Payment Methods for Online Casinos

Aside from the Mississippi river boats, historically most casinos were land based. From poker games in a smoky saloon in the wild west to the modern day temples to gambling in Las Vegas. They have always dealt in cash.

Obviously this is not the case for online casinos who offer a huge range of payment methods. Take online-kasino for instance that offers over twenty different methods of payment. What are the best options and are there any advantages or disadvantages you need to know?

Before we go too much further you should check your state laws to make sure you are allowed to use online casinos. For instance Texas has very restrictive gambling laws.

Table of Contents

Credit and Debit Cards

Credit card use in online gaming is facing an uncertain future. Tighter regulations on the use or possibly an outright ban is being discussed in several countries. The most obvious disadvantage would be that it is too easy to rack up debt. It is also not easy to withdraw winnings on it. Back in April of this year (2020) the UK outright banned the use of credit cards in online gambling. This also means that Paypal, Neteller and Skrill e-wallets are also banned as they allow users to process credit cards through them to gamble.

Debit cards on the other hand are a convenient way to top up your online casino account and withdraw any winnings to. There are over 5 billion debit cards in the US and just alone there are over 2 billion Visa cards in the world. They are cheap and make an efficient payment method. So it makes perfect sense that casinos would utilise this method.

You are only using money you have (hopefully) so unlike credit cards you are not adding to a debt bit rather subtracting from your own bank account.

They are secure. Although you are giving your details to a third party there are state of the art systems in place to protect them. You can go through PayPal to the kaszinó or use a secure payment such as Stripe. Debit cards are by far the easiest way to top up your account.

Withdrawals are simple and fast. Normally you will have to use the same card that you deposited from to help fight money laundering and the process should take about 48 hours before your winnings are in your account.

If you are worried about security then add another layer by getting a pre-pay debit card that you have to top up. Then you are safe in the knowledge that the only money you could ever lose on it would be whatever you put on there yourself. Not even the best hacker can make more money disappear if it isn’t there.

Digital Wallets

E-wallets or web wallets are ways to make secure payments online. There are many options and the biggest is still PayPal. In the past you were unable to use PayPal for gambling purposes but now they have loosened their restrictions as online gaming has become bigger. One advantage is you don’t actually have to sign up for PayPal to use it. Just click on the PayPal option on your casino then use your debit card for a secure payment process.

Ironically after PayPal loosened their restrictions on gambling they have not found themselves banned in the UK as mentioned above. A move that was welcomed as to stop problem gamblers getting themselves into debt during the recent lockdown. It will be interesting to see how other countries follow.

Skrill (formerly called Moneybookers) is a very similar service to PayPal. If for some reason you prefer not to use PayPal then it is worth looking at this alternative. Be aware the withdrawal fees work out slightly higher on Skrill though.

Bitcoin

Bitcoin and other cryptocurrencies are becoming very popular with online casinos. There are lots of regulations around online casinos and bitcoin allows owners to circumvent the regulations. If you are going to use bitcoin casinos then do your research first. There are undoubtedly untrustworthy casinos operating as bitcoin is anonymous and unregulated. Check user reviews, look at the website properly, try to find other users online and read their experiences.

You can use bitcoin in land based casinos but not as you may hope. In Las Vegas for instance you can use bitcoin to buy gifts and food in a couple of Casinos. You can get yourself a nice steak dinner in The D Casino and Hotel using your cryptocurrency but you cannot use it to gamble anywhere.

There is only one traditional brick and mortar casino in the world that accepts cryptocurrency. It’s in Cyprus. So unless you were planning a trip there or you want to use bitcoin so much you would travel to Cyprus then it is unlikely to be of much interest. Still, at least it shows someone has looked at using bitcoin this way and surely in the future this will become somewhat more common.

The obvious advantage of bitcoin is it’s privacy and security. Unlike other online payment methods your details are private, anonymous and secure. No third party gets to look at, process or keep any of your financial information.

Another advantage is that some states and countries do not allow online gambling so therefore you may not be able to process a payment from your debit or credit card to a gaming site whereas bitcoin is invisible in this respect.

Withdrawals are instant. Although all electronic payments should be instant sometimes they are held up for a few days for some unexplained processing. Bitcoin deposits and withdrawals arrive instantly.

Disadvantages include the aforementioned unlicensed casinos plus also the volatile changes in the value of bitcoin. The value can change so quickly and drastically it could work completely against you.

Summary

Bitcoin has many advantages but if you are going to use this form of payment check the kaszino is legitimate first. Debit cards are still the most common way to pay and you can get a reloadable card just for online gaming for added security.

READ  New Casinos Coming out in 2020

LEAVE A REPLY

Please enter your comment!
Please enter your name here