Online Casino Payment Methods: Casino Deposits And Withdrawals 101
In today’s lesson, we’ll go through an important topic: How to put your money where your mouth is so that you can finally stop playing those demo casino games and join the big players.
Heck, even someone’s momma is playing casino games – and she can do it anytime, anyplace via online gambling platforms. A vast array of online casino payment methods makes it all possible. But deposit and withdrawal methods are like a double-edged sword. It can also make gambling at online casinos all the more confusing. Exhausting even.
We’re here to remedy that.
Online Casino Deposit Methods
Unlike brick-and-mortar casinos, we can’t use that $20 bill we accidentally found in our back pocket to play online casino games. For the majority of payment methods, we need two essentials:
- Bank account
- Credit card (preferably issued by a well-known credit card company)
Here’s an obvious statement: Players want to make deposits in a fast, easy, and safe manner. Pair that with some juicy best casino promotions, and you got yourself a gambler’s heaven, right? Well, some casino operators allow players to deposit via a given payment method only. Others may allow you to withdraw your winnings according to your deposit method of choice. But most of the time, you can only withdraw money to the same method you used for the deposit.
That said, to help you choose the payment method that suits your particular needs, we’ve created a comprehensive guide to the best payment methods for online gambling. Just note that your mileage may vary depending on the country you live in. This is based on these tools’ availability, convenience, and security. Not only that, there are so many payment methods to choose from!
Naturally, there are advantages and disadvantages to each of these payment methods. Don’t worry, most of these are pretty safe. And that’s not all. There are other payment options that don’t require a bank, but we’ll get to that later. Alright, bros! Here is the list of some of the most popular payment methods, how they work, and their pros and cons.
Credit Cards and Debit Cards
As a leading payment method, credit cards don’t really need an introduction. You probably have one – if not a handful. Chances are you’ve used credit cards as a payment method to buy crap online from sites like Amazon and know exactly how they work.
Many online casinos will have VISA, Mastercard, Maestro, and maybe even American Express as deposit options. As a casino deposit method, credit cards, and debit cards are straightforward. You enter your card number, expiration date and CVC code, put in your amount, and SNAP, you’ve made a deposit. For withdrawals, credit and debit card transactions work the same but are a bit more complicated. Many banks are fine with you using your card to pay for things but when you reverse the process, they tend to ask questions. You can imagine how “happy” a bank might feel when it checks your payments and sees that you are receiving transactions from gambling sites.
Because of this, many online casinos usually allow only cards as a deposit method. Not to mention, it usually takes a couple of days for the withdrawals to arrive.
Hot tip: Perhaps it’s best to use this payment method as a deposit option only if no other payment methods are available.
An e-Wallet is a payment method that acts as a middleman between your bank account and the casino. So you might be asking: ”Why would I want a middleman?” One word: SECURITY.
You see, back in the early days of the Internet, it wasn’t uncommon to buy something on a website using your card only to figure out that the seller took your money and ran with it. Nowadays, these don’t really happen. Like, at all. But, yeah, these payment processors keep your bank account safe and make sure you don’t get scammed out of your winnings. Essentially, this payment method works great with any online casino deposits and withdrawals.
Deposits are as simple as entering your e-wallet details and authorizing a payment while withdrawals also work great. If a casino takes a while to send you your winnings, you can contact your e-wallet support and have them deal with the problem. Worst case scenario, your e-wallet will give you the money that was owed to you from their own pocket.
Overall, e-wallets are great for both depositing and withdrawing and are one of our favorite casino banking methods, if not THE banking method. There are many e-wallets out there and they mostly function the same so I’ll only focus on the three most popular ones.
Hot tip: Most e-wallets have their own app, so if you like playing casinos on the phone, you won’t even need a computer to set one up.
Skrill (previously known as Moneybookers) is an e-wallet established in the UK way back in 2001. While many e-wallets don’t want anything to do with casino gaming, Skrill gets along with most of them just fine. See, many e-wallets think it’s beneath them to serve as a payment method for casino gambling. In other words, their loss is Skrill’s gain. This payment method has very reasonable fees and is very much secure.
Neteller is another great e-wallet payment method (unless you are living in the United States) for online casinos. Just like Skrill, Neteller doesn’t have much of a problem with casino deposits nor withdrawals. Again, Neteller gets that online casinos are a business just like any other and that they need a secure payment method and it provides just that. The fees aren’t too bad and it’s just as secure as Skrill.
How could we even talk about e-wallets without mentioning Paypal? This is probably the most famous of all e-wallets and one of Elon Musk’s first successful business stints. However, generally speaking, Paypal and online casinos don’t get along. It’s extremely rare to find an online casino that will list Paypal as a payment method. See, Paypal often seems to think it’s too good for the likes of online casinos. Not to mention that Paypal fees get pretty darn high. Still, when you do see Paypal as a payment method, go for it. It’s by far the most secure payment method.
A Paysafecard works just like any old card minus the bank. You can buy these cards in lots of retail stores. When you buy them, you simply get the card with the amount you want and pay the cashier. Basically, you have a perfectly serviceable credit card. Not only that, you have an easy-to-use casino payment method. This type of card has actually gotten so popular that major card brands (like VISA and Mastercard) have their own versions of it.
- The best thing about this payment method: You can toss them away when you are done using them.
- The worst thing about this payment method: You can’t make a withdrawal using a Paysafecard and even if you could, we wouldn’t recommend it.
We used Paysafecard numerous times whenever we just wanted to deposit some money into an online casino without expecting to win something in return. So yeah, this is a great payment method when you want to try playing casino games but don’t want anyone (your bank) to know about it.
Check our e-wallet guide for more details!
Bank Transfer / Wire Transfer
Want to keep your payment options more traditional? Well, it’s pretty hard to find more traditional payment solutions than Bank Transfers. If you are looking for a reason to actually go outside, this payment method may just be for you.
You have to actually go to the bank and fill out a transfer check and wait patiently. More often than not, you’ll be the one waiting for the casino to send you the cash because it may be the only banking option available for withdrawing funds.
The only thing that sucks is everything else. It’s by far the slowest of all the payment options in any online casino. Worst of all, bank transfers always have a fee + exchange rates – both the casino and your bank can charge you for it. The general fee goes from $30 to $50. Maybe it’s best to avoid this payment method if you have other options available.
Read our bank transfers guide for more information!
In many ways, cryptocurrencies like Bitcoin and Ethereum seem like the perfect way to gamble at an online casino. Both the currency and the casino are digital, sending and receiving crypto is a piece of cake and it all feels very natural.
The problem with this payment method is that it’s still a scary new thing. A LOT of people have no clue what cryptocurrency actually is and even less know how to get it (it’s actually not that hard). While things have a tendency to sort themselves out as time goes by, the bigger problem is that Bitcoin, Ether, Doge, and other cryptos are like a roller-coaster with value. One day a Bitcoin may be worth $50,000 and the next couple of months it can drop to $10,000.
If this sounds scary to you, fear not. Us Bros at the office whipped up a cryptocurrency gambling guide to show you the ropes about how to use cryptocurrency as a payment method for online gambling. Check it out!
Payment Methods Summary
There you have it, bro! Those were by far some of the most popular payment methods. As for the question of which one is the best, well, that really comes down to how much time you’re willing to waste. The best payment method will come down to how much security you want and how much hassle you are willing to put up with. We got you, Bro!
How do you deposit at a casino?
Making a deposit at almost any casino is super easy. Almost every single online casino will paint a yellow-brick road for you to follow minus the witch or anything nasty.
From here, it’s just a matter of choosing one of the available payment methods, selecting the amount and waiting until your casino deposit is done. After that, you get to play for real.
Also, some online casinos will give new players a “no deposit bonus” just by making an account.
How do you take money out of a casino?
When you want to take your winnings out of a casino, you need to choose and request one of the withdrawal options or request a payout.
Unlike deposit methods, withdrawing money isn’t always that straightforward. For one thing, there are fewer payment methods when it comes to withdrawing money than casino deposit methods.
After you select the amount of cash you want to withdraw, a casino will usually contact you through email (or maybe even through the phone or live chat) to ask for even more details.
Many online casinos will make you send them scans of your ID and documents so they can confirm your identity before they allow a withdrawal.
Even when you have all of those things ready, withdrawals take way longer than all casino deposit methods (combined).
Still, this is all just standard procedure. Nobody likes it but you gotta go through with it, just like airport security.
Do casino apps pay real cash?
Yes, online casinos are required by law to issue withdrawals when players request them. Sure, many online casinos have their own terms and conditions about how they can issue withdrawals but in general, if you win the cash fair and square, a casino is obliged to give you the cash that you rightfully won.
Do casinos give free money?
Some casinos give free bonus cash or no deposit bonuses. The twist is, this cash needs to be wagered several times (x30, x50 or even more) for it to become real cash. Until the bonus cash is wagered enough times, you won’t be able to withdraw it.