Two kinds of EFT

EFT simply means an electronic funds transfer from one bank account to another. At betting sites you will see it in two forms, and they behave very differently.

• Bank EFT (sometimes called manual or direct EFT): you copy the bookmaker’s bank details from the cashier and make a normal payment in your banking app.
• Instant EFT: you choose a payment gateway such as Ozow in the bookmaker’s cashier, log in to your bank through it and approve the payment. The bookmaker is told straight away that the money is on its way, so your balance updates immediately.

Both come out of your bank account. The difference is the confirmation: with Instant EFT the gateway confirms the payment to the bookmaker in real time, while a bank EFT has to clear between banks and be matched to your account.

How Instant EFT works

Ozow is the Instant EFT provider you will see most often. Its own FAQ sets out the steps:

1. Choose Ozow (or the Instant EFT option) in the bookmaker’s cashier and enter the amount.
2. Select your bank.
3. Log in and choose the account to pay from.
4. Accept the authorisation request your bank sends you, usually in your banking app.

Ozow says it does not charge the payer, although your bank’s normal transaction fee applies, and that you do not need to register with Ozow. It lists Capitec, FNB, Standard Bank, Absa, Nedbank, TymeBank, Investec, Bidvest Bank and African Bank. Our Ozow guide goes into more detail, including Capitec Pay.

Other gateways appear in some cashiers. Betway lists Quick EFT, Playabets lists Stitch and PayFast among others, Sunbet lists PayFast, and several bookmakers list WalletDoc. The flow is similar: pick your bank, sign in, approve.

Scores out of 10 from our reviews. 18+ only. Always confirm the current terms on the bookmaker’s own site. How we rate

How bank EFT works

A bank EFT takes a little more effort but works from any bank, including from an account the gateway does not support.

1. Open the cashier and choose bank EFT or direct deposit. Note the bookmaker’s bank, account number and your unique reference.
2. In your banking app, add the bookmaker as a beneficiary or make a once-off payment.
3. Enter the reference exactly as shown. Without it the bookmaker cannot match the money to you.
4. Save the payment confirmation from your banking app.

Scorebet, for example, lists direct EFT to accounts at Absa, Nedbank, Standard Bank, Capitec and FNB, so you can pay into a bookmaker account at your own bank.

How long a bank EFT takes

Between different banks, a normal EFT is not instant. Nedbank’s processing times show that a payment to another bank made before 16:30 on a weekday arrives the next day, one made after 16:30 takes two days, and a payment made on Saturday after 09:30 or on Sunday arrives on Tuesday.

If you want speed but your bank is not on the gateway list, use your bank’s faster options. Nedbank lists Instant Pay with 30-minute clearing and PayShap as instant, and Absa’s app has an immediate interbank payment option. These usually cost more: Capitec’s fee schedule lists R2 for a normal app payment to another bank, R6 for an immediate payment and R2 for a PayShap payment to another bank.

Bookmakers also need time to match a bank EFT. Playbet, for example, states 24 to 72 hours for EFT deposits.

Proof of payment

If a bank EFT has not reflected after the normal clearing time, send the bookmaker proof. Download or screenshot the confirmation in your banking app showing the date, amount, the bookmaker’s account and your reference, and send it through live chat or email. Check the reference first: a missing or mistyped reference can leave a deposit unallocated.

Scores out of 10 from our reviews. 18+ only. Always confirm the current terms on the bookmaker’s own site. How we rate

Withdrawals to your bank

Whichever way you deposit, EFT to your bank is the standard way to get paid. You add your bank details in the cashier, request a withdrawal, and the bookmaker approves it and sends the money.

Stated payout times vary widely among the bookmakers we review:

The fastest payouts use real-time clearing (RTC). Ozow, which also runs a payout service for merchants, says RTC payouts reflect within minutes on weekdays from 00:01 to 18:00 and on Saturdays from 00:01 to 13:30, with requests outside those hours paid the next business day. That is why a withdrawal made late on a Saturday can take until Monday.

Minimums, caps and fees

• ZARbet has a R250 minimum withdrawal and pays on weekdays only.
• ReadySetBet and Kingbets set R100 minimum withdrawals; Scorebet sets R60.
• PantherBet caps withdrawals at R5,000 a day; WanejoBets and LuckyStake at R10,000 a day.
• WanejoBets mentions a 6% fee on some EFT withdrawals, and YesPlay charges R10 after two free withdrawals a week.

Names must match

Withdraw only to a bank account in your own name, the same name as on your betting account. Bookmakers are accountable institutions under the Financial Intelligence Centre Act and must verify their customers, as the National Gambling Board explains. An account belonging to a partner, parent or friend will not match your verified details and can hold up the payout. Complete FICA early; Sunbet, for example, says its checks can take up to 48 business hours.

Which should you use?

For deposits, Instant EFT is the better everyday choice: it is quick, there is no reference to get wrong, and Ozow does not charge you. Use bank EFT when your bank is not supported, for planned larger deposits, or when you prefer to pay from your own banking app. For withdrawals, add your bank account and finish FICA as soon as you open the account. See all options on our payment methods page.

Frequently asked questions