Guide To Online Casino Payment Methods
How you decide to deposit and withdraw your funds from an online casino can deeply affect your gambling experience. Heck, it can even become a tedious process to get a hold of your winnings without a trustworthy payment system. In this guide, we will teach you everything you need to know about online casino payment methods.
We will cover every major payment method that we see in online casinos on a daily basis as well as how they work. We will also cover casino security a little bit. Enjoy!
Different Types of Payment Methods
In the world of online casinos, payment methods play a very important role. Even though most online casinos will give you an option to play casino games in demo mode, casino games simply aren’t very fun without wagering real money.
Unlike land-based casinos that will usually only accept cash and maybe credit cards, online casinos will accept a wide variety of payment methods. Basically, any type of payment method that has a digital form is probably accepted inside most online casinos.
Most payment methods are usually used for both depositing and withdrawing funds, however, depending on the online casino, some methods may only be available for depositing.
Credit and Debit Cards
Credit and debit cards have been around for decades and have become a major payment method for both traditional and online transactions. Chances are that you probably have one or two credit cards of your own and that you have used them for both offline and online payments. While not the most ideal way to add funds to your online casino account, credit cards are almost universally accepted in the world of online gambling.
Visa
Arguably the most popular credit card company in the world, Visa is also one of the most popular payment methods for depositing funds into online casino accounts. Depositing funds using a VIsa is as easy as copying down your 16 digit code, the 3 digit CVC code and the expiration date.
At this point, it’s a relatively safe and secure way to deposit funds into your casino account. Despite its simplicity, there are some drawbacks to using a Visa. Some casinos and/or banks may charge you a small fee for each transaction you make. The withdrawal times can take up to 3 business days if the online casino payment options even offer withdrawals for Visa cards.
Probably the biggest reason why people avoid using Visa for online casino banking is that it directly links your credit card to an online casino account and your casino transaction will be visible by your bank.
Mastercard
Arguably the second most popular credit card in the world. In almost every place in the world where they accept Visa, they probably accept Mastercard too. Identical to Visa in almost every way, it’s also just as popular with many online casinos.
This also means that the same drawbacks apply to Mastercard. If you use it for online gambling, your online transactions will be visible on your bank account. The same thing goes with withdrawal times and transaction fees.
Quite honestly, we try to avoid using both Visa and Mastercard if there are other payment methods available. They aren’t bad payment methods, they just aren’t ideal for a casino payment method.
American Express
Unlike Visa and Mastercard which are issued by a third party to be used on the Visa and Mastercard payment network, American Express issues the cards themselves and runs the payment method too. Other than that AMX is identical to all other credit and debit cards.
If you are a proud owner of an AMX card and are wondering whether or not you can use it to play money games, you might be disappointed. While it’s a really good credit card, it simply isn’t as popular as the others.
Quite often, we will only find Visa and Mastercard as payment options but not American Express. Even if you do find a casino that does accept it, AMX comes with the same problems and delays as other cards do, so keep that in mind if you are keen on using this deposit method.
E-Wallets
Because of so many cases of Internet fraud in the late nineties and early 2000s, e-wallets have become one of the most preferred payment methods for online payments. E-wallets basically act like a bridge between your credit card/bank account and the recipient.
They offer safety and remove the hassle of entering your payment information every time you want to buy something online. They can also come in many different forms as we will see below. When it comes to using e-wallets for online gambling, e-wallets are easily one of the best methods out there (our preferred method as well).
Paysafecard
Even though it’s widely known as a prepaid card, a Paysafecard can also act as an e-wallet. Despite its original design, the developers of Paysafecard have managed to create a very reliable payment system. More importantly, a payment system that works great as a casino online payment method.
Skrill
When it comes to famous e-wallets, it’s hard to deny that Paypal isn’t the most popular one. With that said, many large businesses and companies like to stay away from Paypal because of their strange policies (and high transaction fees).
Because of this, many other e-wallets have set out to be friendlier than PayPal and so they offer more flexibility and less expensive e-money transfer services. The e-wallet Skrill is a popular payment method when Paypal isn’t available. As we write online casinos reviews, it’s rare to come across a casino site that will accept PayPal and yet, it’s very common to find casinos sites that accept Skrill.
For Skrill, simply link your bank account/credit card and use your Skrill credentials when you are making an online casino payment. Skill is really convenient for depositing and withdrawing funds.
Neteller
Just like Skrill, Neteller is also one of the better online payment methods that work well with gambling online. Neteller uses the same concept of linking your bank account/credit card to your Neteller account and using it as a payment method to play online gambling games. Skrill and Neteller are our preferred payment methods when it comes to online casino payment methods.
EcoPayz
EcoPayz is one of the better e-wallets out there. Not only can it do what all other e-wallets can but it also has business options and its own Mastercard. EcoPayz is very popular in Canada where it was voted as the best e-wallet.
Thankfully, EcoPayz performs really well as a casino payment method. Many online casinos love when their players use ecoPayz that they made the entire process of registering your account quick and easy.
PayPal
Arguably the best payment method for making online payments, Paypal was one of the first e-wallets to pioneer this trend. Created by Elon Musk himself, the idea was to make online payment secure and Paypal did just that. Whenever we come across a site that looks shady, we usually take a sigh of relief when we see that they accept Paypal.
That being said, there is one huge drawback to using PayPal and that is the transaction fees. Paypay is notorious for charging high transaction fees to its users (both senders and receivers) and online casinos really don’t like paying for money transfer fees.
Because of this, they will often intentionally leave out Paypal as a payment method so that they won’t have to pay large fees. Even though we like to use Paypal for almost any online transaction, we cannot say that it’s one of the best casino payment methods.
Citadel
Citadel is another e-wallet that offers some unique features that not too many other e-wallets offer. Among everything else, Citadel includes loaning money. While the process of borrowing money through Citadel can be very tedious, the option is there. That said, Citadel is also a payment method that is often available in online casinos.
MuchBetter
For those of you who like to gamble even with their e-wallet account, MuchBetter may just be the perfect e-wallet for you. Not only is this application really easy to use and widely accepted in most online casinos, but it also hosts yearly lucky draws where it awards cash prizes to a few lucky winners.
Prepaid Cards and Vouchers
Prepaid cards and vouchers are great for those casino players who don’t want to leave traces of financial transactions on their bank online account. The best thing about prepaid cards and vouchers is that they add anonymity and that you can throw them away after you are done using them. The only problem seems to be that many of them don’t offer any withdrawal methods.
Paysafecard
Paysafecard is one of the best payment methods for people who are really worried about paying for online gambling. You can buy a Paysafecard from newsagents or a kiosk. It’s as simple as buying a top-up card. Then, you go to an online casino and enter the Paysafecard information and your funds will get transferred over. That’s it.
You don’t have to have a bank account or a credit card. You can even throw away the Paysafecard once you are done using it and buy a brand new one next time you want to deposit more funds. The only real issue with Paysafecard is that they only work one way so don’t expect to withdraw your funds to them and then ask the kiosk owner to cash in your jackpot winnings.
EcoPayz
EcoPayz has a simple voucher system, which they have dubbed “EcoVouchers”. EcoPayz users can issue these vouchers using their own EcoPayz account which will remove funds from their account and create a voucher code. It’s a great combination of e-wallet and voucher.
The process may be a bit tedious, but this is perfect for players who are on the fence about playing online casino games or those who don’t want to link their ecoPayz account.
Bank Wire Transfers
Among all deposit methods and especially withdrawal methods, it’s no secret that bank transfer is the least popular online payment method. Bank/Wire transfers not only involve a player entering their bank details but are also notoriously slow and expensive.
Wire Transfer
Wire transfers involve using your bank account and entering information such as swift code, beneficiary bank and many other payment details. While this is a very reliable deposit method it’s also one of the slowest, sometimes taking upwards of 7 business days for a withdrawal to finalize.
It doesn’t help that Bank Wire Transfer also carries a large transaction fee (sometimes upwards of $50). Because of all these reasons, we really cannot recommend using wire transfer to anyone unless you absolutely have no other alternative.
eCheck
Just like wire transfers, eChecks are notorious for their speed. This payment method is popular among online casinos as a withdrawal method where a casino will send you a check for a withdrawal within a few days after your request. Again, we recommend you use a different withdrawal method for online casino payments.
Instadebit
Instadebit makes the process of using bank transfer a little easier. Instadebit acts more like a “booster” in helping your bank transfer process work smoother. While we appreciate the effort, we would always recommend using an e-wallet over such methods.
iDeal
Just like Instadebit, iDeal works pretty much the same way. You will link your bank account and iDeal will push your bank/wire transfers to get/arrive faster and more securely. Again, we recommend you simply use an e-wallet (if available) instead of these online casino payment methods.
Instant Bank Transfers
Instant bank transfers aim to further improve the process of transferring funds from bank accounts. Unlike iDeal and Instadebit, instant banking methods basically create an instant tunnel between your bank account and the casino account which, in turn, enable instant deposits and instant withdrawals.
Interac
Interac online is probably the second-best form of instant bank transfer. Interac is very popular among Canadian players because of its Interac e-transfer options. Aside from that, Intrac also offers Interac debit which many online casinos also accept as a payment method.
Trustly
Trustly is more than just an instant bank transfer. Casinos that fully implement Trustly are often referred to as “Trustly Casinos”. With Trustly, not only do you link your bank account instantly to your online casino account, but you do so without the need to create a casino account. In a way, once you have set up a Trustly account, it can act as a universal account for any online casino that accepts it (almost like a google account).
iDEAL
iDeal also offers instant bank transfers. If you are in a rush to get your withdrawal (or deposit) finalized, then you may want to try out iDeals instant bank transfer options. Simply tick it during a transaction and you should be good to go.
Giropay
Giropay is very similar to Trustly but isn’t as widespread. Giropay is mostly popular in Germany and many residents use it for their everyday shopping. As for online casinos, Giropay works just as well as Trustly, minus the ability to instantly create an account.
Cryptocurrencies
The payment method of the future. While bitcoins used to be a meme in the early 2000s, they have since become one of the most valuable forms of currency available. It’s really hard to keep up with the ever-increasing and descending nature of crypto. That aside, many online casinos simply adore users who pay in cryptocurrency. In fact, BItcoins have become so popular in the world of online casinos that some online casinos are calling themselves Bitcoin Casinos.
Bitcoin
The very first transaction that involved bitcoins was for two pizzas. A man paid 20,000 bitcoins for two pizzas at Papa John’s. Nowadays, you can buy a really nice apartment for only 5 bitcoins (depending on where you live).
Bitcoins are hard to keep up that’s true, but they also are a great payment method for online casino banking options. To pay using Bitcoin, players need to have their own crypto wallet loaded up with cryptocurrency. From there, it’s a matter of scanning a QR code (or manually entering a wallet address) in order to make a transaction. It’s quick, it’s simple and it’s incredibly safe thanks to blockchain technology.
Ethereum
The runner up to Bitcoin, Ethereum is arguably the second most popular cryptocurrency in the world. Ethereum not only acts as a currency but can also be used for other purposes, such as trading NFTs (non-fungible tokens). Whatever the case, if you find a crypto (bitcoin) casino, there’s a really good chance it will also accept Ethereum.
Litecoin
Identical to Bitcoin in almost every way except in value and popularity. Litecoins have been around for long enough to be considered a reliable cryptocurrency but have never found the fame that they desperately crave. Unlike their older brother “Bitcoin”, LItecoins are much less valuable. The good news is that, if you happen to own Litecoins, you should be able to find an online casino that accepts them, quite easily.
Ripple
Unlike Bitcoin, Ripple offers a more centralized system for online transactions. It also offers cheaper fees during transfers. It’s a great alternative to the top cryptocurrencies because it is widely spread and is very reliable.
Advantages of cryptocurrencies
There are plenty of advantages to using cryptocurrencies for your favourite casino games.
- No banks are involved – cryptocurrencies work using a blockchain system. This means that instead of being located in one central location (having an HQ somewhere in the world), they instead have computers all over the world that create a very secure and fast blockchain system. This prevents fraud and ensures that every single transaction ever made gets recorded.
- Anonymity – even though you can keep track of every transaction, you can’t tell who the sender and the recipient are. This, in turn, creates anonymity amongst crypto users which is welcome for players who wish to keep their casino life hidden.
- Speed – even if you aren’t willing to pay premium miners to transfer your funds to the casino, transferring funds using crypto is very fast and reliable.
Disadvantages of cryptocurrencies
- No chance for returns – because of the nature of cryptocurrency, once funds are transferred from one place to another, the process can not be reversed. Meaning, you can’t call your bank (because there isn’t one) and tell them to stop the last transaction.
- Volatility – Cryptocurrencies are extremely unstable. They can be worth millions one minute and be completely worthless the next (if you are trading in unknown currencies). The same can be said for bitcoin and Ethereum. While they probably won’t become worthless overnight, they may become less valuable by a large amount during a period of time, only to jump in value afterwards. They are very unpredictable and because of that, many stockbrokers like to keep away from crypto.
How do online casino operators guarantee security with payment transactions?
Having many payment methods is fantastic but players will not want to use any of them if a casino site isn’t secure. Here are the ways online casinos keep your account and your personal information safe.
Firewalls
Just like firewalls on anti-virus systems, online casinos have their own firewalls to protect from malicious attacks and hackers. Normally, most online websites will have some sort of firewall but online casinos need to invest a lot of money into keeping their website more secure since they are dealing with real money.
SSL
Secure Sockets Layer (SSL) is a standard digital encryption technology that makes sure every single transaction done between players and the casino is protected and kept safe from third parties and hackers who wish to misuse it. SSL adds various layers of security for each transaction making them only available to the player and the casino.
Variety of Deposit Options
Naturally, depending on which payment method a player chooses, they can gain added security along the way. For example, using an e-wallet over direct credit card payments will add an added layer of security. On the other hand, using cryptocurrency will make the user almost completely anonymous while vouchers are almost untraceable. Depending on which method a player chooses, they can gain extra layers of security for their casino account.
Security Certificates and Logos
When you visit an online casino (especially new online casinos) try to keep an eye out for security certificates and logos. These will usually be located at the bottom of the homepage (or any casino page). They will basically explain the types of security certificates the online casino was awarded. The more the better, as each one means that the casino is even more secure from hacker attacks.
Audits
Needless to say, there are many shady businesses going on in the online casino industry. Sometimes games will be rigged, casinos won’t follow the rules and regulations they signed beforehand and that can lead to a lot of player dissatisfaction. To prevent this, Audits are periodically performed within each licensed online casino.
These audits involve testing the payment methods, the RNG system on casino games and everything else in between. In the Security Certificates and Logos, there should also be a label that indicates when the last Audit was performed.
Online Casino Payment Methods: Summary
Playing casino games simply isn’t fun if it doesn’t involve real money wagers. Thankfully, no matter who you are and where you might be located, casinos have made sure to provide us with plenty of payment methods and security features to make our time spent at online casinos enjoyable. Thank you for reading our guide on payment methods and we hope we have helped you in understanding casino payment methods a little bit.
