Second-Lowest Minimum Deposits — debit cards, and e-wallets (e.g. PayPal and Skrill) typically have the second-lowest fees. These often charge a fee of between 0% and 5% on transactions going from you to the sportsbook.
Highest Minimum Deposits — Other payment methods such as cheques, bank wires, and money transfers have the highest minimum deposits. This is because there is a greater hassle for sportsbooks to process these payment methods and it can cost them money to do so.
Debit cards are the most popular funding methods for sportsbook customers. The minimum deposits via these methods are often between £5 and £20, however, there are exceptions to this as some sportsbooks have minimum deposits ranging between £0 and £50.
The rationale for these minimum deposits is the fact that fees are deducted from the deposit you make. So, although you deposit £5 into your account and receive £5, a smaller amount (e.g. £4.85 if there is a 3% transaction fee) may be received by the sportsbook.
Many sportsbooks allow you to deposit (and withdraw!) money using more ‘outdated’ payment methods such as paper cheques and wire transfers. If you decide to deposit using one of these methods, though, you may have to make a large deposit which can range from £20 into the hundreds (or even the thousands—it has been done!)
If a bookie does not impose a minimum deposit amount for a deposit via one of these methods, it’ll likely charge you a percentage fee on the amount you are depositing. This is because handling cheques and wire transfers involves a fair amount of hassle and work on behalf of the sportsbook and they may also incur some additional fees.
Many people get minimum deposits confused with minimum bets. A minimum deposit amount of £5 does not mean you can only make bets £5 and above. On the contrary, most sportsbooks these days allow customers to make very small wagers that go down to penny amounts.
So, be sure not to get the two confused—seeing “£5 minimum deposit” advertised at a sportsbook does not mean that amount is the minimum betting amount, it is simply the minimum amount you can deposit into your account.