If you’ve spent any time on online casinos, you’ll have encountered making online payments the moment you signed up for an account. Much like the e-commerce boom revolutionized online payments, the growth in popularity of online casinos has led to the addition of new payment methods that go far beyond traditional debit and credit card payments. If you’re wondering which iGaming payment methods to use or are evaluating their features, we’ve unearthed their ins and outs so you don’t have to!

Debit & credit card

Debit and credit card payments are considered the gold standard in terms of online payments. Many people feel a sense of security using them because they’ve been around for so long and we feel we can trust them. With most people having a VISA or Mastercard handy, these payments are convenient for most players.

Pros:

• Widely accepted by most online casino platforms
• Familiarity and trust among consumers
• Instantaneous transactions in most cases
• Some cards offer rewards or cash-back on purchases

Cons:

• Sensitive financial information is shared with the merchant, which can be a target for hackers if the site isn’t secure.
• Some banks may block gambling-related transactions, especially in countries where online gambling is restricted.
• Transaction fees may apply
• No anonymity

Revolut

Revolut lives up to its name, providing a revolutionary mobile money management solution. The FinTech company is considered a “neobank”, which means they provide digital money management facilities. Revolut offers a digital account which functions like a prepaid debit card. Some useful features include:

• Digital banking: Revolut will issue you with bank account numbers and IBANS in different countries to seamlessly send and receive payments.
• Currency exchange: Offers competitive exchange rates for many different currencies.
• Crypto: Gives users the ability to buy, sell and hold a range of cryptocurrencies.
• Virtual cards: Offers disposable virtual cards for online purchases, enhancing security.
• Stock trading“ Purchase Gold and Silver stocks in the app

So, as you can see, there’s a lot to love about Revolut. It’s why many online casinos accept Revolut as an iGaming payment method.

Pros:

• Depositing funds: Once you have a Revolut account, you can transfer money into your Revolut account from another bank or load it via debit/credit card. Then, you can use these funds to deposit onto your preferred iGaming platform.
• Using virtual cards: Revolut’s disposable virtual cards add an extra layer of security. After a virtual card is used once, its details are destroyed and a new card is automatically generated for the next transaction. This minimizes the risk of your card details being compromised through an iGaming platform.
• Currency exchange: If you’re playing on an online casino that operates in a different currency, Revolut’s competitive exchange rates can be advantageous. You can convert your money into the required currency before depositing it on the platform.
• Withdrawal: Some iGaming platforms may allow you to withdraw your winnings directly to your Revolut account. This provides a quick way to access and use your funds.
• Spending control: Using the budgeting and analytics tools, you can easily keep track of how much you’re spending on iGaming platforms, helping you manage your gambling habits.
• Security: If you suspect any fraudulent activity, you can instantly freeze your Revolut card from the app, giving you full control.

Cons:

• Limited support if something goes wrong
• It can take a while to receive your physical card
• Withdrawals often incur a small fee

AstroPay

AstroPay is another FinTech company that provides users with a global wallet to use for online payments. In addition to making online payments, they also offer virtual and physical cards, and mobile money transfers.

Pros:

• Provides a prepaid wallet so you can only spend what you load
• Does not require sharing bank details with the merchant
• Instant transactions
• Partnered with ApplePay and GooglePay
• Zero fees or commissions when making online payments

Cons:

• Need to preload the wallet with funds which can limit spontaneity
• Not as widely accepted as some other payment methods

PayPal

PayPal is another online payment stalwart, having been in the game for decades now. It was designed as the first online payment solution to enable users to send and receive money or make online payments without revealing sensitive financial information to merchants.

Pros:

• Trusted and well-known brand
• Instant transfers
• Protects sensitive financial information from online casino platforms
• Buyer protection policies and excellent support

Cons:

• Some casinos and gaming platforms don’t accept PayPal
• Fees may apply, especially for currency conversion
• Account suspension or limitation issues have been reported by some users
• Difficulty connecting local bank accounts to withdraw funds from PayPal if not in the US

Skrill

Skrill is an e-wallet that enables you to transfer money and make payments online without having to reveal any financial information. Many online casinos accept Skrill as a method for making deposits or initiating withdrawals. Their prepaid cards can be used to make deposits or to load winnings onto and can be used anywhere a VISA card is accepted.

Pros:

• Specifically tailored for online gaming and betting
• Instantaneous transactions
• VIP program for frequent users
• Easily transfer funds from one sportsbook to another

Cons:

• Transaction fees can be high for withdrawals. Skrill charges a flat fee of $5.50 for withdrawals to bank accounts and $2.50 for ATM withdrawals.
• Not as widely trusted as some older, more established payment methods.
• Some reports of account limitations or holds.
• You must ensure you select “gaming” as the purpose for funding your account when you will be using the money for betting or gambling. If you select non-gaming as the purpose, you will be blocked from using those funds at online casinos.

Bitcoin

Do you have Bitcoin you’d like to place bets or gamble with? The good news is that many online casinos now accept Bitcoin and other cryptocurrencies as a form of payment. There are specialized Bitcoin and cryptocurrency casinos geared entirely towards digital payments.

Pros:

• Decentralized and free from government interference
• Offers anonymity
• No transaction chargebacks so there is less risk for online casino merchants

Cons:

• Price volatility can affect the value of holdings, which means even if you win money, its value could deteriorate as the value of Bitcoin fluctuates.
• Not universally accepted
• Requires understanding of cryptocurrency

Paysafecard

Paysafecard is a product of its parent company Paysafe. The company offers a prepaid digital card that doesn’t require a bank account or credit card to activate. It is accepted worldwide and extremely safe, protecting your personal and financial information when visiting online casinos. Payments are made via the app using a prepaid 16-digit code.

Pros:

• Prepaid payment method so you can only spend what you load
• No need to share personal financial information
• Accepted at many online casinos

Cons:

• Need to physically purchase a card or a voucher on the app
• Not suitable for large transactions
• Cannot use the prepaid card for withdrawals, you will need to withdraw directly into your Paysafecard account.

Final thoughts

We hope this has helped you understand the many iGaming payment methods available to you. Now when you’re faced with the dilemma of which one to choose, you’ll be well-informed and know which one will best suit your needs and preferences.