Best Betting Payment Methods in Nigeria in 2024 |

Players in Nigeria can find fast and secure betting payment methods across different wagering platforms operating in the country. Read on to learn all about deposit and withdrawal options and how to add funds to your betting account.

Which Betting Payment Methods Are Used in Nigeria?

Bookmakers offer a wide range of deposit and withdrawal options, from traditional methods to innovative payment providers. Keep reading to learn more about some of the most commonly used options.

Betting Payment Methods

Credit and Debit Cards

To begin with, bettors can make deposits and withdrawals via credit cards, like VISA, Mastercard, and American Express. Credit cards are linked to a credit line that you can pay for later.

On the other hand, debit cards enable punters to use funds from their bank accounts to top up their betting accounts. Debit cards like VISA, Verve, and Mastercard are quite popular among players in the country.

Credit and debit card users may be subjected to charge fees. Therefore, it’s best to look through the T&Cs of your card provider and the bookie to find out if there are any taxes. Processing time is instant for both.

The transfer limit for debit cards depends on whether you use ATM, POS, or the web to complete the transaction. They range from 150,000 NGN to 1,000,000 NGN.

BetKing, 1xBet, 22Bet, Parimatch, and BetWinner are only some brands that accept payments via these cards.

e-Wallets

Players can also choose digital wallets to fund their accounts and make withdrawals. Some options include Neteller, Skrill, and EcoPayz. However, the transfer fee depends on the chosen method. For example, Skrill charges a 1.45% fee for each transaction. Neteller also has low fees, whereas PayPal doesn’t charge you for the service.

Lastly, bettors can find e-wallets on wagering platforms such as 1xBet and BetWinner.

OPay

This Nigerian-based payment provider offers an efficient mobile-based money solution to punters. Here are some features of this option:

  1. The minimum deposit is 100 NGN. On the other hand, the maximum deposit is 250,000 NGN.
  2. Most bookies don’t offer OPay for making withdrawals. Instead, punters can withdraw funds with Opay agents or transfer funds to their bank account.
  3. The withdrawal limit is 500,000 NGN. However, you can make a withdrawal above this limit for legitimate reasons. In that case, you will be subjected to a higher fee.
  4. Transfer fees range from 0,6% to 30%.
  5. Operators that feature OPay include BetWinner, Parimatch, Melbet, Bet365, and others.

Bank Transfer and USSD Code

Furthermore, bettors can send funds from their bank accounts to betting accounts via bank transfers or using the USSD code. As for the latter, players need to dial the USSD code of their bank and enter the desired deposit amount.

Processing time is instant, while the minimum and maximum amounts you can transfer depend on the chosen bank. For example, First Bank customers can transfer a maximum of 100,000 NGN daily. Similarly, fees vary depending on your bank. Therefore, it’s best to check for the transfer limits and fees by yourself.

However, it is important to point out that USSD is included only in betting deposit methods, so you cannot make withdrawals using this method. Finally, some operators that offer these methods include 22Bet, Melbet, Parimatch, BetWinner, and Betway.

Quickteller

Quickteller is another payment platform that allows fast and convenient transactions. Below, you can find some important details about his provider:

  1. Processing time is instant.
  2. There is no minimum deposit you must make.
  3. The maximum amount of money you can deposit via Quickteller is 1,000,000 NGN.
  4. Transactions fee can range from 25 NGN to 100 NGN.
  5. Betway, Bet9ja, 1xBet, and BetWinner are among the betting sites that accept this method.

How to Choose the Best Betting Payment Method?

Best betting sites in Nigeria offer a wide range of payment options. However, it is essential to get familiar with the specifications of all methods available on a preferred platform before you choose your payment option. There are several important factors that you should take into consideration before you select any option as your preferred payment choice.

Processing Time

Firstly, it is crucial to compare the payment processing times of all betting deposit methods. Most punters are looking for fast payment processing speed. Some payment methods take very little time. Whereas others may take days before funds are available in your account or before you can make a withdrawal.

Additional Fees

Even though most operators don’t charge fees, some methods may have them. Taxes range from 2% to 5%, depending on the chosen payment option. Generally, e-wallets and some cards charge you a certain amount when you make transactions. Therefore, it’s good to check for any fees before choosing the desired payment method.

Transaction Limits

Some punters look for a deposit method that doesn’t have minimum deposit thresholds, like Quickteller. Others preferably want a payment method with a high withdrawal limit. So, you may want to consider minimum and maximum deposit and withdrawal limits for different options before selecting one.

Choose The One You’ve Already Used

When you are choosing the payment method, it’s good to consider those you are already familiar with and comfortable using. However, if you find a new option with all the desired features, it’s best to opt for that one.

How to Make a Deposit on the Betting Site in Nigeria?

All betting payment methods enable bettors to top up their accounts within minutes. Each payment option features a straightforward deposit process. Take a look at the generalized guide on how to add funds to your betting account:

  1. To start with, you should visit the chosen bookmaker and log in to your account.
  2. Then, you need to navigate the option that enables you to make a deposit.
  3. Additionally, find the desired option among deposit methods and select it.
  4. Next, you must provide the required financial details, depending on the chosen method.
  5. Moreover, you should indicate the amount you wish to deposit.
  6. Finally, you can confirm the transaction.

Deposit with Opay

Although it is a relatively new payment platform, OPay has gained popularity quickly among punters in Nigeria. This payment system features instant transactions and has low transaction fees.

To deposit funds via OPay, you should access your account, navigate to the betting menu, select the betting site, and enter the required details. Finally, the OPay app is compatible with both Android and iOS devices.

However, it should be pointed out that this payment system is not so common with bookies in Nigeria. Some betting sites that accept this payment method are 1xBet and Bet9ja.

Deposit With Quickteller

Quickteller is another efficient payment platform offered by many bookmakers in Nigeria. The good thing is that processing time is instant. Moreover, Quickteller doesn’t have a minimum deposit limit. So, players can deposit as little as 1 Nigerian Naira but mustn’t exceed 1,000,000 NGN.

Also, it is worth noting that punters don’t need a Quickteller account to deposit funds via this platform. Furthermore, you can find this method on platforms like 1xBet, Betway, Bet9ja, BetWinner, etc.

After you select the Quickteller link from the chosen wagering website, you will be redirected to the payment page. Then, you can choose to proceed with the payment using your bank card details or by scanning the QR code.

Deposit With Credits Cards

To start with, credit cards are a fast and convenient method for making payment transactions. The most popular options among bettors in Nigeria are VISA and Mastercard, and American Express. Players can use other credit cards in addition to these and explore instant deposits. Many operators offer them, such as BetWinner, 22bet, Betway, Melbet, and N1bet.

After you select the credit card method at the preferred bookie, you will need to fill in some financial details, like card number and CVV. Then, you can indicate the desired deposit amount and confirm the transaction.

Deposit With Bank Transfer

Bank transfer is a customer-friendly way of processing transactions that offers high security. You can use this payment method as a member of Zenith Bank, GTbank, First Bank, or any other bank in the country.

To make deposits and withdrawals, you will need to provide the banking information of the chosen bookie. However, it may take a while before the funds appear in your betting account.

Some platforms where you can make payments via online bank transfer are:

  • Betway
  • Melbet
  • BetWinner
  • 22Bet
  • Bet9ja
  • N1bet

Deposit With USSD

To begin with, the USSD is among the fastest betting payment methods used by Nigerian wagerers. Secondly, you don’t need an Internet connection to complete the transaction via USSD.

All you have to do is dial the USSD code of your bank. For example, GTbank customers should dial *737*2ACCOUNT NUMBER# to transfer funds from their bank to their betting account.

After you submit your User ID and the PIN code of your ATM card, the funds will reflect in your betting account. Although there is a service charge, it is usually fairly low and ranges from 20 to 30 NGN.

This payment option is quite common among betting brands in the country. Some operators that include it in their payment menu are 1xBet, Betway, Interwetten, BetWinner, BetKing, and many others. However, note that you can’t withdraw funds via this method.

Deposit With Neteller

This e-wallet is very efficient since it allows bettors to deposit funds into their Neteller accounts using bank accounts, direct transfers, credit cards, and more. Besides convenience and high security, it has minimal charge fees for transfers. You can make payments via Neteller at bet365, 22Bet, MelBet, BetWinner, Parimatch, etc.

Additionally, if you select Neteller as your preferred payment method, you will probably be able to use it to make withdrawals. In other words, most bookies offer this digital wallet for both deposits and withdrawals. To complete a transaction, you need to go to the chosen bookie, navigate the deposit menu, choose Neteller, and follow the on-screen instructions.

Deposit With PayPal

Betting sites that accept PayPal are relatively new in this betting market, but most operators now offer this digital wallet. It is flexible since you can link your bank account, eCheck, credit, or debit card. Furthermore, there are no extra fees unless you use the urgent deposit feature.

Many sportsbooks accept this e-wallet in Nigeria. Some examples are Parimatch, Betway, 22Bet, and 1xBet.

Online vs Offline Betting Payment Methods

The most obvious difference between online and offline betting payment methods is their variety. While most land-based bookmakers accept only cash and credit cards, wagering sites in Nigeria offer a wide selection of payment options. So, punters who engage in online betting have more options for making payments.

Another great advantage of online payment methods is their accessibility. Players don’t have to waste time and head over to their nearest land-based sportsbook. They can simply add funds to their accounts from the comfort of their homes and start betting.

On the other hand, both deposits and withdrawals in brick-and-mortar sportsbooks are instant. Even though some online payment options feature fast transactions, none can compete against offline payments.

Next, land-based operators don’t ask customers to provide much personal or financial information. However, online betting sites require these details before the transaction can be made. Despite this, it should be noted that online betting transactions are secure.

Betting Payment Methods in Nigeria FAQs

Finally, you can find answers to some of the most commonly asked questions regarding betting payment methods for punters in Nigeria below:

Which are the popular payment methods in Nigeria?

Some of the most popular payment methods among punters in Nigeria are debit cards, e-wallets, and bank transfers.

Is it safe to deposit money on betting sites?

Depositing funds online is completely safe as long as you are a member of a trustworthy betting platform. All licensed and regulated bookmakers ensure secure transactions.

Can you bet without a bank account?

Yes, you can add funds to your account even though you don’t have a bank account. You can do this via an Astropay debit card. Or you can deposit funds to your account and place wagers at land-based stores operated by bookies