When choosing where to play online casino games, players need to consider the available games and whether a site is trustworthy. However, assessing the range of supported banking methods to ensure that one’s preferred financial system can be used to move money is just as important. Most online casinos offer a wide selection of methods for players to deposit and withdraw cash, each with their own pros and cons. When weighing up which method to use, it’s wise to consider security, speed, and convenience. Here are the top payment systems used by online casinos today.
Credit and Debit Cards
Regarding depositing and withdrawing cash to and from online casinos, it is impossible to beat credit and debit cards for ubiquitous availability. Mastercard and Visa remain practically universal options at top online casinos, although sometimes national legislation might limit the use of such cards for gambling purposes. In North America and elsewhere, many casinos also support American Express as an alternative card. This universality makes them the big cheese regarding convenience, and deposits are usually instantaneous. The downside of credit and debit cards is that they can come with fees attached (these can come from a financial institution rather than the casino itself). Another disadvantage for players is that the withdrawal times tend to be far longer than other, newer financial methods. A time frame of three to five working days for payouts is not uncommon when using Visa or Mastercard. In addition, the associated fees casinos face means that sometimes they exclude credit and debit cards from promotions.
Players may also feel somewhat wary of sharing the details of their cards with a casino. It’s worth noting that online casinos typically have robust security, but nevertheless, many players prefer to opt for intermediary methods rather than ones directly linked to their bank account.
E-Wallets
E-wallets are one such intermediary approach, as no details regarding bank accounts or credit/debit cards need to be shared with online casinos. There are numerous e-wallets players might be able to use, including PayPal, Skrill, ecoPayz, and Neteller. As with all financial methods, some of these may be subject to restrictions based on national legislation. There are a lot of perks to using an e-wallet such as Neteller, and one of the biggest is that they are almost as widely supported as credit and debit cards, making them highly accessible.
Online casinos that accept Neteller enable players to make fast transfers in both directions, and withdrawals are normally faster than using cards. Neteller has the additional benefit of offering a card as well, which makes it convenient for ATM withdrawals, and thus, it provides the best of both worlds. It is worth knowing that minor fees apply, however.
Cryptocurrency
Cryptocurrency was once a rare beast among online casino payment methods, and while it has not yet achieved the popularity of cards or e-wallets, it is now common to find crypto listed as a supported deposit and withdrawal method. Far and away, the most frequent option is Bitcoin, with many casinos supporting this coin but no other form of crypto. This means that Bitcoin scores lower on the availability front, but this is compensated by the security that crypto and its underlying blockchain technology provide. Many players concerned about safety correspondingly approve of using Bitcoin. The system is also very fast for both deposits and withdrawals, meaning there is no need to wait for days of processing before a withdrawal request is concluded.
There are other casino crypto options, though these are very much second-tier. Among these are Litecoin, Dogecoin, and Ethereum, but it is much easier to find Bitcoin casinos than establishments that support other forms of crypto. A major factor, which may be good or bad, with crypto generally and Bitcoin specifically is its high degree of volatility. This means players can make or lose more money from exchange effects, which should be kept in mind when deciding the timing for deposits and withdrawals.
Paysafecard
The pre-paid Paysafecard has been a leading banking method for online casino deposits for some years now. Security is excellent as money is loaded onto a card that is bought prior to interacting with a casino, and the card is then used to make a deposit. This makes it a top pick for players who prioritize security and do not want to disclose any more personal details than are strictly necessary. In addition, the fact that cash is pre-paid dramatically reduces the risks of betting beyond one’s means. Paysafecard also offers fantastic availability and is supported by online casinos worldwide. And deposits are very fast.
There is, however, one major drawback. This method is almost always deposit-only. Technically, it is possible to withdraw using Paysafecard, but this does require an account, and almost no casinos support this option. For players who like larger bets, the small to medium sums of cash on cards means this system is impractical unless the gambler in question is willing to make multiple deposits.
Whether focusing on speed, accessibility, or security, players have plenty of great options for making transactions with online casinos.
