Gambling has always been a fun and entertaining activity. People would travel to visit gambling hotspots like Atlantic City, Las Vegas, and Macau. Some would also associate it with traveling but times have changed. What used to be an activity that people would have to leave their house to enjoy is now easy to access thanks to the internet.
These days, people can gamble any time and anywhere they are with online casinos and sportsbooks. Online gambling has been around since the 1990s and when it started, transactions with gambling sites aren’t exactly as convenient as how it’s done today. Thankfully, online payments solutions have significantly evolved over the last years.
Anywhere a real money player is, they shouldn’t have a hard time making a deposit to their betting accounts or withdrawing money from it. Sportsbooks make it a point that the most convenient payment methods are available to their customers based on their locations.
An example is how AstroPay India on 10CRIC website is there because it’s a payment solution widely used in the country. Even international betting companies that accept Indian punters have it to ensure that their services are tailor-fit to their customers wherever they are in the world.
Today’s technology allows people to effortlessly make transactions online in many ways. With so many options out there, only a few would stand out and this will also depend on location. But overall, these are the best payment solutions used in online gambling.
Credit/Debit Card
This payment method has been used by online consumers for a long time now. Until today, the majority of deposits and withdrawals made on online casinos and sportsbooks are from credit and debit cards. Almost all, if not all, online gambling sites accept card payments from services like Visa, MasterCard, American Express, and more.
While the use of credit cards on online gambling is still a popular choice in many parts of the world, there are places where this is prohibited like the United Kingdom. Last year, the UK Gambling Commission announced that credit cards shall no longer be used in any gambling activities, whether it’s online or offline. This move is part of the UKGC’s effort to lessen gambling risks in the country.
The UK has one of the biggest gambling markets worldwide and last year, when the pandemic started, online betting activities skyrocketed. There was a worry that people who can’t afford to gamble would use credit cards which could then lead to bigger problems. Australia may also follow suit and impose a credit card ban for gambling. Despite this, elsewhere in the world, credit cards are still widely used for online transactions including gambling.
E-Wallets and Mobile Wallets
Before these digital wallets came out, people would use bank wire transfers to put funds into their betting accounts. That is still practiced today but is now considered outdated. E-wallets and mobile wallets are way better because they can guarantee instant or fast transactions. It’s also easy to monitor transactions with these platforms.
Some e-wallets that are popularly used in online real money gaming are PayPal, Neteller, and Skrill. These are similar to mobile wallets but are still quite different. Mobile wallets can only be accessed with a mobile device and are connected to a unique mobile number. Some of the popular mobile wallets today are CashApp, Apple Pay, Google Wallet, Android Pay, and MasterCard PayPass.
The use of either digital wallet is very convenient especially for people who do not want to carry cash all the time. It’s also the preferred option of many because these platforms somewhat make online transactions safer. People can also ask for support from these platforms if they have problems with their online deals.
Cryptocurrencies
Digital wallets eventually gave birth to digital currencies and cryptocurrencies are now one of the best ways to transact online. Some of the most popularly used cryptos in gambling today are Bitcoin, Ethereum, Cardano, Bitcoin Cash, and many more.
Cryptocurrencies have gained more traction in the last few years especially in 2020 when their value once again reached an all-time high since 2017. These days, the value of Bitcoin would be around 46,000 USD. The highest value it ever reached was $64,800 in April of this year.
While cryptos are extremely volatile, many people prefer to use them on their online transactions. Mainly because of safety and privacy. It’s safe because all transactions ever made with Bitcoin or any other cryptos are recorded and can be easily tracked and monitored. Private because when tracing Bitcoin transactions, only the wallet information is available, thus its popularity in online gambling.
Disclaimer: Gambling involves an element of financial risk and maybe addictive. Please play responsibly and at your own risk. Subject to applicable laws.
