Casino players have high expectations when it comes to deposits and withdrawals. They expect a reliable operator to offer a variety of payment options. They want fast payouts, low fees, convenient limits and mobile-optimization.
So, what payment methods fulfill these high expectations? The short answer is it depends on a player. With that in mind, below is a list of the most popular payment providers in the online casino sector.
1. Credit/Debit Cards
Nearly every online casino has an option to deposit or withdraw money through a debit/credit card. These are the most common card issuers in the casino space:
Visa is a card network that works with financial institutions to help shoppers from around the world to complete their purchases quickly and stress-free. Visa cards come with a microchip, account number and a magnetic stripe.
The card works like a check. It deducts money from your checking account and credits it to a casino’s bank account. The transaction attracts a fee of between 1.3% and 3.5%.
MasterCard is Visa’s biggest competitor. It’s, therefore, a card issuer that operates alongside financial institutions to enable card-based payments. Because MasterCard works like Visa, it’s an accepted payment option at most online casinos.
Discover is nowhere close to Visa or MasterCard in terms of international acceptance. Yet, it’s available in 200+ countries and works with 44 million merchants. In the casino scene, Discover is most popular at US-based online casinos.
2. Digital Wallets
While some people love debit/credit cards for a range of reasons, others prefer to use e-wallets:
PayPal is arguably the most popular digital wallet in the world. It’s easy to use. It’s available in 200+ countries, cheap, flexible and safe. Importantly, you can use PayPal for casino payments, a privilege not accorded by all e-wallets.
- Cash App
Cash App is a mobile-optimized digital wallet from Square. It works like PayPal in that you can use it to send and receive money from friends. Or you can use it to fund online casino accounts, stock brokers or Bitcoin trading firms.
Although Cash app is relatively new compared to PayPal, there’s a growing number of online casinos that accept Cash app. Many of them are genuine and safe. However, the biggest reason people use Cash for casino payments is because of its zero fees, and the ability to use the app for Bitcoin and credit card transactions.
Skrill is a digital wallet created in 2001 as Moneybookers. The company launched to provide payment services to gamblers. It later rebranded to target a wider audience. However, it’s still popular in the online gambling industry.
The biggest benefit of Skrill is that it’s readily available at online casinos. It’s actually more popular than PayPal at gambling sites. Beware, though, the Paysafe-owned e-wallet often doesn’t qualify for bonuses.
- Google Pay
Google Pay is Google’s answer to PayPal and Apple Pay. It uses virtual card numbers for added security. It supports gift cards and work on all major platforms: Android, iOS and the web. Being a new payment option, Google Pay is presently available in a small number of online casinos.
Neteller is yet another e-wallet owned by Paysafe. It came out in 1999 with a target for gambling and brokerage firms. But later on, it expanded to other industries. That said, Neteller is a fast, low-cost payment option. However, you need a MasterCard account to deposit money to the app.
EcoPayz s a popular e-wallet at European online casinos. It’s cheap and convenient to send and receive money through the company. The best part: you don’t need a card or bank account to use EcoPayz. That said, you receive higher limits and lower fees with a MasterCard.
Cryptocurrencies have been making headlines for more than a decade. Yet, not everyone is convinced they have a future in the world. Of course, statistics cast a different picture. Bitcoin and Ethereum—the two biggest digital currencies—have grown by more than 10,000% since their creation.
Below are some of the popular cryptos and why they’re offered for casino payments:
Bitcoin is the king of cryptocurrencies. It came out in 2009 thanks to a developer who chose to remain anonymous. It created a buzz with its unique, decentralized, immutable network known as blockchain. And ever since, it’s been growing in value tremendously.
If Bitcoin is gold, Ethereum is silver. It’s the second biggest cryptocurrency by market capitalization. Ethereum differs from Bitcoin in that it provides a platform for developers to create decentralized apps. These apps use smart contracts for safe, trust-free payments.
- Bitcoin Cash
Bitcoin Cash is a hard fork of Bitcoin. Essentially, it’s was created from the Bitcoin network as an alternative cryptocurrency with faster payments, lower fees and better scalability. In other words, it’s the better choice when you want to save on fees or benefit from faster payments.
- Doge Coin
Doge Coin is a meme cryptocurrency with no inherent use case. It was created as a joke by a team of reddit users. But after years of being hyped by celebrities, crypto influencers and Elon Musk, it has grown tremendous in value. As a result, some casinos and merchants now accept it as a payment option.
4. Bank Transfer
Bank transfer has been around since the first online casino launched in 1994. It’s relatively slow to send and receive money through wire transfer. It’s also a tad expensive if dealing with small payments.
However, it’s a great option for large transactions. You can deposit and withdraw in excess of $100,000 from casinos hassle-free. By comparison, many e-wallets limit you to transactions worth $10,000 or less.
E-checks work like traditional checks expect everything works electronically. When you authorize a payment, money is withdrawn from your checking account and transferred to a recipient’s bank account.
Should you use e-Checks for casino payments? Many casinos charge zero fees for deposits. As such, it’s an ideal deposit choice. Also, they have lower fees for this payment option, at least compared to credit cards and wire transfer.