Best Payment Methods In New Online Casinos
What are the latest payment options in the online gaming industry? Keep reading to discover the best payment methods in new online casinos.
- Best Online Casino Payment Methods
- Keeping the Classics: Debit Cards
- The New Bitcoin Casinos
- Ethereum Casinos
- Around 16% Of British Gamblers Prefer Digital Wallets
- Top 2 Payment Methods for New Mobile Online Casinos
- Other Popular Payment Methods
- The Future of Online Payments
Best Online Casino Payment Methods
| Payment Method | Deposit | Withdrawal | Type |
|---|---|---|---|
Bitcoin | Yes | Yes | Crypto |
Neteller | No | Yes | Transfer Service/ E-wallet |
Skrill | Yes | Yes | Digital Wallet |
Apple Pay | Yes | Depends on the casino | Digital Payment Service |
Google Pay | Yes | Acquires an additional payment method | Digital Payment Service |
PayPal | Yes | Yes | Digital Payment Service |
Visa Cards (debit only) | Yes | Yes | Real Cash Transfer |
Mastercard (debit only) | Yes | Yes | Real Cash Transfer |
Paysafecard | Yes | No | Voucher Service |
Pay by Mobile | Yes | No | Mobile Payment |
Wire Transfer | No | Yes | Electronic Transfer of Funds via Banks |
Ethereum | Yes | Yes | Crypto |
Dogecoin | Yes | Yes | Crypto |
Keeping the Classics: Debit Cards
Debit cards are, to this day, a widely popular online casino payment method. Considering that around 98% of the UK population holds a debit card, it’s no wonder that top online casinos accept this type of payment.
They’re a convenient asset because, unlike using credit cards, the player already has these funds.
Interestingly enough, as of 2020, the UKGC has banned using credit cards to place online bets. This has come as additional enforcement in the field of responsible gambling.
This outcome was caused by an official report which stated that around 22% of online gamblers that used credit cards in the UK had been deemed problem gamblers.
Debit Cards: Never Getting Out of Style
- Debit cards add up to the aspect of responsible gaming because you are only accessing the money you have in your account without risking to get into debt
- Withdrawing funds through a debit card is almost as fast as depositing
- Debit card deposits have been much more prevalent in online casinos than credit card ones even before the ban
- The general withdrawal time through a debit card is 3-5 days
Is Visa Better than MasterCard for Online Casino Payments?
These two are some of the most widely used payment methods in all fields. But Visa takes the lead regarding its popularity with customers in online casinos. This is mainly due to the constant security improvements added to the cards, which inadvertently increases the number of top Visa casinos in the UK.
However, there is still a great number of Mastercard casinos as this method is widely used by online players.
The New Bitcoin Casinos
Cryptocurrency casinos are increasing by the day. Namely, there has been an increase of 112% between crypto bets of 2021 and those of 2022 – rounding at about 6 billion in numbers.
Many UK gamers have turned to platforms that use crypto because of faster payments, lower fees and bigger limits.
There’s also the fact that this digital asset is deemed safer as it’s decentralised, hence allowing anonymity.
Considering that Bitcoin is the “crypto trademark”, it’s understandable why new casinos are emerging on the web and why players are eager to participate.
Bitcoin: A Top Favourite Online Casino Payment Method
- Allows instant deposits and withdrawals
- Bitcoin, like other cryptos, is highly volatile
- According to SoftSwiss, Bitcoin has 72.80% of deposit usage, compared to Ethereum (13.45%) and Litecoin (6.45%)
- The average withdrawal time is 2 hours, but it can sometimes prolong up to 24 hours
Ethereum Casinos
The second best digital coin in the crypto world is Ether (the native coin on the Ethereum blockchain).
This digital asset has also entered the casino world, with many previously fiat-only prominent gaming sites using Ethereum as the preferred coin.
Although Ethereum casinos are similar to Bitcoin because of their blockchain built, they are still not the same.
Namely, Ethereum supports faster transactions because it’s a general-purpose blockchain, allowing the utilisation of dApps and NFTs.
On the other hand, Bitcoin is mainly used as a crypto asset, and its blockchain is treated as a store of value.
Ethereum: Attracts Well-Established Casinos
- Allows anonymous gambling and more competitive odds
- Low security in terms of legal protection
- Ethereum is rising in popularity among the overall iGaming world
- Processing time is 2-3 hours, while withdrawals can take up to 24 hours
- Casinos are still getting used to the idea of using the Ethereum blockchain for transactions
Around 16% Of British Gamblers Prefer Digital Wallets
Half of UK citizens have stated that they prefer using a digital wallet as a payment method. Out of these, approximately ⅓ use their digital wallets to play at online gaming sites.
The main reason why UK players choose this method is that it allows for faster transactions – in most cases, the deposits and withdrawals are instant.
Plus, with e-wallets, you can add money to your betting accounts without that showing on your bank statements.
Considering this, it’s no wonder that digital wallets are one of the best online casino payment methods for UK players.
Neteller UK: Small Fees For Casinos
- Fast and fee-free deposits
- Charges upload fees
- In the gambling industry, Neteller is used at 29.03%
- The general withdrawal time for Neteller UK is 3-6 business days
- A seemingly low daily withdrawal limit of £808 and only 10 withdrawals per day
Skrill: Fastest Growing Transfer Service
- High security with anti-fraud measures
- Fees may apply
- Around 14% of Skrill e-wallets are used for gambling
- Withdrawals can take anywhere between 1-5 business days
- When withdrawing, depending on the method tied to Skrill, there can be fees between 2-4%
PayPal: No. 1 E-Wallet Choice
- High consumer protection policies
- Monthly or annual limits on transactions
- In 2017, £9.7 billion in gaming payments were made via PayPal
- It takes 2-24 hours to withdraw your funds, but it can take up to 3 days for the cash to reach your bank account
- You may need to pay a fee in some casinos when withdrawing through PayPal
Make sure to read through the policies of online casinos since they may not accept certain payment methods. Nevertheless, PayPal casinos are still a favoured option among gamblers, so it is highly likely for most online gambling sites to adopt this banking method.
Top 2 Payment Methods for New Mobile Online Casinos
As mobile phones are the number 1 device used to access online casinos, Apple and Google Pay are widely used as online casino payment methods.
Most online operators allow withdrawals with both payments but not deposits.
However, those in the iGaming field longer have tailored their cashier section to accept both options.
The difference is that Apple Pay works only on iOS devices. Similarly, Google Pay can only be accessed on Android devices.
Apple Pay
- Instant and wireless access to existing funds
- Most Apple Pay casinos don’t allow withdrawals
- Apple Pay payments in the UK surpassed those of the US and Canada in 2022 – 2 out of 10 Brits used this method for online payments
- The general withdrawal time is 2-3 days, but it can prolong to 5 days
- Only shows as an available method if you use an iOS device
Google Pay
- One-tap funding option in a Google Pay casino
- Requires adding an alternative payment method to withdraw
- In 2020, Google Pay was used by approximately 215,000 people per month for online payments, including iGaming
- It takes around 1-3 business days to withdraw your funds
- Not accepted by all UK casinos
Other Popular Payment Methods
The vast spread of payment methods allows UK players to choose a transaction option that suits their needs best.
Aside from the already mentioned payment methods, other choices are available on the market – from additional e-wallets to different types of crypto.
This can be backed by the fact that 48.6% of crypto owners would consider utilising their digital coins in gambling. So, seeing the significant demand, online gaming platforms are trying to adapt and offer the needed supply.
EcoPayz
- Type: E-wallet
- Availability: Only in countries where it’s legal (i.e., the UK, Ireland, Spain, France, Italy and around 100 others)
- Why should you use this payment method? It’s a native UK company, making deposits and withdrawals available in 46 different currencies
- Be aware! Some casinos may not provide this form of payment
Interac
- Type: Online bank transfer payment
- Availability: Interac is the Canadian national debit system, and it’s currently unavailable in the UK
- Why should you use this payment method? It’s faster than using the standard bank transfer
- Be aware! Not all online casinos accept this method; if they do, it’s mainly reserved for Canadian gamers
Lite Coin
- Type: Cryptocurrency
- Availability: Global reach; however, it’s limited across Irish and UK online casinos
- Why should you use this payment method? It has a lower exchange value due to its ample supply
- Be aware! The Litecoin blockchain is popular on the dark web, which might cause further potential problems for its holders
Tether
- Type: Cryptocurrency
- Availability: Global reach; however, it’s limited within online casinos in the UK and Ireland
- Why should you use this payment method? Tether is much more stable than other cryptocurrencies
- Be aware! Tether is pegged to USD or gold, so price fluctuations in those can influence the coin
The Future of Online Payments
The technological improvement and rise of blockchain technology has undoubtedly echoed through the online gaming industry and affected online casino payment methods.
Today the list of best online casino payment methods keeps growing with each new technological innovation and trend.
For example, there’s a rise in casinos incorporating NFTs into their promotional packages.
So it’s safe to say that the future looks bright for UK players that want to spend their past time in an online casino.
The only thing that remains is choosing the best method for your particular needs!