Different Casino Payment Options Evaluated
Online casino gaming has never been more popular. What was a steady rise over the past three to four years went stratospheric over the last 12 months. In part, that’s due to broader world events and the restrictions we have seen imposed on physical casinos. It is also due to so many jurisdictions, both in the US and across the world, initiating legal reform and opening up their economies to a properly regulated online casino market.
Regardless of what’s behind it, the upshot is that there are more new players exploring casinos than ever before. If you’re among them, one of the most fundamental questions you’ll have in mind is how to transfer money to and from your casino account. Most platforms have a range of options, so let’s take a look at some of the most popular.
Debit card / bank transfer
This is the simplest and most common way to set up payments. All you do is register either your card or your bank account, and the funds will be transferred into your casino account straight away. Withdrawals might take a day or two, but that is something that is almost impossible to avoid, as they have anti money laundering checks they are required to complete.
The advantage to this method is simplicity. The downside is that it will usually incur transaction fees around the one percent mark, depending on your card type and the casino. Some people also prefer not to share their bank details directly and are more comfortable using a different method that acts as a buffer.
Some people are in the habit of using a credit card for practically every daily expense and then just settling the bill each month. If you’ve got a nice low interest rate and your card gives loyalty points, that can make a lot of sense.
When it comes to casino gaming though, you might get a rude awakening. Yes, there are some casinos that accept credit cards as a payment method but a significant proportion of card issuers do not permit it and will decline payments. It’s all about your card issuer’s policies, so if you really want to use this method, you’ll need to do your homework and select both the casino and the credit card with extreme care.
We mentioned a buffer earlier, and typically for a casino payment, that buffer is an online wallet instead of a credit card. PayPal is probably the most famous, and many of us already have an account. Interestingly, PayPal was slow to join the online casino community, keeping its distance in the early days. That gave other similar platforms like Skrill and Netellar the opportunity to build a reputation as the payment provider of choice for casino gaming and sports betting online.
The truth is there is little difference between these big names, so it really comes down to going with the one you like best from the user interface perspective. Also check commission rates, as these can vary depending on the casino you use and how much money you transfer per month.
Pay by phone
This is a relatively recent innovation and casino gamers are adopting it in their thousands. It’s supremely convenient and it means you don’t have to share your confidential bank details over the internet. This time last year, it was practically unheard of, but now, more and more casinos are offering this payment method.
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These work on a similar principle to those phonecards that had a brief moment in the sun before mobile phones made payphones all but obsolete. Still, in the casino world, they have found new purpose, and they make plenty of sense.
A prepaid card is an excellent tool for making sure you stick to your budget and keep your casino spending under control. It makes it more convoluted for you to add more than planned, which means that red mist gets a chance to dissipate if you are tempted to go chasing losses. There are more banks and eWallets than ever providing these sorts of cards nowadays, so it’s worth checking with your regular bank in the first instance.
Here’s a payment platform that has positively exploded on the online casino scene over the past year or so. Gamblers love it because it gives them faster access to the games without lengthy form-filling and sharing of personal data. Meanwhile, the casino likes it because it provides a level of confidence and, in short, trust.
Based in Sweden, Trustly is gradually rolling out across Europe and beyond. It’s not an online wallet in the conventional sense, but instead acts as a conduit between your bank and the casino or other online vendor. It means you only have to share your personal financial detaills once, not with every online provider you choose yo use.
Bitcoin and other crypto
Bitcoin casinos have really started to take off in the past year or so. As a payment method, crypto has a lot going for it. Casino gamers love the security, anonymity and speed of transaction that it brings. At many casinos, Bitcoin transfers are also unencumbered by commission charges or transaction fees.
The only real downside is the one that has dogged crypto since the moment it appeared more than a decade ago. If you are considering using cryptocurrency in a casino, remember it can exhbiit extreme volatile. The highs and lows of the crypto market could work for or against you, but therer’s no doubt this factor introduces an extra market layer of risk. At present, the following coins are the ones you are most likely to see welcomed in a casino, but more are being added all the time:
If you already possess some digital currency, this is a compelling way to use it, provided you are alert to and comfortable with the potential risks.