Online sports betting and casino gaming is only possible if gamblers can transact with operators when they need to. As internet betting became more popular, so did online payment solutions. Gambling sites are adapting digital banking channels at a dizzying pace. A study by Juniper indicates that by 2021, online gambling will bring in over $1 trillion. Part of this is because gambling platforms are making deposits and withdrawals uncomplicated for users. This article explores some of the banking solutions that are revolutionising internet betting.
Digital Wallets Lead by Far
Virtual wallets have taken over the last decade or so as more people transact on the web. The greatest appeal of this payment option that it is simple. You can set up a digital wallet in a few minutes and begin playing at your preferred casino. The online payment services are also fast and low-cost. Digital wallets also offer a level of privacy because you don’t have to submit bank or card details at an online betting platform. Bettors have a wide selection of serves to choose from with popular ones being PayPal, Neteller and Skrill. Virtual wallets paved the path for mobile wallets. With mobile payments, punters can easily transact on the tablets or smartphones with services like Apple Pay UK, Google Pay and Samsung Pay.
Credit and Debit Cards Remain Top Choices
Even as digital payment solutions take over, credit and debit cards are still preferable options for some gamblers. In fact, card payments are the majority at internet gambling sites. Why is that? For one, most people already use credit and debit cards for regular online transactions. They are already familiar with how cards function. Card payments are uncomplicated too. Almost every sportsbook and casino support card payments with Visa and MasterCard as leading alternatives. Note that after a recent ban, online casinos registered in the UK don’t accept credit cards. Therefore, be cautious when picking a gambling platform.
Entering the Age of Cryptocurrency
The last few years saw digital currency shoot to fame, especially when Bitcoin rose in value to over £19,000 a unit. Although most people don’t understand how cryptocurrency works, the need to learn more about has surged. An increasing number of online transactions involve digital coins, and internet gambling is one sector that is adapting the payment method. A number of gambling websites support cryptocurrency payments. The biggest selling point of cryptocurrency payments is that they are extremely fast, simple and secure. Digital currency doesn’t leave traces of your transactions, and some gamblers appreciate the anonymity. Most betting sites also have high deposit and withdrawal limits, which makes the payment options suitable for high rollers. Bitcoin is the most popular currency, but gamblers can use alternative coins like Ethereum, Dogecoin, Litecoin, Ripple and Tether, among others.
Bank Wires and Cheques Still Work
Even as gambling operators adopt digital payment services, they still have a use for the conventional ones. Bank wire transfers and cheques were the options that betting businesses used not so long ago. Some operators still accept them because they guarantee a high level of security. Additionally, some gamblers, particularly seniors, have yet to embrace digital payment methods fully. Therefore, this demographic still relies on direct bank transfers and cheques. A huge downside of these two options is that transactions take significantly longer to go through compared to the other alternatives discussed here. It can take up a week or more to receive your winnings. However, they are some of the most suitable methods when depositing or withdrawing large sums.
What About Phone Bill Payments?
Some gambling websites allow you to bankroll your account via phone bill. With this payment option, you transfer funds to the betting platform, and the amount is included in your phone bill. Boku is the most popular phone bill payment used for online gambling. Although the banking method is not common, it has proven efficient, especially if you want strict control of your gambling budget.
Whether you are looking to bet on Formula One markets, play progressive slots or gamble on poker, online gambling websites offer a number of payment solutions. The right banking method depends on your specific gambling demands and the availability in your region. As online gambling continues to evolve, it is expected that payment methods will change to cater to the shifting needs of consumers.