Apple Pay

Apple Pay is rapidly gaining popularity globally as a payment option. Whether at a restaurant or a sports event, it has become the go-to method for various generations. Additionally, this e-wallet platform has penetrated the gambling sector and is now recognized as a valid payment method by many well-known sportsbooks.

A wide range of shops, including DraftKings and FanDuel, are offering the mobile wallet as a payment option. Thanks to the product's efficiency, it’s gradually becoming a favorite among gamblers in states where banking restrictions do not hinder it.

Sportsbooks And Apple Pay - Overview

On October 20, 2014, Apple Pay was released to the public, and since then, it has grown into one of the most widely accepted payment methods in the world. With the e-wallet service already included on all Apple products, users just need to add their credit and debit cards to their digital wallet, and after that, they can make transactions with a simple tap of their device.

This payment method is commonly used at grocery stores, restaurants, shops, and gas stations, and can also be utilized on sports betting apps. Most premier sportsbooks, such as DraftKings, FanDuel, BetMGM, and Bet365, have adopted Apple Pay as a payment method, offering their customers an additional convenient and secure way to make deposits and withdrawals.

Although the payment service is generally well-known, it is still not considered one of the most widely used payment methods due to several reasons. To begin with, Android users do not have access to the service. Additionally, multiple states have banking restrictions that prevent the method from being available to sports bettors.

For as simple and secure as the method is, one of the bigger drawbacks for bettors is that some sportsbooks do not offer the method for withdrawals, as they only make it available for deposits. To learn which states and sportsbooks have restrictions regarding the payment method, bettors should check the FAQ pages for the shop they would like to use.

State-by-State Availability: Why Apple Pay Isn’t Accepted at Every Legal Sportsbook

Apple Pay may be accepted at an increasing number of restaurants and entertainment venues, but state-level regulations and banking infrastructure have hindered its role in the sports betting industry. Due to these regulations, some states have strict financial compliance rules that affect which payment methods a sportsbook operating in the state can offer. 

Safety and security are significant reasons why Apple Pay is gaining popularity. However, since it is a digital wallet layered on top of a customer's card issuer, not all banks or sportsbooks are allowed or willing to accept it for sports gambling purposes. These restrictions are also why states like New York enable sportsbooks to offer Apple Pay as a deposit method and not a withdrawal method. It’s also why a state like Iowa may not support the payment method due to preexisting local banking partnerships. 

Due to the state and operator-specific nature of this payment method, it is highly recommended that all customers check the FAQ section for the availability of Apple Pay in their specific state.

Deposits and withdrawals using Apple Pay

Convenience is key when it comes to Apple Pay and making sports betting transactions. Once a customer adds a debit or credit card to their e-wallet, all transactions made on sportsbooks are done with a tap, as the customer does not need to enter their card information; they can go through the two-factor authentication, and their deposit should be done instantaneously. 

A benefit of Apple Pay is that it differs from traditional e-wallets in that no separate account needs to be created to set up the e-wallet; it is automatically integrated into all Apple products. This aspect only speeds up the deposit process, as no additional login is needed when making a transaction.

Regarding withdrawals, this payment method may not be an option depending on the state in which the user is located or the sportsbook they are using. Some mobile betting apps do not feel comfortable allowing withdrawals through this method due to potential fraud or the risk of violating regulations. On sportsbooks that allow withdrawals, the time it takes to complete them varies based on the card the customer has linked to their e-wallet. After the sportsbook processes a transaction, a withdrawal to a debit card is typically completed quickly. In contrast, a credit card transaction may take longer than a customer prefers.

How to deposit with Apple Pay

1. Add a credit or debit card to Apple Pay: iPhone users can add their cards to their Apple Pay wallets, connecting their mobile banking accounts to their phone and allowing for easier payment transactions.

2. Select Apple Pay on a sportsbook deposit page: Once a card is added to an Apple Pay wallet, customers can connect their Apple Pay account to a sportsbook for quick and seamless deposits, and possibly withdrawals, depending on the state or shop.

Safety and trustworthiness

Apple Pay is one of the safer payment methods available in the sports betting industry. Not only is all transaction data encrypted, which is relatively common in the market, but Apple Pay uses tokenization. Instead of using the customer's actual account debit or credit card number, a device-specific account number is used for each transaction, so sportsbooks are never gaining access to a bettor's actual card numbers and details.

E-wallets are typically used by bettors who do not want their information shared with sportsbooks, so this digital wallet is ideal for those customers. In fact, due to the biometric authentication aspect, which requires either Face ID or Touch ID, this method adds another layer of security that can’t be found on many other payment methods.

To ensure bettors remain safe, they should utilize these biometric authentication options. By doing so, bettors can always maintain a two-level security system when making a transaction with a sportsbook.

Pros

• Quick and secure transactions: All transactions require two-factor authentication, but ultimately can be done in a tap.

• Simplicity: Once a customer adds a card to their Apple Pay wallet, all transactions can be made without having to type in banking or card information.

Cons

• Not available in all states: Due to state regulations, some states do not permit Apple Pay for transactions related to sports betting.

• May be available for deposits only: For reasons related to fraud concerns, some sports betting apps will only offer Apple Pay as a deposit method.

Final verdict - Betting with Apple Pay

If a bettor is located in a state that allows Apple Pay to be offered as a payment method, then it is undoubtedly worth considering. With the simplicity and security that comes with each transaction, bettors will not only have instant deposits, but they’ll have peace of mind as well. Bettors are focused on winning their bets and making money, so the less work and hassle they have to go through when making transactions, the better.

Now, while Apple Pay is somewhat of a perfect payment method on paper, there are still a few factors that are keeping it from being one of the most used methods in the field. Aside from the fact that it is only available on Apple products, the banking restrictions associated with it make it far less accessible than it would be in industries unrelated to sports betting.

In states and sportsbooks where this payment method is fully available for deposits and withdrawals, it certainly stands out in the market. That said, what holds it back in comparison to other e-wallets is the fact that withdrawals may not be available at all, causing bettors to go through the hassle of either using another e-wallet solely for withdrawals or risking their security by using online banking.