In the early days of online gambling payment options were limited to bank transfers and credit/debit cards. Everyone had them, everyone could use them, and every casino was prepared to accept them.
These days it’s a different story. There are dozens of different payment methods covering every possible need, not to mention every region, country and demographic. But with so many options available, how do you know which ones to choose?
In this guide we’ll look at the best of the bunch, the payment methods that are either dominating the online gambling industry, or are set to takeover very soon.
There is an ongoing discussion regarding credit card use on online casinos. Some countries, the UK included, are considering banning, or at the very least restricting, the use of these cards on online casinos and sports books. They can also be expensive for both the player and the casino, and it’s one of the few common methods that allows for easy player deposits while making withdrawals all but impossible.
But while credit card gambling could soon become a thing of the past, there is still—and likely always will be—a demand for debit card gambling. This is one of the most essential payment methods on any online gambling site, and indeed any site that accepts monetary transactions.
Not only do debit cards allow for fast and easy transactions on both sides, but they are cheap and widely available. Every player with access to a bank account should have a debit card. In the UK alone there are an estimated 98.5 million cards in circulation and around £40 to £50 billion is processed through them every month! (source)
PayPal is by far the biggest web wallet in the world, with just under 200 million users. There is a huge demand for PayPal online casinos, and any casino that embraces this payment method is making their services available to a large and growing market.
PayPal hasn’t always been accepting of the online gambling industry, but these days there are far fewer restrictions in place, making this an essential feature for any growing gambling site. The beauty of PayPal is that players don’t need to have an account to make a transaction, and they won’t be asked to signup during or after the transaction either.
PayPal also has its own payment gateways and merchants only need a PayPal account (preferably a Business Account) to use these services and start accepting PayPal straight away.
Skrill or Neteller
Initially considered to be “alternatives to PayPal” these services have since broken free from PayPal’s shackles and have grown into very capable web wallets in their own right. They are both owned by the same company and provide many of the same services, so one usually follows the other, but players typically lean more towards Skrill, which has a larger customer-base.
POLi or iDebit
POLI is one of the most popular ways to transfer money online in Australia and iDebit is just as common in Canada. These are huge gambling markets, two of the biggest in the world, so it’s imperative for any CA/AU facing casino to offer these payment methods.
They both work in a similar way, processing payments directly through a user’s bank account, but they are restricted to their respective countries and have not yet undergone any serious global expansion.
There are no shortage of payment options for modern online casinos, and balancing these while keeping customers happy can be difficult. You can’t offer all of them — no one has the space or time for that. But if you focus on the biggest ones and the fastest growing ones, while staying on top of the services that are only available in single markets, you can cover all bases and keep most people happy most of the time.