Published on September 3rd, 2019 | by Sunit Nandi0
Ways to Pay to Play
The days when the only way to join in the fun at a casino was to go there in person and hand over hard cash in exchange for chips are long gone. These days, you can play online wherever you are and choose from a huge range of casinos, all offering your favourite games like roulette, blackjack, poker and baccarat. It doesn’t stop there, however. Not only do you have a huge range of different ways to play, there are also lots of different ways to pay as well, from a simple bank transfer to the very latest cryptocurrencies.
Most online casinos will accept a range of payment methods to suit your changing needs. However, if you are keen to pay a particular way you can find casinos that specialise in different forms of deposit payments. You may even find more generous new player deposit bonuses at these casinos, aimed at attracting your preferred style of payment.
Each style of payment has its advantages and disadvantages. The right payment method for you will depend on things like how quickly you want to get your winnings, how secure you want your payment to be and what levels of privacy you want for your gaming spend. Let’s take a look at the main ways to pay at online casinos.
Bank deposits are the most straightforward way to make a deposit at an online casino. You simply give them your bank details and the transfers are made in the same way as any other online payment. This can be useful for managing your money, you won’t have to keep track of credit cards or other accounts. The disadvantage is that you have to give your financial details to a third party, often in an overseas jurisdiction. Even if you trust them to only take the money you have agreed, there remains the possibility that your details will be hacked and your bank account will be vulnerable, which means that your cash, or even your identity, could be at risk.
Credit or debit card
Using a debit or credit card offers the same speed and efficiency as a direct bank transfer, but also comes with extra protection. Fraudulent payments made using your credit card or debit card details are usually covered by the issuing company and you will get your money back if the card details are used without your permission. Many people prefer to use debit cards, since they restrict the amount that can be spent to whatever is in the account at the time, whereas with credit cards it can be tempting to overspend. Some credit cards may charge a fee to make a casino deposit, or you may find you are charged interest from the moment the transfer is made since the card company sees it as a cash withdrawal.
PayPal is the world’s largest and best known e-wallet service, with over 100 million members across the globe. Electronic payments like this allow you to make deposits into a casino account without having to reveal senstive bank details to third parties or strangers online. You can connect your PayPal account to both your bank account and your credit card, and decide when you use it which account you wish to make the payment from. The online casino will receive their payment directly from PayPal, with no record of your personal details.
PayPal casino deposits are not only quick and convenient, they are also more private, as the amount will only show on your bank statement as a PayPal transaction not a casino deposit. Any winnings you withdraw will also go straight into your PayPal account. From there they can be withdrawn immediately to your bank account.
Perhaps the biggest advantage of using a PayPal casino is the reassurance that comes with it. PayPal will only allow tried and trusted companies to use their system. That means that if your chosen casino offers PayPal for deposits, they have been thoroughly checked and found to be safe, reliable and responsible. That’s not to say that casinos who do not offer PayPal are disreputable, but it does promise that those who do can be trusted.
Skrill is an e-wallet similar to PayPal, but is less popular, so you may struggle to find multiple casinos that accept it. It was primarily designed as a safe and simple way to transfer money internationally, so while it offers many of the same levels of convenience, privacy and confidence as PayPal (including allowing you to keep your personal financial details secret) Skrill fees can be more expensive than other casino deposit methods. However, if you already have a Skrill account, it can be more convenient to use this than to spend time setting up a PayPal account and linking it to your accounts and cards.
Cryptocurrency casinos are the new kids on the block, but they are gaining popularity fast. This is partly due to the inherent fluctuations that come with the currency itself. Convert your cash into cryptocurrency, such as BitCoin, and movements in the market could be making you money even if you only break even at the gaming tables. However, you need to make sure that any wagers you make are in the cryptocurrency itself, because if the casino converts your deposit before playing the conversion rate could end up costing you money – especially if they are slow to react to market changes.
Another benefit of cryptocurrency casinos is that they tend to provide much faster payouts than bank transfers. If you win with cryptocurrency, you could be paid instantaneously. This is very attractive compared to waiting several days for your bank to be credited.
For many players, the biggest advantage of making their deposit using cryptocurrency is the total anonymity that comes with it. You don’t have to risk giving your bank details, or even your PayPal account details, to an online company, so there is no chance your data will be stolen, and your casino deposit will not show up on your bank statement.