The best payment methods for online casinos

Gone are the days of mailing off paper checks to fund your online casino lifestyle. Online casino payment methods have evolved and expanded considerably since the mid-1990s when they first emerged. Nowadays, it’s quicker and easier than ever to fund your casino account.

Your choice of payment method can significantly impact your online casino experience. It influences everything from transaction speed to accessibility, security, bonuses and convenience. From classic card payments to e-wallets and cutting-edge cryptocurrencies, there are so many possibilities.

Don’t be fooled into thinking this is just for real money online casinos, US sweepstakes casinos also have payable options that require deposits too.

In this article, we’ll explore all the different payment methods available at online casinos and discuss the pros and cons of each. Remember that most online casinos require you to withdraw via the same payment method as you make your deposit, which is important to bear in mind when making your first payment.

Credit cards and debit cards

Payments by credit and debit card are the stalwarts of online casino payments and have been around since the dawn of the first internet casinos in the mid-1990s, but security is much better now. Players all over the world value their widespread acceptance.

Card payments are convenient and familiar, and they’re almost always accepted wherever you are. Examples include Visa, Mastercard, American Express and Discover cards.

How they work

These are among the simplest of payment methods and their functionality is generally understood by most people. Using one at an online casino is like any other online purchase.

1. Enter the card number, expiry date security code from the back of the card and the amount required.
2. Submit the transaction.
3. Receive your funds immediately.

Some providers have additional authentication systems like a one-time passcode (OTP) that’s sent to your phone. Others require you to log into the app to verify it’s you making the payment. Some jurisdictions only allow payments by debit card and not credit card. The UK is one such example.

Pros of using cards

• Widely accepted
• Processed instantly for deposits
• Relatively secure as most card companies provide robust fraud protection
• Convenient

Cons of using cards

• Some people are wary of sharing their card details online for privacy reasons.
• Not all casinos allow withdrawals to cards, which means choosing an alternative method.
• Have one of the longest withdrawal times of all methods.
• A fee may apply when withdrawing to a card, depending on the casino (usually deposits don’t have fees).

E-Wallets

Electronic wallets, also known as e-wallets, have gained prominence in online casinos. And for good reason. These are quick and secure and don’t take a lot to set up.

How they work

These are virtual repositories that allow users to make quick transactions. They’re often either funded or linked to a bank account. They’re useful for a range of online transactions, including money transfers and foreign exchange transactions.

Examples of popular e-wallets include PayPal, Skrill, Neteller, Revolut and GCash. Here’s an example of how they can be used at online casinos:

1. Create an e-wallet through the e-wallet provider.
2. Fund the e-wallet by linking it to your bank account or making a direct deposit into it.
3. Select the e-wallet option from the online casino and enter your details.
4. Authenticate the transaction (if required) through the app or with a one-time passcode.
5. Confirm the transaction.

Pros of using e-wallets

• Quick
• Added security when doing online transactions
• Relatively anonymous
• Widely accepted around the world
• Withdrawals arrive quicker compared to many other methods

Cons of using e-wallets

• Some online casinos don’t accept them
• Some e-wallet providers impose fees for some transactions
• When paying in another currency, the exchange rates can be high.
• Some e-wallets charge fees for inactivity

Prepaid cards

Prepaid cards are often referred to as prepaid vouchers or prepaid debit cards. They are preloaded with a specific amount of money and players can use them to top up their online casino account without revealing their own bank details.

How they work

Examples of prepaid cards include Paysafecard, Neosurf and EcoPayz. Here’s how you can use one at an online casino:

1. Buy a card either online or at a retail outlet.
2. Redeem the card’s value by entering the card number and PIN at the online casino.
3. Confirm the transaction.
4. The funds are available instantly.

Pros of using prepaid cards

• They’re anonymous and you don’t need to share personal information.
• They have a defined value, which is great for managing your spending.
• You don’t need to have a bank account to get one.
• They’re secure as you don’t need to hand over your bank details to anyone.

Cons of using prepaid cards

• You can’t use them for withdrawals, which usually means choosing an alternative cash-out method.
• Sometimes there are purchase fees.
• They expire, so you need to keep track of the date to avoid losing funds.
• You can lose a physical card, which comes with administrative hurdles and possible fees.

Bank transfers

Also known as wire transfers, these are somewhat of an old-fashioned method of making payments at online casinos. Though they are generally secure, there is one major trade-off: their processing time.

How they work

Bank transfers work by directly moving money from your bank account into the online casino’s bank account. Here are the steps involved:

1. Select bank transfer as your payment method.
2. Note the required routing number and account number.
3. Initiate the transfer from your online banking, using any reference number you’ve been given.
4. Await processing. The duration varies depending on your bank. It can be as quick as a few hours or up to a few business days.
5. The casino will confirm receipt and the funds will appear in your account.

Pros of using bank transfers

• One of the most secure methods for moving funds due to banks having strict protocols.
• You have full control over the movement of funds.
• There is no third-party involved.

Cons of using bank transfers

• Take a long time to process compared to other methods.
• You may incur fees.

Cryptocurrencies

This is the newest form of payment to hit iGaming and many believe crypto has improved online casino gaming too. These are digital currencies that offer unprecedented security and privacy.

How they work

Cryptocurrencies are virtual currencies that operate on decentralized blockchain networks. This means there’s no intermediary like a bank and it’s based on peer-to-peer transactions. Some of the most popular cryptocurrencies include Bitcoin (BTC), which is the front-runner in the crypto world, Ethereum (ETC), Litecoin (LTC) and Bitcoin Cash (BCH). There are many others too.

Here’s how they’re used for online casino payments:

1. Players must first create a cryptocurrency wallet to store their cryptocurrency.
2. The wallet can be funded through peer-to-peer transactions or through exchanges.
3. To deposit with this method, choose cryptocurrency in the cashier section then record the unique address to transfer to.
4. Initiate a transfer from the cryptocurrency wallet to the casino’s wallet address.
5. The transaction is confirmed.

Pros of using cryptocurrencies

• Transactions are completely anonymous
• Resistant to hacking and fraud
• Deposits are instantaneous
• Available to anyone anywhere

Cons of using cryptocurrencies

• Cryptocurrencies are volatile and prices can change quickly, which can impact the available playing funds.
• Not accepted at all online casinos
• Transactions are irreversible
• Can be complex to understand and intimidating for new users

Mobile payment methods

Mobile payments offer a convenient way of paying for items through a smartphone or tablet.

How they work

A mobile payment adds a charge to your phone bill to pay for your casino deposits. This is often called ‘phone billing’ or ‘carrier billing’. Here’s how it works for online casino payments:

1. Choose mobile billing as a payment method.
2. Enter the deposit amount.
3. Confirm the transaction.
4. The amount will be added to the user’s next phone bill.

Pros of using mobile payments

• Convenient
• Quick
• Secure

Cons of using mobile payments

• Harder to keep track of your spending
• Easy to spend more money than you have as it doesn’t come out of your account immediately

Use these payment methods for a simple online casino experience

From traditional payment methods to more modern ways of making deposits, online casinos cater to everyone. Whether you’re looking for convenience, security or anonymity, there are lots of different methods to choose from. Some online casinos offer the full spectrum, but others are more limited in their offerings.

It’s worth shopping around and reading reviews to see which casino meets your payment needs. As for the future of payment methods? Who knows! Perhaps we’ll see regular use of cryptocurrencies or something new altogether. Watch this space.