-edge digital solutions, finding the perfect, hassle-free payment option has never been simpler.

Let’s take a look at the different methods of payment allowed by bookmakers across South Africa in May 2024. 

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What payment methods are authorized by bookmakers for South African markets?

• Bank Transfers
• Electronic Fund Transfers
• Electronic Wallets (E-wallet)
• Vouchers
• Scan to Pay

As with anything betting related, every payment method comes with its own set of perks and pitfalls, which help you identify what suits you best. Curious to explore the full breakdown of these options? Check out the full details of all the payment possibilities below and discover the ideal fit for your seamless betting experience!

• Bank Transfers
• Visa 
• Mastercard
• American Express
• OTT Voucher
• 1 Voucher
• Blue Voucher
• Easyload 
• EFT
• Peach Payments
• Ozow 
• Neteller
• PayPal
• Skrill
• SnapScan
• Zapper
• PayU
• Branch Deposits

In South Africa, debit and credit card payments are still just about the most popular method of making and receiving payments as they provide a convenient and familiar way to fund betting accounts. However, with the variety of recharge vouchers that are now available, many South Africans are opting to make use of these easy-to-use methods as a means of topping up their betting accounts. Let’s unpack the most common payment methods in more detail.

PayPal

PayPal is a widely recognized online payment platform that enables users to securely send and receive money over the internet. However, while many international betting platforms do accept PayPal as a form of payment, South African betting sites often have limited options for payment methods. Read our article on South African bookmakers that accept Paypal for more information.

Bitcoin

Bitcoin is the world’s largest cryptocurrency and has grown in popularity among sports bettors over the years. Bitcoin offers several advantages, such as fast transactions, low fees, and increased privacy. 

However, in South Africa, due to the financial landscape and regulations governing betting, there are very few local betting sites that accept Bitcoin as a valid form of payment. Nonetheless, South African bettors can still explore international betting sites that are more crypto-friendly to leverage the benefits of Bitcoin for sports betting.

Ozow

Ozow is a leading payment platform in South Africa. The platform uses the highest security levels to facilitate financial transactions in a unique way. Ozow links directly to your bank account and allows you to transfer funds via Electronic Fund Transfers (EFT) without the need to set up a beneficiary on your online banking profile. The platform is free to use, and its widespread acceptance is a testament to its security levels since all banks in South Africa recognize it as a go-to solution for a variety of payments. Read our article on South African bookmakers that accept OZOW for more information.

Electronic Funds Transfer

EFT payments offer a streamlined and slightly more tech-savvy dimension to online betting transactions in South Africa. 

The biggest advantage is the speed and efficiency of these electronic funds transfer systems, and the integration of EFT solutions with mobile devices allows for seamless transactions on the go. Furthermore, the security measures embedded in these systems, such as QR and OTP codes, contribute to a trustworthy and protected environment for financial transactions.

However, users should be mindful of potential compatibility issues, as not all betting platforms may support every EFT service. Additionally, while many EFT solutions are user-friendly, individuals who are less tech-savvy may find them slightly challenging to navigate initially. 

The majority of bookmakers in South Africa accept EFT transfers. Read our article on South African bookmakers that accept EFT for more information.

Bank Transfers

Bank transfers are a traditional yet reliable method for making payments to bookmakers and betting sites in South Africa. Due to there being no middleman, bank transfers tend to provide a sense of security for users who prefer a straightforward transaction directly from their bank accounts to their betting accounts.

The obvious and still biggest advantage of this method is its widespread acceptance, providing a universally accessible means for depositing funds. However, this method does have its drawbacks, with processing times often being longer compared to more modern alternatives such as digital wallets and vouchers.

Still, many bettors appreciate the familiarity and dependability associated with bank transfers, making it a solid choice for those who prioritize a traditional approach to financial transactions.

Debit/ Credit Cards

Debit and credit cards, including well-known brands like Visa, MasterCard, and American Express, are widely considered the most convenient and versatile payment methods for most betting sites in South Africa.

The instantaneous nature of card transactions allows users to access their funds almost immediately, which is not always the case with other payment options on this list, such as bank transfers. In addition, the global acceptance of these cards ensures that they are widely supported across various platforms. There are very few disadvantages to using debit or credit cards aside from potential withdrawal limits or transaction fees associated with payments, though these will differ depending on the type of card and the account it is linked to. 

Recharge Vouchers 

Recharge vouchers, such as OTT vouchers, 1 Vouchers, and Blue Vouchers, are fast becoming the go-to option for South Africans to recharge their accounts, not just for betting purposes but for a number of other uses as well. 

One notable advantage is the simplicity of the process, as users can purchase these vouchers from various retail outlets without the need for a bank account or credit card. Additionally, and perhaps the biggest reason that vouchers are growing in popularity is that the anonymity associated with recharge vouchers can appeal to users who prioritize privacy in their financial transactions.

However, it's important to consider the potential limitations, such as voucher denomination constraints and the inability to withdraw winnings directly to the voucher. And, of course, safety can be a bit of an issue when it comes to the use of a physical voucher, as losing the voucher before using it will result in the loss of funds. 

Take a quick look if your South African bookmaker accepts OTT vouchers on our dedicated South African bookmakers that accept OTT voucher page. 

Electronic Wallets 

Electronic wallets, including options like FNB e-wallet, Capitec, and Neteller, are also becoming increasingly popular as efficient and secure payment methods for betting sites in South Africa. The key advantages are the speed at which transactions can occur, providing users with instant access to funds for their betting activities. Next, e-wallets often offer a user-friendly interface and are available on almost any type of device, making it possible to access funds on both desktop and mobile platforms.

Users should be aware of potential fees associated with certain transactions or currency conversions.

Both PayPal and Skrill provide an added layer of security, as users can make payments without directly sharing sensitive financial information with the betting site. However, these methods are not accepted by many South African betting sites compared to the number that accept bank’s e-wallets. Still, the likes of Sportingbet will gladly accept them.

Discover all the bookmakers in South Africa that accept vouchers for topping up your account with SportyTrader. 

Branch Deposits

The oldest, but still one of the most widely used methods of depositing and withdrawing funds in South Africa, is the direct branch deposit. Most betting sites in South Africa have a physical betting shop that punters can visit and exchange cash for credit over the counter. They can also cash out bets in the same way. 

The obvious advantage of this method is the ability to deal in cash with the betting operator, which breaks down money transfer to its simplest form. There are no fees involved, and the payout is instant.

However, the major disadvantage is that you will physically need to be at the betting shop, which can be inconvenient, especially if you fancy placing a bet on a market that is due to start in a short period of time. In addition, most betting shops will only allow payouts in cash up to a specified amount. 

Find out which betting sites allow branch deposits and withdrawal services easily. 

Are the payment methods offered by South African sports betting sites reliable?

In general, reputable and licensed sports betting sites in South Africa prioritize secure and reliable payment methods to provide a positive experience for users. In addition, every betting site featured on SportyTrader’s list has been reviewed by one of our South African betting experts, who leaves no stone unturned in their review of each betting site in South Africa. 

Every betting site featured is governed by a verified regulatory body, such as the Western Cape Gambling and Racing Board and the National Gambling Board of South Africa. Therefore, you can rest assured that you and your funds are safe when using one of the bookmakers on our list. 

Are there any fees when making a payment on a sports betting site in South Africa?

The short answer to this question is: It is dependent on the type of methods you use. 

Recharge vouchers and EFT payments are the most common types of payments that generally have no fees attached. This is the biggest reason that these options are the most widely used, especially vouchers, which equal the exact value that you paid for them (i.e., if you purchase a voucher for R50, you receive R50 worth of credit to use). 

While very few betting sites actually charge a fee for making a payment, there are certain fees that may exist, such as when making bank transfers, where the actual bank may charge you a fee for the services or currency conversion. The same can be said about the likes of PayPal, Skrill and Neteller.

To avoid any surprises, we encourage users to review the terms and conditions of the sports betting sites, specifically in relation to the chosen payment method. 

What is the minimum deposit for a bookmaker payment in South Africa?

The minimum deposit for a bookmaker payment in South Africa will vary depending on the specific bookmaker and the payment method you choose. Each bookmaker sets its own terms and conditions, including minimum deposit requirements.

To find the accurate and up-to-date information, check out our comprehensive review of the bookmaker you are interested in, where you can find all the relevant information about accepted payment methods, minimum deposit amounts, and any associated fees.

As a general guideline, most South African bookmakers require a first deposit of between R25 to R50, while ongoing deposits can start from as little as R10. 

Bookmaker deposit limit: What is the maximum payout in Rands (ZAR)?

Exactly the same as the minimum deposit terms, the maximum deposit limit at a bookmaker in South Africa can vary significantly based on the specific bookmaker's policies.

In terms of maximum payouts, bookmakers typically set different limits for different sports, bet types, and events. As an example, Hollywood Bets not too long ago offered a maximum of R5 million on soccer bet payouts but that has been increased to R30 million at the time of writing. 

Every betting site in South Africa displayed on our list provides its limits on its respective websites. If you’re concerned that you may exceed the limit, be sure to take a quick look at their stipulated limits before confirming your wager. You can also consult with the bookmaker's customer service department if you have any questions or concerns. 

How long does it take to receive payment for a deposit on a sports betting site in South Africa?

The time it takes to receive payment for a deposit on a sports betting site in South Africa will depend on several factors, including the payment method used and the policies of the specific betting site. Here are some general guidelines for common payment methods:

• Credit/Debit Cards: Deposits made using credit or debit cards are typically processed instantly. 
• Bank Transfers: Bank transfers may take longer, often ranging from 1 to 5 business days.
• Digital Wallets: Transactions using digital wallets are usually processed quickly, and users can expect to see the funds in their betting account almost instantly.
• Recharge Vouchers: Recharge vouchers are typically processed instantly, while EFT payments may take a few hours or even days.

It’s imperative to remember that these are only guidelines and may differ depending on the type of service you select. 

Sports betting & crypto: An increasingly popular option in South Africa

While cryptocurrency transactions have been long available in South Africa, it still remains one of the least used forms of payment due to several reasons. Among these reasons are:

• Regulatory Uncertainty 
• Limited Acceptance by Vendors
• Lack of Awareness
• Volatility Concerns
• Preference for Traditional Banking Methods 

At the time of writing, none of the South African betting sites displayed on SportyTrader’s list accept cryptocurrency as a form of payment. Users interested in crypto betting should stay informed about regulatory changes and check with individual betting platforms for the most up-to-date information on payment options.

How do I withdraw money from a sports betting site in South Africa?

South African betting sites go to great lengths to simplify the process of withdrawing your winnings in a hassle-free way. However, it is important to note that the number of methods of withdrawal can be limited when compared to the number of ways that you can deposit. 

For example, you are able to deposit to a betting account using a prepaid voucher; however, you cannot receive winnings earned in the form of a voucher. Most bookmakers in South Africa prioritize EFT, bank transfers, and cash withdrawals (depending on the amount). Yet again, this makes it vital to read the terms and conditions of the sports betting site regarding withdrawals, including any associated fees and processing times.

Transfer time: How long does it take to receive your winnings after withdrawing money from a bookmaker in South Africa? 

The time it takes to receive your winnings after withdrawing money from a bookmaker in South Africa can vary based on several factors, but the most obvious is the withdrawal method you choose. 

Bank transfers and credit/ debit card withdrawals often take 1-3 days to clear. Electronic wallets are typically much faster, often making funds accessible within 24 hours of initiating the withdrawal. Visiting a physical betting shop can allow you to access your funds immediately, but are subject to limits. 

As a general estimate, expect at least a 48-72 hour wait time for your funds to clear, but rest assured that your winnings are safe when using one of the verified South African bookmakers displayed on SportyTrader.  

Do sports betting sites in South Africa charge withdrawal fees?

In South Africa, sports betting sites typically do not charge withdrawal fees directly to users, and most reputable platforms strive to make the withdrawal process as straightforward as possible. However, it's important to note that there can be exceptions and external factors that may result in charges, such as: 

Taxation on Certain Winnings

While it's rare for sports betting sites to impose withdrawal fees, there are instances in specific betting categories, such as horse racing, where winning amounts may be subject to taxation. In some cases, taxes may be deducted from the winnings before the payout is processed.

Bank or Service Charges

The bank or payment service you use for withdrawals may impose charges for their services. For example, if you choose a bank transfer, there might be associated fees, especially for international transactions.

Currency Conversion Fees

If your sports betting account is in a different currency than your bank account, currency conversion fees may apply. This fee is typically imposed by the bank or payment service and not directly by the sports betting site.

Users are encouraged to stay informed about any changes in fees, taxation policies, or terms and conditions that may impact the withdrawal process on sports betting sites in South Africa.

Payment methods for betting sites in South Africa:

• PayPal Betting sites: Bookmakers in South Africa that accept PayPal
• OTT Voucher Betting Sites in South Africa: Bookmakers that Accept OTT Voucher
• Ozow Betting Sites in South Africa: Bookmakers that Accept Ozow
• EFT Betting Sites in South Africa: Bookmakers that Accept EFT