Online Casino Payment Methods Guide

Content:

Bank cards
Online banking
E-wallets
Prepaid cards
Mobile payments
Cryptocurrency
In conclusion

Just when you have an idea to gamble online, here comes the most important issue you need to consider — payments. How you’re going to deposit, how you’re going to cash out, what’s necessary for casino transactions, and how big the fees are. It turns out to be pretty complicated when you start learning about different payment methods and their nuances. So here’s a comprehensive guide on casino payment methods.

Bank cards

Debit and credit bank cards are the first to come to mind. Bank cards powered by Visa and MasterCard are the most popular, safe, and pretty convenient payment options for casino players. However, you should consider some facts:

Bank cards, especially credit cards, might not be allowed for casino payments in your country. It depends on where you reside because some jurisdictions prohibit using credit cards for online gambling. If you plan to use one, study this question in your country.
Not all banks support online gambling so your transaction can be declined. However, you can use an online banking option such as Interac in this case because online banking services act as an intermediary between casinos and banks.
You must use a bank card issued to your name. AND you must use the bank card for both deposits and withdrawals. Online casinos appreciate it when players use the same payment method for all casino transactions due to security purposes.
Bank card deposits are instant, while withdrawals take 3-5 banking days. Consider it when requesting a payout.

Although nearly all online casinos accept Visa and MasterCard, there are nuances you might not like this payment method for. So weigh all the pros and cons beforehand. Check out the alternatives given below.

Online banking

Different services allow players to send money from banks to casinos safely, quickly, and for free. These include Interac, InstaDebit, iDebit, Sofort (Klarna), Trustly, and many others. Depending on where you reside, the number of available online banking services may vary.

It’s a convenient payment method for players because there’s no need to use your bank card and bank account credentials at an online casino. The service acts like an intermediary and shield between your casino and bank. In case you don’t want to reveal your bank account details on the casino site, your bank blocks casino transactions, or you don’t want your bank to know you’re gambling, you can use one of the online banking methods.

Consider these nuances, though:

Online banking services are available for deposits only. So you will need to find a withdrawal method.
The service must be partnered with your bank. To start using it, register with the service. However, sometimes there’s no need to sign up at all.
Usually, online banking options don’t charge their users. But it depends on the service. Always check the points such as fees and limits.

E-wallets

E-wallets aren’t less popular than the other two types of payments. Many casinos work with e-wallets such as Neteller, Skrill, MuchBetter, EcoPayz, BPay, PayPal, AstroPay, GCash, and many others. Again, the availability of e-wallets at online casinos depends on where you live. All countries and continents have different e-wallets that work on their territory.

E-wallets require you to link your bank card to the service and verify your identity by sending the documents. But at the moment you deposit and withdraw at online casinos, you don’t provide your banking details. Usually, it’s only your e-wallet number (which is your phone number) that you provide for casino payments.

E-wallets are very convenient, safe, and quick, including for withdrawals. They send money easily and quickly regardless of the type of transaction. But of course, it isn’t free. These nuances must be considered:

E-wallet services involve fees. Different fees. These include transaction fees, currency conversion fees (if you use a currency different from the principal currency of your online casino), maintenance fees, and some others. They are private companies and they have the right to charge their customers for using their e-wallets. The good news is that there are numerous e-wallets, and you can find one that suits you by all parameters.
Many e-wallet companies have loyalty programs, meaning the more often you use e-wallets, the more perks you receive. These may include reduced fees, cashback, and other goodies from e-wallets. So it makes sense to use an e-wallet for online gambling if you’re planning to play frequently.
Neteller and Skrill might not be eligible for casino bonuses. If you’re using one of these e-wallets, make sure to read bonus terms before depositing.
PayPal is available at a few casino sites only. Due to the policy of PayPal, some online casinos stopped partnering with PayPal. Dream Vegas Casino is one of those platforms where PayPal is accepted.

Prepaid cards

Let’s be straightforward. Prepaid cards are budget payment methods because they have low limits. Plus, they are available for deposits only. We’d recommend using prepaid cards if you are a recreational player, you gamble from time to time, and you do it for fun. Since deposit amounts using prepaid cards won’t exceed $500 (though, in most cases the limit is $250), you shouldn’t expect to play a long and high-paying session. However, gambling is unpredictable.

The most popular brands in this category are Paysafecard, Flexepin (PinPurchase), Vanilla MasterCard, Vanilla Visa, etc. You can buy them at local stores, gas stations, in online shops, or receive them as a gift card. All of them have a limited amount of money preloaded. It means that you can’t deposit more than the predetermined amount. Mind these nuances:

Prepaid cards can be single-use cards or reloadable ones. In the latter case, you can reload money to your prepaid card and use it until it expires. However, such a service requires registration and involves fees.
At the moment of purchasing a prepaid card, you pay a certain sum of money on top of the amount of the denomination. For example, if you’re buying a card with $100 preloaded on it, you need to pay $100 and an activation fee, which is usually fixed around $3-5.
Prepaid cards are anonymous payment methods, meaning you don’t provide your banking details to the casino.

Mobile payments

The easiest and fastest methods when you gamble on a smartphone are mobile apps such as Apple Pay, Google Pay, Samsung Pay, and alike. If you’re a mobile casino player, find a casino that accepts one of those options. However, mind that they are available for deposits only.

To use a mobile payment service, you need to link your bank card to it and create a password, which will be the confirmation for payments. Alternatively, you can use your fingerprint or face ID for confirmation.

Cryptocurrency

The last but one of the most popular and safest methods is cryptocurrency. It’s widespread among modern online casinos that keep up with the times. Crypto casinos allow sending money easily and quickly. In most cases, players don’t need to verify their accounts when using cryptos.

Plus, this type of transaction doesn’t involve banks, which makes it 100% anonymous. Cryptocurrencies can be used for both deposits and casino withdrawals. Mostly, online casinos accept Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Tether. But with the progress of digital currencies, more and more currencies become available for gamblers. These include Binance Coin, Cardano, Ripple, Dash, Monero, Neo, Paxos, Gemini, Nem. Eos, Stellar, and others.

One of the best crypto casinos is Bets.io. It accepts more than 500 cryptocurrencies. Check the screenshot below.

Some facts you should know about crypto gambling:

Some online casinos have fiat-crypto exchanges.
Crypto transactions involve fees, however, they are pretty low.
Cryptocurrency casinos have high deposit and withdrawal limits. Some of them don’t set limits at all.
You must be very careful when entering your digital wallet number in the deposit/withdrawal field. If you make a mistake, you won’t be able to return your money.

In conclusion

We’ve discussed six types of payment methods offered and accepted by online casinos. We’re sure one of them will suit you. Don’t forget to check methods for fees and limits before using them for gambling. In our gambling blog, we have articles about certain e-wallets, prepaid cards, cryptocurrencies, online banking methods, mobile options, and bank cards. If you need more details about any of them, check out these posts.

Posted Friday, May 03, 2024