Digital casino games have existed for nearly 30 years, and in that time nearly every aspect of their technology has changed, including how payments are made. The gambling and betting industry made a huge leap forward when the technology was implemented, as it allowed players to make payments and withdraw money virtually.
Players no longer have to buy chips, put coins into slot machine games, or even tap their card at casinos. Instead, they can make all the same payments and transactions from the comfort of their couch.
The online payments industry is growing exponentially, and now there are more providers than ever before. If you are not already familiar with the industry, it can seem overwhelming to look at the many different providers and try to determine what their product offerings are and whether they are compatible with your bank account.
In this article, we break down the ins and outs of online casino payment providers and help you to stay safe online by choosing the best providers for what you need.
Classic payment processors
There are a number of different processors that gamblers are likely to see repeatedly used on many online casinos. There are traditional processors such as bank transfer,along with e-wallets such as Apple Pay, Google Pay and PayPal. Users can also choose a range of different software-focused processors such as ecoPayz, Trustly, Astropay, Neteller, Boku, Skrill and paysafecard. As of April 2020, UK-licensed gambling operators can no longer accept credit cards for gambling.
There are also several highly innovative payment processors that have disrupted the industry by offering superior rates and customer servicing. Customers who are looking for the best payment methods should check the efficiency of processing, geographical reach, associated fees, and compatibility with their own bank accounts before opening an account.
Making a payment on an online casino
The process of making a payment on an online casino is typically pretty straightforward. The first thing you need to do is to register for an account and fill out all of the requisite personal and financial information.
Users then need to connect their payment processor of choice and follow the steps required to make a deposit. Some online casinos will request that the same processor is used for withdrawals, and users should remember that every processor has its own timelines for such transactions.
Every online casino will have their own terms and conditions regarding minimum deposits and withdrawals, so it is important to read the terms and conditions before making a deposit. Most registration bonuses will also have their own terms regarding wagering requirements, which is something that many gamblers miss when signing up.
You will likely notice a few differences between online casinos that are targeting gamblers in different countries. Of course, not every online casino is available in every country where gambling is legal, and many online casinos are designed to specifically appeal to consumers in a certain country or location.
As a result, you will find some payment processors available on certain casinos that are not offered at others, and you may need to do some research and searching to find casinos that offer a particular range of niche processors.
Crypto: the future of online payment?
Crypto wallets are one of the fastest-growing payment processing methods. Cryptocurrencies are becoming more and more popular as both investment instruments and preferred payment modes. There are now dozens of cryptocurrencies in existence, and while some can be nearly written off as unlikely to succeed, many cryptocurrencies have seen impressive success.
Crypto use is growing in the online gambling and betting sector primarily because of the privacy and security it affords. Crypto payments offer better protection than many other processors, and there is more privacy as the accounts are typically anonymous.
Privacy is popular in the online gambling sector because many people feel that their gambling habits are something that ought to be kept private and not widely known. Another reason is that some gamblers are accessing online casinos and betting platforms from countries or regions where gambling is illegal. Using crypto means that they cannot be traced as easily and can instead enjoy more privacy.
As crypto grows in popularity, many online casinos have tried to take advantage of this new consumer demand by offering crypto-specific payment processors. There are some crypto casinos that only accept payments in crypto, and there are others that accept crypto along with a number of other payment processors.
Typically, the largest cryptocurrencies are the most widely accepted, including Bitcoin, Ethereum, Litecoin and Ripple. A number of crypto wallets are also typically approved payment processors, including Electrum, BRD, Blockstream and Coinbase Wallet.
Staying safe online when making payments
Making payments online is something that most of us do on a weekly basis, but how safe is it really? Sometimes it seems like every month there are new stories about hacks, scams and schemes designed to steal money online and take advantage of unsuspecting internet users.
While it is impossible to be completely safe online, there are ways to safeguard your sensitive personal and financial information. One easy thing to do is to opt for e-wallets such as TransferWise and PayPal whenever possible so that you have an added layer of defense and protection from scammers. Other internet users are protecting themselves through making as many payments as possible via crypto wallets, and now some banks are catching on and offering users one-time cards for single online transactions.
Regardless of how you choose to pay, it is a good idea to always use online safety best practices. This means choosing difficult passwords and regularly changing them, opting for two-factor authentication processes for logging into important platforms, and being vigilant for phishing attempts.