When you sit down for the first time at an online casino, it’s quite likely that you are already thinking about games. You are probably longing to play slots, place bets on blackjack or spin the roulette wheel. But before you do this, you have to complete the most important step of them all – and that is funding your casino account. This is where many questions arise for players, as there are tons of payment methods out there and their range varies a lot in quality.
Identifying the ones that work and that are worth using can make all the difference. Which ones are fastest, which are safest, which come with the least fees and are the most convenient? If you are an avid player, or even if you are just thinking of withdrawing your winnings, finding the right payment methods should be a priority.
Credit and debit cards haven’t gone anywhere
Credit and debit cards are still the default option for many people. You just type in the details, select the amount and confirm the transaction. It’s that easy, and it has been like this for a long time. People love it because everyone has a credit card, it is a fast and seamless process, and just about every online casino accepts them. From that perspective, it is a no-brainer.
However, there is a caveat. Your bank may block the transaction without notice if there are any local gambling restrictions, and similarly with the withdrawals. The whole process also tends to take longer for cards than for newer payment methods. Plus, even if the transactions are secure, some people are still not comfortable providing their card details to the casino.
E-wallets are gaining momentum
E-wallets like PayPal, Skrill, Neteller and the like are quickly becoming one of the most popular options when it comes to online casinos. What they do is act as an intermediary layer between the casino and your actual bank or credit card. The idea is that you do not have to give the casinos any of your banking details, but simply use the e-wallet as a third, independent party to fund your account.
They work fast. Deposits are near-instant, and withdrawals are also usually much quicker than, for example, a bank transfer. A lot of people also like the idea of having one account where all of their gambling transactions take place, rather than deposits and winnings being all over the place. They also usually employ a ton of cybersecurity tools, making them pretty safe. However, the fees are usually higher, especially when it comes to withdrawals.
Trustly, open banking and instant transfers
Trustly, open banking or any other instant banking service are a relatively newer option that is slowly gaining a strong foothold in the market. It is especially popular in Europe. It works in a way that you are routed directly to your bank and given a unique transaction ID and amount to transfer through a secure online banking session. You then either approve the transaction or deposit the exact amount, and it all just goes through in the blink of an eye.
The advantage of such a payment method is that there is no need to store any banking details in the casino’s database, and all of the sensitive information and transactions are handled directly between your bank and the casino. It is safe and quick – the best bank transfer casinos often have some of the fastest deposits and withdrawals of any other payment types.
Cryptocurrencies for anonymity
If you are looking for a truly anonymous, decentralised and unregulated experience, then cryptocurrencies may be your thing. Bitcoin, Ethereum, Litecoin, Tether or even Dogecoin are accepted at most online casinos that offer crypto. That should come as no surprise, given how unregulated and borderless the process is.
It is all anonymous, which is a big plus for many players. Deposits are instant, and while withdrawals can take a bit more time due to congestion on the blockchain, they are still often far quicker than traditional wire transfers. The issue with cryptocurrencies is that they are not for everyone, as they have some natural barriers for beginners due to price volatility, limited regulation and the need to purchase a wallet and hold funds in a separate, often unfamiliar environment.
Mobile payments are on the rise
Mobile wallets like Apple Pay or Google Pay are also gradually making an appearance in online casinos. The benefit is that they are very convenient and fast – all you have to do is authenticate the transaction with your phone and you are done. The issue is that such a payment method is only good for deposits, and you will need to find a different one to make withdrawals.
Mobile wallets also have the benefit of being very secure and only allow access to the phone holder, as they are often secured with Face ID or Touch ID.
Final words
The world of online casinos has been constantly developing over the past few years, and so have the ways in which we can deposit and receive funds from them.
The good news is that the process has never been better, and with so many new payment methods emerging, it is a safe bet that they will only improve. Whether you are a fan of good old-fashioned credit and debit cards, or prefer cryptocurrencies and mobile payments, the choice is yours.