Like every other online business, the iGaming industry cannot survive without digital payment methods. It’s how customers facilitate their gaming processes by making deposits and withdrawing winnings through a secure and safe medium.
There are tens of payment methods around the globe. Some are restricted to a region or country, while some are allowed globally. There are payment systems for cryptocurrency, credit or debit cards, prepaid cards, or e-wallets. However, casino gamblers and platforms have grown to trust some payment methods more than others. For example, it is believed that using PayPal at online casinos in the US provides more security than most other methods, which is why many players prioritize it.
Apart from PayPal, there are several other payment methods. The most traditional ones are Visa and MasterCard, but there are other options players can use to make their transactions in the iGaming industry effectively. This article will examine five of the most popular payment methods in the industry today.
Top 5 Payment Methods In The iGaming Industry
Gambling is a risky adventure, and what can intensify the risk is the inability to find a friendly payment method. Here are five payment solutions tested and trusted by the practitioners in the iGaming market within and outside the US.
1. PayPal
PayPal was first known as Confinity when it was founded in 1998. It’s been one of the most famous names in electronic digital currency deposit and withdrawal services. Both new and traditional casinos — transitioning to online casinos — used it because it is available in over 200 countries.
PayPal allows you to separate your bank account from the account the platform created for you. You can also link your credit card to your PayPal account to enable automatic withdrawal after depositing to an online casino. Aside from this, it’s usable for internet transactions, and you can easily regulate or track your finances through the system.
Some of its advantages are the safety and security of your transactions. Its availability in about 200 countries also makes it desirable.
2. ecoPayz
ecoPayz is another electronic payment system used in about 200 countries. It was founded in 2000 and has since processed online payments for thousands of online gamblers. The highlight of the payment method — which is why many love it, is its hybrid card feature.
You can use its prepaid card or the e-wallet system to deposit and withdraw funds online. Aside from this, it works independently from your bank, which means you don’t need to unveil any private data while creating an account. While ecoPayz has a heavy presence in the UK, if you’re a gambler from the US, it could be your choice if one of your favorite casinos is from the UK.
3. Skrill
It was first known as Moneybookers when it was established in 2001. This payment platform is popular amongst players because it reaches 200+ countries and allows payment across different currencies. You can as well enjoy fair transaction fees when you deposit or withdraw.
Skrill is used chiefly because of its swift payment speed. It allows players to pay in earnest and start betting as soon as possible. It also has a feature, Exclusive, which allows its users to enjoy different poker promotions and exclusive offers from their casinos. You can also use the VIP program for more benefits such as 24/7 support, lower fees, and a possible bonus for being a loyal user.
Aside from the above, Skrill also allows peer-to-peer transfers, and with its link to MasterCard, you can use it for other digital payment central activities. For example, you can still shop on Amazon, Shopify, or eBay with the payment system.
4. Neteller
The Canadian-based company was founded in 1999. It has won several awards as a payment platform for online casinos and is regulated by the Financial Conduct Authority (FCA). This makes it safe to deposit and withdraw money safely without hassle.
Although it’s not a bank, it provides issuance 24/7 and is available in over 200 countries. The payment method guarantees safety and banking security as well as privacy protection. Neteller also offers affordable transaction fees and high-quality payment service, which makes it one of the most preferred platforms for millions of gamblers.
Its sophisticated two-factor authentication (2FA) security method makes it easy to protect your account. You can also request a prepaid card for physical use or a virtual card solely for online payments from the platform.
5. MuchBetter
It was established in 2017 and has been one of the most secure ways gamblers pay into online casinos in recent years. The platform claims to have over 30,000 active customers worldwide.
It’s a digital wallet that takes a few minutes to process your transaction, which makes it a part of the fast payment methods for online players within and outside the US. One of the unique aspects of this payment solution is that you can use it for other purposes.
For starters, you can top up the accounts of your siblings or friends through the platform for free. You can also enjoy zero charges on every bank transaction. Aside from this, MuchBetter provides 100% security for your financial transactions at your gaming sites and allows device pairing, dynamic security code, and touch ID verification.
Conclusion
Paying and withdrawing from an online casino can be an issue when you can’t find a reliable payment platform. The good news is that you have alternatives if traditional payment methods like MasterCard and Credit Cards seem obsolete to you.
Some popular alternatives are PayPal, ecoPayz, Skrill, Neteller, and MuchBetter. These platforms also allow payment through cryptocurrency, making it easy to convert your coin to any of the currencies you need.
