When comparing online gambling with land-based gambling, one of the major differences that can be highlighted is how payments are handled. You can simply walk in with cash at brick-and-mortar casinos, head over to the cashier’s cage, and change them for coins or chips. And if you win, you can take your chips and coins to the cashier and change them for cash or bank drafts.
However, things are different with online gambling. Deposits and withdrawals are made using electronic payment methods, and plenty of them are now available thanks to technological advancements and more payment providers entering the online space.
This article will discuss some of the best new payment methods in gambling. It will highlight their features, benefits and drawbacks, so you can know whether they suit your preference. Without further ado, let’s get started.
Digital banks are becoming pretty popular, and many betting sites are now accepting them as part of their primary deposit and withdrawal options. This payment method differs from regular banking as it allows transactions to be processed faster, so you don’t have to wait too long for the money to reflect in your betting account or for your withdrawals to arrive. Even better, you can get debit cards from these methods and use them as you would your regular bank cards.
However, like most payment methods, some transactions via digital banks attract a small fee. You may also need to pay a subscription to a higher user level to unlock some benefits and enjoy increased limits. Nevertheless, many betting sites accept Revolut and other digital banks, so you can easily enjoy the benefits of using these options.
Direct Carrier Billing
Although not accepted as a withdrawal method, direct carrier billing services payments like PayForIt, PayByPhone and BOKU are becoming increasingly popular in online gambling. This payment method allows players to fund their betting account and have it charged to their mobile phone bill. One of the benefits of this method is that it is fast and convenient to use. Besides, it is pretty safe as you have to authenticate each payment. This way, it is impossible for anyone with your mobile number to deposit and add it to your bill.
Despite the numerous benefits of this relatively new payment option, one major drawback is that the limits are relatively small. For instance, you can only perform a £10 transaction at once and £30 per day. Besides, the option cannot be used for cashing out winnings.
This shouldn’t come as a surprise. While cryptocurrency is not new, newer crypto coins are entering the market, and some have found their way into the gambling industry. Cryptocurrencies offer a more secure way of depositing and withdrawing winnings at online casinos and sports betting sites. This is because they operate on blockchain technology, allowing users to transact almost completely anonymously.
At the best online gambling platforms, you can use cryptocurrencies like Bitcoin, Litecoin, Tether and Ethereum to perform transactions. Nevertheless, note that one of the main drawbacks of this crypto is its volatility. The value of a crypto coin relative to fiat currencies can rise and fall at any time.
Another top new payment option available to use in gambling is prepaid cards. Also called a store-value card, a prepaid card works by allowing you to prefill an amount on the card. You can then spend up to the prefilled amount on depositing at betting sites or performing other transactions. The beauty of this option is the extra control and security since you can easily determine how much you want to be on the card. Besides, prepaid cards are not linked to a bank account, so your money is safe.
Depending on the gambling platform, you may be able to use some prepaid cards to deposit and withdraw winnings. Among the popular prepaid cards available are PayPal Prepaid Card, Bluebird, Wise and UAccount.
Last but not least, digital wallets are among the top new payment methods in gambling. Several e-wallet providers have found their way into the best online casinos and bookies, such as Skrill, PayPal and Neteller. One of the benefits of using this payment option is the fast processing speed. Compared to options like bank transfers, deposits and withdrawals using e-wallets are handled quickly. In most cases, you will get your winnings within 0 and 24 hours, and the fees are not exorbitant, depending on the provider. Besides, the limits are relatively higher, with some e-wallets allowing users to perform transactions in the range of tens of thousands of dollars.
Yet, digital wallets are not without their drawbacks. First, they are not available worldwide and using them comes with processing fees, even if low. Some e-wallets are only available on mobile devices, which may be an issue in situations where you are only with your desktop computer. Nevertheless, they are one of the best ways of performing transactions on gambling sites.
Summing It Up
We’ve discussed some of the popular new payment methods in gambling and how they work. Whether a digital bank like Revolut, cryptocurrencies like Bitcoin and Tether or e-wallets like Skrill and PayPay, these payment methods have their benefits. They are safe to use, and their processing speed is relatively faster.
Nevertheless, before using any payment method, review its features and fees carefully. Also, consider any legality concerns so you won’t have issues getting your money. If you properly research a payment method before using it, you will surely enjoy a great experience.