The betting industry continues to develop rapidly, gaining global proportions. The betting market has long moved to modern technologies and systems that allow you to place a bet anywhere and anytime. Plus, there is a wide variety of sports bets and categories.
One of the most popular sports is, of course, football, but in addition to this, it is worth mentioning cycling, athletics, golf and water sports. The Portuguese betting market focuses on these and other sporting events. For Portugal, a country with one of the largest betting communities, convenient payment systems are a must-have.
Payment methods in Portugal
For the modern bettor, having a credit or debit card is enough to place a bet on a match. Currently, 79% of all payments in Portugal are made through bank cards. This method is also widely used for deposits to place a bet on the bookmaker’s website. Credit cards are a more traditional and standard system. So, there are various betting sites that accept credit cards available in the UK, and often, other popular payment methods, such as bitcoin payments, are also available on them. Moreover, soon, other modern systems may receive the same “standard” tag, including:
- e-wallets;
- cryptocurrencies;
- online payment systems;
- prepaid cards/vouchers.
Most of them are already available in Portugal. The only difference is at what level of implementation they are at the moment. Plus, it is important to understand how much more time they need to become globally used. But first things first.
Traditional payment methods
The population of Portugal is more than 10,000,000. As mentioned above, 79% of people, approximately 7.9 million, use bank cards. At the same time, the number of those who place bets varies from 20% to 35% of the total population. As a result, the popularity and practicality of credit cards (or regular bank deposits) for betting is very obvious. At the moment, the most popular cards are:
- Visa
- Mastercard,
- American Express.
Bank transfers are less popular than Visa/Mastercard. This is because cards are the main payment method, while bank transfers are more of an alternative. But despite this, bookmakers still add this feature to reach a wider audience of bettors.
Every bettor knows about them and most often uses one of them to deposit on the bookmaker’s website. The reason for this is quite simple: cards and bank transfers are a universal option for everyday life, including shopping, paying bills, loans, etc.
E-wallets and online payment solutions
The innovation that changed betting was the popularization of e-wallets. E-wallets are a unique tool for storing and managing funds electronically. Their main advantage (and the reason for their rapid growth) is the ability to access money through convenient mobile applications and websites. The best e-wallets at the moment are:
- PayPal
- Skrill,
- Neteller.
PayPal is the most successful online money management service to date and has enabled other companies to enter the market. Skrill and Neteller are also popular systems, and at the same level, bookmakers in Portugal add them to the list of payment methods.
The advantages of e-wallets are often the reasons why they are chosen over bank cards and transfers. Among them:
- Secure means of storing confidential financial information;
- Convenient management thanks to applications and connection of bank cards and accounts;
- Transactions can be tracked online and completed in a few clicks in the application or on the wallet website.
Despite the obvious advantages, e-wallets are slightly less popular than “card” options. This is because not everyone has yet appreciated their advantages and has become accustomed to more traditional methods.
Prepaid cards and vouchers
Prepaid cards and vouchers are perceived by many as something truly outdated. But as an alternative to bank cards and e-wallets, this option is the most optimal and simple. You only need to buy a voucher on the website (in rare cases, in a special offline store) and enter its code on the bookmaker’s website. The amount indicated on the voucher or prepaid cards will be credited to the account.
Vouchers are popular for betting because they have a fixed deposit amount. That is, having bought a 20 euro voucher, the bettor will be unable to change the amount, which is quite helpful for those who set limits for themselves. Another reason people choose this option is its ease of use: buy a voucher, enter the voucher code on the bookmaker’s website, and the money will be in your account.
The most popular options on bookmaker sites available in Portugal are Paysafecard and NeoSurf. These are reliable online management and purchasing systems, eliminating the need to look for special stores with vouchers (as was previously the case).
Cryptocurrency betting
Portugal currently follows European trends in developing and adopting cryptocurrencies at all levels. According to statistics, 240 thousand people (≈2% of the population) own and invest in cryptocurrencies in Portugal. Based on this, crypto betting is also part of the gambling ecosystem in Portugal, and the number of platforms for this is growing yearly.
However, cryptocurrencies have noticeable advantages and disadvantages. A clear advantage of cryptocurrencies for betting is their variability and general availability. Also, the security of the crypto is at a very high level, and security measures are aimed at maintaining the anonymity of users and their funds.
Among the obvious disadvantages, the volatility of cryptocurrencies is worth mentioning. As you might know, crypto (Bitcoin, ETH, USDT and so on) can rise sharply and fall in 1 sec. This creates difficulties in making deposits and withdrawals and understanding the financial situation of the betting account.
Otherwise, crypto, despite various discussions and disputes, is one of the most optimal payment methods for betting because it combines fast transaction speed, high security, and low (no) fees. But it’s worth understanding its features to do this, especially if you’re new to this.
Factors to consider
Choosing a payment method, for betting is a responsible decision since your safe betting experience depends on it. One of the main tips for choosing the right one is to familiarize yourself with the features of the payment method in advance, including: speed, security, fees and restrictions.
For example, cryptocurrencies have very low commissions and high speed, but the system of working with them will be complicated for some bettors. In turn, vouchers have low popularity, but activating and depositing on the site is very easy. Therefore, to choose the ideal payment method (or several), check their features and compare them based on your preferences. And most importantly, check the availability of these methods on the platform.
Conclusion
Choosing a betting platform is a significant step. But choosing a payment method for a quality betting experience is even more important. Portugal has a large number of systems that are available for gambling. Of course, the most popular are traditional bank cards and transfers. But users have discovered new and more modern methods, such as cryptocurrencies, over the past few years. Therefore, all opportunities are open for sports betting in Portugal.
