The online gambling industry is just so entertaining when you think about it. Today, you can gamble and make a payment over a wire to an unknown source to pay for your gambling. Let’s find out the types of payment gambling methods.
Over the last 20 years, online payment has evolved immensely. Today, people pay online for basically everything, and it has become second nature for us to have our banking information stored on these sites. Here we will talk about different types of gambling site payment methods to help you make your real money deposits.
US-Friendly Deposit Methods
Today, you can separate the deposit options available in the online gambling industry by region. It can widely be split between US-friendly and non-US-friendly.
Here are the different types of payment methods that you can find all over the world to use while playing online casino. Some of the options include Webmoney, Moneygram, Western Union, UPayCard, MasterCard, E-check, etc.
There has been a major shift in the way money changes hands online. Back in 2009, a new and decentralized form of currency came to prominence called cryptocurrency. This is a secure ledger-based way of paying for goods and services that took off with the first currency, Bitcoin. These digital currencies are also a commodity and have faced highly volatile valuations over the years.
Non-US Payment Methods
The rest of the world has had a much easier time with online gambling transactions. There are many more currencies to worry about in regions like Europe, and that means that deposit options can also be tailored to a specific country. Many options include EcoCard, EnterCash, Astorpay, Boku, Boleto, Click2Pay, etc. There is no shortage of deposit methods available for online gamblers outside the US.
History of depositing money at real money gambling sites
Back in the 1990s, there was only one deposit method for the players at online casinos and sportsbooks. Credit cards were the only option people had in their wallets, and since people were able to make electronic payments in retail locations; taking that technology and porting it online was not tough.
Credit card companies loved this new influx of transactions from casinos, with operators very willing to pay the fees that came along with them. But gradually the charges started to skyrocket, while online gambling companies scrambled to find a solution to their verification process.
This is when PayPal stepped in. They created a safe and secure online banking system that was a peer-to-peer system. Soon, over 60% of all the online gambling transactions in the United States were being run through the PayPal system.
The success of PayPal spurred development in the space, and e-wallet solutions like Neteller started to become viable options. Gradually many more such companies started mushrooming up.
Things to look for safe deposit/withdrawal method
As now the speed of payment processing has increased, let’s talk about the deposit methods you will find at an online gambling site. Things that you must know before playing any online casinos is head to the banking section of a website, where due to your geolocation, you will see the trimmed list of deposit methods available for you in your area.
Still, you will find dozens of potential processing solutions available to you. What makes one better than another? It all depends on three things you should think about when you are selecting a payment solution.
It is mostly applied on the withdrawal side, but it could also sting you when you are making a deposit at a site. Credit cards may charge you as a cash advance instead of a purchase, which will cost you more in interest. Many of the e-wallet companies charge you a small percentage when you fund your account.
Many e-wallet companies require a holding period to confirm who you are before allowing you to use your new account to a make deposit at a real-money gambling site. These delays can be devastating especially if you’re trying to make a time-sensitive sports bet. Look for the options that give you instant access to your account and funds so you can make your instant deposits.
Although you can never be sure which companies are going to be compromised by hackers, you can do some research to find out which companies are the best prepared to handle it. With so many security breaches of late, you also want to find the companies that need the least amount of your personal information to create an account. These are the Types of Payment Gambling Methods.