Online casinos are becoming more and more popular, and they don't seem to be going away any time soon. There are online casinos and bookmakers ready to serve you no matter where you are.
The vast array of online casino payment methods available to potential customers is one of the reasons why many people have continued to embrace them to supplement their income.
The diversity of deposit and withdrawal options available at online casinos allows players from all over the world to pick a provider that meets their needs, where they can play for real money.
However, depending on the availability, convenience, and security of these services in your region, your experiences may vary.
Here are some important tips to consider before settling for any online casino payment method:
Different Types of Online Casino Payment Methods
The ability to make deposits quickly, easily, and safely is one of the most crucial things that most players aim for.
Different deposit and withdrawal methods are available at many online casinos and bookies.
Some operators will allow you to deposit and withdraw using a specific payment method, while others may allow you to withdraw your winnings using the same payment method you used to deposit. And, in most cases, you may only withdraw funds using the same method that you used to make the deposit.
With all of the many options available at online casinos, deposit and withdrawal choices can be a little overwhelming.
To assist you in picking the best payment method for your needs, we've put up a detailed guide on top payment methods for modern online gambling.
Credit and Debit Cards
This is the most widely used payment method in the world, especially in the United States and Europe. It is the most popular payment option in France (52%), the United Kingdom (49%), Belgium (47%), and Spain (36%).
Additionally, most online casinos and bookmakers accept Visa, MasterCard, and/or Maestro credit cards.
The convenience of using credit and/or debit cards seems to be a major benefit. This is because almost everybody can register for a credit or debit card and use it anywhere in the world.
However, their main downside is that a significant number of banks refuse to accept transactions for online gambling.
Because each bank has its own internal policy regarding online gambling payments, this practice is a decision of the issuing bank.
E-wallets are becoming more popular. Due to their ease of use, they are also positioned to take over a large share of online casino payment options (it takes less than 24 hours to transact with e-wallets).
However, most e-wallets charge processing fees, which is one of their major disadvantages. It should be emphasized that these costs are typically low and are subsidized by e-wallet companies' reward schemes.
PayPal is undoubtedly the most widely used e-wallet in the world, with more than 200 million active users in both North America and Europe, and many more across the world.
Apart from PayPal, there are a couple of other popular e-wallets like:
This e-wallet service is well-known for its safety. This prepaid card can be used with vouchers that have a unique 16-digit PIN code. Skrill (formerly known as Moneybookers) now owns this company, and this assures you of its safety.
Skrill is a popular e-wallet that is approved and regulated by UK law and operates in a similar style to PayPal. You can fund your online casino deposits or make withdrawals using Skrill. It's present in practically every country on the planet.
Neteller, like Skrill, is an e-wallet that used to be the go-to option for online gambling payments. However, its popularity seems to have reduced owing to the growing number of alternatives.
It is, nevertheless, still a widely used method that is accepted practically everywhere.
This is yet another safe e-wallet that is gaining popularity these days. Its ecoAccount feature enables users to perform all of their online casino payments through a single interface.
Bank Wire Transfers
Wire transfers are accepted by the majority of iGaming operators and sportsbooks as a major payment option. Due to its stringent regulations, they are considered a safe means of payment by gambling websites.
Wire transfers, for example, are subject to more stringent KYC (Know Your Customer) processes. This is meant to minimise the risk of money laundering and other KYC-related concerns for all parties participating in online casino payments.
However, because KYC checks might take a long time, this payment option can take up to 7 days to complete. Also, the wire transfer fees vary based on the amount deposited or withdrawn.
Instant Bank Transfers
This method of wire transfer compensates for the limitations of regular bank wire transfers, especially in terms of processing delays.
Trustly is one of the most popular forms of instant bank transfer providers for online sportsbooks and iGaming businesses, especially in Europe.
Trustly acts as a "middleman," transferring payments directly from your bank to your preferred online casino or sportsbook, without needing you to disclose any of your confidential payment information (e.g., credit/debit card numbers) to the iGaming operator.
In simpler terms, it means that your transactions will be secured from any type of abuse or fraud.
iDEAL, which is more popular in the Nordic regions, is another popular instant bank transfer provider.
For example, it is quite popular in the Netherlands, accounting for more than half of all online payments in 2014.
iDEAL has no transfer fees and provides the most flexibility.
Giropay is yet another online casino payment option that is similar in functionality to iDEAL.
The main advantage of this online payment method, just like iDEAL, is its ease of use. Giropay is the most popular payment method in Germany, and over 80% of German banks are affiliated with it.
It is one of Germany's most popular payment processors, with about 75% of Germans possessing a Giropay card.
Cryptocurrencies are becoming more widely accepted as a payment method by online sportsbooks and gaming platforms. This is mainly owing to the guaranteed safety that Bitcoin and other cryptocurrencies offer.
One of the advantages of using Bitcoin as a payment option is that it allows American players to play online since Bitcoin betting doesn't really fall under the category of "online gambling" in the US, which is illegal in many states of America.
Some key benefits of using cryptocurrencies include Fast transactions, good security, and privacy.
Prepaid Cards and Vouchers
It is the most widely used prepaid card in the online gambling industry, particularly in the UK, and Europe at large.
Due to its great security features (compared to paying directly using your credit/debit card) plus its low costs, nearly every single online casino allows it as a payment method.
With its ecoCard, EcoPayz also offers a prepaid card. In terms of handling online deposits and withdrawals in different parts of the world, the ecoCard operates in a similar way to a Paysafecard.
It's also free, and users have the option of using a single-use prepaid card or the ecoCard.
From what we have just discussed, it is clear that online casino payment methods vary greatly depending on location. However, the best news is that every real money online casino gamer will find something that suits their needs.
Online Casino Payments FAQs
⭐ Why did a casino decline my credit card?
There are a few possibilities for this: One, it's possible that you don't have sufficient funds to pay your deposit. Two, your bank may have restricted access to your account because your transaction appeared suspicious. Three, perhaps your bank doesn't accept internet gambling transactions (which is illegal in the United States).
Contacting your bank or credit card company is the easiest way to sort this out.
⭐ Is there a minimum deposit requirement on online casinos?
Yes. Again, this is dependent on the casino and the banking method used. However, the minimum deposit for the majority of casinos ranges between $5 and $20.
⭐ Can you use Bitcoins at online casinos?
Yes, you can! Some casinos exclusively accept Bitcoin as the only form of payment and provide many of the same games and betting opportunities as hybrid sites. Others may accept bitcoin plus other traditional banking methods.