Digital casino games have been around for almost 30 years, and during that time nearly every aspect of their technology has changed, including how payouts are made. The gambling and betting industry took a huge leap forward when technology was implemented as it allowed players to make payments and withdraw money virtually.

Players no longer need to buy chips, put coins in slot machine games or even play their card in casinos. Instead, they can make the same payments and transactions from the comfort of their couch.

The online payments industry is growing exponentially and there are now more providers than ever before. If you’re not already familiar with the industry, it can seem overwhelming looking at the many different providers and trying to figure out what their product offerings are and if they’re compatible with your bank account.

In this article, we break down the ins and outs of online casino payment providers and help you stay safe online by choosing the best providers for what you need.

Traditional payment processors

There are a number of different processors that players are likely to see used repeatedly at many online casinos. There are traditional processors such as bank transfers, as well as electronic wallets such as Apple Pay, Google Pay and PayPal. Users can also choose from a range of different software-focused processors such as ecoPayz, Trustly, Astropay, Neteller, Boku, Skrill and paysafecard. As of April 2020, licensed gambling operators in the UK can no longer accept credit cards for gambling.

There are also several highly innovative payment processors that have disrupted the industry by offering superior rates and customer service. Customers looking for the best payment methods should verify processing efficiency, geographic reach, associated fees and compatibility with their own bank accounts before opening an account.

Make a payment at an online casino

The payment process at an online casino is usually quite simple. The first thing you need to do is create an account and fill in all the required personal and financial information.

Users must then connect the payment processor of their choice and follow the steps required to make a deposit. Some online casinos will require the same processor to be used for withdrawals, and users should remember that each processor has its own time frame for such transactions.

Each online casino will have its own terms and conditions regarding minimum deposits and withdrawals, so it is important to read the terms and conditions before making a deposit. Most sign-up bonuses will also have their own terms regarding wagering requirements, which many players miss when signing up.

Geographical differences

You will probably notice some differences between online casinos that target players from different countries. Of course, not all online casinos are available in all countries where gambling is legal, and many online casinos are designed to appeal specifically to consumers in a particular country or location.

As a result, you will find payment processors available at some casinos that are not offered at others, and you may need to do some research and look for casinos that offer a particular range of niche processors.

Crypto: the future of online payment?

Crypto wallets are one of the fastest growing payment processing methods. Cryptocurrencies are becoming increasingly popular as preferred investment instruments and payment methods. There are now dozens of cryptocurrencies, and while some may almost be considered unlikely to succeed, many cryptocurrencies have achieved impressive success.

The use of cryptography is increasing in the online gambling and betting sector, mainly due to the privacy and security it offers. Crypto payments offer better protection than many other processors, and there is more privacy as accounts are generally anonymous.

Privacy is popular in the online gambling industry, as many people feel that their gambling habits should be kept private and not widely known. Another reason is that some players access online casinos and betting platforms from countries or regions where gambling is illegal. The use of cryptography means that they cannot be traced as easily and can instead enjoy greater privacy.

As crypto grows in popularity, many online casinos have tried to tap into this new consumer demand by offering crypto-specific payment processors. Some crypto casinos only accept payments in crypto, and there are others that accept crypto with a number of other payment processors.

Generally, the biggest cryptocurrencies are the most widely accepted, including Bitcoin, Ethereum, Litecoin, and Ripple. A number of crypto wallets are also generally approved payment processors, including Electrum, BRD, Blockstream, and Coinbase Wallet.

Stay safe online when making payments

Making payments online is something most of us do every week, but is it really safe? Sometimes it seems like every month there are new stories of hacks, scams and schemes designed to steal money online and take advantage of unsuspecting internet users.

While it’s impossible to be completely safe online, there are ways to protect your sensitive personal and financial information. An easy thing to do is to opt for e-wallets such as TransferWise and PayPal whenever possible to have an extra layer of defense and protection against scammers. The other Internet users are to protect yourself by making as many payments as possible through crypto wallets, and now some banks are jumping in and offering users unique cards for unique online transactions.

Whichever way you choose to pay, it’s a good idea to always use the best online security practices. This means choosing tough passwords and changing them regularly, opting for two-factor authentication processes to log into important platforms, and being vigilant against phishing attempts.