Online casino gamers need to consider several things before signing up with a new online casino. The collection of games available matters, but what matters most is safety. Online casinos must be able to ensure that players’ data and money will be secure. Many online casinos implement multiple security measures to protect users’ data, but what about money transactions?
As online casinos accept payment through third-party payment gateways, players must be careful in checking the reliability of the payment method being used. This is why some payment options are more popular than others. Some are even designed for specific countries. An example is Trustly which was specifically created for the Swedish market. That is why it is not common to find a Trustly casino without a Swedish license outside of the country.
In any case, here are some payment options that are most popular among casino gamers due to their convenience and reliability.
Cryptocurrencies
Cryptocurrencies are rising in popularity inside and outside of the gambling industry. Players can now find many crypto casinos accepting major cryptocurrencies or catering solely to crypto users. Some of the most widely accepted cryptocurrencies are Bitcoin, Litecoin, Ethereum, Ripple, and Tether. However, players can find online casinos that accept other cryptocurrencies as well.
It’s not strange to find cryptocurrencies as one of the most preferred payment methods for online transactions , as they offer something unique that other payment methods are not able to offer, especially for online casino players.
Quicker Processing
Players often find it frustrating to wait for days after withdrawing their winnings for the amount to arrive in their bank accounts. Most payment methods take at least two days to complete withdrawal transactions, and some can even take up to seven business days for the process. On the other hand, cryptocurrencies can be much quicker, especially for processing withdrawals.
Anonymity and Security
Cryptocurrencies also offer anonymity, which means they don’t require users to share their financial information with any third party. Cryptocurrencies are safer from fraud and hacking than other payment methods, as they’re decentralized.
E-Wallets
E-wallets act as a tool connecting the bank accounts of players and merchants, including online casinos. One of the downsides of using bank transfers at online casinos is that players must share their sensitive financial information. E-wallets remove that weakness, as the casino site redirects players to the e-wallet instead of asking for their data.
That way, players can carry out their transaction securely. They’ll be in complete control of their account and keep everything anonymous. Not to mention, e-wallets are convenient for players who prefer to game using their mobile devices. The site will automatically open the app; players only need to authorize the payment to finish the transaction.
E-wallets are not as secure as cryptocurrencies and take slightly longer to complete transactions. However, e-wallets are still the most secure and the fastest payment methods after cryptocurrencies. Despite having minor downsides, there’s one thing that e-wallets offer better than cryptocurrencies, and that is fund management.
Easy Fund Management
People take their mobile phones anywhere they go. With many stores and services turning cashless, e-wallet users have no choice but to open the app often. E-wallet apps work like a virtual bank account so that users can see their transaction histories. This makes it easier for users to control their spending. For those struggling to limit their spending, e-wallets can be the best payment method.
There are a lot of e-wallets that online casinos accept depending on where the player is accessing the site from. However, the most widely accepted digital payment methods are Neteller and Skrill.
Credit and Debit Cards
It’s hard to deny that credit and debit cards are still the most common payment method people use daily. Almost everyone owns a credit or debit card, and users can purchase almost anything using their credit and debit cards.
Most online casinos will accept debit and credit cards, but many countries are banning their use at online casinos, so players need to find out before funding their casino accounts using their cards. Even if the casino allows players to use credit and debit cards, they’ll make players wait the longest. It can take up to a week for winnings to arrive in their accounts.
If the cards allow players to carry out transactions in an online casino, there may also be some significant fees attached. This applies especially to credit cards. Cryptocurrencies and e-wallets sometimes charge players when they’re making online casino transactions. However, they’re much cheaper compared to credit and debit cards.
Still, credit and debit cards are well-known, so many players feel secure when using them at an online casino. This is one of the reasons why, despite the many downsides, casino players still use credit and debit cards to fund their accounts or withdraw their winnings. Debit cards are also a great way to limit spending. That’s if the player has a separate card solely for gambling purposes. Among the many options, Visa and MasterCard are accepted at most online casinos.
Choosing the Right Payment Method
There’s no such thing as the correct payment method for an online casino. Everything depend on the players’ preferences. Some players prefer to have quick payouts, while others would like to avoid the transaction fees.
Players should check the payment details of their chosen casino to find a suitable payment method. Casinos will list the transaction fees of each payment method (if any), the time it takes to process payments and transaction limits. Players should also check bonuses they’re interested in to see if there are any restrictions on payment methods.
