Top payment methods for online casinos: A guide for new players

Online casinos offer the same range of casino games and card games as physical casinos but with the added convenience of being able to play from home or anywhere with an Internet connection.

As well as choosing a casino based on the range and type of games, its bonuses and discounts, and its reputation, players should also choose their preferred payment method and select a casino that accepts it. The choice of payment method can have a significant impact on the features and benefits of the site.

Safe Online Casinos

Online casinos are legal in the UK and are regulated by the UK Gambling Commission (UKGC). UK-based gamblers can also access plenty of safe offshore sites regulated by the likes of the Malta Gaming Authority (MGA). As Joe Hernandez states, for a site to be considered amongst the safest online casino sites, it must be regulated by a reputable authority. In his article, he also lists a range of casinos regulated by the likes of the MGA that feature a wide game selection and generous player bonuses. 

Most instant casinos offer online slots, and table games like roulette and baccarat, as well as some that offer online poker games and tournaments. Many also use cryptocurrency as their primary deposit and withdrawal method. But, as with any payment method, there are pros and cons to using cryptocurrency at online casinos.

Crypto Payments

Cryptocurrency is a new financial innovation: Bitcoin having been launched in 2009. In the last few years, it has gained in prominence. Not only is it popular as a form of speculative investment, but it has become increasingly widespread in e-commerce stores, physical businesses, and online casinos.

Cryptocurrency uses blockchain technology and advanced cryptographic techniques, and it can be used to send and receive money overseas as well as within the same industry. However, it is not regulated in most markets and it can involve some extra steps when making and receiving payments.

Pros

Cryptocurrency payments can cost less than traditional payment methods like credit cards and bank transfers.

Transfers are quicker, which means players can access their winnings sooner than using other payment methods.

Cryptocurrency payments are secure, and players do not need to submit personal or banking details to the casino, which adds an extra layer of security.  

Cons

Cryptocurrency is volatile, but this can be mitigated through the use of a stablecoin like USD Tether, rather than Bitcoin or Ether.

Although wallets and exchanges have become more intuitive, using crypto still adds another layer of complexity to the process.

Cryptocurrency is decentralized, which means there’s no bank or other group to raise queries or disputes with.

Credit Cards

Credit cards are one of the most traditional forms of online casino payment. They are convenient, can provide a line of credit to the user, and credit card issuers can be called on if a payment goes awry or the player suspects fraudulent activity.

While a lot of online casinos do accept credit card payments, this isn’t necessarily true of them all. Some, especially those that are licensed within certain jurisdictions, may not accept them as a means of payment. Fees and processing times can also vary.

Pros

Many people have credit cards, and most people know how to use them, which makes them a popular option for a lot of casino players.

Credit card providers offer a degree of protection against fraudulent activity and theft, and there is a central organization that can assist with queries.

The credit card industry is well established, which means a lot of online casinos do accept this form of payment.

Cons

A lot of issuers and some online casinos don’t allow the use of credit cards for online gambling, so players might have to shop around.

When issuers do allow it, depositing funds into an online betting account might be treated as a cash advance, which attracts high fees.

Bank Cards

Bank cards are linked directly to a player’s bank account. Money is taken from the account and used to fund a betting account, and withdrawals are transmitted to the account associated with the bank card. Using a bank card does require submitting card details to the online casino which some players would prefer to avoid.

Although they do offer some consumer protection, bank cards do not necessarily offer the same high level of protection as credit cards.  

Pros

Unless the account that the bank card is linked to has an overdraft or other credit facility, using a bank card does mean using credit to play.

Most people with bank accounts have bank cards, which makes this one of the most easily accessible means of payment.  

Cons

Some banks, especially in jurisdictions where online gambling is prohibited, may prohibit the use of bank cards to fund online casino accounts.

Bank card withdrawals can take up to five business days to process, which means players have to wait a long time to access their winnings.

Prepaid Cards

Prepaid cards are payment cards that operate in much the same way as debit cards. The player funds the prepaid card from their bank account or using another payment method. They then use the card to deposit money into their casino account, and most online casinos enable the withdrawal of winnings back to this same prepaid card.

Prepaid cards do not offer any credit, are not associated with a bank account, and are accepted by most casinos that accept credit or bank cards.

Pros

Prepaid cards allow players to keep a tight handle on their budget, only depositing and betting a predetermined amount of money. Once the money’s gone, it’s gone.

Many online casinos that accept credit and debit card payments also accept prepaid cards, making them a common option.

Users do not need a bank account to be able to use prepaid cards. Some can be purchased preloaded, although these cannot usually be topped up.

Cons

It isn’t always possible to use prepaid cards for withdrawals, which means the player will still need to add another payment method to their account.

Deposit limits using prepaid cards can be low, which may restrict players to only being able to deposit small amounts.

Digital Wallets

Digital wallets, e-wallets, and mobile wallets offer digital methods of payment. They are convenient, can be linked to bank accounts and other funding methods, and they tend to be highly secure payment options.

Using an e-wallet means that the player does not need to submit their bank or card details to the online casino but can still use these to fund their accounts. Most people now have a digital wallet thanks to the introduction of mobile services like Apple Pay and Google Pay.

Pros

Most people have a digital wallet like Google Pay or Apple Pay on their mobile phones. Other populations like PayPal are also common.

Digital wallets offer secure payments and do not require the submission of bank or card details, adding an extra layer of security for users.

Cons

Not all online casinos are set up to accept digital wallet payments, which can make it difficult for players to find somewhere to play.

Some casinos may place higher fees on digital wallets compared to other payment methods because payments using this method attract high fees.

Bank Transfers

Bank transfers are another traditional method of payment that has been used for decades. Whereas bank card transfers require the submission of card details, bank transfers require that the player adds their account details and, when they want to deposit money, they choose an amount, and the money is sent directly from their bank.

Most players are accustomed to using bank accounts and sending bank transfers. This means that players feel comfortable using this payment method, and many online casinos accept transfers for deposits and withdrawals.

Pros

Most users are accustomed to initiating and using bank transfers, which can give a degree of comfort to the player.

Deposit and withdrawal limits can be higher for bank transfers than with other payment methods.

Many online casinos offer this type of funding option because it is one of the oldest means of sending and receiving payments.

Cons

Bank transfers are not an option for the 1.5 million unbanked citizens of the world, which could prevent them from playing.

Bank transfers do not have the same high level of security and fraud prevention as credit cards or some other modern payment methods.

Processing times and fees can vary, so players need to check these details before they submit or withdraw to their bank account.