Cards to Cryptos: Examining Payment Options in Online Casinos
In traditional land-based casinos, there used to be just one way to pay for your chips: cash. Fast-forward to 2024, and online casinos will take your money in pretty much any digital payment method available to you.
Whether it’s an old-school debit card or cryptocurrencies like Bitcoin or Ethereum, for casinos, it’s all about convenience. Because operators transact with customers from all over the globe, it’s important to ensure everyone can use their preferred payment method. These are the most popular.
Different Country = Different Payment Methods
Before we do a deep dive into the exhaustive payment options out there, one thing needs to be cleared up: depending on the country, the payment options may vary a little bit.
It’s primarily a question of what people in a particular country like to use. In Poland, for example, prepayment cards tend to be quite popular. In many African countries, mobile payments are the go-to option. For the unbanked, it’s important to have more than just traditional debit or credit cards available.
In some countries, credit cards are restricted or even entirely prohibited. In this guide on crypto and card payment methods for online casinos, you’ll see that they’re entirely missing from the list.
That’s not because online casinos are not able to process transactions using these cards, but because they are not able to offer the option to UK customers thanks to a government-enacted restriction.
Debit and Credit Cards
When it comes to online payments, VISA and Mastercard still reign supreme. In most countries, it’s the de facto digital payment option. It’s easy to see why: most banks offer one of the two cards as standard, pretty much every company accepts them, and the security level is renowned.
Of course, there are some downsides. First, withdrawals can take longer. That’s not a casino issue, it’s just the nature of how VISA and Mastercard process transactions. Plus, depending on where you are buying online, you may have to pay an additional processing charge. For many, it’s a price worth paying for convenience and security.
The New Frontier: Cryptocurrencies
Cryptocurrencies remain a speculative investment vehicle for some, but many individuals now use it as a legitimate payment method. In El Salvador, for example, where the president is heavily pushing Bitcoin, fast food giant McDonald’s now accepts crypto as legal tender.
It’s no surprise, therefore, that in the forward-thinking casino industry, many operators accept cryptocurrencies as a payment method. It’s not ubiquitous just yet, but it is certainly becoming far more popular.
Crypto doesn’t just add another payment option, but it also makes it easier for casinos to offer their wares to a larger audience. Cryptocurrencies don’t do foreign exchange fees, there’s no issue with the type of card or bank account, and you can accept payment to and from anywhere. Location doesn’t matter, making it a convenient payment alternative for many people.
E-Wallets (PayPal, Yandex, Skrill)
E-wallets are a form of electronic payment where you have a layer between your bank account/debit card and your online transaction. Wallets like PayPal also allow you to easily send money to friends or businesses without having to pay a high transaction fee, useful when someone is based in another country.
E-wallets also have the advantage of adding another layer of security when it comes to identity and card details theft. When ‘stealing’ your payment email, for example, there is very limited information you can extract. When paying by card, on the other hand, personal details are also technically at risk.
However, in practice, both methods are almost fully secure and consumers should not worry. It’s essentially a matter of preference and where people have money saved. For example, if a friend has sent you money for lunch to your PayPal account, it’s easier to use those funds directly without having to go through your bank first.
Are Bank Wire Transfers Still a Thing?
Our final payment method is going fully old school. Yes, it’s still possible to pay via a traditional wire transfer, even on a digital platform. In countries like the Netherlands, for example, many consumers use a sort of hybrid bank transfer method. It’s called iDEAL, and it allows for instant online purchases using a bank transfer. Apps like ABN AMRO’s Tikkie provide something similar.
But even ‘traditional’ bank transfers are still accepted by many online casinos. You simply use the bank’s account number or sort code (or IBAN/equivalent, depending on what you’re using), enter a reference code, and your account will be credited.
The obvious disadvantage of this method is that it can take a little longer for your deposit to be processed. But for some, that’s a happy compromise if they don’t want to share debit card details for security reasons, for example.