As a live casino player, there are a few crucial things you need to evaluate carefully before all the spinning, rolling, and dealing begins!
First, which online casino is the best place for you to have fun, which type of online games you prefer, how much money you want to spend, and last but not least, which payment method are you going to use to fund your little gambling spree.
With the number of online casinos and gaming software providers on the rise, a similar “booming” effect is happening with the banking methods for these gambling adventures. Efficient payment methods are a vital part of gambling online. Managing deposits and withdrawals, most conveniently and securely, is beneficial for both online casinos and punters.
Popular Payment Methods (A-Z)
Choosing the Right Payment Method
So, how to know which banking method would be perfect for transferring money to and from your casino balance? First, by familiarizing yourself with all the options in the market!
One of the “oldest” and most frequently seen payment methods is direct bank transfer, which works almost anywhere globally. Yes, a bank transfer is a payment solution you can bank on.
Among these so-called legacy payment methods are also various credit and debit cards. Nearly everyone in the world has at least one card in the wallet. Both physical or virtual, credit & debit cards have managed to reach widespread adoption among players and online casino providers.
Since they are issued by reputable banks, bringing a high level of trust, people tend to use them regularly in their everyday life. Furthermore, everyone knows how to pay with a card! The most popular brands are Visa, Mastercard, American Express (Amex), Maestro, etc.
However, credit cards are not the right solution for those who are not well-versed with controlling their spending. Hence, we recommend debit cards for gambling purposes as you can only spend the amount you have on the card. And one more thing, cards usually go hand in hand with some “unpleasant” fees!
Safe and Secure Payment Methods
With cybercrime and fraudulent activities on the rise, many fear that their personal and banking data may be corrupted and misused. As a result, new alternative payment methods have been devised, harnessing the cutting-edge technology to enable cost-effective and seamless payment experience featuring the highest security levels.
One of the examples of such groundbreaking solutions are eWallets. As more and more people are on a constant lookout for the easiest and safest way to make online payments, it’s no surprise that eWallets gain lots of popularity fast.
The iGaming industry is one of the examples of how fast these alterative payment options were accepted. Punters from all over the world choose eWallets as their preferred payment method.
First, depositing and cashing out with eWallets is quick and easy, and more importantly, it is safe as many of them act as a middleman between the merchant and your bank. In other words, when paying with eWallet, you don’t need to disclose any sensitive data to the third party involved.
Digital wallets apply top-notch security measures, including device pairing, one-time security codes, biometric authentication, etc. You can even consider them as gatekeepers between your bank account and a payee.
Secondly, the fees incurred when making online transactions with these digital wallets are much lower or even symbolic. Some of the widely known eWallets are Paypal, Skrill, Neteller, etc.
Crypto Payments
Among these innovative solutions are crypto casinos as well. If someone had told you some 20 years ago that you would be paying with money that doesn’t exist in a shape or form of usual currencies, you wouldn’t have believed, admit it.
Well, since 2008, when blockchain technology was invented, and the first public Bitcoin ledgers were mentioned, cryptocurrencies are thriving. Many new “coins” have entered onto the stage and won the hearts of punters thanks to full anonymity, swift transactions, and lack of fees. The most famous is the Bitcoin, but there are also Litecoin, Tether, and many more. As their popularity grows, the number of online casinos accepting them as a legit payment method grows too.
Many different options
However, besides these high-tech, advanced methods, there are many countries in the world where the economy and financial sectors are still not well developed. The majority of people living there still prefer cash payments or some localized solutions such as prepaid cards and vouchers they use to pay bills, buy groceries, and even gamble online!
With so many different options, specific payment processing gateways have emerged, aiming to support online casinos implement the majority of these methods with a single integration. In this way, they could be providing a vast array of banking methods and opening up their online gaming venues to people from around the globe! From a traditional wire transfer, credit & debit cards, eWallets, QR codes, digital gateways, to prepaid cards and vouchers funded by cash, they would be able to offer all of them.
Online casino providers could expand the clients’ base by enabling eager players from across the globe to experience some online gambling fun while safely paying with a familiar local method. Even if it means they’ll have to run to the convenience store a few times to buy a new voucher or top-up the existing one with some additional cash!
Important Things to Keep in Mind
Furthermore, here are a few more essential things you need to assess before finally picking your perfect solution:
- Is this payment method available in your favorite casino and the country of residence?
- Can you both deposit and withdraw the money with this method?
- Does this method include fees, and if yes, are they significant or symbolic?
- How long does the deposit and withdrawal last? In other words, how long do you need to wait to start playing or cashing out the winnings?
- Is it safe, and do you need to disclose sensitive personal and banking data?
So, how to know which banking method from a myriad mentioned is the one for you? Live Casino’s team of experts is here to help!
Our experienced team of professionals has checked everything for you. We bring you our honest and unbiased reviews of all the most popular banking methods offered at online casinos today.