As an avid gamer trying to make the transition from a brick and mortar casino to an online one, you will have a lot of options to choose from nowadays. In 2019, the market share of the online gaming industry was $53.7 billion, and this is expected to grow from 2020-2027 at an annual rate of 11.5%. However, too many choices might overwhelm you and see you picking an online casino that does not meet your expectations. One consideration when choosing your gambling site is its payment and withdrawal method.
Below are tidbits on the withdrawal and deposit methods for online gaming to boost the odds of choosing the right casino.
Debit and Credit Cards
Debit and credit cards are quite popular nowadays and are, in most places, the preferred payment option over cash payments. Gone are the days of apprehension when entering the details of their cards on online sites. Nowadays, online security has been boosted, and you can rest assured that your details are safe. Most debit cards do not charge a user fee, but credit cards might charge you 0.8-1.3% of your payment as the transaction fee.
The primary advantages of using credit and debit cards for online gaming is their ease of use and availability. Even so, be careful to pick a site that accepts the credit or debit card you are using. Furthermore, a few banks do not accept the use of their cards for online gaming due to their in-house restrictions regarding gambling. You thus should also check with your bank beforehand to avoid disappointments.
E-wallets allow the storage of all your card or banking details in one place. As such, if you have multiple banking accounts and cards, you can save their information on your e-wallet and simply select the data of the one you want to use when making a transaction. This eases and speeds the process of accessing the details when paying or withdrawing your winnings on an online casino with some sites reflecting payments in less than 24 hours.
Though e-wallet service providers will charge a user fee for your transaction, this is generally low and is, at times, offset by the loyalty programs most providers have. Thankfully, it is quite easy to create an e-wallet account, and you can always create one if your ideal gambling site does not support the one you have.
Bank Wire Transfers
Most major online casinos accept bank wire transfers as payment. In fact, these are the preferred payment options for online gaming because of the high-level security they offer that minimizes the risk of the transacting parties. A large part of this security nonetheless comes from the thorough identity and fraud checks that the transaction will go through. As such, with bank wire transfers, your payments to an online casino like casinovegas.bet and the reflection of your winnings in an account can take up to a week.
Instant Bank Transfers
Instant bank transfers work like bank wire transfer, but the transaction goes through a third-party rather than directly to the bank. You will pass on your credentials to this third-party platform that will then contact the bank and process the transaction on your behalf. With an instant bank transfer, the payment to an online casino is almost instant, meaning you can use this payment option for time-limited offers. However, instant bank transfers for online gambling are exclusively used for deposits.
These electronic currencies are becoming quite popular among online gamblers. Cryptocurrencies offer three primary advantages for gamers, including fast transactions, privacy, and security. With them, you have instant confirmation of deposits or withdrawals and privacy because most of the transactions are anonymous. Moreover, online casinos use different authentication forms and advanced encryption that mean the highest levels of security.
Pre-Paid Vouchers and Cards
Pre-paid vouchers, coupons, and cards are becoming increasingly popular for online gambling because they offer better security than direct debit or credit card payments. You only need to buy the card then enter its details on the online gambling site you choose to make your payment. Though they offer fast transactions, pre-paid vouchers, coupons, and cards only suffice for deposits.
To make the right pick on which of the above payment methods will work best for your online gaming, consider the transaction fees involved and the transaction’s speed. You should also gauge how easy it is to use the payment platform on a specific site and your state laws on online gambling.
For example, the 2006 Unlawful Internet Gambling Act in the U.S prohibits online gaming companies from accepting payments from gamers who violate state and federal laws. This makes it basically illegal for companies to accept payments from credit card companies or banks. This law might thus limit the options of U.S citizens as regards payment in online gaming.