Gambling on the internet with online casinos has become increasingly popular in the past several years. To meet the needs of bettors, online gambling sites have also expanded the number of payment methods available to bettors. This article details just a few of the new changes that have been made withing the online gambling industry as they relate to how people pay.
Online Gambling and Changes in Payment Methods
New technologies have made payment for online casinos more flexible and accessible than ever. While traditional forms of payment like debit and credit cards are still options, new payment methods for online gambling now include cryptocurrencies, Pay-Pal, e-wallets, and more.
Debit and Credit Cards
While online gambling has introduced various new payment methods, traditional debit and credit cards still work. Both are equally popular options for making instant deposits through online financial transactions.
PayPal has been around for a quite a long time. Now online bettors can use their PayPal accounts to make instant withdrawals to be used for online gambling. PayPal withdrawals are significantly faster than debit or credit card payments, which may require a few days to process depending on the bank. PayPal is also effective at preventing online theft, which is incredibly important when making financial transactions online.
Another payment method that has seen a recent increase in its number of users is Skrill. This platform offers instant fund transfers that are highly sought after by online customers. Skrill is known for its low transaction fees and for accepting over forty currencies. Although Skrill is rapidly gaining popularity, not all online casinos have yet to adopt it as an official method of payment. Given how quickly the digital casino world is evolving, it is only a matter of time before Skrill earns its place as a standard for online casinos.
Online casinos now accept cryptocurrencies as official payment methods. For example, Bitcoin is now readily available at majority of online casinos due to its high reliability within the financial sector. Paying with Bitcoin is preferred by those who wish to deal directly with the casinos. Without any intermediate financial institutions, the transaction fees involved with Bitcoin are much lower for both deposit and withdrawal processes. This online payment method also requires minimal personal data to better ensure and maintain users’ online security.
Because Boku is one of the newer online payment methods for online casinos, not all sites accept it yet. Boku allows for direct transactions to be made from a mobile device. Payments can come from either existing credits or be accumulated directly onto monthly mobile usage bills for convenience. Boku does not require any pre-registration by users which helps prevent storage of personal data. The only information needed from this payment method is the user’s mobile phone number, which is also used to make financial transfers.