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The iGaming industry is now at an all-time high. Online casinos are producing more revenue annually, then ever before. Many can even rival the land-based casinos that came before them. The experts believe they have a few explanations for this phenomenon.
- Convenience: online casinos are easily accessible. You can play from your home, or using a smartphone, from anywhere on the go.
- Immersion: thanks to live streaming, online casinos have become a lot more immersive than before. Live casinos are a great introduction to the industry, which many gamblers enjoy.
- Different Payment Options: finally, the fact that online casinos have embraced a whole slew of different payment options is a big plus in their favor.
In this article, we would like to focus on the most common payment methods at online casinos. We’ll talk about how they work and why they are so popular. Without further ado, let us delve right into it.
Credit & Debit Cards
The first, and most obvious choice that we need to address are credit & debit cards. Credit cards were the first payment method at online casino websites, and have endured since the 90s. When the iGaming industry first got off the ground, players had no choice but to wager using their credit cards.
But, why are credit cards so popular? One of the primary reasons is convenience. Most of us already own a credit (or debit) card. All we have to do is type in the necessary info, and we can start gambling any time we want. Despite the popularity of credit card gambling, there are a few pros and cons that you should know about.
Pros
- Most gambling websites will accept credit card-based deposits. We would venture to guess that credit cards or debit cards are the most convenient way to gamble online.
- Credit card companies often take measures to protect customers against fraud. Most credit cards are, therefore, quite secure.
- Record Keeping. Finally, if you want a way to keep records of your gambling, credit card statements are the best option. Any transaction you’ve done is right there for you to review.
Cons
- High-interest rates. Often, credit card transactions might come with some very high interest rates. If you’d like to avoid those, then a different method is probably better.
- Financial consequences. Credit cards are all well and good. However, if you can’t pay the debt, you will accumulate debt, which creates further financial troubles.
- Payout Time. Finally, if you gamble with credit cards, you probably know that there is a long payout processing time. If you would rather get your cash sooner, then credit cards are not the best choice.
Cryptocurrency
From the oldest payment method, to the latest. Cryptocurrency, as a concept, turned up on internet forums in the early 2000s. However, it wouldn’t be until 2009 that the theory would first be put into practice. Satoshi Nakamoto, who now has a crypto coin named after him, was the person who put the theory to practice, when he created Bitcoin.
Today, Bitcoin remains the most popular and successful crypto in the world. Naturally, it is a huge hit on online casinos, where you can place wagers and make withdrawals using the digital asset. The embrace of crypto is a relatively recent thing, not just at online casinos, but in pop culture in general. Obviously, a lot of people have questions regarding the pros and cons.
Pros
- The main benefit of crypto-based gambling is anonymity. Due to the very nature of digital crypto assets, gambling using these tools provides a whole other layer of discretion, which some people appreciate.
- The blockchain technology that cryptocurrency relies on is provably safe and incredibly secure.
- Cryptocurrency is worth the same, no matter where you are. There is no need for currency conversion, which adds an extra level of accessibility.
Cons
- The biggest disadvantage of gambling using cryptocurrency is that the market is plagued by volatility. In other words, the price of coins may drop or rise at a moment’s notice. Gambling with such an unstable asset is always risky.
- Limited Acceptance. In 2023, cryptocurrency is more popular than it has ever been in iGaming. Yet, there are still some websites that do not accept it.
- Lack of regulation. The lack of regulation may also rub some people the wrong way. Though that is the primary purpose of crypto, most people still want some guarantee of safety.
Digital Wallets
Digital wallets are a great middle ground between cryptocurrency and credit cards. They are a digital payment system that uses either crypto or FIAT money, sort of combining the anonymity and convenience of cryptocurrency and credit cards into one.
However, that does not mean that digital wallets are perfect, indeed, far from it. Just like any payment method, they too have their unique advantages, as well as flaws that push people away. So, let us take a look at the pros and cons of digital wallets.
Pros
- Transaction speed. One of the advantages that digital wallets and crypto share is transaction speed. Deposits and withdrawals are usually done within a couple of hours, or a day at most.
- Digital wallets usually come with improved security options.
- Mobile-friendly. Finally, the mobile casino industry greatly benefits from the embracing of digital wallets, as they are mobile-friendly.
Cons
- High fees. The biggest con of digital wallets is that they come with some very steep transaction fees. Indeed, some may be so high, that they are no longer worth the effort.
- Tech-dependency. Digital wallets are entirely tech dependent. This shouldn’t be a problem if you are only interested in online gambling, as the iGaming industry is tech dependent as well. However, if you want to branch out, you may have some trouble.
- Limited acceptance. Just like crypto, not all casinos accept digital wallets. You will have to look for the ones that do.
Some Things to Note
The three methods we discussed here are, certainly, the most popular and common options for online gambling. However, they are not the only option. Many gamblers prefer direct wire transfers, and some even use e-checks. The options open to online gamblers are only growing.
