In the early days of online casino, banking institutions were not overly keen to provide facilities to gambling operators who wished to accept direct bank to bank transfers. For legal reasons, banks were also reluctant to authorise transfers from players if they suspected that the cash transfer was intended to be used for gambling purposes.
Sadly, this problem still exists in many parts of the world today. For these reasons, players have sought easier and more convenient ways to make online casino deposits, and gambling operators have responded by offering a diverse number of methods a player can use
The chart below summarises key features of the standard deposit and withdrawal methods available at the casino and other gaming platforms.
Payment Method Categories
It is in the casinos best interests to offer as many payment methods as possible, so there is a suitable option for all their customers to make deposits and play at the casino.
These payment methods can fall into four categories.
Credit/Debit Cards
Credit and Debit cards are the most popular payment methods for online casinos, but if you intend to play at a few casinos, it might be a good idea to have a separate one in place for your gambling activities.
Credit and Debit cards accepted usually consist of the list below.
E-Wallets
E-Wallets are becoming increasingly popular because it is easy to keep track of all transactions and withdrawals times are usually quicker than with some of the other payment methods.
Most common eWallets usually consist of the list below.
Cryptocurrency
There is an ever-increasing number of online casinos which accept cryptocurrencies as a payment option, and it is widely thought that it won’t be long before every casino accepts this method of payment.
If you are considering using a cryptocurrency, keep in mind that their value is extremely volatile. The highs and lows of this market could work for or against you, introducing another layer of risk.
The following coins are the most popular to be found at the cryptocurrency casino, but you can confidently expect to see many more over the months and years ahead.
Other payment methods
To accommodate players who cannot or don’t want to use the methods listed above, here are some other payment methods, here are some different ways to deposit funds:
How Casinos Manage Withdrawals and Deposits
When you make a deposit into an online casino, it is usually credited to your casino account instantly. Sadly, this is not the case when you make a withdrawal; as it can take several days for funds to appear in the account you are using depending on the payment method. Different casinos have different rules regarding the withdrawal processing times which they operate. It is advisable to check first so that you know where you stand on the issue.
Example:
Let’s look at 888casino.com as an example of their withdrawal time frames, but you will find that all online casinos are pretty similar.
Surprisingly, the time frames operate between Monday and Friday so if you make a withdrawal on a Saturday, the processing times don’t start until Monday.
When you make a withdrawal, the request is processed within one working day, and the transaction itself will take place within three working days. The fact that the withdrawal is not processed straight away dramatically favours the casino because there is always the option for the player to reverse the withdrawal and carry on playing. It goes without saying that if you are happy with the amount that you are withdrawing, for obvious reasons, don’t even be tempted to go back and reverse the withdrawal.
Quickly Checks to Know if Payments are Secure
The simple way to find out if your payments and personal details are secure is to check if the casino has a license from one or more gaming jurisdictions. One of the requirements for a gaming license is that a casino must have measures in place to protect the players account details and financial transactions.
These measures include the requirement of an SSL Certificate which encrypts data such as credit and debit card details along with personal information such as date of birth and the name of the player. A casino also needs to have a segregated fund to pay out winnings as opposed to using players deposits to do this.
The audits which are required to obtain a gaming license are stringent, so you can rest assured that your deposited funds and personal details will be safe. You should not necessarily assume that a casino has a license just because they have a gaming jurisdiction logo on their website (especially if you have never heard of the casino).
Always check with the relevant gaming authority just to make sure. To do this, you need to look at the authorities website where they will have a list of the casinos which have been granted a license.
What you Need to Do Before Making a Casino Withdrawal
Before we talk about the different payment methods that are available, it would be a good idea to first touch on the subject of ID requests from the casinos when you are making a withdrawal for the first time.
You often hear of people panicking on the casino forums because they have won some money on an online casino, made a withdrawal request and immediately received an email asking them for various forms of identification before the withdrawal can be processed. They automatically think that the casino is trying to wriggle out of paying them, so they are not very happy, to put it mildly. What you should always remember is that ID requests are standard and to be expected. (even though not all casinos request them)
The casinos are not trying to get out of paying you, but often (sometimes as a legal requirement) they have to ask you to prove that you are who you say you are and that you are of an age where you are allowed to gamble online. When they ask for ID, gaming establishments usually want a copy of your passport or driving license, proof of your address (generally in the form of a utility bill) and sometimes a copy of your payment method. (a photocopy of both sides of your debit/credit card or a screenshot of the account page of your web wallet).
So, to save time later on, it is always a good idea to have these copies ready on your computer so that it is only a matter of sending them to the casino on request. You will have to update any utility bills etc. as it is usually a requirement that they are under three months old. If you have used a debit or credit card to make a deposit, it is quite acceptable to block out the middle digits of the account number, and as both sides of the card are sometimes requested, it is also advisable to cover up the three-digit security number next to the signature.
While it could be argued that the casinos should ask for ID before you even make a deposit, it is usually only asked for when you make a withdrawal. You can gripe all you like, but no ID will mean no withdrawal, so get these details downloaded onto your computer, and you can concentrate on getting on with the job in hand.
Most Important things to Keep in Mind
The number one thing to remember when you are depositing into an online casino is that the payment method from which you are making the payment and the casino that you are making the payment too are both safe and secure.
If you are asked to provide ID to prove your identity, don’t be offended or think that the casino is trying to get out of paying you, they are not. They are doing it for your protection so believe it or not, it should be more of a concern if a casino does not send you an ID request!
Be careful if you are using the same debit card as the one that you use to pay for your everyday bills as it can lead to a great deal of confusion, it’s far easier to use a card which is dedicated to your casino play.
The preferred option is to use an Ewallet as all transactions are kept separate and as you can link a prepaid card to your wallet, you will always be able to access your funds, whether that is withdrawing them through an ATM or using the card in to pay for goods or services.
Remember to keep your eyes peeled for all developments involving cryptocurrencies as you will see all kinds of incentives from both the Crypto wallets and the casinos as they will offer all sorts of enhanced bonuses to persuade you to use this type of deposit method.
Payment methods that you can profit from
As with any form of online gambling, it is highly recommended that you keep a lookout for every edge that you can get which will increase your profit or allow you opportunities which may not be available elsewhere.
Skrill Incentives
You will sometimes hear Skrill referred to as Moneybookers as that was the old name for this payment method before it became Skrill, and you will find that anyone who is serious about opening accounts with online casinos and sportsbooks will have a Skrill account. It has taken over from Neteller as being regarded as the number one Ewallet, and it has an excellent reputation.
When you open a Skrill account, the first thing to do is register for a Skrill Prepaid Mastercard. Funds are then accessible in your Skrill account and withdrawn through an ATM which beats the time it would take to withdraw funds from Skrill to your bank account.
Skrill runs regular promotions in which you are rewarded by the amount of money you deposit using your Skrill account, as well as a refer a friend scheme which can be quite lucrative. From your Skrill dashboard, you can invite friends to open an account and receive 10% of their Skrill fees up to a maximum of $100.
When opening a Skrill account, it should always be your aim to achieve VIP status due to the reduced fees and other benefits that an account of this status can offer. There are different levels for Skrill VIP, Bronze, Silver, Gold and Diamond and at first sight, the requirements for even the Bronze level seem to be quite daunting at a required turnover of $6000 over a three month period. Don’t be put off because you may be surprised how quickly it mounts up if you are playing online casinos on a regular basis.
The ultimate VIP level is Ambassador, and this is where it gets fascinating as it is possible to earn up to €100,000 for every VIP that you introduce. This level also opens up various other benefits such as exclusive promotions as well as the lucrative revenue stream inviting other people to sign up for an account. There is an application form on the Skrill website which allows you to apply for Ambassador level, so it is well worth considering if you are interested in this highly lucrative revenue opportunity.
Cryptocurrency Incentives
Without a doubt, this is an area in which you would be well advised to keep a very close eye on, as opportunities to profit using crypto at the casino dwarf those available from other payment methods.
It would seem that everyone is now a crypto expert, especially after Bitcoin reached record highs at the tail end of 2017. It doesn’t matter if you think the price of Bitcoin and other cryptocurrencies will continue to rise or fall off a cliff. The underlying technology will ultimately change the way that you make transactions to an online casino, and possibly even every other purchase that you make in your everyday life.
For now, though, if you are interested in using cryptocurrencies such as Bitcoin and Etherium to fund your casino accounts, and you have signed up to casinos which have this facility, it is worth looking at the various incentives offered by Crypto Wallets. Such incentives are typically given when it comes to opening accounts and making recommendations. If you are NOT familiar with the ins and outs of cryptos, all you need to know for now is that you will need what is known as a wallet to make your transactions.
New wallets are coming to market on an almost daily basis, and we could talk about the different options all day long, but one such reliable online wallet which offers incentives is coinbase.com. Coinbase is not only a wallet but an exchange where you can buy and sell cryptocurrencies. For sending and receiving crypto to online casinos, it is incredibly secure, probably one of the safest on the market at the time of writing and it has the added benefit of a referral scheme.
The way it works is that when you refer someone, and they open an account at Coinbase and purchase $100 or more of cryptocurrency, the referrer will receive $10. When you take into consideration that they will need first to acquire a cryptocurrency to deposit into the casino, you can see that it will not be difficult to earn the referral fee.
It might not seem like much, but we will soon be at the stage whereby all casinos offer cryptocurrencies as a payment option, and it will be far easier to provide recommendations to open accounts.
Credit card cash backs
If you are going to use a credit card to deposit and withdraw funds from a casino account, then keep an eye out for the cashback offers. Some credit cards offer cashbacks on the amount of money spent. When it comes to finding out which credit cards are offering cashbacks, Google really is your friend. Take care that you don’t end up spending more money than you are comfortable with at an online casino to receive a cashback. Look at it as an extra bonus and another weapon in your arsenal for getting the most from your money when playing at the online casinos.
