What are the best payment mechanisms for online gamers?

Gaming Experience11333328 / Pixabay

Internet gaming has never been more popular, with record numbers of people crowding to online platforms over the first quarter of 2020. This pattern has been observed across all genres of games, but the online casino sector has seen a particularly pronounced spike since the temporary closure of many land-based casinos.

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Of course, walking into a physical casino and either placing some cash in a slot game or buying some gambling chips from the cashier is one thing. In cyberspace, you have an online gambling account in which you store your virtual gambling chips. There are different ways to transfer funds to and from it.

Debit and credit cards

This might seem the most obvious payment method, and is how we generally deal with other online transactions. It’s simple enough to set up, but sometimes the simplest way is not the best. In fact, there are several reasons not to use this payment method.

While most casinos will allow you to use any type of card to make a deposit, most will need some other mechanism when it comes to you withdrawing winnings. Also, depending on your bank, transfers can take some time to complete, meaning you have to wait around for perhaps 24 to 48 hours before you can start playing casino games online. Finally, be aware that some credit card companies specifically prohibit the use of their cards in this way.

Bank transfer

Setting up a direct transfer between your bank and your gaming account is another traditional way of making payments. It is better than using a card, as now you will have no problems making withdrawals as well as deposits.

However, you can still face waiting times, and sometimes transaction fees. In addition, some people feel uncomfortable sharing such important personal information as their family bank account details online.

E-wallets

An e-wallet might sound very hi-tech, but if you use a service like PayPal, then you already have one. Other examples of e-wallets that are particularly popular for playing online slots and table games for real money include Neteller and Skrill.

Most regular gamers tend to use this type of payment method. It is fast and efficient, usually providing instant transactions in either direction with no charges or fees (although you should always check the terms of the gaming site you are using to make sure). Also, using an e-wallet adds an extra layer of security to your personal information, as you need just provide the wallet details.

Cryptocurrency

In general, when you hear about Bitcoin, it is in the context of people buying and selling it on an exchange as opposed to using it for real transactions. However, the online gaming industry is one that has seen higher adoption than most.

There is a certain elegance in using a digital currency to play digital games, and crypto provides the ultimate in anonymity and security. Of course, not everyone has Bitcoin, and you probably wouldn’t want to go and buy some just to play games. Likewise, if you want to use this payment method, you will have a more limited choice of gaming sites available to you.

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About the Author

Brendan Byrne
While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. To contact Brendan or give him an exclusive, please contact him at [email protected]

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