October 23, 2020

PAYMENT METHODS EXPLAINED

PAYMENT METHODS

With some many payment options available, it can hard to navigate the numerous options out there – we break down the most popular here:

The gambling industry is one of the largest in the world. Online casinos make up a significant portion of its revenue, offering customers the chance to play their favourite online slots, table games and lottos from the comfort of their own home. There are hundreds of different operators for players to choose from and choosing which online to set up an account with can be challenging. Once you have chosen, things can be similarly complicated. Selecting which payment method to go with can be particularly tricky. Luckily, we have compiled a one stop guide to online casino payments below. 

Bank Transfer

By far the most straightforward form of payment, the majority of online casinos will allow you to deposit and withdraw money via your bank account. Visa and Mastercard are both fine for the most part but using this method comes with several drawbacks. For instance, when withdrawing it is likely that it will experience significant delays in the money reaching your account. This is because the money must be moved from the casino to your account via wire transfer. Therefore while the convenience of using your bank account may be tempting, we advise opting for one of the other options on our list. 

eWallet

An eWallet is essentially an ultra secure place to store your money. Money in an eWallet can be withdrawn to your bank account – occasionally for a small fee – though it can also be used to pay for various online goods and services. The best example is PayPal, although eWallets such as Netller and Skrill are more likely to be accepted by a wider range of online casinos. Deposits and withdrawals that use an eWallet are free and instant. For these reasons, they are extremely popular with online casino users. Although they do take a bit of time to set up, it is 100% worth it in the long run. 

Prepaid Card

Another option for depositing money at an online casino is using a prepaid card. The most common form is the Paysafecard which is available in various different values to meet every player’s specific needs. This can be a good option if you are looking to buy a gift for an avid online casino player. However, there are several disadvantages. Most notably, prepaid cards usually come with a fairly low deposit limit. If you are looking to put a large amount of money into your online casino account, it is best to steer clear. 

Cryptocurrency  

An increasing number of online casinos are beginning to accept cryptocurrency as a valid payment method. Thanks to its blockchain technology, cryptocurrencies such as bitcoin are incredibly secure and also allow for lightning quick transaction speeds. While there are clearly the future, the acceptance of cryptocurrency is not currently that widespread. Therefore, before you start investing in bitcoin, make sure you check out if the online casino that you play at accepts it as a payment method. Otherwise, you could be in for a nasty surprise when trying to make a withdrawal or deposit. 

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