Payment methods are the major gateways for any online gambling site; if deposit and withdrawal methods are not working, you can’t play real money games.
However, some payment methods have significant advantages over others. For example, some are faster, some offer more privacy, and some have higher deposit and withdrawal limits. So, that said, we’ll explore some of the best payment methods for online gambling today.
Types of Online Payment Methods
Mobile Payment Service
This one’s rare but some casinos do support it. In Casino SlotLords, you can choose Apple Pay or Google Pay as your payment method. This is very convenient because you can make deposits to your casino account just as you pay for any online purchases.
Mobile payments are usually fast and cheap. In SlotLords, they don’t have any withdrawal limits for these methods either.
E-Wallets
First up, we’ve got e-wallets. We see them as virtual saving boxes, better known as piggy banks. Some common methods are PayPal, Skrill, and Neteller among others. Here’s why we love them:
- Lightning-fast deposits and withdrawals—it usually takes about 2-5 minutes.
- An extra layer of security between your wallet and the casino (what comes to mind naturally is PayPal, with its restricted financial information feature).
- E-wallets often offer loyalty programs with perks, and for us, that’s a win-win situation (Neteller offers 0.25 to 1 loyalty points for every merchant transaction).
But it’s not all roses, we found that some casinos exclude e-wallet deposits from bonuses. Still, for speed and convenience, e-wallets are hard to beat!
Credit and Debit Cards
This is the familiar plastic card in everyone’s wallet. Most online casinos today accept credit and debit card payments through Visa, MasterCard, or Maestro.
Pros
- Widely accepted.
- Instant deposits.
- Familiar and easy to use.
Cons
- Some banks block gambling transactions (this is particularly true in the UK).
- Withdrawals can be slower than other methods (especially when using payment gateways).
- Potential for overspending (especially with debit cards).
Security tip: Ensure the casino uses encryption to protect your card details. Look for that little padlock icon in the address bar!
Prepaid Cards
Prepaid cards might be your new best friend. We say this because, having used Entropay before its discontinuation in 2019, deposits were always fast. Options like Paysafecard are gaining popularity. Here’s why:
- Perfect for sticking to a budget.
- There is no need to share bank details with the casino.
- It can often be bought with cash—all you need to do is put the 16-pin code into a partner igaming site.
The major disadvantage of prepaid cards is that you cannot cash them out. So, you will need an alternative way to cash out. Also, buying or recharging them comes with fees.
Cryptocurrencies
In the simplest of terms, crypto gambling is using cryptocurrency to participate in online betting and games. It involves wagering crypto as your stake in online gaming or betting activity to win more. Here’s what you need to know about this payment method:
- Highest level of privacy.
- Lower transaction fees.
- Some casinos offer special crypto bonuses (e.g. rakebacks, first deposit crypto bonus) you can use to wager on something exciting like https://slotspeak.com/vegas-slots/.
- Not all gambling websites accept it yet. Although crypto and online gaming integration is still growing, some local betting companies still prefer the traditional route.
Other Payment Methods
Don’t overlook these other payment options; each has its quirks, so do your research.
- Bank transfers: Slow but steady, great for large transactions (Chase, Lloyds Bank, etc.)
- Pay-by-phone: Convenient, but usually only for small deposits (e.g, M-pesa in Kenya)
- Vouchers: Similar to prepaid cards, but often single-use (Paysafecard)
Choosing Your Perfect Payment Partner
So, how do you pick the best method for you? To do that, here are a few questions to ask:
- How fast do you need your money to move? (Within minutes or with a few processing lags)
- Are there any hidden charges? (VAT, processing fee, or network fees)
- How much financial info are you comfortable sharing? (Credit card details, SSN, etc)
- Is my preferred method accepted at my favorite casinos?
- Does this payment method exclude me from specific promotions? (Online casinos like Casino Kingdom in New Zealand offer promotions on card deposits)
Our take: Use a combination of methods, including e-wallets for quick deposits and bank transfers for big wins!
The Final Spin
Alright, let’s wrap this up! Here’s your action plan for choosing the best payment method:
- Check what options your favorite online casinos offer
- Consider your priorities (speed, privacy, budgeting, etc.)
- Read up on any fees associated with each method
- Maybe start with a familiar option like a debit card, then experiment with others
Remember, there’s no one-size-fits-all solution. What works for your poker buddy might not be the best for you. Don’t be afraid to try different methods.
