Cryptocurrencies
Cryptocurrencies have grown exponentially in recent years both as a means to make payments and a store of wealth. This new form of currency has the advantage of being anonymous and easy to transfer online. Bitcoin may be the most famous of these currencies, but we will look at a few alternative options as well.
Bitcoin
The most famous cryptocurrency, Bitcoin has enjoyed spectacular increases in
value over recent years. A growing number of online betting sites now accept
this form of currency for both deposits and withdrawals. You need to create a
Bitcoin wallet, which is an electronic wallet similar to more established
wallets like PayPal, and then you can make transfers to and from your online
betting account.
Ethereum
Like Bitcoin, Ethereum is also a distributed public blockchain network. It
works in much the same way as the more famous cryptocurrency and is similar in
the sense that both offer anonymous transactions and are not regulated by a
central body. The advantage of Ethereum over Bitcoin is quite simple: speed.
Both deposits and withdrawals are far quicker with Ethereum than Bitcoin.
Litecoin
Litecoin is another cryptocurrency that is generated by mining, just like
Bitcoin. Litecoin has the advantage of being both faster and cheaper than
Bitcoin when it comes to making online transactions such as funding or
withdrawing from your online betting account. While not as fast as Ethereum,
Litecoin has become the second most popular cybercurrency for online gambling
after Bitcoin.
Bitcoin Cash
In 2017, Bitcoin split into two, and Bitcoin Cash was formed as a result.
This new currency was created specifically to address some of the problems with
Bitcoin that we have mentioned above. That means that transactions when using
Bitcoin Cash are faster and less expensive than its “sister” currency, Bitcoin.
Others
There are alternatives to the options listed above, although at the moment it is rare to find online betting sites offering cryptocurrencies besides these. Dash was launched in 2014, and it offers instant private transactions, which has made it increasingly popular in recent years. Another option is Ripple, which is the third-largest cryptocurrency in terms of market capitalization at this time. Of course, new cryptocurrencies can emerge at any time, as this is a very fluid financial sector, so expect new names to be added to this list in the future.
Debit and Credit Cards
One of the most “traditional” payment methods, credit cards still remain the most popular options for many in regions where they can be used to fund gaming accounts. There are restrictions on the use of cards to fund online gambling accounts in some territories, but otherwise, they are a fast and easy way to make deposits and withdrawals.
Visa
Visa is probably the most popular funding and withdrawal method for online betting sites. You can make instant payments using your Visa card, and withdrawals are generally processed within 24 hours by most online casinos. Generally, there will be no fee for using your Visa card, and as people are comfortable with this option in general life, it is a popular option where available.
Mastercard
Like Visa, Mastercard offers secure instant transfers to online betting sites in regions where this is permitted. Note that countries such as the United States, Canada, India, and others may have problems using any debit or credit cards. Whereas Visa can be used for both deposits and withdrawals, Mastercard only allows withdrawals from online gambling accounts for the UK and Ireland and selected European banks. This means that while you may be able to deposit with your Mastercard, you might have to use a bank transfer to withdraw your funds.
American Express
Another of the world’s most popular credit cards is American Express, preferred by millions around the world. This method offers secure instant deposits, just like Visa and Mastercard, although it cannot be used to make withdrawals. Note that only around 30 online casinos accept AMEX as a payment method, and US users will not be able to deposit using this method.
Discover
Discover cards are less universally recognized than the three listed above but are popular in the United States. A limited number of online casinos accept Discover as a payment method, but once you locate a suitable casino, you can make instant deposits. Withdrawals to this card are generally not permitted.
E-wallets
PayPal
PayPal was the first digital wallet when it came into use in the late 1990s
as a way to pay for goods on eBay. Since then, PayPal has been adopted by
consumers all around the world and has paved the way for new electronic wallets
to enter the market. As the original, PayPal is probably the most trusted of all
e-wallets, as well as being the most popular. It is not always available as a
means to fund online betting sites, but it is a popular option when it does
exist.
Neteller
While PayPal does not always service betting accounts, competing e-wallet
Neteller makes a point of targeting this market and is normally available. This
platform has been around since 1999 and has earned a reputation for security
over that time. Neteller offers instant deposits and the fastest withdrawals
around, but the fact that you are likely to be charged fees on both deposits and
withdrawals makes it unappealing to some.
Skrill
Skrill (formerly Moneybookers) is an extremely popular funding method for
online players. There may be a small fee charged on deposits and withdrawals,
depending on the site involved. Deposits with Skrill are instant, and
withdrawals are processed within 48 hours by most online betting sites. This is
a secure and trusted site which is used all over the world.
EcoPayz
It only takes a couple of minutes to set up an EcoPayz digital wallet, and
like the other options on this list, you can quickly fund it with a debit or
credit card. A growing number of online betting sites accept this payment
method, and it is quick and easy to use for deposits and withdrawals. To remove
funds from your wallet, you will need to transfer to your local bank account.
WebMoney
This Russian-based e-wallet is used by more than 30 million people around the
world, but particularly in Eastern European countries. It is possible to apply
for a physical or online WebMoney Visa or Mastercard to link with your digital
wallet. Deposits and withdrawals are secure and fast, although the disadvantages
of this method are that much of the website is in the Russian language, and you
will be charged fees for every transaction.
Yandex Money
Yandex is another Russian-based electronic wallet which is particularly
popular in that part of the world. In fact, Yandex is only available to Russian
users, but it is the most popular e-wallet in that country and so is made
available at many online betting sites. Yandex allows anonymous transactions,
and there is a physical card option as well which still allows for instant
deposits to be made. Fees are charged on transactions using this method.
Instadebit
Hundreds of online betting sites currently accept Instadebit as a funding
method, which is available in more than 35 different countries worldwide. This
is an electronic wallet which acts as an intermediary between your bank account
and the online betting site you want to use, as do all digital wallets. This is
a very secure system offering fast deposits and withdrawals, although fees will
be charged on both.
Bank Transfers
Trustly
Trustly is a popular bank transfer option available in 29 European countries,
including Sweden, Italy, Denmark, Finland, and Spain. Simply select the Trustly
option, and you will be asked to choose your country of residence. Choose your
bank from the list provided and log in using your online banking details – which
Trustly will not see or save – and then make your deposit. Trustly can also be
used for withdrawals.
Sofort
Sofort is the secure bank transfer option available to residents in most of
West and Central Europe plus Australia. Select Sofort from the cashier, and you
will be taken to your online bank, where you can complete your transaction. Like
Trustly, this platform basically acts as an intermediary between your bank and
your online betting site, allowing you to process transactions quickly and
securely.
Western Union
Western Union was founded back in the 19th century but is still very much a
factor in the digital age. Transferring funds using this method is quick but
does require you to visit a Western Union office in person. You will also often
need to contact the customer support team of your betting site to confirm the
details regarding your deposit or withdrawal. The main drawback of using Western
Union is that fees payable are very high if you are only sending relatively
small sums of money.
Euteller
This is a Finnish company which has been in operation since 2007. Euteller
allows Finnish residents to process payments via their local online banks, and
the platform has proved to be extremely popular in the Finnish market. Payments
are safe, anonymous, and processed instantly, although of course this service is
only available to residents of Finland.
Multibanco
Multibanco is a network of banks which has long been established in Portugal.
It is the most popular way to fund online accounts in that country, and deposits
are instant, while withdrawals are returned directly to your account within a
few days. The bank is linked to thousands of ATMs as well as offering online
services and is hugely popular in Portugal although unavailable elsewhere as a
funding method.
Giropay
This bank transfer system works in tandem with more than 1,500 German and
Austrian banks, so it is only available to residents of those countries. Second
only to Sofort in Germany among instant bank transfer options, this is a very
popular and secure funding method. Giropay is available as a payment method for
most betting sites which accept German or Austrian players.
Poli
Poli is one of the most popular bank transfer options available to residents
in Australia and New Zealand. Around 25 banks from those countries allow Poli to
be used in conjunction with their clients’ online accounts. Depositing via Poli
is safe and secure, and no fees are charged, although this system cannot be used
to make withdrawals.
Prepaid Cards
Paysafecard
Paysafecard operates like a voucher system where you buy a card from a local
store and then use a code to fund your online account. This funding method is
accepted by the majority of online betting sites and is popular due to its speed
and simplicity as well as the fact that you do not need to enter any of your
bank details with the online site. One disadvantage is that not all casinos
offer withdrawals to your Paysafecard account, and these cards are also not
available in every country.
EntroPay
Entropay can be described as a “virtual Visa” card which can be used anywhere
on the internet that Visa is accepted. This is a pre-paid debit card which must
be topped up using another credit/debit card or bank transfer. This method means
that you can fund your account anonymously and without any issue about having
your card transfer blocked by the bank. The disadvantage is that fees are
payable when you top up the card and when you withdraw.
Qiwi
Qiwi is a digital wallet associated with a prepaid card that can be used to
deposit funds to online betting sites, although it cannot be used for
withdrawals. This Russian payment method is particularly popular in Russia and
former Soviet states such as Ukraine and Belarus. There are over 20 million Qiwi
users worldwide, and this is a commonly available payment method at online
betting sites.
Offline Banking
Bank Wire
Bank wire transfers are a simple way to transfer money between banks, and
this method of moving money has been available for decades. This method allows
the transfer of funds without any third party but does require visiting the bank
and is one of the slowest ways to fund your online betting account. Bank wire
transfers can also be quite slow, but when large sums of money need to be
withdrawn from your online account, then bank wire transfers may be the only
available option.
Checks
Checks (or cheques in the UK) have largely been phased out of much of modern
life, although there are still those who prefer to use this payment method. Some
online betting sites still accept checks for those who prefer this method.
However, it is one of the slowest ways to fund your account.