Pros and Cons of Different Casino Payment Methods

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Pros and Cons of Different Casino Payment Methods

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To gamble using real money online, you need to first choose between the multiple payment options available on the website. It’s normal to be skeptical and find the best method to protect against fraud, hacking, and data theft. Instead of guessing which payment method is the safest, consider this list of pros and cons, so you never have to worry about gambling online again.

Prepaid Credit Cards

Most online casinos will let you use a Visa and Mastercard, but putting your credit card on any website comes with a risk. If you’re looking to take advantage of without handing over your bank details, try a prepaid credit card instead.

Pros 

  • Visa and Mastercard are accepted in all top online casinos, including prepaid cards.
  • They typically don’t require a second account or an association with your bank. You can purchase a prepaid Visa or Mastercard with the amount already on the card.
  • Even if someone does figure out your Visa or Mastercard information, they won’t be able to link this information back to you, your bank, or your identity.

Cons 

  • Prepaid cards expire after one year. You’ll lose the funds on the prepaid card if not used.
  • They can’t sustain large amounts. Anything over $1,000 isn’t accepted.
  • You can’t withdraw on a prepaid card which is the heftiest con. You’ll need to add your credit or debit information to receive your winnings.

Voucher System (Flexepin, Neosurf, Paysafecard)

A voucher takes the place for money in an online casino and is the closest thing you’ll get to depositing cash directly into an online casino account. The most predominant ones depend on where you live, but they all work similarly to each other.

Pros

  • Voucher methods are available in most heavily populated countries (UK, US, Canada)
  • Vouchers are very secure; it just requires a PIN code to activate that balance on the voucher.
  • Easy to find and use. Many convenience stores sell vouchers.
  • It helps you control what you spend because you need to buy a voucher each time and can’t “top-up” on a voucher you already have.

Cons

  • Voucher systems work like cash and can be lost easily.
  • You can’t withdraw winnings to a voucher.
  • Most vouchers have low balance limits up to $200 or less.

E-Wallets (PayPal, Neteller, Skrill, WebMoney)

Most online shoppers are familiar with PayPal, but e-wallets like WebMoney, Skrill, and Neteller are more casino-specific. E-wallets let you upload your credit or debit card directly to the website and then add an extra encrypted barrier between the buyers and seller.

Pros

  • Trusted companies use e-wallets primarily for their businesses due to their safety.
  • No one will ever see your card details except the e-wallet company.
  • E-wallets are user-friendly and take 10 minutes to set up.
  • Most e-wallets are accepted at trusted casinos.
  • You can deposit and withdraw quickly between your e-wallet and credit/debit card.

Cons

  • E-wallets sometimes charge hefty fees to withdraw or convert currency.
  • It may be tricky to overcome legal compliances. Some e-wallets won’t let you withdraw casino winnings from certain countries or US states.
  • You must maintain your account, or you’ll be charged for account dormancy.

Cryptocurrencies (Bitcoin, Ethereum, XRP, Stellar)

Cryptocurrency is a digital currency that you can use to buy goods and services. More casinos are using this method because it’s unregulated but incredibly secure. Companies will use their own currencies through blockchain, which records transactions and encrypts user data.

Pros

  • You don’t need to open a bank account to use crypto and are usable at any time as long as you have access to a cryptocurrency wallet.
  • Most cryptocurrencies are fast and settle in seconds, so you can cash in on quick payouts.
  • BitCoin especially is incredibly safe (BitCoin networks have never been hacked). Other cryptocurrencies, as long as they run through blockchain, are very safe.
  • It’s possible to sit on a jackpot winning. Cryptocurrency appreciates in value faster because it doesn’t rely on traditional economics.
  • Provably Fair casinos use this method to make games fair and eliminate hacking.

Cons

  • Crypto is difficult to obtain and requires an account on Coinbase or another exchange.
  • If you send crypto to the wrong address, it’s lost forever.
  • Big learning curve. It can take weeks to understand how a crypto wallet works.
  • Crypto crashes happen often and could make you lose a lot of money.

Each method has its positives and negatives, but e-wallets are typically the safest option as long as you can get past the steep withdrawal fees.


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Author: Firdaus

I work as an IT consultant in the Toronto area and I love to write blogs about a variety of subjects. My passion for writing stems from the desire that everyone should have access to meaningful information. Whether it is a blog about society, culture, technology, or social media, I don’t want to miss the opportunity of sharing my thoughts with my friends and audience. Since I believe in mutual exchange of ideas, I am always on the lookout for a feedback on my writings.

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