The year 2023 has arrived, and it heralds a sea change in the online gambling landscape. As more states in the United States gain access to online gambling, the number of newcomers will increase. Many of them, however, are inexperienced. It must be difficult to find the right platform and set up online casino banking options. But, as always, we are here to assist! You’ve come to the right place if you’re having problems with your online casino payment methods and need specific instructions on how to set them up.
Key characteristics of online banking methods
1. Convenience
This will ultimately determine which online casino banking option you choose. Because creating a new payment method solely for gambling purposes will require a significant amount of time and effort.
2. Safety
Moving on to the key features, we must discuss safety. This is not something to be taken lightly. But, again, you can’t guarantee that the payment methods you use are secure. However, you can help by using strong, unique passwords for your entire digital footprint.
Don’t forget about reliability and reputation. A payment method with a good reputation around the world will have no security flaws.
3. Commission
While most international gambling platforms do not charge withdrawal fees, payment processors often do. This is especially true for those who do not engage in foreign exchange transactions. When they withdraw money, banks convert it for them and, of course, charge a conversion fee.
However, the transaction fee is primarily determined by which casino banking options you choose. Credit cards tend to be the worst option for online gambling, as they charge up to 20 percent commission on gaming transactions. In most cases the fee will not be prohibitively expensive, but it is still significant.
4. Transaction velocity
Different online casino banking options yield different results in terms of transaction speed. Cryptocurrencies are usually considered the fastest options, but e-wallets are also slow. Both options allow for (almost) instant deposits.
Other payment methods will likely take anywhere from a few hours to one/two business days. Still, it’s preferable to leaving home and going to the nearest casino or betting shop, right?
Best banking methods for players in 2023
Taking everything mentioned above into account, here are five standout online casino banking options:
Visa/MasterCard
First, there are Visa and MasterCard. Yes, even though we live in the age of digital currencies and electronic wallets, the majority of players still prefer to use Visa and MasterCard. They both have advantages. Low fees, no middlemen, and a straightforward processing interface.
Using Visa and MasterCard, on the other hand, usually requires you to enter sensitive card information each time you make a transaction. This is not a major issue for most people, but if you are a major player, you should consider other options. There is no such thing as being too safe out there!
Skrill
You can always use an intermediary if you don’t want to share sensitive card information with an online casino. Meet Skrill, one of the world’s most popular gambling payment platforms. Skrill is essentially an e-wallet that focuses on international transactions with low fees.
Because of the commission limit, it is one of the best payment methods for high rollers. Individual transactions with Skrill are subject to a $20 commission limit. If you are a big player looking for the best casino banking options, Skrill is the way to go.
Neteller
Neteller is a Paysafe Group company that has been in business for 24 years. It’s one of the most trusted e-money services, so it’s no surprise that it’s available at all of the major online casinos.
Neteller charges commissions on gambling transactions. They can range between 1% and 8% per deposit. However, you get an extra layer of security behind your card information, instant transactions, and simple payment processing for that price.
PayPal
Another popular online payment method is PayPal. But there’s a catch. PayPal is not intended to be used for gambling purposes. Because of its stringent internal policies, PayPal is not accepted at the majority of online casinos. However, good PayPal casinos do exist; you just have to look for them.
It will only take a few minutes to set everything up if you already have a PayPal account. You can, however, use it without creating an account. The “Guest” feature allows you to easily authorize credit/debit card transactions.
Remember that PayPal has transaction fees and limitations. Make sure to read the fine print first, especially if you intend to create a new account.
Bitcoin
Finally, there’s Bitcoin. Isn’t it the payment method of the future? Despite the fact that many players continue to use bitcoins at online casinos, I believe that the overall popularity of cryptocurrencies is gradually declining. The market is still too volatile to be considered a safe place to gamble.
However, you must recognize the additional benefits that bitcoin (and other cryptocurrencies) provide. Anonymity, instant transactions, and flawless security should never be taken for granted. While I do not believe that now is the best time to use bitcoin for gambling, I am confident that if the market becomes more stable in the future, bitcoin will become the most popular way to pay for online casinos.
