You don’t have to go into a casino or betting shop to gamble anymore. All you need is an internet connection and a mobile device. Online casinos are more popular than ever because they offer users ease, convenience, and high profitability.
If you are interested in taking up online gambling as a hobby, then one of the first things that you’ll need to do is to make a deposit. However, different casinos accept different payment methods. Some prefer bank transfers, while others cryptocurrency.
This post will explore some of these payment methods so you know what to expect.
Processing Platforms
One of the most common payment methods accepted by online casinos is PayPal, a payment processing platform. There are other processing platforms that you can use too, but none are as popular as PayPal. The main benefit of using a PayPal casino is that once you make a deposit, it’s instantly credited to your account, and the money leaves your PayPal wallet. Other payment processing platforms take a long time to process payments, which makes gamers’ lives very difficult. Having to wait around for hours for your payment to be registered can be extremely irritating.
Debit Cards
Another common method of payment accepted by online casinos is paying by debit card. Most people have debit cards. The reason that so many casinos accept debit cards is that there are very low fees associated with their use. When casinos accept other payment methods, they have to worry about incurring fees of up to 10%, which loses them a lot of money. Debit cards are also a lot safer for consumers, too. It is easy for them to apply for a chargeback if a payment was made from their card fraudulently.
Credit Cards
Credit cards are just as popular as debit cards. The difference between debit cards is that with a debit card, you can only spend the money that’s in your account. With credit cards, you borrow money. For casinos, there is really no difference between the two. Both are just the same in terms of fees. The acceptance of credit cards only really benefits consumers, to be honest. The ability to pay by credit card means that casino users don’t have to use their savings or money they currently hold, and they can borrow the money they are using to gamble.
Bank Transfers
Bank transfers aren’t as common as they used to be, though they are sometimes accepted by online casinos as a method of payment. The use of bank transfers can complicate matters for gamers because most bank transfers aren’t made instantly. Instead, transfers take a couple of hours to be processed. Until the money arrives in the casino’s account, the person making the transfer can’t game. When the money has been received, the casino will then update the gamer’s in-app wallet to reflect the amount of money that they transferred over.
Telephone Payments
Telephone payments have very high fees, so they are not used as much today as they used to be. Despite fees, though, some casinos still do continue to offer telephone payments. Gamers phone a number that’s provided on the casino’s website and decide how much they want to deposit. The money is then taken from the person’s available phone credit. If they have a phone contract, then the money is taken regardless of available credit and then repaid at the end of the month when their bill is due.
Using Cryptocurrency
The acceptance of cryptocurrency is becoming a lot more common because it allows casinos to attract a broader audience. There are actually some casinos that only accept cryptocurrency. The main type of crypto that’s accepted by casinos is Bitcoin because it is the most valuable and popular crypto there is. However, because of recent Bitcoin instabilities, some casinos are now also accepting Ethereum, XRP, and even Doge. If you intend on using crypto to make casino deposits, then you need to do your research and find a casino that accepts the currency that you hold. If you can’t, then you should convert your crypto into a more mainstream currency and then use that.
QR Codes
Since most people have mobile banking apps today, casinos are starting to offer QR codes. However, QR codes only really work when a person is using a laptop or computer to gamble because they can then hold their phone up to the screen and scan the code. Most phones don’t allow people to scan codes unless they are using their camera, which means they can’t scan codes that are actually showing up on their screen. QR codes allow people to make fast debit or credit card payments, saving them the trouble of having to input their details.
Payment Links
Payment links and email invoices are perhaps the least common payment method featured on this list. When people receive payment links, they then pay with their debit or credit card or with a payment processor like PayPal. Because of this, it’s much easier for people to just make payments with these things rather than through a payment link. However, some casinos do use payment links and send email invoices, but usually for very large deposits. This is so that there is more of a record of the deposit, just in case it is a fraudulent transaction.
Gamble Responsibly
Whatever payment method you prefer, you need to gamble responsibly. If you don’t gamble responsibly, then you could end up losing yourself a lot of money. Gambling can be very addictive. Thankfully, many casinos allow you to set your own spending limits. Setting your own spending limits will enable you to limit the amount of money that you are actually able to spend. If you then try to exceed this limit, your account will be blocked until the next day. Setting limits is a very good idea if you have very bad self-control or if you are developing an addiction to gambling.
Using online casinos can be a lot of fun. You can’t get started using them until you find one that accepts your preferred method of payment, though. The payment methods outlined here are by far the most common and popular. There aren’t really many others outside of those mentioned here.