Exploring Different Casino Payment Methods: Pros and Cons
More and more conventional casino players are signing up for virtual casinos. This is because online casinos offer unparalleled convenience. With the online version, players won’t have to spend time commuting to onsite casinos to play their favorite table game. Plus, online casinos are accessible 24 hours a week, so casino fans can access their favorite casino sites everywhere they go.
Among many other benefits that drew many players into online casinos is the diverse payment methods it offer. They are cashless, so you won’t have to withdraw money from your bank to enjoy casino games.
Let’s explore the most popular online casino payment methods and why many gamblers prefer them.
These days, PayPal is perhaps one of the most universal payment methods for various products and services. Paypal caters to 200+ countries and accommodates 26 currencies around the globe. Users can add the platform as a payment option on their websites to process payments through applications or browsers.
PayPal debuted in 1998, and many users loved this payment method because of the quick withdrawals and unparalleled reputation for safety and security. However, the platform is associated with high transaction fees, prompting other users to look for an alternative payment option with slightly lower charges. While PayPal has over 200 million users in Europe and North America, not all casinos accept it as a payment method.
Another downside is that the currency exchange rate in PayPay is unreliable, so you must ensure that the casino funds are in local currency.
Perhaps many casino players fund their casino accounts using debit and credit cards. This is because cards allow users to pay money in different currencies, and payouts go directly into your bank account when you play casino games like roulette, poker, baccarat, or blackjack online. However, you must consider the security process you must go through when you use cards for gambling. For instance, cards will require proof of identity before you can make a deposit. In addition, you have to wait for a couple of days to get the amount reflected in your account.
Funded in 2001, Skrill has been competing with other payment options like PayPal in terms of reliability and convenience. Many online casino players use it in deposits and withdrawals. Just be aware that Skrill is exempt from casino bonuses because the platform charges sites for payments.
Nonetheless, Skrill is considered one of the most popular online casino payment methods available. It’s also widely used to buy cryptocurrency since most sellers accept it as a payment. Many prefer Skrill because it’s quick, safe, and easy to use. Moreover, Skrill offers low fees compared to our other payment options on this list. However, it will require users to provide documents to verify their accounts.
Neteller is the best fit for users who prefer a virtual MasterCard over a physical one. It’s one of the most popular virtual cards that can be used in sports betting, casinos, and Forex trading. Moreover, it has features similar to a physical card, allowing users to send and receive money from other Master and Visa cards.
Additionally, Neteller is available in almost all of the big casino brands. With this platform, you can top up using cryptocurrencies like Bitcoin and order a debit card to cash out funds conveniently. However, remember that Neteller has pretty high transaction fees, and this payment method isn’t available anywhere in the world.
If you are worried about cyberthefts, you must consider Paysafecard as a payment option. It’s arguably the safest option in this list since it doesn’t require users to provide personal information to avail of its services. You can just buy Paysafecard codes from shops without using any personal or financial details.
Furthermore, Paysafecard promises low transaction fees, so it’s considered the leading prepaid card used in online gambling worldwide. Besides anonymity, Paysafecard is available on almost all gambling sites.
Bitcoin has been popularly used in many online transactions. It’s also known as cash for the Internet as it is held electronically without any intermediaries like banks. Many online gamblers prefer Bitcoin because of its anonymity, minimizing the risk of identity theft and payment fraud. It also features direct and real-time transfers. However, Bitcoin is notorious for being volatile and poses a high risk of loss. If you accidentally provided the wrong Bitcoin wallet, there is no way to recover the lost funds.
Besides everything that we have included in the list, there are other options you can consider. There are many e-wallets available, so you can shop for the lowest convenience fee. You should also check out the banking policies of the online casinos you are using. This lets you see if they will charge you for deposits and withdrawals. Pick one with the lowest or cost-free transaction fees to maximize your earnings over the long run!
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.
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