When the first online casinos, sportsbooks, and poker rooms were launched in the 1990s, the number of banking options they offered was very limited. It was hard to find a suitable provider that was supported and it was a problem for the industry as a whole.
Fast-forward to the present and the variety of payment methods you can use at the top online gambling sites is just staggering.
In fact, it might be a bit confusing for beginners to pick one. Let’s take a look at the best three payment options for online gambling, as well as their main advantages and disadvantages.
Credit and Debit Cards
Credit and debit cards like Visa, Maestro, MasterCard, and many more remain one of the constants when it comes to online gambling. They have been among the most reliable banking methods since the birth of the industry.
The main advantages of credit and debit cards are that they are popular, secure, and there are no fees involved, in most cases. Almost every gambling site out there allows them for both deposits and withdrawals.
They are also accepted for pretty much all promotions and the only major downside is the waiting time for payouts. Your money won’t arrive for at least several working days and sometimes, even longer.
That’s why credit and debit cards are not ideal for people who use multiple gambling platforms and would like to quickly move their bankroll between them.
It must be mentioned that you should probably try to stick with credit cards instead of debit cards if you can, as they have some extra advantages in terms of security.
Where the credit and debit cards fail, the e-wallets deliver. The likes of PayPal, Skrill, and Netteler are the most popular platforms from this class, but there are other options that might be available, depending on your country.
That part is crucial when it comes to e-wallets because players from regions with a more restrictive legal frame for online gambling might not have them as an option. A good example is the USA where there are no e-wallets available.
The other problem is that not all promotions are open for deposits with PayPal, Skrill, and similar payment providers. Some casinos or bookmakers won’t give you a welcome bonus and that’s hardly ideal.
If you can work around that and you need a fast payment, though, e-wallets are an excellent choice. There are sites that will transfer your money within 24 hours and that’s as fast as it gets.
Bitcoin and Other Crypto
One of the more recent additions to the collection of payments offered by the most popular gambling sites on the internet is Bitcoin. The cryptocurrency became mainstream during the boom of 2017 and plenty of platforms are offering it to their customers.
It’s the only payment option that can compete with e-wallets when it comes to payouts speed and doesn’t have the same restrictions when it comes to bonuses and promotions. It’s hard to say which option is more widespread, though, as not all gambling sites work with crypto.
The big drawbacks here are the volatile price of Bitcoin that might ruin your plans and the fact that some of the most secure crypto wallets are still not as user-friendly as the likes of PayPal. If that’s not a problem for you, though, Bitcoin is one of the best payment options for gambling.