Sports Arbitrage Betting Questions and Answers - How do I avoid deposit fees?

How Do I Avoid Deposit Fees?

Yes, you have read this correctly! Some bookmakers actually have the cheek to charge us for the privilege of depositing money with them, before we have even placed a bet!

Fortunately most on line bookmakers offer at least one fee free deposit and withdrawal method, but some do not.

Always read the deposit and withdrawal rules for the bookmaker you are using. Just because they allow transactions by debit or credit card does not mean there will be no fee involved. As you will be opening a large number of bookmaker accounts, add a column into your notebook or spreadsheet and make a note of any fees involved.

If it is unclear from their website whether any fees are involved then contact the bookmaker in question and seek clarification. For each one you want to know:

What methods of deposit and withdrawals are available?
Which methods incur fees?
The cost of those fees.

From this you should be able to build up a preference hierarchy of first choice, second choice etc. bookmakers that you want to use. Only a few bookmakers offer ONLY fee based deposit methods. You may wish to avoid these altogether.

1^st Choice

Neteller and Moneybookers.

These are the two companies I always look for first because for the vast majority of bookmakers they are fee free. They also offer one distinct advantage over every other method:

The transaction time is “instant”, usually under 24 hours.

Normal deposits via a debit card or bank transfer take around 3 to 5 days to clear, which can limit the number of bets you can place as you have to wait around for your money. Transactions made via Neteller and Moneybookers do not have this problem.

2^nd Choice

Credit / Debit Cards and Bank Transfer.

These methods are usually fee free too, but not all. International bank transfers usually involve some kind of charge from the bank but some bookmakers bear this cost. Others allow one fee free withdrawal a month and start to charge if you make a second or more within the period. Again, read the terms and conditions and if you are not sure contact them and ask.

3^rd Choice

Cheque, Western Union

I do not use any of the above methods; I have mentioned them for information only. They almost always have a fee attached to them and in the case of payment by cheque can be painfully slow. In my opinion, if you can’t make a deposit or withdrawal via any of the 1^st or 2^nd choice methods then leave that bookmaker alone. There are plenty more fish in the sea.

It is worth bearing mind that if you make a deposit and pay a fee with a bookmaker and your bet wins, the cost of that fee is then diluted. This is because you will not make have to make a further deposit and therefore pay a further fee, as you will have your original stake plus winnings in the account. However I would only consider this with any of the 1^st and 2^nd choice methods.