For the past few years, the online gambling industry has witnessed record earnings. There are many reasons why the industry is so successful, ranging from innovation to marketing, but it’s undeniable that payment methods also played an important role. Nowadays we have same day withdrawal casino sites, which is not something that was possible 10 years ago. Money is at the center of casino entertainment, so having reliable payment methods for deposit and withdrawal definitely affects how users feel about certain operators. Here we will discuss the most popular payment methods in the iGaming industry, and also talk about why they are popular.
Master and Visa Cards
Almost any online casino allows Visa and Master cards payments. This is not the fastest payment method, but it’s the best way to cater to a wide audience, as almost any player has access to these cards. This is especially important for casinos that launched recently, as they want to be accessible as much as possible. If you are to look at Lucky Days Casino launched in 2019 you will see they have this payment method along with Skrill, EcoPayz, and Interac. In other words, this is the best way to facilitate transactions and allow users to play slots and other casino games.
However, users are very cautious when using these methods. Leaving a credit card number on a website with high traffic is dangerous, especially if someone hacks the site and steals the information. Luckily, we have different authenticator apps, or software like Apple Pay that make these card transfers more secure, as you need to authorize any transfer.
E-Wallets for Online Casinos
A really popular payment method today is e-wallets, especially for online casinos. Lots of payment operators, or even so-called NeoBanks offer e-wallets. These can be more advanced when it comes to software, but the institutions behind them are less secure compared to banks. They also have more limitations in terms of deposits and withdrawal, but as a result, they are way more efficient in processing payments and even come with lower fees.
So much like there are pros and cons with every gambling site, there are pros and cons for using e-wallets. However, there are specific things people look for in a gambling operator and the same applies to a payment provider. Since they are mainly interested in fast processing e-wallets come on top. They only need a few hundred dollars in that account in order to make a deposit, and they can always choose a different withdrawal method if they are transferring a larger sum of money.
Some of the most popular e-wallets that are available in online casinos are:
- PayPal
- Skrill
- Neteller
- EcoPayz
They have been around for a long time, and some of them were established mainly to help online gambling enthusiasts.
Using Cryptocurrency to Play Slots and Other Casino Games
Currently, crypto payments are the fastest and safest ways to do business with casinos. Unfortunately, not every operator has this option, and the majority of users don’t own cryptocurrency. That being said, the trend is becoming more popular, and more online casinos are enabling this feature. Professional gamblers are very serious players, and they take time studying different games, and finding what content suits them best. So, they are in it to win big, and they might want to stay anonymous.
It’s not uncommon for a casino that keeps losing to players to simply deny them service, after all, it happened before. So, crypto payments offer this additional advantage of anonymity. You don’t need an account in order to play, you simply deposit the funds and get a unique URL that you use for the play session. In other words, if someone is a professional blackjack player and uses bitcoin to play anonymously that person cannot get banned. Casinos have no idea who he is the next time he makes a deposit and starts playing.
Typically you will find that operators do business in Bitcoin, Ethereum, Litecoin, but there are some who even accept Dogecoin. This also helps the crypto community as the whole trend is getting more legitimacy.
SMS Payments
This is not a commonly used payment method in more developed countries, but in some regions of the world, it is the only method available. One of the main reasons why online casinos are better than land-based ones is because of their accessibility. These SMS payments are a perfect example of that accessibility, for a very good reason. First of all, they don’t require personal information like some other methods we mentioned, and second, they are very convenient. Lastly, many people don’t trust banks and don’t want to have a bank account, so SMS payments are an ideal solution for them.
There are millions of underbanked people in Africa and Latin America, which means they don’t have IDs and don’t have any bank accounts. These two things immediately exclude them from e-wallets or similar transfer methods. However, they do own a cell phone and they can make payments via SMS. They can also make an account and verify it using their mobile operator. So, even if this method is unusual to many, it’s still very useful and allows thousands to enjoy casino entertainment.
Bank Transfer
This is probably the least used method for deposits and withdrawal. It’s just too slow and it can be expensive. However, it’s there for a reason, and there are situations where it can be the best payment method. If someone wins a progressive jackpot it’s almost impossible to get all the money into the e-wallet account or to withdraw it from a casino. After all, there is a limit to how much you can withdraw on a weekly or daily basis. Although these situations are really rare, it’s good to have a bank transfer as an option.
First of all, other payment operators don’t necessarily offer insurance for your money, so if someone hacks your account, it’s basically gone. Banks on the other hand do have insurance for a specific amount. So you might want to transfer your money into multiple bank accounts. It’s also very transparent and you get to pay off all of the taxes for the winnings, so you don’t have to worry about any penalties. Since banks are the safest place for a larger amount of money, you will want to put your winnings in the bank at some point. So, it’s cheaper to transfer it from a casino directly there, than to use other methods and then do a bank transfer.
Conclusion
Payment methods might not affect the gameplay, but they affect how players see casinos and how much they will trust them. It’s one of the things that they look into before making an account, and seeing trusted payment options for withdrawal is very reassuring. Of course, just because spending money doesn’t mean you should do it. Play responsibly, and read the terms and conditions carefully. Even instant withdrawal casinos can deny a payment request if you did not meet the bonus wagering requirements. Also, read user reviews to see if someone else had trouble with their transfer requests in the past, especially if you are playing on a brand new website.