Most Popular Deposit Methods at Online Casinos and Why
By TOI Team September 15, 2023 Update on : September 15, 2023
Getting started with online casino games is straightforward. First, you create an account and log in. Secondly, you fund your account with a minimum of $10. Next, you spend this money on your favorite slots or table games.
If you’re lucky, you can win money. And if you’re like many people, you won’t hesitate to withdraw your profits. Although playing slots and winning is what makes casino gaming enjoyable, gaming wouldn’t be possible without payment providers.
In this article, we’ll review the most popular deposit methods at online casinos. And we’ll tell you when you should use each company. Let’s get right on it.
Credit/debit cards are the most popular payment methods at online casinos. This isn’t surprising. Casinos have been accepting cards since the 1990s. Secondly, cards are convenient, fast, safe, and rewarding.
Think about it. At casino sites, you receive a welcome bonus for using Visa or MasterCard. Out there, most stores give you kickbacks for being a loyal customer.
Credit cards also allow you to build your credit rating. You then use your good rating to borrow money for personal projects. That being said, there are reasons to use and avoid cards.
Credit cards are safer than debit cards for casino payments. But they can lead you into debt if used irresponsibly. So, should use credit or debit cards?
In the UK, you can’t use credit cards for gambling payments. That means British players have no option but to use their debit cards. In the rest of the world, use either credit/debit cards. Prioritize credit cards because they offer slightly better security for your money in case you experience a cybercrime.
Digital wallets keep growing popular. It is easy to see why. They’re fast, safe, reliable, and convenient. What’s more, you can choose your preferred mobile wallet from a long list of competing companies.
Below are some of the best digital wallets for casino payments and their benefits:
PayPal is the granddaddy of all digital wallets. It’s been around since 2000. It has over 250 million customers and works with more than 30 million merchants. For many people, PayPal is the best digital wallet in the world.
But should you use it for betting deposits? If you care about safety, convenience, and bonuses, check out these PayPal casinos listed here. They’re all licensed and secure. They have generous bonuses and tons of games.
While many PayPal casinos are safe, PayPal takes care of your data. It uses its OneTouch technology to keep sensitive financial data away from casino sites. Also, it has a chargeback service that protects you from online scams.
- Skrill and Neteller
Skrill and Neteller are part of the same family. They both belong to Paysafe, a UK-based financial giant. Similar to PayPal, Skrill and Neteller have been providing financial services for more than two decades.
These two digital wallets are particularly important to the iGaming industry. They’ve been facilitating gambling payments even when other digital wallets wouldn’t do it.
Due to that, nearly every online casino accepts deposits made through either company. They’re both safe and reliable, anyway. However, they mostly work with MasterCard. As such, they might not be ideal for Visa users.
Also, some casinos won’t give you a bonus if you deposit through Skrill or Neteller.
- GPay and Apple Pay
GPay and Apple Pay are Google and Apple’s attempts to reduce PayPal’s dominance in the mobile wallet space. Apple Pay is exclusive to people who use Apple’s products. GPay is available on both platforms.
Both digital wallets are convenient, safe, and secure. Use Apple Pay if you’re an avid Apple fan. Choose GPay if you can’t access PayPal and want a quick way to deposit money at your favorite online casino.
Although both digital wallets can earn you bonuses at casinos, they have small limits. They’re great options if you want to deposit $10 to $1000. But if you’re planning to spend thousands of dollars at casinos, find a better alternative.
Cryptocurrencies are slowly earning their place in the online business sector. People used to buy Bitcoin and hold it because they couldn’t find a business that would accept it. Now, more than 50 online casinos support Bitcoin and Ethereum.
Why should you use crypto for casino deposits? Let’s start with bonuses. Bitcoin casinos give you bonuses worth 1BTC to 5BTC. One BTC costs more than $25,000 at the time of writing.
To provide some context, most casinos give you a welcome bonus worth $100 to $200. If you’re lucky, you can receive a $1000 bonus. But it’s still much smaller than what you get for paying with Bitcoin.
Bonuses aside, crypto is secure and promotes privacy. It’s fast and cheap. Crucially, crypto has no geographical limits. You can use it to make payments all over the world.
Another reason to use Bitcoin for deposits is that it handles huge payments. Most crypto casinos have a maximum deposit of $100,000, which is much higher than the $10,00 limit at most casinos.
When online casino gaming started, some sites accepted paper checks. Depositing through checks was long and tiring. In most cases, players lost their money. Digital checks are different.
Unlike paper checks, e-check only works if you have money in your bank account. Casinos don’t need to fear that your check might bounce. Another benefit is that they’re fast.
Once you initiate a deposit to your casino, you can play slots and table games immediately. E-checks are equally fast for withdrawals. They process payments within two days, which makes them faster than banks and most card providers.
Traditional wire transfers take up to five days. This means they’re really not ideal for deposits. The only time you should use a bank payment is through an intermediary that makes the process fast.
Some Fintech companies act as a link between your bank and online businesses like casinos. You send money to their bank account. They help you deposit money to casinos instantly. These startups are growing rapidly in India and other places where Internet banking is mushrooming.Read more: Most Popular Deposit Methods at Online Casinos and Why