Casino Payment and Withdrawal Methods
There’s a first time for everything and if you are new to the exciting and entertaining world of online gambling, you probably have some questions that you’d like answered.
You may have heard great things about certain online casinos but the true value for any curious gambler is to find the best online casino payment method that sits right with you. The good news is that in the interest of clarity, the team here at Gambling Metropolis has done all the heavy lifting for you by comparing all of the different ways to pay in one place.
Credit and Debit Cards
The old reliable plastic options aren’t quite out of demand just yet. Millions of users still put their faith in the two primary powerhouses, Visa and MasterCard for their credit card payments. MasterCard’s Maestro debit card is also accepted in many online casinos.
While the vast majority of casinos will offer at least two of these three options it is worth bearing in mind that in the not too distant future, as gamblers seek out payment choices that afford them greater anonymity and security, these options will fall out of favour, or will be forced to adapt and pivot in a manner that encourages greater confidence and trust.
Few people complete online transactions that don’t have an e-wallet today. PayPal is a household name, however, despite the incredible level of trust that its users have in it, the company is much more selective in terms of the online casinos that it will partner with.
As such, it’s only ever a good sign when you see PayPal among the listed payment options because it indicates that the online casino you are playing is committed to licensing, regulation and fair play.
Neteller is the one name that the online gambling community is very familiar with. It has been available to online gamblers as a secure and trusted option from the very early days and is still widely accepted as a deposit method.
Skrill is fast becoming one of the most popular (relative) newcomers. Equipped with a prepaid debit card and available in many different currencies, this flexible, widely welcomed solution makes fast, efficient and secure deposits and withdrawals a breeze.
While this is something of a new frontier with regards to online casino deposit options, cryptocurrency is slowly but surely inching its way into more and more casinos as an accepted payment option.
There are hundreds of different cryptocurrency options on the market, but to play at online casinos you will most likely have to own Bitcoin, Litecoin, Bitcoin, Ethereum, Bitcoin Cash or Dogecoin.
The true value of using digital currency as opposed to many other payment options, including those listed above, is that withdrawals are not subject to fees and there is no tax obligation with regards to winnings in the majority of countries.
While this makes this payment method very attractive, it is worth bearing in mind that if you want in, you have to be prepared to spend some money.
Bitcoin is the flagship cryptocurrency, so to speak, and given that each coin will set you back a few thousand pounds sterling (or Euro) this is not necessarily the most economical way to enjoy online gambling, particularly where there are plenty of other secure options available that cost nothing at all.
Offline Payment Methods
An online casino payment is something that many people want to keep separate from their personal or business financial statements. Mobile phone payments are the ideal way to achieve this, while simultaneously maintaining your anonymity and keeping all of your data, aside from your phone number, to yourself.
Charging your deposits and payments to prepaid mobile phone credit, or adding it to your monthly mobile phone bill is a simple and efficient way to complete fast transactions. There is plenty of different pay by phone options on the market; Boku is one of the most popular.
What About Making Withdrawals?
The process of making withdrawals from online casinos is a subject matter that you will be glad we did a lot of research on. While many of the aforementioned payment types are also readily available where withdrawals are concerned, some do not afford this convenience.
As a deposit method, mobile phone payments are fantastic. However, withdrawals are not possible, since this would essentially require a credit to be applied to your phone bill or a top-up to your prepaid balance. The complexities to achieve this mean that it’s not an option that will be on the table any time soon.
The good news is that an online casino payment made using one payment method does not limit your chances of making withdrawals. You can opt to receive payments via your e-wallet, cryptocurrency account or credit card/debit card in most instances.
As you will see from our deep dig, fees apply in many cases, so it’s worth considering the pros and cons so that you get the biggest bang for your buck and come out smiling with all of your winnings.
Online Casino Payment Method Options FAQS
How do I complete a deposit transaction at an online casino?
If this is your first time engaging with online casinos then you couldn’t have chosen a better time. Convenience is king, so making a deposit is very easy and will only take a matter of seconds to complete.
Each casino has its own process, but they are all quite similar. Generally, you will select how much you want to transfer, select the appropriate method from the payment choices, fill in any additional details and then expect confirmation that you’re ready to play within moments.
How will I know the available deposit methods?
Each casino will have preferred payment methods, which you can find at a glance on their home page, or if you navigate to the respective online casino deposit options. Typically, most will include Visa/MasterCard and you will most likely find an e-wallet option and, depending on the site, there may also be cryptocurrency and offline methods, too.
Can I withdraw winnings to the payment method I chose?
This is the one area that many casinos differ on. It all boils down to the available payment options. If you use offline methods such as pay by phone, then you won’t be able to withdraw winnings back onto your phone. However, for e-wallets, cryptocurrency, credit/debit cards there are usually facilities in place to make this possible. It is always worth checking if any fees apply.
Is there a minimum timeframe I have to wait before cashing in and receiving all of my winnings?
If you chose a payment method that will see your winnings credited back to your bank account, then the likelihood is that you will have to wait anywhere in the region of 1-5 business days.
Transfers to e-wallets are much swifter and can happen within minutes in some instances. There may be a limit on how much you can withdraw during a specific period, it all depends on the casino’s unique terms and conditions.
Is it possible to keep track of deposit and withdrawal transactions?
Yes. Each casino allows its players to access online casino payment via their account history.
What’s more, if you are paying directly from your bank account using plastic, or an intermediary service such as Trustly, or if you are using an e-wallet, you can also check your statements or bank account in real-time to see exactly what deposits and lodgments have been made.
What is the most I stand to win by gambling at an online casino?
Random Number Generators are used in online casinos, which means that the outcome is the same as if you played at a land-based casino. Basically, the sky is the limit. You could win big in a short space of time, or you could see small returns for a long period before you finally hit your stride.
The key thing to bear in mind when gambling online is that it is supposed to be fun. The best way to get the most out of it is to treat it as such. Set aside exactly what you budget to spend each time you log in and stick to your guns in this regard. That way, even if you lose it all, it was a loss that you could afford to take and you don’t have to stress about your next slot spin paying out to compensate.
The smarter you are with your budget, the more fun it will be and those winnings will be that bit sweeter when they come.