In this day and age when numerous countries throughout the world are establishing their own form of online e-banking, you can add the Netherlands to the list. Established in 2005, iDeal has grown to become the Netherlands' favourite method for online payments to sportsbooks and online shops. From 4.5 million transfers processed in 2006 to about 222 million in 2015, the growth rate of this payment method has exploded.
Using iDeal isn't necessarily the best option for Canadian sports bettors as its use is predicated on having a bank account at one of the many banks in the Netherlands. If that's not a problem for you though, this secure and instant nature of this payment method is up there with some of the best in the world.
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One of the biggest positives iDeal brings to the online payment world is it's two-factor authentication system. This process is a high-level security feature that ensures your deposits from your Dutch bank account to the sportsbook through iDeal are done properly and quickly. There is no sensitive banking information released from iDeal to the sportsbook, so keeping your banking details your own is another strong feature of this payment method.
The biggest drawback of using iDeal is the fact that they currently don't have a chargeback feature set up within their system. This means two things for bettors:
First off, bettors can't claim errors or cancel a transaction once it's been processed for whatever reason. Chargebacks were a commonly used thing with credit card deposits a few years back, but the frequency of their use forced sportsbooks towards other banking methods. It's with this in mind that you must ensure the sportsbook not only accepts iDeal as a payment method but also is reputable enough to honour the transaction. Stick the list of sportsbooks above and this likely won't be a concern.
Secondly, and maybe most importantly, the no chargeback feature means that bettors will have to use a different form of banking to withdraw their winnings from the sportsbook. This can be problematic for some because it means setting up a different payment processing method within the sportsbook and many Canadian bettors prefer to have all their deposits and withdrawals go through the same intermediary.