The digital era has completely transformed how we engage with many of our favourite hobbies and gaming activities, including casino gaming. Gone are the days when you would need to travel to your local casino or poker room to participate in games like roulette and blackjack. Instead, in 2021, all you need to do is power up your laptop or smartphone and log on to your casino provider.
With technological advancements now making casino games more accessible than ever, consumers are spoilt for choice when it comes to the platforms and gaming opportunities that are on offer. One of the most important features that gamers are looking for, however, is the ability to make deposits and withdrawals in a secure, fast, and easy way.
Navigating the different payment options on offer by providers can be a little tricky, so we’ve created this quick guide to help you establish the methods that suit your particular needs.
Fintech Deposits and Withdrawals
Let’s face it, fintech is quickly overtaking traditional banking methods in our day to day lives. Whether we’re using borderless bank accounts or making use of digital wallets for daily transactions, fintech is everywhere – including in iGaming.
The trend for accepting eWallets as both deposit and withdrawal methods by leading casino brands is now underway. Digital wallets allow consumers to keep all of their banking information in one place, and their ease of use makes them easy to integrate into existing gaming platforms. Skrill and Neteller, for example, are popular eWallet options thanks to their international presence and fast turnaround times.
Some Fintech methods have been a little slow on widespread take-up across the iGaming market, but things have started to change in recent years. PayPal, for example, is a growing trend as more and more online casinos accept PayPal as a method for both deposits and withdrawals.
Traditional Banking Methods
Despite the advances made in fintech, traditional payment methods are still immensely popular across the world.
Credit and debit card transactions, despite being the oldest method for making online casino deposits and withdrawals, are still the most popular choice with gamers in France and the UK, where they account for 52% and 49% of all online casino transactions respectively.
The advantages of using debit or credit cards are their accessibility and ease of use, although some credit card providers do charge fees for casino transactions, which can be a deterrent for regular gamers.
Elsewhere under the umbrella of traditional payment methods, we have the classic bank transfer. Most leading casino brands still accept wire transfers as a primary payment method, while instant bank transfers (via third party operators like Trustly) are accepted as deposit methods across Europe.
Bank wire transfers may take longer than fintech methods when it comes to processing times, but their strict security protocols make them the safest option for transferring larger sums of money.
Far from being the fad they were considered to be half a decade ago, cryptocurrencies like Bitcoin have proven their efficacy as a fast and convenient way to send and receive money online. In the wider entertainment industry, we’ve seen increased crypto adoption in recent years. The same is true of the iGaming world, where more casino providers and online sportsbooks have begun accepting decentralised currencies as valid payment methods.
The security and transparency of cryptocurrency makes it a natural fit for the online gaming market. And, as more and more crypto-only gaming apps and platforms spring up, we could see the market shift towards a peer-to-peer approach in the future.