Moving money with speed, convenience and especially, security is a key factor in your enjoyment of online gambling. You want to upload funds fast to your favourite sites, transfer your winnings when you want or access your account balance 24/7 wherever you are.
The quality of payment providers varies depending on your priorities, but many online casinos now offer a wide range of payment methods (and withdrawal options) that are quick, secure and easy-to-use.
Let’s take you through some popular payment methods in the online gambling world.
These are the cards you use for your everyday finances and the online casino payment process is similar to online shopping in terms of entering the relevant details.
Most casinos are happy to accept them but processing fees vary, some will let you deposit or withdraw for free - others may not.
Commonly accepted cards include:
Digital wallets (sometimes called e-Wallets) are good for online gambling. Many betting sites and casinos accept them.
They let you move money quickly and easily from your wallet to your chosen gambling website. Your financial details are protected as the online gambling operator only sees your digital wallet, not your bank/card details.
It works like this:
You move money to the gambling operator using an email address and password. Funds move instantly and many times there is no charge.
The wallet provider applies charges when you upload or withdraw funds although there are a number of free upload options – online banking or debit card is usually free. There is nearly always a charge when you withdraw from a wallet.
Wallets offer security and discretion as well as speed and convenience - not typing long credit card numbers. They also cater to alternative payment methods so people who don’t have access to traditional stuff like big-name banks and credit cards can still load funds into their wallet by other means to use with the top online bookmakers.
Skrill, NETELLER and Paysafecard are the big three and they are now owned by one company (Paysafe).
PayPal is also an option although its coverage within gambling is much less than the above three. WebMoney and EcoPayz are also popular options.
Prepaid cards function like a debit card, but instead of withdrawing funds from an account or loan facility, they must be topped up with cash before you spend.
This makes it easier to control and keep track of spending. You avoid debt by only being able to spend what you load onto the card.
Some are physical cards, others are virtual; meaning you have the numbers you need to input to 'pay by card', but no physical card. Transfers are instant.
Fees vary by provider and can be applied to account deposits or transactions as either a percentage or flat fee. However, online casinos will not charge you to deposit with a prepaid card, including those listed below:
Instant payment services function as a ‘middle man’ between your bank and the online casino. You may want to keep your banking separate from your online playing and these services help you do this.
Instant payment services allow you to make deposits and pay merchants online with funds from your bank account using a login and password to make your payments. Transactions are normally instant. Most are free to use, but some apply a small transaction fee.
Online casinos who won’t charge you for depositing with an instant payment service include:
Bank transfers involve using direct banking services to transfer funds directly from your bank account to your online casino with no middlemen involved.
Because it's a straight transfer, there are normally no fees.
In addition to traditional methods, there are a couple of interesting alternatives. Not only are online casino players turning to Bitcoin as a source of payment, but players have also turned to their mobile phone bill for identity protection.
Here, you use your phone to make deposits and the cost is added to your mobile phone bill. So, the casino charge appears on your mobile bill.
You just require a phone and a casino account with an operator that offers the service- simply select the pay-by-phone option and make your deposit.
The amount you wish to deposit will be charged to your phone bill or taken from your pay-as-you-go credit. Fast, efficient and secure, learn more about paying by phone.
Bitcoin is a digital currency growing in popularity around the world. Bitcoin can be used to pay for things electronically. Bitcoin’s key feature is that it is decentralized.
No single institution controls the bitcoin network. Since there is no central controller, users do not need to identify themselves when sending bitcoin to other users, so they have a certain degree of privacy.
You can expect online casino operators to be interested in allowing their customers to make payments with this digital currency.
Some online casinos revolve entirely around bitcoin payments, these bitcoin gambling sites are becoming popular due to the privacy involved in bitcoin payment.