One of the first steps on your venture into online gambling is to find the right casino that works for you. Once you’re happy with your selection, it’s time to transfer some funds into your player account and get playing. While there’s always an element of risk involved in handing over money to an online business, many modern casino sites offer easy and secure banking methods to ensure the process is as smooth as possible. Read on to find out how to deposit at online gambling sites.
In the old days, you could simply walk into a casino suite with some cash and exchange it for chips to bet on the games. The same option isn’t really possible at most online casinos – you might find that you can buy online credit for websites which belong to real-life casinos and betting shops. Fortunately, there are plenty of online deposit methods available for punters to use, from familiar credit cards and debit cards to more obscure options such as online e-wallets and digital cryptocurrencies.
The very first gambling sites allowed for deposits and withdrawals over telephone, cheque and direct bank transfer, although these options are starting to phase out for more instant and convenient methods. Indeed, over the years, casinos have had to adapt in many ways.
Firstly, with the ambition to expand into international markets, casinos have had to offer geographically specific options to attract punters from around the globe. And with the growth of the online gambling industry comes the increased threat of financial fraud and foul-play, which is why safety plays a major role.
But perhaps, the most influential factor in the advancement of accepted deposit methods is the growth of competition, with casinos needing to fight for customers by offering faster withdrawals, less fees and huge deposit bonus rewards. Here are some of our top recommended casinos for welcome bonus offers:
When transferring money into your casino account, players want to be completely certain their money is going to the right people and that it will be safe there, until the time comes to withdraw. Luckily, all accepted deposit methods at reputable casino sites are held under scrutiny by licensing authorities such as the UK Gambling Commission, the Malta Gaming Authority and the Gibraltar Gambling Commissioner. So, it’s always worth checking your selected betting site has a certified licence badge, to ensure their procedures are all up to scratch as far as security goes.
For safety reasons, there are certain processes which betting sites must follow, and procedures to implement before you can cash out your winnings. They’re obligated to identify and authenticate anyone who requests a transaction. This means you’ll have to provide specific documentation to complete the payment process, specifically when you want to cash out your winnings.
For your withdrawal request to be approved, players must provide customer care with an ID, proof of address and proof of deposit via the payment method chosen. This is done for safety reasons and also to prevent money laundering. In fact, gambling sites which don’t apply this verification process should be avoided.
The general rule of thumb is – you must use the same method you used to make a deposit, to withdraw cash from your casino account. Players cannot use another person’s e-wallet or credit card, they must use their own selected payment method, otherwise the transfer won’t be completed. This process is done once for each payment option the customer is using. So, the next time you wish to cash out, the transaction will be a lot quicker and hassle-free.
Popular Payment Methods
You’ll find all sorts of different casino deposit methods out there, each with their own pros and cons. Here we have compiled some of the most popular types of payment options with some common examples of each.
Credit/Debit Card Payments
If you’re 18, then you’re considered old enough to gamble online and we’re going to assume you have your own credit or debit card. This means that you can’t go using your mum’s card – any cards used to gamble must be in the player’s name. Credit and debit cards can be used for day to day things as well as larger purchases. They’re considered one of the most popular payment options as they’re generally easy, quick to process and very secure. The downside to making a deposit or withdrawal via card is that it can often be difficult for players from certain countries to acquire even the most popular types of cards. Gamblers who are seeking anonymity may not want to make this type of transaction since it’s one of the most traceable casino deposit methods. Players tend to make use of the following card providers at casino sites: Mastercard, American Express, Maestro, Visa, Visa Debit, Visa Electron, Solo and Switch.
E-wallets (Neteller, Paypal, Skrill)
If you don’t want your online gambling activity to show up on your credit card bill, then you should look into making casino deposits with an online e-wallet such as Neteller, Skrill and Paypal. The advantage of this deposit method is you can often transfer funds from your online account to the gambling site simply, quickly and safely – in other words, you don’t need to enter a lot of personal information and your card details are not passed on to the casino website. That said, the usefulness of e-wallets might be outweighed by the fees involved. Many casino sites accept Neteller and Skrill payments while there are some PayPal casinos for punters based in the UK.
Likewise, payment methods such as Paysafecard and EcoPayz can be used to make a deposit. These prepaid cards work in the same way as e-wallets by virtue – they must be loaded up with money before they can be used. The added bonus to this payment option is that it can be used from day to day to buy things in shops, as well as funding your online casino account.
Online Banking (Trustly, SoFort etc)
If you happen to be based in certain countries, then you might be restricted to options when it comes to choosing a payment method. Luckily, there are some internationally friendly casino sites which make it easy for gamblers from around the world to make deposits and withdrawals with online banking options from different countries. Just a handful of examples include SOFORT (Germany), Trustly (Sweden), Przelewy 24 (Poland), Moneta.Ru (Russia) and MultiBanco (Portugal). It should be noted that you don’t always have to be a resident in the countries of these banks to use their services.
If you didn’t already know, Bitcoin is a digital cryptocurrency that exists solely on the internet. It’s one of the most modern casino deposit methods and it’s particularly popular among gamblers who want to make large deposits and gamble online from a restricted territory – this is made easier by the fact that the “money” is unregulated by a central bank and very difficult to trace. Perks include speedy processing times and the potential for large withdrawals. On the flip side, the unregulated nature of the currency makes the exchange rate highly volatile and licensing authorities are still a bit behind when it comes to offering reasonably secured protection for punters who use the cryptocurrency. A similar form of digital currency which is widely used at online casinos is Ethereum.
Bank Transfer and Cheque
If you swear by doing things the old-fashioned way, then you can always arrange to have your deposit or withdrawal processed by bank transfer or cheque. Not every new casino will offer these services but you might find those that do, offer larger deposit and payout limits, making this a preferred option to high rollers. Then again, these casino deposit methods will take a significantly longer time than others.
Know Your Terms and Conditions
One piece of advice that we must stress to prospective punters is to read the terms and conditions, regardless of which payment option they choose to use. While the vast majority of online casino sites provide a legitimate entertainment service, there may be certain clauses in the terms which could catch a player out, such as fees, time restraints, limits and wagering requirements that require a player to bet a certain amount of their deposit before they can even think of how to withdraw. Another thing that could be problematic is the fact that some payment methods will make players ineligible to claim a deposit bonus.
Final Thoughts on Deposit Methods
When it comes to casino deposit methods, the amount of choice might be more of a hindrance than a help to some casino patrons. There are so many different perks to each type of payment that it’s worth taking the time to think about which way to pay suits your own needs. And if all else fails, then you can always stick with what you know by using your credit or debit card.
Each payment option is unique and you’ll find that the same methods vary from site to site. So, just because it’s instant and free to use a particular card issuer to make a deposit at one casino, you shouldn’t expect it to be the same at every other casino you visit online. With this in mind, it’s always worth having a couple of different banking methods at your disposal should it make more sense to use one over another when you make a new account.