We are living in the age of online gambling. Gone are the days of frequenting brick-and-mortar casinos to play your favorite slots or table games. The same is true for visiting physical high-street betting chains to place bets on sports. Everybody and their mother are now playing casino favorites anytime, anywhere, anyplace through online gambling platforms.
Online casinos are on the rise – especially in these trying times. Regardless of where you are, there are online casinos and sportsbooks ready to service you. What makes it possible is the vast array of online casino payment methods available for potential customers to use.
The versatility of deposit and withdrawal methods that online casinos offer is what allows players worldwide to find a provider that suits them personally and play there.
However, your mileage may vary depending on the country you live in based on these tools’ availability, convenience, and security.
One of the most important features that most players look at is the ability to make deposits in a fast, easy, and safe manner.
Many online casinos and sportsbooks offer various deposit and withdrawal methods.
Some providers allow you to deposit via a given payment method only, while others may allow you to withdraw your winnings to your chosen deposit method. And most of the time, you can only withdraw money to the same method you used for the deposit.
With all the varieties that online casinos offer, deposit and withdrawal options can be a little tricky to navigate.That said, to help you choose the payment method that suits your particular needs, we’ve created a comprehensive guide to the best payment methods for online gambling.
1. Credit and Debit Cards
This payment method is the most popular around the world, particularly in Europe and the United States. Moreover, online casinos and sportsbooks generally accept Visa, MasterCard, and/or Maestro.
The primary advantage of using credit and/or debit cards is its accessibility. That’s because practically anyone can apply for a credit/debit card and use it around the world. However, their main disadvantage is that a growing number of banks do not accept online gambling payments. This practice is solely under the discretion of the issuing bank as each bank has its own internal policy governing online gambling transactions.
E-wallets are rising in adoption. They are also poised to take over the market share of online casino payment methods due to their ease of use and withdrawal (less than 24 hours). However, one of its key downsides is that most e-wallets charge transaction fees. It must be noted that these fees are generally minimal and are offset by loyalty programs that e-wallet providers offer. Currently, PayPal ranks as the most popular e-wallet worldwide, with over 200 million active users in North America and Europe. The most popular e-wallets apart from PayPal include:
3. Prepaid Cards and Vouchers
It is the leading prepaid card in the online gambling business, especially for the UK and Europe. Almost every online casino accepts it as a payment method due to its high security (as opposed to paying directly with your credit/debit card) and its minimal fees.Paysafecard is not available in the United States. However, you can buy one in a different location and deposit money to it electronically. This would allow US citizens to play in a casino that accepts this payment method.
EcoPayz also offers a prepaid card with its ecoCard. The ecoCard works the same way as a Paysafecard does in terms of managing online deposits and withdrawals at countless locations around the world.
4. Bank Wire Transfers
Most iGaming operators and bookies accept wire transfers as one of their primary payment methods. They are seen as a secure method of payment by online casinos due to their strict requirements.
For instance, wire transfers are subject to more stringent KYC (Know Your Customer) procedures to reduce possible money laundering or otherwise KYC-related risks for all parties involved in online casino transactions.
However, KYC procedures often take time; therefore, this payment method takes around seven days to complete. Another drawback is that bank charges on wire transfers can vary depending on the deposited or withdrawn amount.
For this reason, this payment method is more prevalent in countries where easier and quicker online payment methods are not as widely available.
5. Instant Bank Transfers
This type of wire transfer offsets the typical disadvantages of conventional bank wire transfers, particularly when it comes to transaction times.
One of the most popular types of instant bank transfer services for iGaming operators and online sportsbooks, particularly in Europe, is Trustly. Trustly works as the “middleman” and transfers funds straight from your bank to your online casino or sportsbook of your choice, without having to send any of your essential payment details (e.g., credit/debit card details) to the iGaming operator.Essentially, what this means is that your transactions will be safe from any kind of misuse or fraud.
However, it must be noted that instant bank transfer providers are available almost exclusively for deposits, meaning you will have to choose an alternative method of withdrawal. However, this is offset thanks to limited time promotions that these providers often provide to its users.
Another popular instant bank transfer provider is iDEAL, which is used more often in the Nordic regions.iDEAL doesn’t impose transfer charges and offers optimal transaction flexibility.
Giropay is another online casino payment method which is similar to iDEAL in form and function. This online payment method’s main advantage, like iDEAL, is its simplicity of use. This payment method is most often used in Germany, with over 80% of German banks affiliated with Giropay.
More and more online sportsbook and casino portals are starting to adopt cryptocurrencies as a payment method. This largely stems from the guaranteed security that Bitcoin and its other related cryptocurrencies provide.
One of the pros of using Bitcoin as a payment method is that it allows American players an opportunity to play online, as Bitcoin gambling doesn’t fall under the definition of “online gambling” in the United States, which is banned in most US states as of this writing.
However, online casinos that primarily accept cryptocurrencies are starting to operate out of established European jurisdictions like Malta. This includes brands such as Bitstarz and CloudBet. More traditional high street sportsbooks are also starting to accept cryptocurrencies as a deposit method.
Payments in Bitcoin can be fast – however, the exact particulars depend on what wallet you are using, as well as the withdrawal terms of your chosen online casino.
Other cryptocurrencies that are gaining traction apart from Bitcoin include Litecoin, Monero, and Bitcoin Cash. Their ability to process transactions much cheaper and faster than traditional Bitcoin makes them enticing payment options for online gambling.
Online casinos and sportsbooks are generally ahead of the curve as far as security is concerned. The measures they take are comparable to a banking or financial institution. Anytime regulation or the security situation calls for it, iGaming operators are adroit at implementing changes.