Payment methods for gambling & things to know before choosing

Have you ever gambled? According to the world's gambling statistics, over 4 billion people globally do gamble at least once per year. As a result of such popularity, the global online gambling market revenue is projected to reach $100 billion in 2024.

Online payments are vital for the booming online gambling industry. Given the growing complexity of the payment landscape and the immense list of payment options, it becomes increasingly challenging for online casinos and players to select the optimal payment methods.

In this article, we will answer some payment-related questions of both players and gambling businesses. We'll determine how global online gamblers prefer to deposit and withdraw money and form a list of the best payment options for online casinos. Hop on!

Are online casino payments secure?

Online gambling newcomers frequently ask this question. To ensure secure payment, we strongly recommend every gambler to be cautious about:

• The casino they play. Aside from meeting basic requirements for a website that deals with online payments, like using HTTPS protocol, a casino must be licensed and compliant with the regulation of the gambling industry in their jurisdiction. It's worth remembering that if online gambling is forbidden in your country, you gamble at your own risk.
• The payment method they use. Payment security also largely depends on the chosen option and the security layers it provides. For example, making payments from your bank account or Bitcoin wallet is more secure than using some no-name e-wallet with weak authentication and verification procedures. The availability of such unsafe payment options on the casino website is also a red flag, so it is better to avoid such sites.
• The safety of their account. A trustworthy casino will have a KYC procedure in place, requiring you to prove that you are who you claim to be and your payment details belong to you. Once registered, ensure no one can access your account on the gambling website or the payment details you use.
• Fraud. Remember that there are all sorts of fraud on the internet: phishing, social engineering, identity theft, etc. Awareness of these will help you recognise fraudulent schemes, so it's worth learning about online fraud regardless of whether you gamble.

How to deposit or withdraw money at an online casino?

Let's find out how deposit and withdrawal processes usually happen on casino websites.

Making a deposit

When you've registered on the casino site, the next step you have to make before being able to play is to deposit money. The depositing process is when you top up your casino balance with real money to use for games. In most cases, it happens as follows:

1. Hitting the Deposit button on the game page or your casino account.
2. Getting to the checkout page, where you can select a payment option and enter the amount you'd like to deposit.
3. Entering your payment details relevant to the selected deposit method and confirm the transaction.

Frequently, the money depositing is woven into the registration process, but the steps are the same in both cases.

Making a withdrawal

Suppose your gambling session ended up being pretty successful, and you've managed to multiply your funds. It is when you'd like to make a withdrawal, which requires the following steps:

1. Entering your casino account setting or clicking on your balance.
2. Clicking the 'Withdraw' button and getting to the checkout page to select the preferred online payout method.
3. Entering relevant payment details, confirming your withdrawal request and waiting for the funds to reach your account. Most commonly, it takes 1-10 business days. The waiting time varies from casino to casino and depends on the payout method you've chosen.

Note that the casino may have certain restrictions or regulations on withdrawals. For instance, they may limit the amount you can withdraw at once, the number of requests you can make over a certain period, etc. It's worth reading the terms before registering.

Choosing payment methods for online gambling

As we see, both deposit and withdrawal, as well as the player's experience, largely depend on payment methods. Let's learn about the ins and outs of the most popular casino payment methods.

Credit card

Credit cards from Visa, Mastercard, American Express, or other networks are among the most widespread options among players. They basically allow you to play now and pay later. With a grace period many banks offer, you may avoid extra fees for using credit money by paying it off on time.

Credit cards are secure and usually come with limited liability for the customer in case of fraudulent transactions. They are widely accepted by gambling operators and platforms and enable instant transfers. Casinos even set larger deposit limits for credit cards than other methods.

However, the danger of using credit cards for gambling lies in the debt it incurs. A player may get carried away in their gambling spree and end up with a heavy credit burden. And once you're out of the grace period, you'll have to pay an interest rate. Don't forget that your bank may classify your gambling expenses as a cash advance transaction, leading to huge fees.

Debit card

Debit cards are similar to credit cards in terms of convenience and coverage, but the main difference is that you spend your own money and can't lose more than you've had on your balance. This option's main benefit is that it helps you stay in control of your expenditure and not waste more money than you can afford. An additional benefit is that you can use any ATM to top up or withdraw cash from your debit card, making funds accessible the way you need.

As for debit card online payment weaknesses, these are the withdrawal timeframe of 3-5 days and the fees that some casinos set for this option.

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Prepaid card

Similar to a debit card, the funds on prepaid cards are already loaded and ready for a player to use. This method's benefits are complete anonymity, as this card isn't tied to a person and doesn't have the user's name imprinted, and security, as you don't have to share your sensitive data online.

The options you can choose from depend on your location, but some of the most globally recognised are Visa, AmEx, Play+, Neteller, Paysafecard, Skrill, and Getsby prepaid cards.

E-wallet or mobile wallet

Digital wallets are online applications that allow users to easily and quickly pay with money stored in their digital accounts. Digital wallets also enable a more seamless and convenient way to use bank cards for payments. You can enter your card details just once to have it tokenised and then make one-click payments online. What's also great about digital wallets is that they often offer competitive fees and exchange rates.

Some of the most popular methods are:

• Google Pay — GPay doesn't charge fees for its instant deposits and cashouts, making it a perfect option for gamblers. It also doesn't set any limits on transaction amounts, though casinos do. It's pre-installed on Android devices.
• Apple Pay — this method has the same perks as GPay but is designed for Apple devices.
• PayPal — one of the most trusted gambling methods with instant transactions, but it's still not widely accepted outside the US and Europe.
• Skrill — supports making deposits and withdrawals in 40 currencies but charges a fee ranging from 0.50% to 7%+ depending on various factors.
• ecoPayz — this secure option with a simple sign-up process and quick transactions charges fees, and the cashout takes up to 3 business days. It has limited global coverage and a lengthy identity verification process.

Cryptocurrency

Using crypto for online payments keeps gaining pace, and casinos are not an exemption. The top coins players globally use for gambling are Bitcoin, Bitcoin Cash, Litecoin and Monero.

There are several reasons why cryptocurrencies have become a popular method for making online payments at a casino. The first one is its anonymity. Some people prefer not seeing gambling payments in their card statements, making crypto a go-to. Besides, this method is protected by cryptography and isn't easy to hack.

Another advantage, and a drawback at the same time, is the volatility of cryptocurrencies. If you're an experienced trader, you can benefit from price fluctuations, but if you're new to crypto, the chances of losing money due to volatility are pretty high. Moreover, in some cases, this method implies significant fees and waiting time and has a higher entry barrier than the abovementioned payment options.

It's worth noting that crypto payments still have a shady reputation as many resorts to them to avoid taxation. This issue is known to governments, some of whom already consider crypto assets taxable, like the US. Keep that in mind when using crypto at casinos.

Bank transfer

Of all the casino payment methods we've mentioned, bank transfers are the least preferred by today's players. That's because bank transfers require entering lengthy bank account details and take too much time to process the request. In gambling, people like fast payments and payouts, and no one wants to wait a couple of business days for the transaction to be completed. Besides bank wire, there are also so-called instant bank transfers. Still, there's a specific waiting time for the funds to clear.

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Online casino player portrait & behaviour

If you run a casino online, offering customers their preferred payment methods is vital. For this, we've collected global statistics on casino players' behaviour and preferences that will help you understand the average gambler.

General gambling statistics

• Approximately 26% of the world's population has gambled at some point.
• About 4.2 billion people gamble at least once a year.
• 176 million active online gamblers worldwide, expected to grow to 210 million by 2025.
• 127.8 million users of online sports betting platforms.
• 94.1 million users of online casinos.
• 35% of the population has placed a sports wager in the past year, with 48% motivated by the desire to win money.

Demographics by country

• Australia: Highest rate of gambling activity, with 73% of adults having gambled in the past year.
• United States: 58 million active gamblers.
• United Kingdom and Germany: Each with 29 million active gamblers.

Players' behaviour and preferences

• About 64% of the gambling population are men, and 36% are women.
• 29% of people in the 35-44 age range gamble online at least once per month.
• More than 50% of people now place bets or access online casinos via smartphones.
• About 95% of online gamblers play casino games and place bets at home.

Data by NCPG, Gambling Industry News, PlayToday.co.

Key takeaways

• Online payments are crucial for the gambling industry's success, but selecting the right payment methods can be challenging for both online casinos and players.
• Ensuring payment security involves choosing a licensed and regulated casino, using secure payment methods with strong authentication and verification procedures, and safeguarding personal account details.
• Popular payment methods for online gambling include credit cards (though banned in some countries), debit cards, prepaid cards, e-wallets (such as Google Pay, Apple Pay, PayPal, etc.), cryptocurrencies (like Bitcoin, Litecoin, Monero), and bank transfers (though less preferred due to longer processing times).
• Players' payment preferences vary, and online casinos should offer various options to cater to their customers' needs and preferences.
• Understanding the demographics and behaviour of online casino players can help gambling businesses tailor their payment solutions and improve the overall customer experience.