What is the Best Payment Method for Online Casinos?
Online gambling games for real money are becoming incredibly popular these days. Lots of people love the excitement of trying their luck from the comfort of their own home. However, as it is with physical casinos, how you handle your money is very important.
There are many ways to top up accounts and make withdrawals in these games. Some are old-school, like using a bank, while others are new and high-tech. Each method has its strong points and drawbacks. Here’s a look at the best payment methods and how they compare.
Digital currencies like Bitcoin and Ethereum are becoming more widely adopted by the iGaming industry at specialised crypto casinos. These platforms offer a fresh and exciting way to play and provide a wealth of perks.
However, UK-based casinos are yet to adopt cryptocurrency payments as widely as some foreign sites have. While examining the best UK casinos without Gamstop, crypto writer Kane Pepi found that there are many offshore casinos that are accessible to UK gamblers that now accept crypto as a payment method. These casinos are regulated and licensed offshore, meaning they don’t have to follow the same rules as UK-regulated casinos do. Specifically, they don’t have to abide by Gamstop or cryptocurrency rules set by the UK Gambling Comission (UKGC).
Using the likes of Bitcoin, Ethereum, or Litecoin to complete crypto transactions ensures more secure gambling and quicker withdrawal times.
2. eWallets (e.g., PayPal, Neteller, Skrill)
eWallets are having a huge impact on financial services and are becoming highly favoured as a payment method by many iGamers because they’re easy and quick to use. Basically, a digital wallet that can store money and use it for payments online, there’s now a huge range of different eWallets out there to choose from.
By linking to a bank account internally, eWallets can be used to top up online casino accounts and make withdrawals without needing to directly register your banking information every time. They’re simple to use, secure, and can be a lot quicker than online bank transactions.
3. Bank Transfers and Credit/Debit Cards
Regular banks and cards are the most common ways to pay for online games and have been a staple of online transactions for decades now. Almost everyone has a bank account or a card these days, so this is usually the simplest and most convenient way to top up and withdraw from online casino accounts.
However, there are some major drawbacks to these payment methods. Card payments are still very slow, with a 1-2 working day wait time at a minimum. They can also cost more to use, which often doesn’t sit well with a lot of iGaming enthusiasts.
Comparing the Benefits and Drawbacks of Payment Methods
Speed and Convenience
Digital wallets are generally very quick when it comes to moving money around. If you use a digital wallet, you can add money to your game account right away. Crypto is the quickest payment method for online casinos.
On the other hand, using regular banks or credit cards can be much slower. Bank verifications and processing times still take a couple of days at best This can be frustrating if you’re waiting to receive winnings.
Security
Cryptocurrency is also more secure, private, and generally safe. As crypto transactions are very difficult to alter once verified, this provides a degree of immutability. Digital wallets are also generally quite secure. They work like a middleman, so you don’t have to share your bank information with the game site directly.
Using a bank or a credit card, are more susceptible to cyber threats. Banking and anti-money laundering (AML) laws also mean they are less private as details have to be shared so banks can track transactions.
Costs
Crypto payments usually cost less. This is especially true for cross-border transactions, an arena in which blockchain technology is proving to be a revelation. Digital wallets generally charge a higher fee for transacting. However, using bank transfers or card payments can cost even more, especially if you need to pay in a different currency.
Accessibility
Digital wallets and regular cards are easy to use at most iGaming sites. Lots of places accept them, so you don’t have to worry about whether you can play or not. Cryptocurrency is currently the least accessible payment method as most mainstream online casinos currently don’t cater to them due to stringent regulations.
On the other hand, eWallets are usually simple to use and are becoming a lot more accessible at online casinos these days.
Using cryptocurrency is a bit trickier. While these offer a wealth of benefits that are slowly revolutionising the iGaming industry, players must make themselves aware of how they work to ensure safety.
This is because they need to follow protocols like storing their private crypto wallet keys safely to avoid cyber threats. Cryptocurrency’s accessibility can also be low as there are thousands of them in circulation now. Unless you’re using a famous one like Bitcoin, others may not be as widely accepted.
Conclusion
When gambling online, choosing the right payment method can affect the quality of your experience. Methods like bank transfers and card payments are still the most widely accepted but also have the most drawbacks in terms of safety and waiting times.
On the other hand, cryptocurrency payments are now being widely adopted by the iGaming industry. While these are faster, safer, and offer more privacy, they aren’t as widely used as yet and generally face regulatory hurdles that mean they are currently available more easily at offshore platforms.
