If you’re new to online gambling or you’re transitioning from gambling at land based casinos, one of the first things you should do is research which one of the available payment methods is perfect for you. Make sure you take time to decide what payment method you will use because smooth, secure deposits and cashouts contribute greatly to a good gambling experience.
Here are the most popular, quickest, most private, widely available and convenient payment options for online gamblers in 2021!
What Are The Perks of Using Cryptocurrencies in Online Casinos?
Cryptocurrencies have quickly gained tremendous traction as the future of payment in online casinos. With major characteristics being anonymity and privacy not to mention almost instant deposits and payouts, it’s no wonder crypto is becoming more and more popular among online gamblers.
Compared to some other payment methods such as wire transfer or cheque, crypto coins (Bitcoin, Ethereum, Litecoin, etc.) are moving from players’ wallets to online casinos and vice versa at an impressive speed that will delight every gambling fan. Another element that makes crypto super attractive to dedicated gamblers are the unlimited daily transactions.
There are also decentralized casinos catered specifically to crypto gamblers; they offer unique games that are provably fair. However, one major downside to cryptocurrencies is that their value can be extremely volatile. This volatility can work in your favor, but it’s understandable that many people don’t like to take that risk.
Credit and Debit Cards
Even with newer options being introduced into the market, credit/debit cards still stand their ground as one of the most common online casino payment methods 2021. The reason is rather obvious: everybody has a debit/credit card and they’re so easy to use. They’re also connected directly to a bank account so no extra step is needed.
With credit cards, you use money borrowed from the bank with a credit limit. This money has to be paid back in the future and you have to make one minimum payment every month. In contrast, debit cards spend money you already have saved in an account.
Visa is probably the most reputable type of debit/credit card and its reliability has been proven through decades of use. The fact that Visa is used all over the globe means that it will be available in most online casinos.
Mastercard is another giant in the banking industry. It’s arguably used just as widely as Visa, but there are many Mastercard issuers that allow deposit but not withdrawal. This can create a lot of headaches for gamblers since casinos generally require you to use the same deposit method for withdrawal too.
Overall, no matter which provider you choose, it’s generally better to use a debit card rather than a credit card for gambling. Many places including the UK have banned online casinos to allow people to fund their accounts with a credit card due to concerns regarding irresponsible gambling.
Are E-Wallets Good Payment Option for Online Gamblers?
E-wallets can very well rival debit/credit cards as the most popular payment method. They act as the bridge between the online casino account and your bank account so you can keep all your banking details safe and private. In addition, you can connect your e-wallet to multiple cards at the same time, making it super easy to distribute your winnings to different accounts.
A few popular e-wallets used in casinos are:
- PayPal – this is frankly the most common e-wallet around the world thanks to its long-standing reputation. PayPal is an option that will most likely be available at every casino, but it’s surprisingly not the most used wallet in the gambling world.
- Neteller – a giant among casino payment options, the company was responsible for over 80% of online payments regarding gambling in 2005. This caused the US Department of Justice to heavily fine Neteller so the company moved to the UK but it still remained as one of the favorite choices for gamblers.
- Skrill – this payment company is by far the most popular among online gamblers, even surpassing PayPal and Neteller. Skrill is regulated by the UK’s Financial Services Authority (FSA) and prides itself on being one of the best when it comes to security.
Mobile Payments Options
With the rise of mobile gaming, mobile payment methods are also gaining traction. Gamblers enjoying the casino experience through smartphones can use options such as Tele2, Zimpler, MTS, and Megafon to connect their phone number to a credit card or bank account. The great thing about this is that you only need to insert a security code or your fingerprint to verify the transaction, making it the most convenient choice for payment.
That being said, one major disadvantage of mobile casino payments is that some of them don’t allow for withdrawals. Also, deposit money is not charged instantly but at the end of the month so if you’re not careful, it’s easy to overspend.
Prepaid Vouchers and Cards
Some people dislike their bank account to have even a slight association with gambling, so they usually go for prepaid vouchers and cards as the alternative. Prepaid cards are like burner phones: you can buy them through many sources (retailer, bank, credit card company…), and when you use all of the money you can either reload or throw it away.
If you purchase a prepaid card with cash, it’s virtually impossible to trace it back to you. More often than not, the card is not actually connected to a bank account, so it unfortunately means that you cannot withdraw your winnings with it.
Prepaid cards are best for casual gamblers who only play at a casino occasionally. Plus, it’s a surprisingly good method for budget discipline as it can be troublesome to get a new card. All the big credit card providers also offer prepaid cards, such as Visa, American Express, and Skrill while other smaller prepaid card providers include Paysafecard, Neosurf, AstroPay, etc.
Bank Wire Transfers
Although not nearly as trendy as the more modern payment methods, wire transfer is still an option you can always rely on. Since no third party is involved, bank transfers are incredibly reliable and secure. But the KYC process for this method is usually lengthy and complicated, sometimes even requiring players to submit a recent bank statement photo.
Wire transfers can be a great option for high rollers because they allow for much higher transaction limits. But it’s recommended that you always check with the casino for details first since casinos have a limited list of banks they allow and in some cases, the associated fees can be substantial.