The online casino market is one of the fastest growing online entertainment industries in the world. In just one year, iGaming generates billions of dollars in revenue, bringing it closer and closer to the land-based casino industry.
One of the main appeals of online casinos is the accessibility of these sites. Players can use PCs, smartphones, tablets, or any other electronic devices with a Wi-Fi or mobile network connection. Another reason for their success is the embrace of alternative deposit and withdrawal methods.
What Transaction Methods Are Available Online?
At most land-based casinos, players really only have two choices – cash or credit. Of course, most opt for credit card-based deposits nowadays, and take home the cash. For many people, the cash/credit dichotomy works. Others, however, prefer to have more available options. This is where online casinos come in.
The iGaming industry certainly was built on the backs of credit cards. In the 1990s, when online casinos were first introduced, there really wasn’t any other option, other than credit card to make deposits and withdrawals with. At modern day online casinos found at casinos.com, credit cards remain a pretty popular method for payments. However, they are far from the only one.
- Debit Cards
The younger brother of credit cards, debit cards have become a lot more popular among a younger generation. According to bank statements, millennials and gen z members are much more likely to take out debit cards, rather than credit cards. Naturally, online casinos, in an attempt to stay with the times, have begun embracing debit card-based deposits and withdrawals as well.
- Digital Wallets (e-wallets)
Digital wallets, or e-wallets, are also quite a popular deposit option. They are online programs for storing and transferring wealth. What makes them popular is that you can make direct payments using digital wallets, and many of them are capable of storing both FIAT money and cryptocurrency. And speaking of cryptocurrency…
- Cryptocurrency
In 2009, Satoshi Nakamoto threw a monkey wrench in the financial world. Cryptocurrency did not come to the scene with a bang, but has certainly caused a couple of explosions since its introduction. Nowadays, there are a lot of businesses that work with cryptocurrency. However, online casinos were among the first to embrace the new payment method.
- Direct Wire Transfers
For those who want to get right down to the point, a direct wire transfer is the best bet. A classic, old-school payment option, bank transfers may take a bit longer to process, but they make up for it by being one of the safest choices you can make when gambling online.
The Pros and Cons of Each Method
Each transaction method at online casinos comes with its own set of pros and cons. For example, the advantages of credit and debit card-based deposits are that most businesses work and operate with credit cards, and that most players will already have these available. On top of that, credit card companies usually incorporate multiple safety features, which make transactions quite reliable.
On the other hand, crypto and digital wallet-based transactions are much quicker, as they operate on a direct payment system. Crypto is also incredibly safe, as the blockchain adds several layers of security to the already protected transactions. However, the downside here is that crypto-based transactions are just as vulnerable to the market’s well-known volatility rate. As for digital wallets, transactions usually come with hefty fees.
Finally, bank transfers may be a great choice for gamblers who want a direct payment from the bank. However, they are also plagued by incredibly long processing time. Most gamblers simply don’t have the patience to wait days, or even weeks for their payout to finally reach them.
How to Deposit Online
Now that we’ve explained the different aspects of deposit and withdrawal methods, it is time to delve into the mechanics of actually placing a bet. Let’s, for a moment, imagine it is your first time at an online casino. You want to fund your account so you can begin gambling. Where do you begin?
- Create an Account: the first step is as simple as can be. All you have to do is create an account at the casino of your choice. Make sure you use an alternate email that you don’t have much personal details on. Also, create a strong password, and take advantage of any bonus promo code you might have.
- Verify your Account: once the account creation is done, you will receive an email to verify your online casino profile. Open your email and click the “verify account” button. Once you are done, you are ready to start gambling.
- Open the Deposit Page: open the homepage of the casino you’ve chosen. Search at the top of the screen for a button labeled “Deposit.” There could be alternative labels, such as transactions, payments, etc. Open the deposit page, and select the amount of cash you wish to deposit.
- Be Vary of Bonuses: while you do this, make sure you’ve also paid close attention to the bonus offers that the casino has in store. Perhaps you can make use of some of them when making your first deposit.
How to Withdraw Online
Depositing is a big part of online gambling. However, what most gamblers look forward to are not the deposits, but rather the withdrawals. In this final section, we are going to explain how to make withdrawals when you play at online casinos.
- You Have to Win: the first step to making a withdrawal is rather obvious; you have to win a game first. Remember that most online casino games are entirely based on luck. So implement some betting strategies to minimize your losses, remember to gamble responsibly, and if all else fails, cut your losses and walk away. However, in the case you do win, this is how to make a withdrawal.
- Visit the Withdrawal Page: at many casinos the deposit and withdrawal page are the same one. However, in case it is on a different page, visit the withdrawal page, and choose your method for withdrawing.
- Select the Amount and Wait: choose the amount you wish to withdraw, ask for your payout, and then, simply wait for the usual processing time. Your cash should be delivered in a matter of days.
