Online Casino Payment Methods:
A Complete Breakdown
We are living in a digital era when you can play slots or any other casino game anytime and anywhere! There are now many online platforms available! Online casinos are on the rise and everyone can enjoy them. No matter who you are or where you live, there is a method for you to play on some type of gambling web portal or another. The variety of payment methods offered by these websites is what makes it possible.
The versatility of the deposit/withdrawal options available in online casinos allows people from any corner of the world to find something that would work for them personally. Preferences in this particular area vary from country to country due to both the availability and convenience of these tools.
POPULAR ONLINE CASINO PAYMENT METHODS
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Choosing an Online Casino Payment Method
While there are tons of options for casino online payment methods, not all of them can deliver a high level of satisfaction. To make the right decision, below are some of the most important things to take into account:
- Speed of the Transaction: Some payment methods, like e-wallets, allow instant transfers, which can make a difference when you are trying to use a time-limited bonus offer and need to deposit the money right away. Bank transfers usually take the longest, up to 5 days in some cases.
- Commission Fees: Note that the majority of online casinos don’t charge extra fees on withdrawals. However, the banking agent might do this for both deposit and withdrawal. If it’s the former, you must make sure that the deposited amount would be sufficient to meet the requirements of the casino after the banker deducts their fee.
Basically, you should always choose the banking method that is the easiest for you to use consistently. Bear in mind that many casinos have specific requirements and limitations for some types of payment methods they offer. For example, they might take longer to transfer your winnings through some of these channels or not accept some particular type of payment from certain countries. Make sure you also understand Withdrawal Limits before you start playing.
You must always study the Terms & Conditions for payment methods in detail before you make your first deposit to the casino. Don’t forget to claim a hefty first deposit or welcome bonus while you’re at it!
Online Casino Deposit/Withdrawal Methods: Types and Popularity Rates
Credit and Debit Cards
Credit and debit cards are so popular today, they are steadily winning over cash payments in the most advanced countries. For example, over 56% of all mobile payments in the US are made through debit cards and almost 48% through credit cards. The most popular options of those for online casinos are Visa, MasterCard, and Maestro.
Payments with credit and debit cards are also popular in European countries, although the rate of their use is slowly waning as people choose alternative banking options. At the moment, the residents of Spain (36%), France (52%), Belgium (47%) and the UK (49%) are the leaders in using these payment tools for online transactions.
Visa offers a variety of options, such as Visa Debit and Visa Electron, which is definitely the reason why it’s one of the best casino payment methods today. As it is available almost all over the world, its popularity level is high in all countries. Although, the leaders among Visa users are Europe and North America, as well as Japan. MasterCard is accepted by fewer casinos as compared to Visa, but the general statistics of its use are similar.
American Express cards are in a rather interesting position when it comes to online gambling payment methods. On one hand, it’s one of the most stable and therefore trusted banking cards in the world. However, it’s also ‘American’ and the US has a nation-wide ban on online gambling. Therefore, the vast majority of online casinos don’t accept players from the US and very few of them accept American Express cards.
Interac is actually an interbank network based in Canada and lists more than 83 members as of 2018. It serves as the country’s own version of a debit card, and the cards supplied by the network can be used in more than 80,000 ATM facilities in Canada, and now accepted in a growing number of online casinos as well.
One of Entropay’s products and payment models resemble that of the Visa. With Entropay, customers and casino players can create disposable Visa cards and discard these once the payments have been completed. These Entropay virtual Visa cards are available in at least three currencies, and offer a fair fee of 1%. And what’s more exciting about the use of Entropay is that this is currently available in more than 100 countries and supported by a number of leading online casinos today.
The main advantage of these banking methods is their availability as today you can get a debit/credit card anywhere. The problem with online gambling payments is that they may not be accepted. This is the matter decided by the bank, as it’s determined by their inner policy regarding gambling transactions.
E-wallets are definitely going to become the leader of casino payment options rather soon. They are leading as the preferred banking route for online casino withdrawals due to the ease of use and speed of the transaction, which allows you to get your payment in under 24 hours.
The downside of all e-wallet money transfers is that the providers charge a fee for the transactions. However, those fees are usually rather small and offset by the benefits of loyalty programs on offer.
The most popular e-wallet in the world in general, is PayPal. It has almost 200 million active accounts and is the #1 e-wallet in the North America (Canada + the US). However, not all online casinos accept PayPal as their policies regarding gambling payments are extremely stringent. Surprisingly, PayPal is quite popular in Europe as well. It’s the second best choice in many UE countries after the credit/debit cards. It’s most popular in Italy (45%), France (35%), the UK (40%), and Germany (32%).
The most popular e-wallets for online gambling are Skrill and Neteller. Neteller, in particular, is accepted everywhere and was originally created as a payment route for online casinos. Today, it services 180+ nations. In 2005 Neteller was processing 80% of all online gambling payments, but this rate has gone down now that more payment methods are available.
Skrill (formerly Moneybookers) is a relatively new player on the e-wallets market, but it’s already accepted in 200+ countries. It’s one of the highly secured casino payments and supported by the overwhelming majority of online casinos.
Pre-Paid Cards and Vouchers
Prepaid cards, coupons, and vouchers, like Paysafe Card and Ukash are getting more popular today as they offer a higher level of security than paying directly from your debit or credit card.
Paysafe Card is the definite leader among these solutions. As of today, over 3,500 websites accept this payment method, which includes almost every online casino. Paysafe delivers on the promise of its name, guaranteeing the high level of security as well as minimal fees and fast transactions. This is one of the most popular online payment methods UK and in Europe in general.
Note that one cannot buy Paysafe Cards in the US, but you can buy it elsewhere and deposit money on it electronically. This would allow a person to play in a casino that accepts US citizens and use this banking method.
EcoPayz is another global leader when it comes to online casino payments. It offers a number of financial products, with ecoCard as one of its popular products. With the ecoCard, customers can confidently control their payments and expenses online at millions of locations around the world. This ecoPayz product comes for free with no credit checks and allow customers to choose between the one-use card or ecoCard.
Bank Wire Transfers
Various types of bank wire transfers are accepted as major online casino payment methods and are, in fact, the preferred choice for most casinos. The reason for this is the extreme security involved in this type of transaction, which minimizes the risk for all parties involved.
However, a large part of this security comes from a thorough identity check, which takes a while. As a result, this type of transaction can take up to 7 days. These transactions also come with the bank fees that can be quite big depending on the amount. Bank wire transfers have a higher popularity rate in the countries where faster and more efficient online payment methods aren’t as easily available.
Instant Bank Transfers
This type of bank wire transfers negates the disadvantages of regular transfers due to the speed of the transaction. The most popular type of instant transfer service for online casinos is Trustly. Under the Trustly set-up, a shopper or customer will not directly contact the bank, instead, the customer will pass the banking credentials and information to Trustly, and the platform will complete the transaction in behalf of the shopper.
Please note that these payment methods are almost exclusively used for deposits only. However, they offer a huge advantage for time-limited promotions as your money literally gets to the casino instantly.
iDEAL is an instant transactions provider most popular in the Scandinavian region. It doesn’t charge transfer fees and is very flexible in terms of transactions. iDEAL the most popular online payment method in the Netherlands with over 55% of the population using this service for all their financial transactions.
Giropay is another example of casino payment that are backed by online banking which is similar to iDEAL. This service was first introduced in February 2006, and allows customers including casino players to pay for casino services online through a secure online banking facilities. As of 2019, Giropay is one of the leading payment processors for German players, and offers fair yet varied fees depending on the services enjoyed and used by the customers.
Another popular way to enjoy internet banking is through the use of POLi payments. This payment facility allows customers to use internet banking to pay for a number of products and services, including online casino games. This can be used with any devices, making this another mobile payment platform for players looking for flexible and instant payment confirmation. POLi comes for free, does not require the use of credit cards and highly secure as well.
Bitcoin casinos are rare, but many of the leading portals are starting to cater to this particular type of electronic currency. BTCs (bitcoins) are gaining popularity due to their guaranteed security. The house edge in bitcoin games is a little bit lower, which is another reason many people today are warming up to this payment tool.
Bitcoin is most popular among American players. Mostly, because bitcoin gambling doesn’t fall under the category of online gambling, which allows Americans to play freely in specialised casinos. Bitcoin payments can be instant, but the specifics would depend on the type of wallet you use as well as the casino’s terms.
Aside from Bitcoin, another popular cryptocurrency that’s gaining traction in the market is the Litecoin. The Litecoin and Bitcoin share a number of similarities but with one marked difference- the Litecoin Network is known to process transactions at a much faster pace and cheaper too, making this cryptocurrency a highly desirable payment option available online. Thanks to its infrastructure, payments and withdrawals through this digital money is faster. Although most cryptocurrency-ready casinos prioritise Bitcoin, Litecoin is starting to gain traction, and now considered an alternative payment.
Whatever cryptocurrency you choose, you can count on at least three critical advantages that can define your casino experience: lightning-fast transactions, highly secured and private. Credit and debit cards process transactions in 3 to 5 days, whereas the use of Bitcoin and Litecoin promises instant confirmation and delivery. Security is also another critical feature of cryptocurrencies, with many casinos using advanced encryption technologies and different types of authentication. And finally, these cryptocurrencies promote privacy, with some transactions done anonymously.
Whether you are depositing money in an online casino or cashing out your winnings, take note of the methods that have been mentioned above to easily choose which one suits your needs and preferences. Consider ease of use, flexibility, speed, security, commission fees, and reviews from other users to make a decision that you won’t regret!