When you think about it, online casinos wouldn’t exist without reliable payment methods. Sure, app stores would be jam-packed with free-to-play slots and table games. But we wouldn’t have a $70 billion iGaming industry.
Instead, the iGaming sector keeps growing. And we have the digital banking sector to thank. In this article, we’ll delve deeper into the role payment methods play in the growth of online casinos. Let’s get started.
Facilitating Payments
First things first. Payment methods allow you to deposit and withdraw money from online casinos. Some of them help you spend money in your bank account—debit cards and wire transfers.
Some payment options lend you money—credit cards. On the other hand, you can use gift vouchers, cryptocurrencies, or Pay by Phone. Regardless, there’s always an online casino willing to accept your money.
How do you select a good casino payment option? When choosing the best casino payment option, it’s essential first to check for local banking methods compatible with online casinos. These typically come with the perks of reduced fees, faster transactions, and added convenience. Secondly, think about your go-to casinos and the payment providers they support. For instance, if you’re in Australia or New Zealand and have a preference for POLi Pay, you should prioritize and choose POLi casinos. On the other hand, for someone in Canada, iDebit might be the more suitable choice.
Convenience
Convenience is arguably the most important factor to consider when choosing online casinos. Think about it. Everyone wants a fast payment method. That’s why no one likes to use wire transfers for casino payments.
Maybe you have a small casino budget. In this case, PayPal, GPay, or Skrill would be a good option. If you’re more concerned by the ease of using a payment option, both credit cards and digital wallets excel in this area.
In other words, payment methods matter because they allow you to choose an option that gives you maximum convenience. Luckily, the iGaming sector accepts a wide range of payment options. This enables you to pick the most convenient payment method for you.
If you’re into mobile gaming, you can use a mobile payment method like Boku or Zelle. If you’re a higher roller, you can pay with Bitcoin.
Providing Access to Online Casinos
For some, the main reason they can’t play online slots is that they have no way to deposit. They have the money to spend. But the only casinos they know of don’t support their favorite banks.
Digital banks allow people from all over the world to cherish slots, poker, and blackjack. Take Bitcoin as an example. It offers borderless payments, meaning it doesn’t restrict people from any country in the world.
Whether you live in Zambia, Indonesia, or the Cayman Islands, you can play online casino games thanks to Bitcoin. And if you don’t like crypto, you have a ton of other options.
PayPal operates in 200+ countries and works with more than 50 online casinos. Both Skrill and Neteller provide iGaming payments in over 80 countries. On the other hand, you can use Visa or MasterCard, both of which are universally accepted by online casinos.
Helps You Choose Trustworthy Casinos
Financial companies follow strict rules in many countries. Not only are they regulated, but they’re also required to work with trustworthy businesses. Some payment methods have incredibly high standards.
Take Google’s GPay as a case in point. It represents Google’s brand, meaning it can’t work with illegal or unsafe businesses. It vets all its partner casinos for safety. And this offers a guarantee that casinos that accept GPay can be trusted.
Beyond working with genuine businesses, payment methods also give you options to protect your money. For example, credit cards offer chargebacks. In doing so, you can always ask for a refund if an unsafe iGaming platform defrauds you.
Additionally, some payment methods work with online casinos directly. For example, Skrill and Neteller regularly recommend certain casinos to their customers. Sites picked by these two payment options are usually safe and reliable.
Security and Privacy
Online banking methods are not created equal. If you want to send money safely and discreetly, you must choose your preferred payment options diligently. Look at a company’s security measures.
Does it encrypt your data? By law, every genuine payment company needs to encrypt your information. Most of them use SSL, which is symbolized by a locked padlock sign on the address bar.
Then there’s account protection. Can you secure your account with a password? Preferably, choose a payment option with Two-Factor Authentication and biometric security.
Although iGaming is fun, you probably don’t want everyone to know about it. So, pick a payment method that promotes your privacy. Crypto is an excellent option. It doesn’t ask for your name or email address.
Bonuses and Promotions
Did you know some casinos don’t give you a bonus if you choose certain payment methods? That’s right. If you deposit money using Skrill or Neteller at many iGaming platforms, you don’t get a bonus.
Yet, if you use almost any other banking method, you qualify for a welcome bonus. Casinos used to reject Skrill and Neteller to prevent bonus abuse. However, things are changing. More and more casinos are now awarding people who use these two e-wallets.
With that said, you may qualify for a small or big bonus depending on your preferred payment method. If you choose PayPal, EcoPayz, Visa, or MasterCard, most sites give you a bonus worth $100 to $500. With Bitcoin, your welcome bonus could be worth as much as 5BTC.
Your Overall Experience
Payment methods determine your overall gaming experience. Let’s start with payout speed. After you win money at a casino, how fast you receive it depends partly on your chosen payment option.
If you use a fast payment method, you will usually receive your money within 24 hours. If you select wire transfer, you might need to wait for a week to get your money.
Payment speed aside, your chosen payment option affects customer service, limits, fees, and other features. As a result, shop around before you select a banking method for online casino payments.