Payment Methods for Online Casinos: Why They Matter

Whenever you play casino games, the natural inclination is to consider the odds and probabilities versus the house. If you play blackjack, for example, you might choose a variant with the lowest house edge.

Even when it comes to software-based games like slots, the more discerning players among us might research the RTP (return to player) figures to see if they can put themselves in a more advantageous position.

Casino Top Payment Methods

But for online players, one area that is important when building a strategy, but often overlooked, is the choice of payment method.

A good casino should offer many payment methods, allowing players to choose the option they prefer.

That said, to help you choose the payment method that suits your particular needs, I’ve created a comprehensive guide to the best payment methods for online casinos, pointing out the main pros and cons:

1. Debit & Credit Cards

Credit cards can be a quick and easy way to deposit your funds at online casinos. Visa tends to work a little better than Mastercard, but not all issuing banks allow deposits to online casinos.

The bottom line, card payment is still one of the most common ways to pay at the casino. Credit cards can’t be used for casinos in some countries, notably in the UK.

This payment method is the most popular around the world, particularly in Europe and the United States. It is the leading payment method in France (52%), the UK (49%), Belgium (47%), and Spain (36%).

2. PayPal

PayPal has proven to be a solid choice since it debuted in 1998. On top of having budget-friendly prices, PayPal operates in more than 200 countries and 26 currencies and allows users to integrate PayPal checkout on their websites, process payments through a browser, app, or reader, and extend credit to customers.

The best part of Paypal is, transfer of money is pretty faster, but a high transaction fee is a pain in the ass for some people.

Hugely popular, even eclipsing other eWallets for reasons we will discuss later. By using a PayPal casino, British players are covered by a host of safety and security measures, and it’s very fast too.

PayPal ranks as the most popular e-wallet worldwide, with over 200 million active users in North America and Europe. It is the most convenient payment way in multiple niches, including affiliate marketing and paying survey websites.

3. Skrill

Skrill is one of the most popular payment solutions for deposits and withdrawals in modern casinos. The electronic payment system was founded in 2001.

Like PayPal, Skrill is also fast and secure to use. However, be warned that Skrill is often exempt from casino bonuses because they charge casinos for payments.

You can directly withdraw your money via a local bank using this payment service. You can also use it to buy cryptocurrency as most of the sellers accept Skrill payment. So you have plenty of options to deposit and withdraw funds at your convenience.

4. Neteller

If you want to enjoy the power of MasterCard without even having any physical card, then Neteller is for you. It works as the virtual MasterCard and is pretty popular in Casino, Sports betting, and Forex trading.

You can easily send and receive money from other Master and VISA cards via Neteller. Having your real plastic card is possible, but you have to spend some bucks for that.

Neteller is now part of Paysafe; the company represents one slice of a UK fintech empire dominating online gambling. To sign up with Neteller is simple, you sign up for your free account on their website and then add your funds to your account. This can be from your card or via bank transfer.

5. Paysafecard

Arguably the safest option online, Paysafecard codes can be bought for cash in shops, meaning you never have to use your personal and financial details online.

It is the leading prepaid card in the online gambling business, especially for the UK and Europe. Almost every online casino accepts it as a payment method due to its high security and minimal fees.

6. Bitcoin

Bitcoin is a digital currency that is created and held electronically. It’s best described as cash for the Internet, a way to send and receive money online without using an intermediary like a bank.

The explosion of Bitcoin and cryptocurrency casino sites has been reported on Monetize.info, and it could be one of the most popular ways to pay and play in the coming years. However, it is worth pointing out that significant regulators do not license Bitcoin casinos.

It will take you a couple of minutes to set up your bitcoin wallet at first, but then you’ll be able to send bitcoin quickly and conveniently. Fees are low, and you will enjoy the ability to send and receive money to and from your sportsbook with complete anonymity.

7. ecoPayz

Since 2000 ecoPayz, known back then as ecoCard, is one of the oldest e-wallets globally. EcoPayz offers a prepaid card with its ecoCard. The ecoCard works the same way as a Paysafecard manages online deposits and withdrawals at countless locations around the world.  Gamblers often choose this system due to its numerous functions.

ecoPayz is accepted by most of the best online casinos out there and always offers quick withdrawals and high-security levels.

ecoPayz can function perfectly well as a standalone e-wallet, but it also gives users the option to attach up to 3 ecoCards to their ecoAccount. This is useful for players looking to keep a close eye on their gambling spend.

8. Bank Wire Transfers

Most online casinos accept wire transfers as one of their primary payment methods. They are seen as a secure method of payment by online casinos due to their strict requirements.

For instance, wire transfers are subject to more stringent KYC (Know Your Customer) procedures to reduce possible money laundering or otherwise KYC-related risks for all parties involved in online casino transactions. However, KYC procedures often take time; therefore, this payment method takes around seven days to complete. Another drawback is that bank charges on wire transfers can vary depending on the deposited or withdrawn amount.

You can also use bank wires, cheques, and bank drafts by going into your bank in person if you prefer to avoid online methods. This is the most time-exhaustive option, and there may be a fee incurred by you.

How to withdraw your earnings from casinos

Those are the main ways to fund your account at an online casino, but we would also suggest that you scrutinize the online casino’s banking policies before you sign up. For example, some online casinos might carry a transaction fee for your deposits and withdrawals.

It might seem small at the time if they charge 1-2% on a withdrawal, but it can add up over time. The best online casinos do not do this, so choose one that has cost-free transactions.

Another area to look at is the withdrawal timeframe. Typically, a withdrawal will be pending for 24 hours or so, after which you will get your money instantly if using an e-Wallet and a few days later if it’s a traditional bank card. Any more than, say, 48 hours, and we would suggest that you find another casino.

Finally, we would suggest that you look at the maximum withdrawal limits before registering at a casino. You can find details in the casino’s terms and conditions.

Some non-reputable casinos will have very low maximum limits, meaning it could take a long time to withdraw all your winnings if you have had a large win.

Online Casino Payments FAQ

Casino Payment Methods Takeaways

There are many payment options especially designed for online casinos. Unfortunately, those in the US are most restricted due to legislation; the rest have more options when choosing a casino and starting to play real.

Here is some advice to keep in mind:

• E-Wallets like Skrill, PayPal, and Neteller are the easiest and most convenient options for safety and speed.
• You need to pick a payment option you feel comfortable and safe to use. Preferably should be available for withdraws for better money management.
• Check out all commission payments and rates along with licenses at individual casinos before you decide where to play and how to pay.