ShareNow that gaming goes beyond playing in person with friends thanks to online casinos, there are a few more thingsto consider than there have been in the past. These considerations include identifying a legitimate online casino, determining what bonuses you should take advantage of, and, of course, what payment method to use.
Here, we’ll look at one aspect of these considerations: the most popular payment methods available for people playing at online casinos. These will help you make an informed decision for your own gameplay.
Credit & Debit Cards
Credit and debit cards tend to be the most popular and available payment options for online purchases (even beyond gaming), with brands like Mastercard and Visa being the most widely accepted. Beyond the ease of use for these forms of payment, they also hold additional benefits when making purchases that contribute to their popularity.
Credit cards are tied to credit ratings and can help you build a good credit scorewhen you use them while following best practices. Some cards even offer users rewards or cash back for spending with them, benefiting cardholders for purchases they’d typically already make. Another considerable benefit of credit cards is that if there’s a problem with a purchase (like if the wrong amount was charged to your card), it’s the easiest payment method for disputing and resolving the issue.
Debit cards offer you the benefit of interest-free purchases (something credit card purchases are subject to) and fewer fees. Unlike credit cards, you’re using your funds to make purchases rather than borrowing from a credit card company, which can help prevent you from building debt or making purchases beyond your budget. While you may think gaming wouldn’t blow your budget, those seemingly small deposits can add up quickly!
Of course, like anything, there are a few cons or concerns to consider with card payments. The most significant consideration is that to pay with this method, you must enter your private information to process the payment, which is subject to security concerns. This is why it’s essential to ensure that the online casino you’re inputting your details into is a legitimate and secure platform.
Digital Wallets
Digital wallets (aka e-wallets) are steadily gaining popularity, with PayPal leading the charge (pun intended) in the United States in 2023. If you’re not sure what an e-wallet is, it’s an electronic place to store your payment information so that you don’t have to rely on using your credit or debit cards every time you want to make a payment. Some of the most popular digital wallets accepted on online gaming platforms include PayPal, Neteller, and Skrill.
Like credit and debit cards, there are pros and cons to this payment method. The pros are that it streamlines making payments (you won’t have to painstakingly enter your info) and helps protect your personal financial details (like your card number). The cons, on the other hand, are that if your device with the digital wallet is stolen or gets a virus, your personal information is in danger of being stolen.
Pre-Paid Cards
Pre-paid cards, like those available from Visa or Mastercard, operate like a gift card. You can add a set amount of cash to a card, and then you can use this to make deposits when gaming without needing to add your personal financial details to an online casino. These cards can be great for sticking to a budget, as you only have a pre-paid amount available to you. They also help you avoid transaction fees that are common with other payment methods.
The biggest problem, however, is that you cannot use these cards to make a withdrawal. This means that if you earn anything while gaming, you’ll have to add another payment method to withdraw your winnings. Purchasing these cards also comes with a fee, which can add up over time.
Bank Transfers
Bank transfers, which you may also hear referred to as wire transfers or direct transfers, offer a few benefits, particularly for high rollers. They allow you to securely make payments to or from casinos. The reason this is particularly beneficial for high rollers is that it is typically only a payment option for substantial deposits or withdrawals.
Pay by Phone
While there are many casinos that accept pay by phone, it’s one of the least-used payment options explored here. It’s a convenient and fast way for players to make deposits without having to share their private financial details with the online casino. But, just like pre-paid cards, this method doesn’t allow you to withdraw any winnings you earn.
Online Gaming Payment Best Practices
With different payment methods in mind, you may also want to consider other elements of your financial health when it comes to online gaming. Generally, it’s considered best practice to use the following tips when playing on an online casino:
• Have a budget set up before playing
• Double-check the security and terms of the casino
• Set up deposit limits (to save yourself from unintentionally overspending)
• Don’t play for the sake of making money; instead, play for the fun of it
There’s No Right or Wrong Payment Method
With so many different payment options available, you have the freedom to find the method you’re most comfortable with and that best suits your finances. When determining the best fit, consider each method’s ease of use, security, and any associated fees. These will help you protect your financial health and personal information, all while enjoying the game.
