Payment Methods for Online Casinos: Why They Matter

The natural inclination is to consider the odds and probabilities versus the house when playing casino games. For example, you might choose a variant with the lowest house edge if you play blackjack. Even in software-based games like slots, the more discerning players among us might research the RTP (return to player) figures to see if they can put themselves in a more advantageous position.

Casino Top Payment Methods

But for online players, one area that is important when building a strategy, but often overlooked, is the choice of payment method. A good casino should offer many payment methods, allowing players to choose their preferred option. That said, to help you choose the payment method that suits your particular needs, I’ve created a comprehensive guide to the best payment methods for online casinos, pointing out the main pros and cons:

1. Debit & Credit Cards

Debit & Credit Cards

Credit cards can be a quick and easy way to deposit funds at online casinos. Visa tends to work better than Mastercard, but not all issuing banks allow deposits to online casinos. The bottom line is that card payment is still one of the most common ways to pay at the casino. Credit cards can’t be used for casinos in some countries, especially the UK. 

Debit & Credit Cards PROs

• Money goes directly into your bank.
• Credit cards allow you to pay money in many different currencies.

Debit & Credit Cards CONs

• Clunky and outdated.
• Most casinos require proof of identity to use a credit card to make a deposit.
• It might take several days to see your winnings in your bank account.

This payment method is the most popular worldwide, particularly in Europe and the United States. It is the leading payment method in France (52%), the UK (49%), Belgium (47%), and Spain (36%).

2. PayPal

PayPal - Affiliate Marketing Payment System

PayPal has proven to be a solid choice since it debuted in 1998. On top of having budget-friendly prices, PayPal operates in more than 200 countries and 26 currencies and allows users to integrate PayPal checkout on their websites, process payments through a browser, app, or reader, and extend credit to customers.

The best part of Paypal is the transfer of money is pretty faster, but a high transaction fee is a pain in the ass for some people. It is hugely popular, even eclipsing other eWallets, for reasons we will discuss later. Using a PayPal casino, British players are covered by a host of safety and security measures, and it’s swift, too.

PayPal PROs

• Superfast withdrawals;
• Has an excellent reputation for safety and security.

PayPal CONs

• Currency exchange rates are terrible, so make sure the casino funds are in your home currency.
• Not all casinos accept PayPal.

PayPal is the most popular e-wallet worldwide, with over 200 million active users in North America and Europe. It is the most convenient payment way in multiple niches, including affiliate marketing and paying survey websites.

3. Skrill

Skrill - Affiliate marketing payment solution

Skrill is one of the modern casinos' most popular payment solutions for deposits and withdrawals. The electronic payment system was founded in 2001. Like PayPal, Skrill is also fast and secure to use. However, be warned that Skrill is often exempt from casino bonuses because they charge casinos for payments.

Using this payment service, you can directly withdraw your money via a local bank. You can also use it to buy cryptocurrency, as most sellers accept Skrill payment. So, you have plenty of options to deposit and withdraw funds at your convenience.

Skrill PROs

• It is Fast, safe, and reliable.
• The fees are pretty low.
• Casino friendly.

Skrill CONs

• Bonus exemption (on some sites).
• You need to provide documents to verify your account.

4. Neteller

If you want to enjoy the power of MasterCard without even having any physical card, then Neteller is for you. It works as the virtual MasterCard and is popular in Casinos, Sports betting, and Forex trading.

Neteller.com - One of the best payment methods for online casinos

You can easily send and receive money from other Master and VISA cards via Neteller. Having your real plastic card is possible, but you must spend some bucks.

Neteller PROs

• Offers additional protection from shady or rogue online casino sites.
• You can order a debit card to cash out funds easily.
• It's accepted on most of the big casino brands.
• You can top up using cryptocurrencies like Bitcoin.

Neteller CONs

• Bonus exemption (on some sites).
• You need to provide documents to verify your account.
• Not available everywhere in the world.
• The fees are pretty high (around 3,5% per transaction)

Neteller is now part of Paysafe; the company represents one slice of a UK fintech empire dominating online gambling. Signing up with Neteller is simple: you sign up for your free account on their website and then add your funds. This can be from your card or via bank transfer.

5. Paysafecard

Arguably the safest option online, Paysafecard codes can be bought for cash in shops, meaning you never have to use your personal and financial details online.

Paysafecard PROs

• Anonymity - You don't have to give your bank or card details.
• An accepted online deposit method at almost all top online casinos.
• There are no fees or extra costs for online casino deposits.

Paysafecard CONs

• You cannot withdraw winnings; you must add your bank details.
• Paysafecards are sold only in values of $10, $30, $50, $100, $150, and $250.
• Customers are required to go to local selling points to buy codes.

It is the leading prepaid card in online gambling, especially for the UK and Europe. Almost every online casino accepts it as a payment method due to its high security and minimal fees.

6. Bitcoin

Bitcoin

Bitcoin is a digital currency that is created and held electronically. It’s best described as cash for the Internet, a way to send and receive money online without using an intermediary like a bank.

The explosion of Bitcoin and cryptocurrency casino sites has already been reported, and it could be one of the most popular ways to pay and play in the coming years. However, it is worth pointing out that significant regulators do not license Bitcoin casinos. It will take you a couple of minutes to set up your Bitcoin wallet at first, but then you’ll be able to send Bitcoin quickly and conveniently. Fees are low, and you can anonymously send and receive money to and from your sportsbook. 

Bitcoin PROs

• Reduced possibility of identity theft.
• It protects from payment fraud.
• Direct transfers for immediate settlements.

Bitcoin CONs

• Bitcoin is highly volatile.
• High risk of loss: There is no way to protect your bitcoins from human error or technical glitches.
• If you give the wrong Bitcoin wallet, you will lose your funds and be transferred to another account.

7. ecoPayz

ecopayz.com - Payment Option for Online Casinos

Since 2000, ecoPayz, or ecoCard, has been one of the oldest e-wallets globally. EcoPayz offers a prepaid card with its ecoCard. The ecoCard works the same way as a Paysafecard manages online deposits and withdrawals at countless locations worldwide.

Gamblers often choose this system due to its numerous functions. 

EcoPayz PROs

• It is a widely accepted deposit and withdrawal method for online casinos.
• You can request physical prepaid cards.
• Very simple to set up and use.

EcoPayz CONs

• You must confirm your identity and address to withdraw.
• May incur fees to transfer from ecoPayz to your bank account.
• Not available to use everywhere in the world.

ecoPayz is accepted by most of the best online casinos and always offers quick withdrawals and high-security levels. ecoPayz can function perfectly as a standalone e-wallet, but it also allows users to attach up to 3 ecoCards to their ecoAccount. This is useful for players looking to monitor their gambling spending closely.

8. Bank Wire Transfers

Most online casinos accept wire transfers as one of their primary payment methods.

Due to their strict requirements, online casinos see them as a secure payment method. For instance, wire transfers are subject to more stringent KYC (Know Your Customer) procedures to reduce possible money laundering or otherwise KYC-related risks for all parties involved in online casino transactions. However, KYC procedures often take time; therefore, this payment method takes around seven days to complete. Another drawback is that bank charges on wire transfers can vary depending on the deposited or withdrawn amount. 

Bank Wire Transfers PROs

• It is a widely accepted deposit and withdrawal method for online casinos.
• Available in most of the countries worldwide.

Bank Wire Transfers CONs

• These are prolonged methods as the transfers are not instant.
• The fees for this payment method are relatively high.

You can also use bank wires, cheques, and bank drafts by going into your bank in person to avoid online methods. This is the most time-exhaustive option, and you may incur a fee.

How to withdraw your earnings from casinos

Those are the main ways to fund your account at an online casino, but we suggest you scrutinize the online casino’s banking policies before you sign up. For example, some online casinos might charge a transaction fee for deposits and withdrawals. It might seem small at the time if they charge 1-2% on a withdrawal, but it can add up over time. The best online casinos do not do this, so choose one with cost-free transactions.

Another area to look at is the withdrawal timeframe. Typically, a withdrawal will be pending for 24 hours or so, after which you will get your money instantly if using an e-wallet and a few days later if it’s a traditional bank card.

For any more than 48 hours, we suggest you find another casino. Finally, we suggest you consider the maximum withdrawal limits before registering at a casino. You can find details in the casino’s terms and conditions. Some non-reputable casinos will have shallow maximum limits, meaning it could take a long time to withdraw all your winnings if you have had a large win.

Casino Payment Methods Takeaways

There are many payment options especially designed for online casinos. Unfortunately, those in the US are most restricted due to legislation; the rest have more options when choosing a casino and starting to play real.

Here is some advice to keep in mind:

• E-Wallets like Skrill, PayPal, and Neteller are the most accessible and convenient options for safety and speed.
• You need to pick a payment option you feel comfortable and safe to use. Preferably, it should be available for withdrawals for better money management.
• Check out all commission payments and rates, along with licenses at individual casinos, before you decide where to play and how to pay.