Something that every online gambler has to consider when playing at an online casino, are what online payment services they have at their disposal. When you play on the Internet, you will not have the option to deposit using physical currency and thus, you will have to resort to one of the many payment methods supported by a particular online casino.
These vary greatly depending on your website of choice, but there are certain trends that most online casinos follow and in this article, we will cover everything you need to know about banking at gambling websites.
Online Casino Payment Methods
Since the Internet entered the commercial market in the early 90s, many online payment services have come out seeking to satisfy your banking needs. Over time, these have developed and become ever more complex and specialized, give you a lot of options when it comes to your particular needs. Currently, online casino supports a wide array of different payment services, with each type featuring its own unique set of advantages and disadvantages. Below, we will go more into detail about the most common types of payment methods.
Credit and Debit Cards
Credit cards without a doubt, the most widely utilized payment method, not only at online casinos but on the Internet as a whole. The number of credit card users is rising with each subsequent year and in the third quarter of 2017, Visa reported that over 700 million of their cards are in the hands of users. This is only one credit card brand out of several commercial ones and we already see how much people use them. It is safe to say that with a credit card there is little that you cannot accomplish. They are universally accepted and have become a staple in the making of online payments.
Something to note here is that there is a difference between credit and debit cards. While the look similar and work in the exact same way, they are not the same. A credit card enables the user to borrow the money they need for the transaction and they are expected to repay it with interest at a later date. A debit card, on the other hand, allows you to only spend money that you have already deposited into your bank account. When making a transaction with a debit card, you are making a transaction with money that you already own. This is the only difference between the two card types and they are identical in every other respect. Both come with a 16-digit code on the front, both include a 3-digit CVV code on the back, as well as other similar qualities.
The process of making a deposit with a card is entirely simple. You will be asked to submit the information of the card, enter the deposit amount and confirm the transaction. After that, your deposit will go through in mere seconds and you can proceed to gamble away with no trouble. Where withdrawals are concerned, you will find that credit cards are capable of that as well. Although, the process will take anywhere between 1 and 5 business days after the casino approves the transaction.
Electronic wallets are one of the most popular transaction methods among the online gambling community and they are supported by most gambling websites. These services have been around for quite a long time and have come to be accepted as a norm in the online gambling industry. E-Wallets, as they are often called, give users the possibility to store their money on the Internet and make transactions with it as they wish. With an eWallet, you will be able to control your funds much like with a bank account, with some added benefits. For one, transactions made to online casinos would clear instantly, allowing you to immediately start playing. Where withdrawals are concerned, you will find that eWallets offer perhaps the quickest transactions in the industry. When you wish to cash in via eWallet, the transaction will be processed in a few hours, after being approved by the casino, of course. When compared with credit card and bank transfers, which could take anywhere up to a working week to clear, eWallets are extremely fast.
Additionally, you will be able to enjoy relative anonymity when making your deposits via eWallet. Since the eWallet is independent of your personal bank account, the casino would not receive any information about it. This feature is heavily appreciated by gamblers and it is one of the primary benefits of this service.
Prepaid cards have become a legitimate method of depositing to your online casino balance and are certainly one of the most convenient payment solutions that you can have at your disposal. Prepaid services come in the form of cards which you load with money at the moment of purchase, which you can later spend online at any website that accepts the particular brand.
Prepaid cards come with some significant advantages and disadvantages and are suited to a particular type of gambler. Prepaid services might be especially beneficial to those who do not wish to commit to a long-term payment solution or simply have not acquired a bank account yet. In any event, you can certainly use this payment type for gambling transactions and it will be able to provide you with several benefits.
For example, a prepaid card will allow you to immediately start playing after confirming the transaction since the transfer is instant. Additionally, most prepaid cards allow the user to remain completely anonymous as they do not reveal any personal information. However, one of the worst aspects of this payment type is the inability to withdraw funds and when the time comes to cash in, you will have to do so via another payment solution.
Online banking has risen in popularity over the last few years and it shows no signs of stopping. This payment service has largely been ignored by the gambling community, but as of late it seems to be making a comeback. For those not familiar, online banking is a means of funding your casino balance by transferring money directly from your bank account to your casino account.
Online banking can come in many forms and there are plenty of services which you can utilize for the purposes of online gambling. Typically when you make a deposit with online banking, the transaction will be cleared instantly. Moreover, withdrawals are also possible in most circumstances and will take anywhere between 1 and 5 days to clear.
Online banking is an excellent way for you to manage your casino bankroll, as unlike some other payment methods, this one protects your anonymity as much as possible. It is a common feature for such services not to disclose your personal information to your online casino of choice and thus, you will not be required to reveal anything about yourself.
Cryptocurrencies are becoming the fastest rising online payment service on the Internet and online casinos have taken notice of this. There are now a good number of gambling websites which accept deposit via cryptocurrency. For those not in the loop, a cryptocurrency is a form of money that only exists on the Internet and has no physical form. Moreover, cryptocurrencies are not regulated by a sole entity, rather by the community that supports them. Most cryptocurrencies are decentralized and there is no central authority to exert control over your funds.
This payment method comes with certain advantages and disadvantages. For instance, you have complete control over your funds and no one can touch them without your express permission. On the other hand, since there is no single entity in control there is no one that you can turn to in case things go wrong. So in this sense, you will not enjoy the benefit of customer service when dealing with cryptocurrencies.
Cryptocurrencies come in many forms and no two are the same. In fact, there is much diversity in regard to how each individual cryptocurrency operates and some will fit your needs better than others. Moreover, at this stage, only a few cryptocurrencies are supported by online casinos from a list of thousands. Currently, the most commonly used cryptocurrencies for the purposes of online gambling are Bitcoin, Ethereum, Dash, Bitcoin Cash, Litecoin and a few more.
Security at Online Casinos
Of course, when you play at online casinos you will want your banking information to remain secure. You will be submitting some form of sensitive data and it has to be placed in safe hands. Luckily, gambling websites are required by law to be able to handle and store personal and banking information so that it does not become compromised. Moreover, no online casino would willingly give away their customers’ private information. Gambling websites use multiple security measures to accomplish this purpose.
One common way of protecting user data is via high-end encryption systems. This software encodes all data that passes through the system and makes it so that only authorized individuals can access it. Getting ahold of such data would by itself be almost impossible, however, the cipher makes so it is illegible to anyone without the key. Most online casinos utilize 128- or 256-bit encryption, both of which are notoriously difficult to break, taking on average anywhere between 40 and 90 years with current technology. This directly serves as a disincentive to any potential wrongdoers.
Apart from their built-in security systems, online casinos also provide players with alternative means of protecting themselves. For example, the 2-Factor Authentication model has become quite popular in recent years. It is quite simplistic but terribly efficient. Basically, your casino account will be tied to your phone. Every time that you log in, the casino will send your phone a message with a code. Only after entering the code will you be given access to your account. Basically, this method is nearly unbeatable and users are certainly appreciating the lengths that gambling websites go to secure the safety of their data.
Which are the Best Banking Solutions for Players from South Africa
In terms of the number of available payment solutions, players from South Africa may find themselves at a disadvantage. Unfortunately, many of the top-tier payment services normally supported by online casinos are not available in South Africa. While this does mean that the number of options is significantly lower, there are still some high-quality payment solutions out there that will serve just as well. Below, we have listed some of the most versatile and useful payment methods available in South Africa.
Skrill is arguably the most popular payment method in the online gambling industry, aside from credit cards. This eWallet service has long been the primary transaction method for millions of gamblers around the globe. It allows users to benefit from instant deposits, secured anonymity, high quality of service and very low fees. As we have mentioned, Skrill is extremely popular within the online gambling community and it is now accepted universally, giving you the opportunity to use it at just about any online casino. Skrill is an excellent choice where online payment solutions are concerned and you will be more than satisfied.
Visa is the world’s most widely available credit card brand and it is the primary way for many people to fund their online casino balance. The benefits of credit and debit card have already been discussed above, but it is still worth mentioning that with a Visa card you can always rely on instant deposit and secure payments. Moreover, this brand is the only one that will afford you guaranteed withdrawals. The MasterCard brand is unable to process withdrawals, while the other brands are not as widely supported in general. All in all, Visa is your best option where credit cards are concerned.
PayPal is known throughout the realm of the Internet as the most popular payment service that is not a credit card. This payment method has had a long history of providing users with safe, reliable and speedy transactions, being used primarily at online shopping websites. However, online casinos have also realized its potential and many of them do support it. PayPal is easy to set up and even easier to use. Much like any other eWallet, it will guarantee you instant deposits and very fast withdrawals. The number of online casinos that support PayPal is as large as those who accept Skrill, for example, but it is still a legitimate payment method to consider.
In the event that you cannot find a service that is right you, you can always resort to good old bank transfers. While somewhat outdated, this payment method has proven to be more than reliable and it is highly accessible since everyone has a bank account. Depending on the online casino, a bank transfer can take anywhere between a day and a full working week. Withdrawals also take the same amount of time in most cases. In most circumstances, bank transfers would be used in a last-case scenario, but they will get the job done.
Certainly. Online casinos nowadays are built from the ground up to support any form of mobile use. They not only come with a good mobile-ready gaming library but also with the full functionality of the desktop casino. On your mobile device, you will be able to top up your casino balance as you see fit, using any of the payment services supported by the casino.
The online gambling industry is one of the most heavily regulated, with strict laws and standards in place to prevent any form of money laundering or other financial scams. Gambling has had a bad history of abuse and in the realm of the Internet, nothing can be certain. For this reason, governments have implemented tight regulations on all online gambling activities. The casino will ask for identification so that it may prove that you are indeed of legal age to gamble and that you also the one making the deposit. Moreover, the casino may also provide a report to the local authorities if asked. In short, online casinos ask for verification so that they might remain on the right side of the law.
Online casinos are required by law to safely store and handle any personal and banking information provided to them by players. To do so, these websites implement complex security systems, which we have described in detail above. In the event, that an online casino leaks any of your personal or banking information, it will be liable for the data breach and you can take appropriate legal action.
Overall, there are many online payment services out there and each will serve your needs differently. Depending on the type of player that you are, you may yourself preferring a certain payment service over another. When all is said and done, it is entirely up to you to decide which is the right payment method for you. What you also should keep in mind, is that not all online casinos will support the same payment solutions.
You may find that one accepts only credit cards and eWallets, whereas another favors cryptocurrency. It all depends on the individual websites and what they are willing to offer. If you find that a certain online casino does not accept your means of payment, it is better to look for a different one that does.