Online Gambling Payment Methods: Key Things to Consider | STICPAY Blog
In recent years, online gaming and betting sites have gained huge popularity around the globe. Despite this, many users face problems when making a deposit or withdrawing money from these platforms. While most bookmakers and online gaming sites offer multiple payment options, few people are aware of how the different online gambling payment methods can impact their experience on the platform.
Users either make an arbitrary choice or choose the payment method that’s the most convenient at that moment, without carefully considering factors such as speed, security and hidden transaction fees.
We explore the common payment methods for online gambling, how they compare and the key things to consider when opening a customer account and making your first deposit.
Common Payment Methods on Online Gambling Sites
Are you one of the many people struggling to find the right payment method to safely make the first deposit on your chosen site? In that case, here’s an overview of the three most common online gambling payment methods:
- Credit Cards & Debit Cards- Almost all online gambling platforms accept deposits made via either credit or debit cards, so this is one of the most widely available payment options. However, you’ll need to pay a small transaction fee every time you make a deposit. Moreover, you may have to share some sensitive bank details when making your first deposit, which may be off-putting for those concerned about data privacy on gaming and betting sites.
- Bank Transfer — If you don’t want to use your credit card as your online gambling payment method of choice, then bank transfers might be a convenient alternative. Anyone with a bank account can use this payment method. For example, bank transfers are especially useful when withdrawing your winnings from an online casino. However, making a deposit through bank transfer can be quite slow, with processing times of around 3–5 business days.
- E-Wallets — Also known as digital wallets, these are a type of software application that enables cheap, fast and secure online payments. Before making the first deposit at your chosen online gambling site, you simply have to load your e-wallet with funds using your bank account or credit card. Then, you can make payments and withdrawals on various gaming sites without sharing banking details or any other sensitive information.
Depending on where you live and in which country the platform is based, there are certain country-specific limitations to keep in mind when choosing between the different online gambling payment methods.
For instance, on 14 April 2020, the Gambling Commission in the UK banned the use of credit cards to make deposits on gambling sites — although debit card transactions are permitted.
Also, many banks in the UK, such as Halifax, Barclays and Starling now offer options to either limit or completely block payments to gambling platforms made via bank transfer.
Comparing the pros and cons of the main online gambling payment methods
So, how do you choose the right online gambling payment methods for your specific needs? You should compare the key features and advantages of the three options outlined above. And that’s what we’ve helpfully done for you!
Below, we compare the pros and cons of the most common online payment methods across five key factors: processing speed; user experience; transaction costs; data security; and cashback incentives. Take a look.
Why e-wallets could be the best online gambling payment method for you
So, the online gambling payment methods discussed have their pros and cons and the right option for you will depend on your circumstances and priorities. However, while they’re still relatively new, e-wallets such as STICPAY are the ideal payment solution for gambling fans who value their privacy, data security and convenience.
You can use e-wallets to maximise your profits on online gambling sites, by lowering your transaction fees and earning lots of cashback and bonuses. Some e-wallet providers also allow you to gamble online using cryptocurrencies, such as Bitcoin or Litecoin.
Another reason why more and more users are opting for STICPAY and other e-wallets — over the more traditional online gambling payment processors — is the 24/7 support offered. So, if something goes wrong while making your first deposit on a gambling site, you can easily reach out to the STICPAY support team and have them resolve the problem at any time of the day or night.
Get started with STICPAY and enjoy great cashback benefits
Many popular online gaming and betting platforms, including Betwinner, Rabona, 1xBet, and many more, offer STICPAY and other e-wallets as a payment option.
If you choose STICPAY as your preferred online gambling payment method, you can get great cashback benefits when making your first deposit on any of our partner platforms. Enjoy a seamless and secure online gaming experience with STICPAY!
Originally published at https://www.sticpay.com on September 29, 2022.
