Popular Payment Methods for Gambling Business
The iGaming world growth opened the doors for many online casino sites in Australia to offer players fast and secure transactions. Aussies today enjoy numerous methods, from the “old but gold” credit and debit cards to the newest ways—crypto and NFTs.
With so many options on the table, it’s important that players distinguish the good and the bad and choose a payment method that is tailored to their needs. That’s why our team created the following list of the most popular payment methods in the online gambling world today.
Credit and Debit Cards
The most popular payment methods for online gambling today are credit and debit cards. They allow deposits and withdrawals and generally take 3–5 days to bring the funds to your bank account. Such a long waiting period exists because banks check all transactions with their fraud protection policies.
Since its first use in casinos, this method has improved a lot—security-wise. Namely, a credit or debit card can be stolen or used for fraudulent activities, so many banks have set different security measures types. For example, try to limit how much you spend in a day or block a card the second you notice suspicious activities.
Moreover, almost every person has a credit/debit card. In fact, the number of Visa cards issued internationally increased by 25% in 2022. Aside from Visa, other popular credit or debit cards available at the best online casino Australia include:
- Visa Electron
E-wallets or digital wallets are electronic cards that are used to make transactions online. They have an app that you use on the phone or computer to make quick payments anywhere without the need to take your card. Of course, an e-wallet needs to be linked to a bank account, so you withdraw money.
E-wallets are now among the most popular methods in the online gambling world in Australia. Most casinos accept at least one digital wallet for transactions. Just like credit/debit cards, electronic wallets permit making deposits and withdrawals. The main difference is that these are much faster than credit/debit cards.
Namely, e-wallets take around 24 hours for withdrawals and offer instant deposits. The absence of waiting periods attracts numerous users, as they usually look for the fastest payout casino in Australia for their gambling purposes, Some online casino operators may even offer special promotions for Kiwis linked to using an e-wallet. Of course, they are also highly secure. Most e-wallets utilize encryption methods like 2FA.
The most common e-wallet options in many online casinos today are the following:
The oldest and still popular payment method on online gambling platforms is a bank transfer. As the name suggests, with it, you exchange your bank account information with the casino’s bank account and make direct payments and withdrawals through it.
Bank transfers have a high-security level. However, they are not the fastest method when it comes to payments. Considering that it may take up to a week for the bank to process a request, any online casino with fast payouts will most likely avoid it and turn to quicker options like e-wallets or crypto.
Some banks that allow online gambling in Australia include:
- Bank Australia
- Bank of Queensland
- Citibank Australia.
With the rise of blockchain, online casinos started merging the world with their own. Today, if you want to play at the online casino, check if it has crypto deposits and withdrawals. Having quick and easy cashouts is of utmost importance for many players seeing that they are able to enjoy their winnings right away without going over complex checks.
Cryptocurrency is built on anonymity (pseudonymous, to be precise), which is the main reason why it quickly became one of the most popular payment methods used in online gambling. Players not only get instant deposits and withdrawals, but there is a big emphasis on security, too. Moreover, crypto rarely imposes any fees on transactions—if any, they are much lower than other methods.
However, the main con of such a digital asset is volatility. Seeing that crypto is part of the digital world, and it’s rarely tied to any real-life asset, it fluctuates by a lot, meaning that you either get the money’s worth or completely lose everything you’ve invested. Hence, you lose all gambling funds. Plus, a cryptocurrency legal framework is still being created in many countries (and an international one). So, outside security, in case of theft or misuse of the coins, is not promised.
Nonetheless, this method is applied to plenty of new and old gambling sites. The best fast-payout online casino is sure to have the following cryptos:
A fairly new casino payment method is prepaid cards. It’s not as popular as the rest on the list, but there are plenty of gambling platforms that accept it. Usually, Paysafecard is the go-to banking option when it comes to prepaid cards.
Players have the chance to try top-rated Australian Paysafe casinos today, where each brand has been tested by aussiebestcasinos.com to ensure safety and entertainment. These Paysafecard casino sites use prepaid cards to offer players control over their gambling. Namely, one of the most important pros of Paysafe casinos is the fact that to deposit you need to add cash to your card at the nearest top-up station.
But note that prepaid cards don’t permit withdrawals. That may frustrate players, as you need to choose a second method specifically for cashouts.
Aside from Paysafecard, the top Paysafecard casino also includes prepaid cards such as:
Unsurprisingly, iGaming mobile payments are a growing trend. Now, AU players are able to use their phones as one of the available payment methods in the online casino of their choice. It ups the convenience level, as you don’t have to bother with cards or bank accounts—all you need is a phone.
The difference from e-wallets is that mobile payments are tied to your phone. They are connected to your bank account, which means you have a safety net of security. Moreover, this banking method uses 2FA, fingerprint authentication, and other security encryption measures.
Some famous payment options include:
- Apple Pay
- Google Pay
- Pay by Phone.
The iGaming market is skyrocketing—it reached $63.53 billion in 2022 and is expected to rise 11.7% by 2030. As you can see, there is a wide range of payment methods in online casinos available to Aussie players. Some provide a higher security level, while others accentuate fast withdrawals.
Online casino operators will always offer you a plethora of options—it’s up to you to choose which one suits your needs the best!