Osko is an instant payment service launched by the NPPA (New Payments Platform Australia). The service facilitates the transfer of money between participating banks quickly via online banking. Hence making payments or getting paid is easy.
From a betting perspective, it implies a convenient and quick method of transferring money, whether deposits for funding wagers or withdrawing money against settlement from wagers.
Considering the increasing popularity of fast payment methods in the betting industry, renowned betting platforms are now incorporating payment solutions like PayID and Osko in their services to cater to a betting community that seeks quick deposits and withdrawals. These sites are regarded to have a secure payment mechanism, as Osko is backed by NPP, which plays a significant role in managing real-time payments.
If you want to learn which bookies accept Osko, here is your chance to find out. But first, let’s learn what Osko is and how it works.
What is Osko?
Osko is a product of BPAY and was launched in 2018. BPAY is an electronic bill payment company that facilitates payments made via financial institutions’ online mobile banking facility to organisations that are registered BPAY billers.
Osko was launched under Australia’s New Payment Platform as its first overlay service to allow payments to be received and sent between registered financial institutes in under a minute, no matter the time of the day. Users can make payments using their account number or other form of PayID, including their ABN, registered mobile number, or email address.
You can make payments via Osko to an eligible BSB and account number or a PayID depending on the bank, as Osko uses PayID as a reference for payments. The transaction appears as Osko or the Osko logo when you make or receive an Osko payment.
The payments are instantly made to the accounts to which transfers have been made previously. PayID allows users to register via easy-to-remember identification information such as their phone or email, or ABN instead of their account number.
As a relatively new payment method, although the trend of using Osko is catching fast, it has taken sports betting companies time to accept and introduce Osko as a payment feature. It is why we do not see Osko being offered on that many betting sites, but the number is growing.
How to use Osko
Before we proceed with the process of using Osko to make deposits or withdrawals at a sports betting site, it is important to understand that only eligible personal or corporate accounts registered with a participating Australian financial institution or a bank are supported by the NPP. You can use it for offshore or overseas bank accounts.
To use Osko as a payment method, you must first ensure that the respective betting site features Osko as an acceptable payment method. To deposit money in your betting account, you must log into your banking app and go to the make a payment section.
Select New PayID as the payment time if the option is not instantly available in the list of options. Depending on your banking app, you may need to select other payment options or Add. Now click on the option of paying via email address.
You will then be prompted to enter the unique ID email identifier allocated by the betting site. Depending on the betting site, you may or may not need to enter the deposit description. Now enter the amount you wish to deposit and submit your request.
If it is your first time making a deposit via Osko, the bank may hold the payment for 24 hours to verify it as a security measure. All subsequent payments are processed instantly.
What bookies accept Osko?
Here is a list of a few betting platforms where you can use Osko to make payments. It is important to note that while most platforms feature it as a deposit option, only a few offer withdrawals through Osko.
Actionbet is an Australian betting platform that offers betting on sports and racing. The platform offers a welcome bonus of 100% on the first deposit.
Betfair is the only peer-to-peer betting platform in Australia. The platform offers Osko as a deposit method, with the minimum deposit requirement being $30.
Palmerbet is another Australian sports and racing betting platform licensed by Racing NSW. It features Osko as a deposit option for punters.
Okebet is a Victorian gambling platform for sports and horse and greyhound racing. The platform features Osko as one of the payment methods.
Next, we have Elitebet, another Australian betting site based in Sydney. You can use Osko to make deposits for placing bets with Elitebet.