Living in the XXI century changes how things function, as new technologies are constantly emerging. The case with online gambling is the same, as today, gamblers all around the world can choose their preferred payment method. This is especially important for people who want to gamble from different parts of the world. Giving different payment options to all people around the globe makes this industry all the more important, and the versatility of deposit and withdrawal methods only adds to the list of benefits. However, suppose a newbie decides to gamble online. In that case, they might not know all the payment possibilities – that is why we will try to give an update on all the different types of online casino payment methods and explain the benefits of each.
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Different casino payment methods
One of the features that gamblers like the most is the ability to make deposits fast, easy and completely safe. While some casinos will give you the option of a simple payment method, most will allow you to withdraw your winnings to your chosen deposit method. These are the most crucial payment methods:
Credit and Debit cards
This payment method is the most basic one. Even so, it’s the most popular around the world, especially in Europe and the United States. In France, the UK, Belgium and Spain it’s the leading payment method, with more than 40% of users in each country using it. Online casinos usually accept Visa, Mastercard and Maestro cards. Although many users like to pay with different casino payment methods due to anonymity, the main benefit of credit and debit cards is accessibility. Anyone can apply for a debit/credit card and use it everywhere. On the other hand, the disadvantage of this payment method is the growing number of banks not accepting online gambling payments. Each bank has its own internal policy governing online gambling transactions, so it’s important to check this beforehand.
E-Wallets
Another prevalent payment method for online purchases is e-wallets such as PayPal. They have become so popular in recent years that many online casinos use them due to their ease of use and withdrawal time (less than 24 hours). While this is the main benefit of e-wallets, it’s also important to mention its biggest downside: most e-wallets charge transaction fees. Apart from PayPal, which still ranks as the most popular e-wallet worldwide, other popular e-wallets are:
- Paysafecard, which is most known for its security
- Skrill, a popular e-wallet option that is very popular in the gaming and gambling industries
- Neteller
- EcoPayz
Bank wire transfers
In the last decade, bank wire transfers became very dominant for iGaming operators and bookies. These are seen as very secure payment methods as they have very strict requirements. One example is KYC (Know Your Customer) procedures that should reduce possible money laundering or other risks for all parties involved in online casino transactions. The most significant disadvantage of bank wire transfers is that KYC procedures take time to complete. For this reason, this payment method is prevalent in countries with no easier and quicker online payment methods.
Instant bank transfers
Contrary to bank wire transfers, instant bank transfers have a faster transaction time which is why many gamblers worldwide opt for them. Some of the most popular instant bank transfers are:
Trustly
Trustly is one of the most popular instant bank transfers, especially for iGaming operators and online sportsbooks. The main benefit here is that users can transfer funds from their bank to the online casino of their choice without having to send any essential payment details. This also means that all transactions are safe from any kind of fraud or misuse. So what is the disadvantage, you might ask? Instant bank transfer providers such as Trustly are primarily available for deposits, and an alternative withdrawal method will have to be chosen.
iDEAL
If you’re in the Nordic regions of the Netherlands, then iDEAL is the best instant bank transfer for you. It is the most popular payment option in the Netherlands, with more than 54% of Dutch people using it on a daily basis. Another great thing about this payment option is that it doesn’t impose any transfer changes and offers optimal transaction flexibility.
Giropay
Another similar payment method to iDEAL, in both form and function, is Giropay. Just like the previously mentioned payment method, the main benefit of Giropay is its ease of use. It’s most popular in Germany, where more than 80% of banks are affiliated with the payment method.
Cryptocurrencies
When it comes to online sportsbooks and casino portals, the payment method that is on the rise is cryptocurrencies. This stems from the guaranteed security that Bitcoin and other cryptocurrencies provide. It is important to note that Bitcoin gambling doesn’t really fall under the definition of “online gambling” in the US, meaning that American players can play online and pay with a cryptocurrency of their choosing. The payments in cryptocurrencies can be very fast. Still, the exact particulars depend on the type of wallet the user is using, as well as the withdrawal terms of the chosen online casino. Apart from Bitcoin, other cryptocurrencies are:
- Litecoin
- Monero
- Bitcoin cash
The benefits of cryptocurrencies are many, such as:
- Fast transactions
- Cheaper transactions
- Security
- Privacy
Conclusion
One frequently asked question when it comes to alternative payment methods is whether they are safe. Most online casinos offer these payment methods precisely because they are safe and secure, but it’s very important to check whether your online casino accepts all these forms of payment. Thanks to new technologies in the Fintech world and its connection to the gambling and gaming industries, players from all corners of the world can play at any casino if they choose the payment method of their choosing.