Technology has an impact on every industry. Take online casinos as an example. In the early days of online gambling, it was not uncommon to deposit money to casinos through physical checks. Then innovation happened and eChecks replaced paper checks.
Some payment methods like bank transfer and credit cards have not changed so much over the years. However, we have new banking methods with a multitude of benefits. Learn more below.
Digital Wallets
Digital wallets rose to popularity in the early 2000s. Some of them—PayPal, Skrill and Neteller—have been around ever since. PayPal is arguably the most popular e-wallet in the world.
But lately, it’s been facing stiff competition from the following startups:
- Apple Pay
- Google Pay
- EcoPayz
- Trustly
- Skrill & Neteller
- Sofort
For clarity, we’ve mentioned e-wallets that support online gambling deposits. Otherwise, there are lot more companies out there giving PayPal a run for its money.
What is the best e-wallet for casino deposits? The short answer is that it depends on where you live. Also, it depends on the banking features you value the most.
PayPal
Because it is available in 200+ countries, PayPal is an excellent payment method for most casino players. It’s fast, secure, and works with dozens of top-rated casino sites.
What’s more, PayPal offers free deposits and the ability to add your credit/debit card to your account. Additionally, you can earn casino bonuses if you use the e-wallet.
Google Pay
Google Pay is a relatively new, fast-growing payment method available in the US, India, Japan, Singapore, Australia, Canada, the UK and a few more countries. Similar to PayPal, casino deposits made through Google Pay are free of charge.
What’s more, it’s fast, secure, mobile-friendly and easy to use. That said, Google Pay is a great e-wallet for people who transact with amounts worth up to $2500: this is the maximum amount you send through the e-wallet per day.
Now, Google Pay isn’t as popular as PayPal in the US and Canada. If you want a good casino that supports the digital wallet, look at these Google Pay casinos by canadacasinos.live.
Skrill & Neteller
Skrill and Neteller are similar in many ways. First, they are both owned by Paysafe Limited. Secondly, both of them launched with a focus on the online gambling market.
Due to that, it’s pretty easy to find an online casino that supports one of the payment companies. When it comes to functioning, you need a MasterCard to deposit money to your Skrill or Neteller account.
That said, some casinos won’t give you a welcome bonus if you use Neteller or its sister company for deposits.
Apple Pay
Apple Pay is Apple’s answer to Google Pay. Although Google Pay works on iOS devices, Apple Pay doesn’t run on android. You need an iPhone 6 or later device to use the app.
Security wise, Apple Pay is secure. It’s mobile-friendly and fast enough for every day purchases. When it comes to limits, the company caps daily transactions at $3000 and weekly payments at $10,000.
Credit/Debit Cards
Almost every online casino supports credit/debit card payments. Visa and MasterCard are usually the two primary options at casinos. But depending on where you live, you could also use Maestro or Discover.
In some countries—the UK—you can’t use credit cards to deposit money to gambling sites. It is illegal. However, the UK permits debit cards. In case you’re wondering, debit card deduct money from your bank account while credit cards lend you money you have to pay later with an interest.
What are the benefits of using cards for casino deposits? For starters, it’s easy to find a Visa or MasterCard casino. Secondly, both credit and debit card deposits qualify for welcome bonuses at most gaming sites.
Bank Transfer
As we mentioned earlier, bank transfer is one of the old payment methods that haven’t evolved much since their inception. It takes 2-5 days to deposit money to online casinos through wire transfer. And it could cost up to $20.
In light of that information, there’s never a reason to use bank transfer for casino payments. Nearly every other payment option supports instant deposits free of charge.
With that in mind, bank transfer is an excellent payment option when withdrawing money from casinos. Let’s say you’ve won $100,000. No e-wallet supports such high limits. And this is where wire transfer comes in handy.
Electronic Checks
Electronic checks work exactly like traditional checks. The only difference is that paperwork is not exactly needed. Electronic checks also have another benefit over paper checks—they rarely bounce.
Banks only clear an eCheck after confirming a client has money in their account. This assures casinos that will receive their money even if it takes a couple of days to reflect.
Mobile Payment Apps
Some payment methods primarily work through android and iOS devices. Think of Boku. This payment app has a service known as Pay by Phone. It lets you deposit money to online casinos through credit. Then it bills you at the end of the month.
Boku aside, many digital wallets in 2022 also support mobile banking. From PayPal and Apple Pay to Google Pay and Skrill—all these companies work on smartphones.
Cryptocurrencies
Although Bitcoin has been around since 2009, many people only learned about it in the last five years. That’s alright, though. Bitcoin’s growing popularity in the mainstream culture helped it get adopted by the casino industry.
On the one hand, you can use bitcoin or altcoins like Ethereum and Solana for casino deposits. On the other end, you can use crypto for actual gambling. When you win, you receive Bitcoins and not dollars or euros.
Another way crypto is advancing the casino sector is by helping create fair games. This works through blockchain—the engine through which crypto exists. Blockchain is like a decentralized ledger.
No one can corrupt it. Yet, it can be used to create apps, store data and process transactions throughout the world. Presently, there aren’t many blockchain-based games. However, those that exists are provably fair.
