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With the world’s online gambling industry exploding in terms of participation, new online gamblers all over the world are flocking to the internet to check out what all the fuss is about. What they are finding is millions of people worldwide are registering to bet on sports and play online casino games of chance for real cash. They are learning how much fun it can be to gambler at any time from any place.
Generally speaking, the ability to deposit and withdraw money securely, efficiently, and fast in online casinos is one of the major features that casino players consider when choosing a casino. Well, there are countless payment methods given by the casinos. However, the options available are incredibly vast, making it quite challenging to select the best payment method that suits your demands. So, to help you select the best online casino payment method, we have reviewed the leading casino payment methods in this article.
Types of banking options
Again, some online gambling websites will only offer a few online banking options while other operators might offer as many as two dozen options. Since there are administrative costs and headaches attached to offering a given option, it’s up to each operator to determine its capacity for managing multiple types of banking options.
The list of common online gambling industry banking options includes the following:
- Direct banking options like wire transfers
- Credit or debit cards
- E-Wallet accounts
- SMS options
Let’s look at these types in a little more detail.
Debit and credit cards
Credit and debit card transfer are by far the most popular option among online gamblers. The use of credit cards usually offers a fast and convenient way for customers to get money from point A to point B. While such transactions tend to carry higher fees, it easy for online gambling operators to process these transactions in and out of a gambler’s account very quickly and efficiently.
The good news for gamblers is credit cards are usually good for both deposits and withdraws. The bad news is credit card transfer limits are generally restrictive and at the end of the day, gamblers are left with credit card debt that needs to be repaid.
This option includes VISA, MasterCard, Diners Club, American Express, VISA Electron, and Maestro.
Using credit or debit cards is perhaps the most reputed, most comfortable, and fastest way to transfer cash through the internet. Ordinarily, a considerable percentage of online casinos accept this prevalent and secure money transfer option. While MasterCard and Visa are the widely known and accepted cards, you’ll also come across many online casinos that accept the American Express Card and other unpopular cards.
As a rule, you will not be charged when using a debit card. However, your credit card may come with a charge of a minimal percentage. Nonetheless, the credit card comes with some benefits as it allows you to access credit to place wagers.
Here is another type of banking transaction type that is easy for online casinos to process. E-wallet options work well for gamblers because they require gamblers to fund their wallets before being used to transact business with an online gambling provider. There is no borrowing or approval process needed between parties. It’s just a matter of moving money from the eWallet account to the gambling account. The fees for these transactions are minimal.
The biggest problem for gamblers who prefer one of these options is not all eWallet will accept withdrawal transactions from gambling websites. This is particularly true of the smaller regional eWallet providers.
When it comes to gambling payment methods, it’s anticipated that e-wallets may soon become the most effective payment method options in the online casinos. Currently, they’re the most preferred payment methods when it comes to withdrawing the winnings, thanks to their ease of use as well as the transaction speed that lets the money get into your account within 24 hours.
Probably, the only drawback of the e-wallets is that you have to pay a transaction fee to the provider. Nevertheless, the charges are typically minimal, and you can easily offset them with the bonuses you receive. The most secure and best e-wallets include PayPal, Skrill, Neteller, and EcoPayz/EcoCard, Paysafecard.
Bank wire transfers
Some people prefer to focus on using traditional banking transactions. Gamblers can usually fund their gambling accounts vis direct banking methods like wire transfers and ACH transactions. We should also include third party wires like Western Union in this category.
The biggest issue gamblers have with direct banking options is they are not always convenient. It takes time to contact a bank and initiate a transfer. It also takes online gambling operators more time to confirm and post said transactions. The fees for such transactions can be prohibitive.
This option is ideally suited for gamblers who don’t have credit cards or e-wallet accounts, or gamblers who want to make larger deposits/withdrawals.
Most major online casinos provide several types of bank wire transfers as their payment methods. Typically, they offer this payment method due to the high security the methods embrace, thus lowering the risks of the involved parties. However, security takes a long time due to the long process of thoroughly checking the identity. With this in mind, the processing part can take up to seven business days.
Instant bank transfers
This payment method refutes the cons of typical transfers because of the involved transaction. Presently, Trustly is the most dominant type of instant bank transfer service in online casinos. Under this type of bank transfer, you’ll not have to contact your bank directly. As an alternative, you’ll provide your bank info and credentials to Trustly, and it will finish the transaction for you. However, it would be wise to keep in mind that this payment method is commonly used for deposits only.
With an eye on the future, some online gambling operators will now transact business via cryptocurrencies. To date, only 10% of all online gambling websites will accept crypto transactions. However, this looks like a promising option for the future.
For gamblers, the use of crypto wallets provides a high level of anonymity. The transaction costs are next to nothing and the administrative headaches for both the gambler and casino are minimal. The only downside to this option is some transactions can take hours to complete, depending on which crypto wallet a gambler is using.
To date, Bitcoin is the ruling cryptocurrency of choice within the online gambling industry. With that said, Litecoin and Etherum are gaining some momentum.
Getting cryptocurrency like Bitcoin is not a walk in the park. Yet, the invention of technology has made it inevitable for online casinos to offer cryptocurrencies as payment methods on their platforms. The security that comes with the cryptocurrencies has made them gain widespread popularity amongst casinos. Notably, depending on your BTC wallet, BTC casino payments can be instant.
All factors considered, whether you’re depositing funds into your account or withdrawing your earnings, you can use any of the methods mentioned above, depending on your preference and demands. Well, it would be wise to think about speed, flexibility, ease of use, security, reviews, and commission fees.
As for innovation, online gambling operators are now able to process transactions whereupon the amount of the transaction is billed directly to a gambler’s mobile device account or utility bill, usually a landline phone bill. Transactions are immediate. However, this option often requires a rather comprehensive approval process that can take a lot of time to complete. The banking limits with this option can be a bit restrictive.
How do customers fund their new online casino accounts?
Unlike a land-based casino where gamblers can go to the ATM and get money with which to gamble, online gamblers need a direct way for them to fund their accounts virtually. That’s why online gambling websites do all they can to offer as many online funding solutions as possible.
Before getting into specific online banking methods for online gambling websites, it’s worth noting that not all gambling sites are equal. Each operator decides for itself which funding options it wants to provide for its customers. That is what accounts for the fact some operators offer but a small handful of funding options while other operators offer more.
It’s really up to prospective gamblers to choose the gambling sites that offer the best and most convenient funding options for them. If an online gambling website is targeting customers in a certain region, it’s incumbent on the gambling site to make sure they offer account funding options that work well for customers in those specific regions. That accounts for the fact that some of the world’s most prominent operators will host international, national, and regional banking options.
There is one more point worthy of consideration. Gamblers should view deposit and withdrawal options separately. Why? Some banking options are only valid for deposits. If an online gambler is looking for a convenient banking option that works for both deposits and withdrawals, they need to focus on finding online gambling sites that offer the banking options that allow transactions to flow both ways.