Online Casino Payment Methods- A Minefield or a Goldmine?

Posted on March 23rd, 2010

Life used to be so simple. If you wanted to pay for something online, you’d use your Visa or Mastercard. And that was that. Easy.

But now, it seems that there is a mindboggling choice of payment methods, particularly if you are looking to have a flutter online on the slots, or want to play a couple of blackjack hands. Click on the “Casino Banking” section of any online casino and you will be hit with a long list of exotic sounding names of different companies that you can use to make financial transactions online.

But why the myriad of choice? Well, for one thing, many people prefer to use a third party when they are buying stuff online, as they can share their credit card details with only one company, and then use a secure password for the rest. And then of course there’s the situation in the US, where the government is trying to stop banks making transactions to and from casinos and poker sites. Which predictably has just created a fervent mushroom like growth of alternative services.

Many online casinos offer favourable rates for so called “web wallets” (like Money bookers for example), so it can actually net you more chips if you make a purchase at an online casino using these alternative methods (generally you’ll get between 10 anf 15% as a bonus. This is because the companies charge the casinos less for making the transactions- so they are trying to incentivise you by passing some of these savings on.

But which payment methods are the best to use for online casinos and why?

As ever, a question like this is best answered with “…well, that depends….” (Sorry! But it does.)

First came Visa and Mastercard. Then came debit cards, e-wallets, vouchers,   and a wholehost of others like Paypal.

Things to consider.

When you are making your decision, investigate the following:

  • How much bonus will you get for using a particular payment method.
  • Are you signed up with the payment company (stick to a few rather than signing up for 10)
  • Does the casino pay winnings out faster in any particular payment method?
  • Is the company well know?
  • How long has the company been operating for?

It really does depend on your personal circumstances. For us personally, we prefer using credit cards (because we can in the UK and there’s no additional set up). Plus we use Paypal (not all casinos accept paypal, but you can find a list of Paypal Casino on the main site)- we just happen to sell a lot of stuff on eBay, so we use Paypal alot anyway. Call me a nutter, but there’re not many things in life  more satisfying than flogging the hideous glass swan ornamental piece you got from Auntie Mavis at Christmas for a tenner, sticking it on red, and then doubling your money. You are the free to bid for 2 identical glass swan ornamental pieces on eBay…

We also use Neteller and Moneybookers, which we have found to be among the best web wallets. Cashing out tends to be quicker through a web wallet and we like their systems.

These just fit our circumstances. The important thing is to do your homework first and make use of these different facilities. They could end up saving you time and you might enjoy a half decent bonus on your casino chip purchases.

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