The type of payment method used when gambling at online casinos can have a big impact which is why you need to pay close attention to the options available when choosing a casino. If you are going to be applying for a loan or mortgages having gambling transactions on your bank statement may damage your chances of getting approved. The different financial transactions costs can also make a big difference which is why you should include it when working out which has the best house edge. Below is a list of the most popular payment methods along with the pros and cons of each.
#1. MasterCard Accepting Casinos
The most popular payment method at online casinos is via Credit Card with MasterCard leading the way. It is the world leader and almost all licensed casinos will accept it as a payment option. The one drawback of this method is that punters have to enter their personal details which makes them vulnerable to been hacked. If you do have any problems though they have excellent customer services and protection in place so that you can get your funds back.
#2. PayPal Accepting Casinos
The rise of Paypal has been astonishing and was mainly fueled by becoming the number one payment option of e-commerce site eBay. It makes payments easy due to punters only having to enter their email address to deposit or withdraw along with like MasterCard has consumer protection in place. The one advantage it has over credit cards is that players do not have to enter their personal details so it is a more secure method of payment.
Bitcoin has been around for over 10 years now and one of the main places it is spent is via online gambling. The demand for new tech sites has fueled most of the top sites to add Bitcoin as a payment method. It has many advantages when gambling as it means players can stay anonymous, the speed is faster and most casinos do not charge a financial transactions fee. The downside to this form of payment is the price volatility which can change by more than 30% in a single day. It is great when you're on the winning side but very painful if your holding BTC when it goes down.
#4.Skrill Accepting Casinos
Over the last five years, Skrill has become one of the most popular E-Wallets available online. It enables accounts to transfer between each other without fees. Skrill also has a special wallet that can be set up for gambling purposes to help manage your bankroll correctly which is why it makes one of the best choices.
Before you decide which casinos to gamble at you must first check what payment options are available for both depositing and withdrawing. Make a note of the fees charged for each option so you can find the lowest rates. Also, do not forget to check the payment timescales as there is nothing worse than waiting a week to get your hands on winning.Updated Date: 21 September 2021, 14:02