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Payment Methods When Playing at an Online Casino
There are many payment options available to the modern online casino gamer.
22:03 27 April 2023
The rise of online casinos has revolutionized the gambling industry over the last 20 years, enabling millions of casino players to enjoy their favourite games from the comfort of their own homes.
Once you’ve found a good online casino, the next step is to make a deposit, but that means choosing the most effective payment option. At most modern online casinos, this is not a simple choice, thanks to the parallel revolution in online payment methods that has developed over the last few years.
Depending on your casino operator, your location and your own level of technological familiarity, there are many payment options available to the modern online casino gamer.
The most common form of online casino payment method is the traditional debit card. In fact, while payment options can vary widely from one site to another, you will usually always be able to make debit card payments, either through Visa, Mastercard, or Maestro.
The advantage of the debit card payment method is its reliability. Debit card payment is one of the oldest forms of online transaction and the major card providers offer extensive protection for their customers. Using a debit card to make deposits and withdrawals is also one of the simplest methods as the money simply transfers directly from your account to the casino.
Debit card deposits are usually made very quickly but are not the fastest method when it comes to withdrawals⎯these can take up to three days to be credited to your account. Some casino players do not like the fact that using a debit card means handing over the details of your bank account to a casino.
It should also be noted that credit cards are not accepted for gambling transactions in the UK and in many other jurisdictions. This is due to gambling authorities attempting to tackle problem gambling.
When it comes to security and reliability, a bank transfer, which involves moving money directly from your bank account to the casino you are using, is one of the best options you will find. It is also arguably the oldest form of casino transaction, which offers security and assurance to some customers.
The major problem with the bank transfer method is speed. By modern standards, a bank transfer transaction is very slow. In fact, a withdrawal via bank transfer can take up to a week to process and that is simply too long for many online casino players. A bank transfer also involves providing your bank account details to the casino, which can be a concern for some casino customers.
Online casino players who are concerned about the security of bank transfers or debit card transactions are increasingly turning to e-wallet payment options. An e-wallet is a form of banking method that involves moving funds from your bank account to a casino or other retail site via a third-party online ‘wallet’.
The advantage of the e-wallet is twofold. Firstly, it does not require you to reveal bank details to a casino, offering an increased level of anonymity. Secondly, it is a lot faster than card or bank transfer payments. In fact, e-wallet deposits are usually processed instantly and withdrawals can be cleared within a day.
The downside of using e-wallet options, such as PayPal, Neteller, and Skrill, is that not all casinos accept all e-wallet options and in some cases, using an e-wallet will invalidate welcome bonus offers.
Since most of us access the Internet via mobile devices, particularly smartphones, it makes sense that casinos are also increasingly offering people the chance to make deposits and withdrawals via phone.
There are different forms of phone payment. One of the most popular is PayByPhone, which simply adds the cost of your transactions to your next phone bill. There are also payment apps for Android and iOS phones, GooglePay and ApplePay, which function more like e-wallets. Speed and convenience are the main advantages of the phone payment option but most online casinos don’t yet offer these payments.
Other Payment Options
There are other payment options available but these, as with phone payments, are relatively rare. Paysafecard enables customers to make payments using a top-up card. Some casinos are also beginning to accept cryptocurrency, although most do not. Currently, debit cards, e-wallets and bank transfer options remain the most widely available.
The online casino sector is extremely competitive and that has led to casinos working hard to offer their customers the best payment platforms. As the fintech sector continues to develop, we can expect casinos to add new and more innovative payment technology options to their sites.