From VISA debit cards to PayPal, Betfair withdrawals and deposits have never been easier for UK customers.
However, which Betfair payment options are best* for you? And, which method of Betfair withdrawals get your winnings to you the fastest? This guide answers those questions and more.
*Best according to the opinion and research of our writers. Please use the following content only as a guide in order to make informed betting decisions.
Top 5 Fastest Betfair Deposits and Withdrawals Methods
When you want to have a flutter, hanging around for funds to arrive in your account is a major inconvenience. Fortunately, many Betfair payment methods offer instant deposits with no fees.
Check out the table below to find out the main Betfair deposits and withdrawals options, and the time they take.
|Betfair Payment Methods||Betfair Deposits Process Time||Betfair Withdrawals Process Time|
|PayPal||Instant||4 – 24 hours|
|Neteller||Instant||4 – 24 hours|
|Skrill||Instant||4 – 24 hours|
|Mastercard Debit||Instant||2 – 5 working days|
|VISA Debit||Instant||Within 2 hours (using VISA Fast Funds)|
Betfair Deposit Methods Guide 2023
As one of the world’s largest betting companies, it’s no surprise that there’s a long list of Betfair deposit methods to choose from, which are available via the desktop platform and the Betfair app.
|Payment Methods||Minimum Deposit Amount||Maximum Deposit Amount|
|Mastercard Debit Card||£5||£20,000|
Betfair Deposits: VISA
VISA and Mastercard debit cards remain one of the best Betfair payment options for making deposits. The fact is, the majority of adults in the UK hold one of these cards.
Furthermore, customers feel safe using a VISA card because they offer multiple security features, and the minimum and maximum limits for Betfair deposits cater to most customers’ needs. Lastly, your cash arrives within seconds, so you can start betting instantly.
Betfair Deposits: Bank Transfer
Bank transfers offer both advantages and disadvantages for Betfair deposit funds transactions. The primary drawback is that a bank wire transfer is no instant; therefore, you must wait before getting in on the action.
However, on the positive side, punters can deposit up to £100,000 with a bank transfer, which makes this option appealing to big Betfair traders.
Betfair Deposits: e-wallets
PayPal is still the world’s most popular e-wallet and many customers use this option as one of their preferred Betfair payment methods. However, it should be noted that there is a fee of between 1.5% and 2.0% with your Betfair deposit funds using PayPal.
The leading e-wallet alternatives are Neteller and Skrill – with both offering advantages over PayPal. Firstly, there are no Betfair banking fees incurred with either of these methods. Also, the maximum deposit limit is much higher – £6,000 for PayPal compared to £32,500 for Neteller and Skrill.
Betfair Withdrawals and Limits
With the exception of Paysafecard, all of the options for Betfair withdrawals are the same as those listed above for Betfair deposits. As part of UK regulations, a ‘closed loop’ system is used. This means that the same payment method must be used (where possible) for both Betfair deposits and withdrawals.
Why are Betfair Deposits Instant But Not Withdrawals?
When making Betfair withdrawals, it’s important to know that there are two parts.
- The first is the withdrawal request, which Betfair processes. Once this is complete, the funds are then released to the chosen payment provider. Essentially, this is the Betfair withdrawal time, which is consistent for all payments.
- For the next part of the journey, your cash is being handled by the payment provider. E-wallets move this within minutes, so you get your winnings sooner. However, most banks take between two to five working days to clear the payment and credit it to your account.
Does Betfair Charge Any Withdrawal Fees?
All Betfair withdrawals are free of charge apart from UK Express Bank Transfers. The fees for using this service are given on the withdrawal page within the ‘My Account’ settings.
Furthermore, the company does state in its terms and conditions that it may impose fees upon customers who make an ‘above average’ number of monthly withdrawals. However, it refuses to provide any specific details as to how many this means.
Wagering and Withdrawal on the Betfair Exchange
The Betfair Exchange is the world’s biggest online sports betting exchange platform. Wagering on an exchange is a little different to using a traditional sportsbook, but once you understand the unique aspects, they are easy to use.
Here’s a quick run-through to get you started:
- Log in to your account.
- Choose the sport, match, and market you want to bet on.
- On an exchange, you can ‘back’ (blue column) or ‘lay’ (red column).
- Click the odds on the bet you want to make and confirm it in your betting slip.
After landing a few winning bets, you may decide to make a withdrawal.
- Go to the Betfair withdrawals page.
- The only options highlighted are those which were used for your Betfair deposit funds transactions (and bank transfers if you used a Paysafecard).
- Choose one of the options, Betfair PayPal withdrawal, for example
- Type in the amount you want to withdraw, and confirm it.
- Your winnings will be back in your possession in accordance with the Betfair withdrawal time chart above.
How to Fund Your Betfair Account and Bet?
Betfair is a user-friendly platform, with everything clearly laid out for punters. Of course, customers need a funded account to place real-money bets.
If you’re a first-time user, it’s useful to have some guidance, which is why we’ve provided these steps for you to follow:
- Go to the Betfair deposits page.
- Fund your account with one of the Betfair payment options that are displayed.
- If you have a Betfair promo code, you can insert this to claim the operator’s offer.
- You can check your Betfair deposit history to confirm the transaction.
- Once the cash is in your account, go to the Betfair Sportsbook (or exchange).
- Scroll through the matches and markets to find a wager you like.
- Like the odds and stake the bet.
Registering by using the Betfair promo code can give you access to the welcome offer for sports and claim it. You can also find codes for casino, bingo, poker and more.
How Do I Benefit When Depositing With Betfair?
Regardless of the abundant Betfair payment methods, there are many other benefits to using this site. Betfair offers both a sportsbook and betting exchange, which means that you can choose the best odds on the wager you want. Typically, prices are better on the exchange anyway, as you can see if you look at an odds comparison website.
Other ways to Deposit and Withdraw With Betfair
In addition to debit cards and e-wallets, there are a few other ways you can make Betfair deposits and withdrawals, including:
- Apple Pay – using iOS devices and Macs, you can complete Betfair deposit funds payments.
- Paysafecard – this has been one of the primary prepaid Betfair payment options for many years where customers use a 16-digit to fund their account with a Paysafe voucher.
Betfair Deposits and Withdrawals FAQs
If you’re still searching for information about Betfair deposits and withdrawals, take a look at our FAQ below.
Can I Withdraw All My Money?
No clear information is provided in the terms and conditions regarding whether a customer has to leave some funds in their account. Our personal opinion is that you can withdraw all of your money, simply because it’s yours.
Can I Cancel My Betfair Withdrawals?
Customers can cancel their Betfair withdrawals as long as the request has not been processed by the operator.
Why Can’t I Deposit With PayPal?
PayPal is one of the most widely-used Betfair payment methods but some customers do experience issues. This can stem from a bank card being used to fund the e-wallet. Under UK gambling laws, this is now banned.
What Safer Gambling Tools Does Betfair Have Available?
Some of the available tools are: deposit limits, time out, self exclusion, budget calculator, loss limits and gaming time check. Keep in mind, the list is non-exhaustive and might be subject to change. You can find all available responsible gambling tools on Betfair’s safer gambling tools page.