Casino Payment Methods
As online casino 2021 sites evolve to keep up with current trends, so do the ways we pay for our casino deposits. These deposits are needed to set a wager at a casino and therefore it is necessary to know every possible way to make these payments.
How did things use to work?
Payment Methods at brick and mortar casinos
The way to make a deposit at a brick and mortar casino is with cash. The casino games at these establishments are built with this in mind with slots included for real money payments from coins and notes.
As debit cards became more prevalent in the late ‘90s, some of these top slot games machines were designed for players to use this new payment method. This became the most popular way to pay for casino games and this method transitioned nicely into the online casino space.
Online casino account payment methods
Taking the new card payments into account, online casinos were able to thrive under this payment method. Cash payments are obsolete in the online space. Now, when players first sign up to a casino site, they will ask the new player to provide a payment method. This is imperative for the player to be able to activate their casino account and make their first deposit.
40% of online players choose to use a debit card in order to make their online casino payments in 2017. That number has fallen significantly in the last 3 years as it now sits at 28%. This still makes card payments the most popular way to pay for casino games but what has been the cause for this decline.
The ban on credit card payments
In terms of card payments, both debit card and credit card transactions were lumped together when the stats were compiled. However, in early 2020 the UK government banned this form of payment method altogether, with many other countries following suit.
It is almost impossible to make a deposit via credit card nowadays. This ban was put into force to protect both the online casino and the player. The casino sites were losing money as these credit card payments did not always get paid. This is because players could accumulate a large debt of deposits and remain unable to pay them.
To stop the loss of funds at the casino and players getting into financial trouble, the use of credit cards as a payment method has been banned at most online casinos. However, there are other reasons for the decline in card payments.
One issue that comes with the prolonged usage of debit cards as a payment method is the risk of security. Online casinos try to exercise the best security possible however they are not immune to cyber-crime. When your bank details are anywhere online, they are at risk of being pinched by unfriendly users.
That is why third party sites have now entered the market to provide a safer place to store your money. It is called a digital wallet. The player can make deposits into this E-wallet and then transfer the funds to the online casino. They act as a middle man so that the online casino never has direct access to their bank account.
The number of players that use services like these as payment has increased in the last 3 years from just 12% of casino players to nearly 20%. Part of this is down to the security benefits but it may also be in part due to the increase in the number of companies that provide this type of service. As of 2021, players can create a digital E-wallet with:
- Paysafe card
These are just some of the E-wallet payment methods that players can find online. Whilst these are all perfectly viable ways to make a deposit to play casino games, please be aware that these sites will require monthly payments from the player to use their service. Some may even charge a cancellation fee. Always read the terms and conditions before signing up to use any service.
Pay by Phone Casinos
The online casino brought about the introduction of card payments. Now, the focus of a lot of online gamblers is mobile slots. The mobile casino industry has seen a boom of 78% of users in the last 4 years which makes it a very lucrative market. However, playing casino games whilst out and about comes with more security issues.
That is why the online casino’s and phone companies put their heads together and created the pay by phone payment method. This is a way to pay for casino games that accumulate all of your deposits and add them to your phone bill at the end of the month to be paid in one lump sum.
This payment method removes the need for players to continuously make bank transfers whilst on another internet connection, thus keeping them safe whilst gambling online.
There are a number of phone companies that provide this payment method service so it is worth checking if you can do this too. The company features many different ways to fit the pay by phone bill method into your current plan.
Cryptocurrency is considered the odd one out when it comes to casino payment methods. Only 3% of players elect to use it with many not considering a viable option for a deposit method at all.
This is because many online casinos do not accept it as a payment method. You will have to go to a casino site that exclusively takes Cryptocurrencies, such as Bitcoin, as a deposit.
Cryptocurrency is a digital currency, each individual amount being tagged with a unique code. This makes each payment easy to track, thus adding a level of security not present with real money. The money won at these types of online casino will of course be paid out in the form of the cryptocurrency that you use as a deposit.
One thing to be aware of when using cryptocurrency is that its value is tied with its value on the stock market. This means that it will fluctuate. The money you win on a slot game may be worth a lot on the day it is earned but worth nothing the next day. Alternatively, it can be worth a lot more. Make sure you read through the terms of cryptocurrency before you use it.
Payment Specific Bonuses
It may come as a surprise, but perhaps the best payment method at an online casino is one that you do not need to pay real money for. Casino sites often offer no deposit bonuses as an incentive to players either for signing up for the first time or to keep them playing at that site. These no deposit bonuses include:
- Bonus Spins: these are really only exclusive to slot games however, these bonus spins can be used across the entire catalogue of slots on a casino site. Once these bonus spins run out you will need to make a deposit of your own via another method.
- Free deposit amount: a free deposit amount is an amount of credit given to the player. Unlike bonus spins, these can be used across the entire catalogue of casino games on the site. Once again, if this free deposit amount runs out you will need another payment method to continue playing.
These no deposit bonuses can be encountered under many different circumstances, therefore it is always a good idea to check the promotions page of every online casino that you visit to see if you qualify for any bonuses. Also, read the terms and conditions of these offers to find out whether or not you meet the requirements for the bonus or whether you stand to win real money when playing with the no deposit bonus.
Wagering Requirements and Terms and Conditions
The big takeaway to come away with when analysing all of these payment methods is that it is wise to always read the terms and conditions before signing up to wager at an online casino. Also, these terms and conditions will be present when you apply to use an alternate payment method such as a digital wallet or the pay by phone method.
These terms and conditions will detail all the wagering requirements that the player will need to meet. These wagering requirements are a set of criteria that the player must meet to place a wager or use a payment method. This can be legal details or hidden payments that the player needs to make in order to continue playing.
Thus, these terms and conditions exist for the benefit of both the player and the online casino.
In summary, there are plenty of different payment methods that you can use to make a deposit at an online casino. Whether you are a player that has security concerns, wants to sample casino games before you try them or just want to safely gamble with your phone, there is a payment method out there for you.