Payment Methods For Sports Betting in Nigeria

The Main Categories Of Payment Methods

Players from Nigeria are in luck because most bookies there accept naira transactions and provide a variety of deposit options. Some of them, however, are better than others.

While some of the best payment methods for sports betting could demand additional transaction fees, others might take longer to process. Follow along as we thoroughly explain the most popular payment options available in Nigeria, so you can choose what suits you best.

Bank Cards

You may fund betting sites that accept Mastercard and Visa betting sites with the Cards Deposit banking option. 

Typically, an intermediate payment method for betting like Interswitch or Paystack is used for the deposit. Visa betting sites are popular as it’s one of the best payment methods for sports betting in Nigeria.

This payment method for betting is listed as “Instant Cards Deposit” on certain betting websites like Bet9ja, while its name is given to the payment gateway on others. For instance, both NairaBet and Betway provide the “Paystack” option. 

Betting sites that accept Mastercard operate similarly. Most ATM cards produced in Nigeria are debit cards, so before depositing on a bookmaker site make sure you have sufficient cash in your bank account. 

This payment method for betting is quick, secure, and safe. As an additional security measure for your transactions on Visa betting sites, the payment system additionally asks you for an OTP password. 

Depending on the bookmaker and your bank, the minimum deposit and withdrawal can vary from around ₦390 to as high as ₦10,000.

Pros

• High maximum deposit and withdrawal limits
• Instant transactions
• No fees from bookmaker
• Very secure
• Accepted by most bookies

Cons

• High minimum deposit and withdrawals
• Withdrawals can take 3-5 days
• Banks can charge fees

Pre-paid Cards

The greatest alternative for depositing money into a bookmaker may be prepaid cards. This deposit method is a favourite for Nigerian players because of its anonymity, security, speed, and other features. 

Prepaid cards are among the best payment methods for sports betting because they contain a set amount of money and are not linked to your bank account. 

This allows you the chance to play with money that cannot be tracked back to its source, preventing hackers from stealing money from your bank account. If you want to buy a virtual prepaid card, all you have to do is go to the payment solution’s website, sign up, and make your payment there. 

You may occasionally be asked to verify your personal information, which entails proving your identity with extra paperwork. After that, you will receive the card’s codes, enabling you to use them right away. 

Prepaid cards are most frequently seen with predetermined values, spending caps, and expiration dates.

Pro

• Complete anonymity
• Extremely secure
• Automatic spending limits
• Instant deposits

Cons

• Not available for withdrawals
• Must be pre-loaded or bought
• Limitations on deposit amounts

E-Wallets

E-wallets, sometimes referred to as digital wallets, are online services that let you transfer, receive, and store your money. Many e-wallets exist, and they all function similarly in most cases. 

Since most e-wallets perform all functions that a banking option may perform, you do not need a bank account to use this service. Most betting sites that accept Paypal also accept a variety of other electronic wallets. 

E-wallet transactions are often instantaneous and safe, which is why they made it onto our list of best payment methods for sports betting. One of the most widely used e-wallets is Skrill. Most international betting sites allow Skrill. Another well-liked choice in Nigeria are Neteller betting sites.

The fees charged when using e-wallets vary depending on the wallet you choose. Sending money to the betting account is normally free, but funding the account and receiving withdrawals may incur charges.

Pros

• Lower fees than traditional methods
• Instant transactions
• Added privacy
• Some also use cryptocurrencies – like Neteller

Cons

• Still have KYC requirements
• Not accepted at all bookies
• Often have service fees

Direct Bank Transfers

You may move money straight from your bank account to your betting account through an internet banking option, often known as online banking or bank transfers. Typically, you may accomplish this via your bank’s mobile app or online banking system. 

Most of the best online betting sites feature links that will direct you to the bank’s website or mobile application’s payment page. Your betting account may be funded extremely quickly, safely, and effectively using the internet banking option. 

This banking option is safe because it doesn’t rely on any third-party payment portals and instead uses direct bank-to-betting account transfers. Service fees vary depending on the bank and the betting site. 

While some of the best online betting sites list them bank by bank, others merge them under one title, such as Online Banking. On Bet9ja, for instance, there are several payment alternatives for the best payment methods for sports betting, including GT Bank, mobile transfer, Polaris deposit, and Instant Bills Pay.

Pros

• Extremely safe
• Mobile friendly option
• Can save the bookie as a beneficiary for future deposits
• Accepted by almost all bookmakers

Cons

• Always have service fees
• Not always instant
• Can involve you leaving the betting site

Cryptocurrencies

With the help of cryptocurrencies, consumers may conduct private online transactions. It employs a peer-to-peer mechanism, unlike fiat currencies, which enables users to transmit money to anybody on the network without getting permission from any financial authority. 

It is among the best payment methods for sports betting for sports fans who want to maximise the amount of money they can transact with at once because it also offers very cheap transaction costs. 

In contrast to a conventional payment method for betting, which might occasionally take several days to complete, most crypto sports betting transactions are instantly processed. 

When sending or receiving crypto sports betting payments, users don’t reveal their personal information. With cryptocurrency transactions, you may deposit very small or very large amounts. 

You need a cryptocurrency wallet to store your bitcoin if you want to use it for betting. The top bitcoin betting companies are now providing more crypto sports betting bonuses and incentives to entice more players and high rollers because of the increased competition.

Pros

• Completely anonymous and encrypted
• No country restrictions
• Higher deposit and withdrawal limits
• Instant transactions
• Lower fees than conventional methods
• Exclusive bonuses

Cons

• No transaction reversals
• Network conjunction can increase fees
• Must have a crypto wallet

Most Popular Payment Methods For Nigerian Bettors

Card deposits are the most common online deposit banking option in Nigeria since the country has a large population of people with bank accounts and ATM cards. Many businesses and people in Nigeria use Quickteller as one of the best payment methods for sports betting to complete their transactions. 

Quickteller is a fairly popular payment method for betting among bookies in Nigeria. OPay is a relatively new payment method for betting in Nigeria, but because of how convenient it is for daily tasks, it is growing in popularity. 

There aren’t as many of the best online betting sites that accept OPay as a payment method for betting as betting sites that accept Mastercard, but two of the most well-known sites in Nigeria, Bet9ja and NairaBET, do. Another reliable and well-liked banking option in Nigeria is bank transfers.

Although you may fund your account at the ATM without a connection to the internet for bookmakers like Bet9ja, you still need a bank account and a working ATM card. If the bookmaker allows ATM deposits, you will be able to find the guide on how to do so on their website. 

In Nigeria, most bookmakers like Bet9ja still have physical locations where you may create betting accounts, fund those accounts, and even place bets with the help of a local agent. 

Finally, and possibly the most prevalent options, are betting sites that accept Paypal, Skrill betting sites and Neteller betting sites.

What To Think About Before Choosing a Payment Method

It’s necessary to consider a few variables before choosing the best payment methods for sports betting. Make sure the third-party payment method for betting you choose has strong encryption standards before choosing them; after all, they will be receiving and processing all of your sensitive and important information. 

The costs associated with processing payments depend on the option. Check if the payment option has any additional costs for using it. These costs may come from the supplier or the bookmaker and some options don’t have any charges at all. 

The pace of sports betting transactions varies. Some sports betting payment options offer quick processing, while others take longer. The best option would have instant payment processing and make transactions easy for you to complete for a positive user experience. 

Some payment methods have minimum and maximum dollar amount restrictions. Some only permit withdrawals or deposits, while others permit both. It is vital to be aware of any restrictions in place and if you can make deposits and receive withdrawals using the same payment gateway when selecting one.

Verify Your Identity Before You Request Your First Withdrawal

The acronym “KYC” stands for “Know Your Customer.” It can also mean “Know Your Client.” KYC regulations are used to stop fraud and money laundering in financial institutions. Bookmakers and many other businesses must exercise caution when it comes to potential service misuse.

The registration of a customer on the sports betting platform is often the first step in a betting company’s KYC procedure. You, the consumer, fill out a registration form with your name, age, and address, among other personal data. 

After that, you’ll frequently need to confirm your email address before you can make a payment and place a wager. The full KCY process often has to be finished before you can withdraw your first reward. 

This involves supplying and subsequently verifying identity documentation. The information and records required by the best payment methods for sports betting mostly depend on the particular bookmaker’s regulatory obligations.

Sports Betting With Cryptocurrencies

In the realm of sports betting, cryptocurrency is swiftly gaining ground. More and more bookies are accepting cryptocurrency as payment, while it is still not as common as more established options. 

By simplifying the wagering and payout processes on cryptocurrency sports betting platforms, cryptocurrency is revolutionising the sports betting industry. Transactions using cryptocurrencies are quicker and more secure, since no third party is required to keep or manage money. 

Crypto provides gamblers with anonymity. Sports betting using cryptocurrency offers several benefits. Given that you can use it worldwide, it is tremendously handy. All transactions are secure, frequently happen quickly, and have minimal or no costs.

Popular Sportsbooks In Nigeria And Their Payment Methods

A quality bookmaker should include several fundamental features, such as an extensive bookie, simple payment and withdrawal methods, competitive odds, alluring bonuses and promotions, and effective customer support. 

Deciding might be difficult and perplexing, but we have done all the legwork and selected the best online betting sites in Nigeria for you.

Bet365

Besides operating one of the biggest bookies in the world. Bet365 offers wagers on over 35 different sports, demonstrating the breadth of options. The increasingly popular esports is one of bet365’s more unconventional betting possibilities. The fact that bet365 provides a ton of streaming options is one of its main advantages. 

The Bet365 welcome bonus, known as the Open Account Offer, is available to players from Nigeria. It offers players a 100% match bonus on their first deposit of up to $200 (₦92,112). The minimum deposit amount is $20 (₦9,211) and you can choose one of the following payment options:

• Paysafe
• Neteller
• Skrill
• Ecopayz
• Wire Transfer
• Astropay
• Visa
• Mastercard

22Bet

The vast variety of sports you may wager on at 22Bet Nigeria is one of its best features. On 22Bet, Nigerian gamers may wager on over 50 different sports. They provide everything, including horse racing, cricket, rugby, basketball, and golf. 

Nigerian gamers can wager on all major leagues on 22Bet, and there are a staggering amount of betting possibilities accessible for each event. Sports fans have access to hundreds of events for less often bet-on sports kinds besides the regular popular markets. 

Nigerian players at 22Bet are eligible for a welcome bonus equal to 100% of their initial deposits. ₦50,000 is the maximum bonus amount. Users of 22bet in Nigeria can select from a variety of deposit options, such as:

• Flutterwave
• Paystack
• USSD
• Internet banking

Betway

Among the reputable and legal international betting sites in Nigeria is Betway. It has competitive odds and a variety of betting markets. When compared to other Nigerian bookmakers, Betway Nigeria distinguishes itself with the sheer volume of betting markets and betting possibilities it offers. 

At Betway, there are often over 10,000 markets to choose from. Betway provides new customers with a 100% match on their first deposit of up to ₦100,000. Nigerian fans can use the following payment options to credit their accounts:

• Opay
• Quickteller
• Flutterwave
• Visa 
• MasterCard
• Paga app
• Wire transfer

Bet9ja

Bet9ja has swiftly expanded to become one of Africa’s most recognisable businesses. The centrepiece of the company’s online betting service, the Bet9ja bookmaker, is incredibly robust, covering a wide variety of sports and markets.

Users may access a decent selection of major sporting markets, like the European Championship league, by logging into the Bet9ja bookmaker. Virtual sports are becoming more and more popular, and Bet9ja also offers them. The Super9ja prediction game is only one feature that sets Bet9ja apart from the competition. 

Users of the free-to-play game are tasked with predicting the results of six of the weekend’s most important soccer matches. At Bet9ja, new players may benefit from a 100% sports match bonus of up to ₦100,000. 

It will be difficult to find another bookmaker that offers as many deposit options as Bet9ja. The main deposits that Bet9ja users may make are listed below:

• Opay
• USSD Deposits
• Palmapay
• C’Gate USSD
• Astropay
• Payment Systems
• QR Code Payment
• ATM Deposits
• Bank Apps
• Bank Deposits

Nairabet

Nairabet was Nigeria’s first ever fully localised and hosted online bookie. The key to its continued success and expansion is the availability of competitive odds and sports betting lines from both domestic and international sources. 

All wagers, deposits, and withdrawals must be made in Nigerian naira. The Lagos State Lotteries Board issued this Nigerian bookmaker a licence and oversaw its operations. With its clean design, simple navigation, and plenty of global sports betting markets, Nairabet will keep you entertained for hours. 

This Nigerian online bookmaker is deserving of its position at the top of the “bookmaker stack” with its plenty of football lines and several other sports to gamble on. It is trusted, safe, and adored by gamblers in Nigeria and everywhere. It offers large deals and strong customer service.

Nairabet does not currently have a welcome bonus listed on their site, but they do offer cashback, quizzes and ACCA bonuses to players. You can choose from the following deposit methods at Nairabet:

• Quickteller card transactions
• ATM deposits
• Agent funding
• Bank Deposits
• Internet Banking
• Neteller

Melbet

The appearance, design, and functioning of Melbet‘s bookmaker are comparable to those of other popular real money gambling companies that are becoming more well-known internationally.

At Melbet, there are several athletic events on which to wager every day. In fact, this rises to over 1,000 on a typical day, ensuring that consumers never want for a wager. Aside from the standard markets, accumulators, systems, and chain bets are also available. 

Melbet provides a wide variety of incentives, starting with the First Deposit Bonus, which gives you 100% of your first deposit up to a maximum of  ₦100,000. The most popular Nigerian payment methods and Melbet are:

• Bank transfer
• Internet banking
• Debit Cards
• Credit Cards
• E-Voucher
• Quickteller
• USSD

1xBet

Only a few Nigerian bookmakers can compete with 1xBet. This website has it all: dozens of sports, hundreds of events, live streaming, and amazing odds. With thousands of events and competitions to pick from each week, 1xBet Nigeria provides real money gambling markets across 35 different sports. 

They provide every popular sport you can imagine. Besides offering a broad selection of sporting events, 1xBet Nigeria is distinguished by its excellent depth. There are over 200 different ways to gamble on each game.

1XBet has no shortage of bonuses. You will always be able to find one to keep you real money gambling. To start you off, the Welcome Bonus offers different bonus sizes depending on the amount you deposit; 200% for a deposit between ₦390 and ₦20,800, 250% for a deposit between ₦20,801 and ₦41600, and 300% for a deposit between ₦41, 601 and ₦72,800. 

Nigerian gamblers can deposit money into their 1xBet accounts using the following methods:

• Paystack
• Flutterwave
• USSD
• Bank transfer
• Visa QR Code
• MoneyGo
• MyBux Vouchers
• Cryptocurrency
• Skrill
• Opay
• Neteller
• Debit Cards
• ecoPayz

Our Conclusion

Choosing the best payment methods for sports betting can sometimes be challenging because of the surge in available options. As a result, it’s critical to gather as much information as you can about each choice. 

This is because, depending on the bookie and methods used, the payment processing for online betting fluctuates. There are options, like cryptocurrencies, e-wallets like Skrill betting sites, and even credit cards, that offer instant processing times for deposits. 

Some choices, such as bank transfers, might delay the deposit’s entry into your account by three to five days. Concentrate on those deposit methods for bookmakers that you are familiar with and at ease with. 

Never forget that there is no ideal payment method for betting or bookies and you are free to use more than one. You should look for the ones that best suit your preferences.