What are the Best Payment Options When Gambling Online?
Posted by Harry Kane on Thursday, August 6, 2020
The range of ways in which gamblers can credit their online accounts is a perennial hot topic for discussion, particularly following the ban of specific payment systems on April 14th and the recent controversy surrounding the ‘gambling pay by phone’ method that has been rolled out.
While it always appears to be the most controversial and contested payment methods that garner media attention, however, the fact remains that there are several tried-and-tested channels that continue to allow for safe and responsible gambling activity.
But what are the best and most widely-used payment options in the iGaming realm, and what sets these apart from their rivals?
1. The Paysafecard
The trusty Paysafecard is one of the most popular deposit and withdrawal methods available in 2024, with this prepaid card enabling players to separate their bankroll from everyday funds and wager consistently within their means.
Make no mistake; there are several reasons why £1 deposit casinos rely heavily on this and similar payment methods, quite aside from their inherent security and capacity for empowering responsible gambing.
Beyond this, the Paysafecard also negates the need for direct connections between your gambling account and bank, and in this respect, it offers the same level of privacy and anonymity as Bitcoin and similar cryptocurrency such as Ethereum.
Unlike traditional banking methods, the Paysafecard is also relatively easy to approve and verify, which in turn helps to minimise processing times ensure that withdrawn funds can hit your bank account quickly.
You can also argue that this payment method holds the same advantages over widely-used and accepted channels such Visa debit cards. Like this method, the Paysafecard also offers minimal or no fees at all in most instances, enabling you to retain as much of your bankroll or winnings as possible.
2. PayPal
While PayPal is a slightly less widely-used method and one that remains a controversial source of funding for some, there’s no doubting it’s popularity in instances where it is available.
The main reason for controversy revolves around the lack of limits with regards to iGaming, which enables players to wager freely without having previously transactions recognised by the provider.
However, a similar criticism can be aimed at other mainstream payment platforms, so it’s unfair to restrict this to the world’s trail-blazing ewallet.
On the plus side, PayPal tends to drive instantaneous deposits and rapid withdrawals, with most casinos processing payment through this channel in less than an hour (particularly once you’ve completed your first withdrawal).
This channel is also similar to the Paysafecard in that it serves as a safe and secure platform, and one that can be used for a raft of different purchases and transactions online.
PayPal is usually tethered to a bank account too, and this can hasten the process of verifying your account when you register with an online casino or look to make a withdrawal for the first time.
3. Neteller
Next up is another prominent e-wallet, and one that has become synonymous with iGaming in the digital age.
While it isn’t always readily available at UK casinos (depending on precisely where you live), you can bet your bottom dollar that the majority of low-wagering outlets feature this as a key deposit and withdrawal option.
This is certainly a cost-effective payment option, and one that should prevent you from having to pay a transaction fee when moving your funds (although you should note that some operators may reserve the right to apply their own charge when processing payments through this method).
Another key consideration is that some operators exclude this payment option from their welcome bonuses, meaning that you won’t be eligible for such a promotion if you credit your account in this way.
Despite this, this platform is secure and convenient, and increasingly accessible across a growing range of online casino platforms.
4. Visa Debit Card
You can use your trusty Visa debit card, which is connected to your bank account and enables you to deposit funds from a viable and secure source of wealth.
This is subsequently the most widely-used payment method in the iGaming realm, not least because anti-money laundering regulations require you to withdraw cash through a channel that has been previously used to process a deposit.
Given this and the incredibly secure nature of Visa debit cards, it makes sense that players should complete their first deposit and withdrawal through this medium.
It’s also fair to surmise that Visa debit card is widely accepted by pretty much every iGaming operator in the UK, making it a convenient and universally accessible option that’s incredibly efficient.
We’d also argue that withdrawals made by Visa debit cards are amongst the quickest on the market, with some operators processing payments instantly through this medium.
5. Trustly
We close with Trustly, which is one of the newest and fastest-growing payment options available in the iGaming space.
This is a secure and seamless platform that allows you to process deposits and withdrawals from an associated bank account, and it has been adopted by operators as it allows them to offer bank transfers without having a connection with every single lender.
Trustly also processes faster and more efficient withdrawals than the traditional bank transfer methodology, without compromising on advanced SSL encryption levels or your peace of mind as a consumer.
Trustly also allows for seamless and barrierless payments without the need for cards, apps or separate registration, creating a one-stop resource that can be used across multiple casinos and platforms.
Trustly has also proved crucial to operators, primarily because it has boosted their capacity to retain customers by providing access to a far wider range of payment channels and lenders.
Trustly is set to become even more popular in the near-term, and this represents good news for gamblers across the UK!