11 Facts About Online Casino Payment Methods

Most sectors of the world have gradually moved their businesses online, and the gambling sector is not an exception. The recent pandemic further accelerated this shift since people had to practice social distancing and other preventive measures making online gambling the most convenient. You can now play your favourite slots and casino games wherever and whenever you want since there is a myriad of online casinos and sportsbooks ready to serve you.

The success of the online casino realm is partly attributed to the range of versatile payment methods that facilitate efficient transactions between the casinos and the players. It wouldn’t have been possible to have such a booming industry without these services. The driving force of any business is money, so convenient transactions have certainly been instrumental for the online gaming world.

Even though there are bonus buy slots free play that allows gamers to enjoy their favourite games without spending a penny, the ultimate thrill is achieved by playing the real money games. Here are 11 facts about online casino payment methods that you need to know before you proceed to gamble online. 

1. Deposits are always fast

It is a fact that online casinos facilitate quick deposits. It doesn’t matter the payment method or the currency; you will almost always be able to complete the deposit process and start gambling immediately. This is quite different from withdrawals, which usually take at least 24 hours. 

2. The deposit method may impact the casino bonuses

You should always check the terms and conditions of the deposit bonuses available in casinos. They may specify the deposit methods that will make you eligible for a certain bonus. Using another method will make it impossible to claim the bonus. Most casinos will offer the bonus to players who deposit using credit/debit cards and may restrict deposits made using e-wallets. 

3. Withdrawal times depend on the method used

The withdrawal times usually depend on the method. E-wallets and cryptocurrencies are usually the fastest in most casinos, followed by credit/debit cards, and lastly the bank transfers and others. Hence, your choice of method matters. 

4. E-wallets tend to be more preferable

E-wallets are usually the most convenient due to their ease of use, minimal charges, and widespread use across the continents. As aforementioned, they facilitate quicker withdrawals compared to the rest. They also have fewer restrictions. 

5. Bank Wire Transfers can be a bit of a hustle

Several casinos online accept Wire Transfers as payment methods. They are perceived to be more secure because of their stringent requirements. The transactions may be subject to more scrutiny and vigilance aimed at preventing any form of fraud. These may take long lengths of time, which could inconvenience players. They also attract charges that depend on the amount of money being transacted.

6. Credit/debit cards remain quite popular

Despite the growth of e-wallets and cryptocurrencies, credit/debit cards remain the most popular payment method, particularly in the US and Europe. This is because they are easily accessible and are accepted by nearly all online casinos. However, their withdrawals are often slower than e-wallet withdrawals. 

7. Cryptocurrencies are on a steady rise

Cryptocurrencies such as Bitcoin, Dogecoin, and others are quickly trying to take their share of the online gambling market. More and more casinos are accepting these methods because of their popularity among gamblers. In addition, players love them because they facilitate quick transactions, are highly secure, and offer privacy and confidentiality. 

8. Specific payment methods facilitate convenient transactions for gamers from certain jurisdictions

There are payment methods that tend to be popular among residents of certain regions. Giropay is a classic example. It is popular among the Germans since most of the banks in Germany are affiliated with it. Another example is We-chat Pay, which is popular in China and Ideal that the Dutch widely use. 

9. The restrictions are still existent

Most jurisdictions have remained sceptical about online gambling because of its association with fraud and its effects on the wellbeing of the population. Even though they have not been able to illegalise and control it successfully, they have set various measures to limit it. The best example is the Unlawful Internet Gambling Enforcement Act of 2006, which made it illegal for financial institutions to transact money meant for gambling. It was a smart way of restricting gambling because it cut short the source of money instead of going for the casinos, which are harder to restrict. 

Other countries have also set various measures, but they are not as stringent as the UIGEA law. For instance, the Germans cannot transact using cards like MasterCard and Visa. Online casinos were instructed to remove them from their lists of payment methods, and acting contrarily would lead to loss of their access to the market. 

Credit Cards were also banned from being used in gambling in the UK as a way of curbing irresponsible gambling. Nevertheless, casino operators have set security measures to mitigate money laundering, and this is quite commendable. 

10. You can hasten the withdrawal process

It is a basic fact that the withdrawal times are dependent on the withdrawal method that is chosen. However, you have the power to quicken the process. First, it is important to promptly submit the required verification documents to allow the casino to authorise the payments quickly. Any form of delay will lead to a longer waiting period. You should also watch out for other laws. For example, some casinos require you to withdraw cash using the same method you used to deposit. Hence, you should choose a deposit method to ensure that you adhere to this requirement. 

11. Security must be guaranteed

It is important to gamble in reputable casinos that will allow you to deposit cash, gamble, and withdraw your winnings. The casino must have top-notch encryptions that ensure that your personal and financial info is secure from even the most sophisticated hackers. In turn, you should also desist from sharing your e-wallet passwords and other important figures with other people. If you are using a shared computer, the password should never be auto-saved. Your online casino logins should also be kept private.

These are eleven important facts about online casino payment methods that you must know. Depositing and withdrawing cash are the most fundamental steps of gambling for real money in online casinos, so they must be done right. Adhere to these facts for a smooth, stress-free experience.