Cheque
Cheques have their origins in the ancient banking system and have been prevalent as a payment method up until the last 10-20 years, since when financial technology has taken over and opened up a dearth of options for customers both on the high street and online.
Despite its relative drift towards obscurity, many bookmakers still accept cheques as a method of deposit, and some individuals do still prefer to use them. Keep reading to learn the advantages and disadvantages of doing so.
Top Bookmakers That Accept Cheque – December 2023
22Bet Sports
Payment Options
Average Payout Speed
0 – 24 HoursCurrencies
- EUR
- USD
- AED
- Available in over 30 languages
- Over 1000 events offered every day
- Extensive list of banking methods
- 24/7 customer service support
- Cryptocurrency accepted
- Lack of live streaming
1xbet Sports
Payment Options
Average Payout Speed
0 – 24 HoursCurrencies
- AUD
- AZN
- BDT
- Over 1000 daily sports events
- Dedicated smartphone apps
- Live streaming on site
- Cashier supports many currencies
- Long list of payment methods
- Design is convoluted and outdated
How Do They Work?
A cheque is effectively a bill of exchange that orders a bank to pay a certain amount of money from one person’s account to another individual or a business. The cheque can only be paid to the specified payee, for the written amount, and it cannot be cashed until the date stated.
The big players in the European betting market still accept cheques as a form of payment. Many of the firms bracket bankers drafts, international money orders, personal cheques and cashier’s cheques all together.
They must be mailed into the address provided by each individual bookmaker. Typically the name on the cheque must exactly match the name of the account holder, and users can identify themselves by writing their username on the back of the cheque.
Depending on what type of cheque is used, the deposit can take from 5-28 days to be processed.
Advantages of Betting With a Cheque
There are advantages and disadvantages to using cheques to fund betting accounts. The main advantages are security and lack of fees.
Security
Security
Many bettors are concerned with the security of their financial information when using online betting websites.
By using cheques, there is no requirement for customers to input any data online, and thus the chance of having their details compromised, is eliminated. This is particularly important for big staking bettors who wish to add large deposits to their accounts.
Lack of Fees
Lack of Fees
Lots of payment methods including e-wallets and in some instances debit/credit cards incur charges when used to fund betting accounts. Cheques tend to be free or very cheap to process with most bookmakers.
Disadvantages of Betting With a Cheque
There are several reasons why you might want to avoid using cheques to fund betting accounts, including deposit speed, availability and minimum deposit limits.
Slow Deposits
Slow Deposits
As mentioned above, it can take anywhere from 5-28 days for cheques to be received and processed. For bettors who want to fund their account quickly, cheques are not ideal as a method of deposit.
Those using cheques may be the type of bettors who deposit every few months, and therefore they don’t suit individuals who regularly deposit and withdraw funds.
Availability
Availability
While the big firms are still accepting cheques, the number of people using them are declining.
Other forms of payments are automated, whilst cheques need to be processed manually and ultimately, bookmakers want to eliminate that, so over the next few years there is likely to be a further decline in the number of firms accepting them.
Larger Minimum Deposits
Larger Minimum Deposits
Because cheques require the manual labour, bookmakers are typically impose higher deposit minimums.
Conclusion
Although the major online betting sites still accept cheques, the number of bettors using them to fund accounts is declining. This is hardly surprising given the fact that deposits can take 5-28 days to be processed and higher minimum deposit limits are imposed for cheque deposits.
Take our advice and use a different form of payment at betting sites.
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