When visiting a land-based casino, payment is simple: cash, card, or chips. Online casinos, however, often offer numerous payment methods.
It can get confusing, especially if you’re looking at a casino based outside your country. But don’t worry—it’s far more accessible than it seems. In this guide, we’ll help you decipher the everyday payment landscape of online casinos.
Why Payment Methods and Speed Matters
There are obvious reasons why it’s essential to pick the correct payment method. First, it’s whether you successfully make deposits in the first place. If the casino is based in another country, paying may not be possible.
Second, there’s convenience. Some casinos will accept bank transfers, but you’ll be left waiting for up to 48 hours (sometimes longer!) before you can play a game. If you were thinking of wagering on sports, the opportunity will be gone.
But what people don’t often think about is that it’s not just about deposits. Withdrawals are just as important, if not more so. If you win a big jackpot, you don’t want to be left waiting.
That’s why fast payout casinos are preferred by expert players, as your withdrawal will be given the green light quickly and efficiently. No waiting around. When scanning for payment methods, check whether the withdrawal time is just as short as for deposits. If not, ask yourself why.
Visa and Mastercard
They’ve been around for decades, but they still rule supreme. Visa and Mastercard dominate the market offline and still do so regarding e-commerce. Most people have one, no matter where you are on the planet.
Basically, every legitimate casino will accept Visa and Mastercard as a payment method (or a derivative, like Mastercard-owned Maestro in some European countries). If your chosen casino only accepts crypto, it may be worth reconsidering your choice.
An alternative to Visa and Mastercard is the new digital bank. There are no high-street branches like you’re used to, but everything is handled by an app. It’s super convenient, and costs are low (or even free).
Revolut is a popular version of these, as you can hold different accounts in one, all in a different currency. That means no FX fees, quick switching between currencies, and convenient payment.
Digital Mobile Wallet (e-wallets)
Digital mobile wallets, or e-wallets as they’re also known, are rapidly gaining a commanding market share. In Canada, for example, e-wallets now represent a quarter of the e-commerce payment industry, up from just over 12% in 2016.
Casinos are attuned to the changes of the fast-paced technological landscape and so will accept most digital wallets on the market. Where most companies limit payments to juggernauts like PayPal and Skrill, casinos tend to have a wide selection (catering to almost every user).
Cryptocurrencies
We’re still a long way from accepting crypto at your local supermarket in every country (some are already there!), but that doesn’t mean casinos are waiting.
Many will accept the so-called big names in crypto, such as Bitcoin and Ethereum. This makes it really easy to make tracked yet anonymous payments, which happen almost instantly and without FX fees. This is a solid option for consumers looking for a way to spend their crypto, perhaps at a casino based abroad.
Account to Account
Generally speaking, this is also known as the traditional bank transfer. In some countries, like the United Kingdom, you can use a Direct Debit (which casinos don’t generally use).
This payment method can be one of the most inconvenient. We’re used to contactless payments and paying with Apple Pay. Now imagine doing a bank transfer, having to manually enter the details on your banking app. Even though it only takes a few minutes, it can feel like an eternity!
However, in some countries, account-to-account is the standard method. They tend to implement app solutions to facilitate fast payments. And it also means casinos continue to cater to more traditional customers, who prefer bank transfers.
Beyond Your Local Casino
The great advantage of online casinos is that you don’t have to stick to your neck of the woods. Sure, some payment methods are geared towards specific countries, but because casinos also accept digital wallet payments, card transactions from companies like Revolut, and now crypto, too, you can play pretty much anywhere.
Just remember, cash is cash, no matter where you’re playing. Never put more money than you can afford to lose, don’t chase those losses, and always think of gambling as precisely what it is: entertainment.
If you win a jackpot, pop the champagne, but don’t let your thoughts on it as a retirement plan. And with that, enjoy! No matter which payment method you use.
