Online casino banking is the least understood aspect of playing at online casinos, and often, new players sign up without visiting the cashier and reading the casino’s banking policies. We recommend reading the following guide to casino payment methods in 2023 before signing up for real money play.
Criteria to Select Casino Payment Options
Here are a few factors to consider before choosing a casino banking option for deposits and withdrawals:
- Speed: Choose a casino banking method that allows you to deposit and withdraw instantly.
- Convenience: The banking method should be available in your country, and you should know how to use it.
- Security: The payment processor must implement the latest security technologies to protect your data, money, and financial transactions.
- Fees: The best payment methods are free or affordable.
The best casino payment method is the one best capable of satisfying your requirements. Research all the casino payment methods available at your Australian online casino before choosing a preferred banking option.
Withdrawal Procedure
The withdrawal procedure is similar at all online casinos, involving the following steps:
- Clear all active bonus offers, and roll over your deposit amount once to thrice, depending on your casino’s banking policies.
- Navigate to the banking area and click on Withdraw.
- Choose a banking method for withdrawal. Generally, the online casino credits winnings with the same method you used to make deposits.
- Fill in the required details and submit your withdrawal request.
- Online casinos keep your withdrawal request pending for 1 – 3 days, during which they validate your account details.
- As a part of the verification procedure, also called KYC procedure, you must submit copies of your identification documents to the online casino. These include a government-issued photo ID, address proof, payment method proof, or any other document the online casino requests.
- After completing the verification procedure, the online casino approves your withdrawal requests and credits the winnings to your account.
- Depending on your preferred payment method, your winnings may take a few hours to a few days to reach your account.
Main Online Casino Payment Methods
The best online casinos in the industry offer their players a wide range of banking options, including credit and debit cards, prepaid cards & vouchers, electronic wallets, bank transfers, and cryptocurrencies.
E-Wallet Options
Electronic wallets allow you to store your money and use it to pay for products and services purchased online with an email address or phone number.
- Skrill: Established in 2001, Skrill is available in 200+ countries, allowing users to send and receive money and pay for products and services. Skrill supports transactions in 40+ currencies.
- Neteller: You can make casino deposits and withdrawals using Neteller at almost all online casinos. Online casinos do not charge for using Neteller as a payment option.
- PayPal: Established in 1998, PayPal serves customers in 200+ countries, allowing them to shop online, send money, and get paid in 25+ currencies. However, it is available only at a few casinos.
- EcoPayz: Founded in 2000, EcoPayz is a popular electronic wallet service that supports multiple currencies and uses the latest encryption and security technologies.
- MuchBetter: Its 2016 launch makes MuchBetter one of the younger casino payment methods in the world. It is popular because it is available even in online casinos accepting players from unregulated gambling jurisdictions.
Mobile Apps
Mobile payment apps allow you to make contactless payments at land-based stores and transfer funds online directly from your bank account without using credit cards.
- Google Pay: Although it is ideal for owners of Android devices, Google Pay is also available for iPhones. It is easy to use and includes wallet functionality.
- Cash App: Popular among US players, Cash App allows you to send and receive money, purchase cryptocurrencies, and invest in stocks.
- Zelle: Since most bank apps incorporate Zelle, you need not install it as a standalone app. Its association with most banking systems makes it safe, secure, and convenient.
- Apple Pay: Users find Apple Pay to be a safe, secure, convenient, and flexible way to make payments. The services include a virtual cash card to make and receive payments and a card for credit purchases.
- PayPal: Download the PayPal mobile payment app and use it to make casino payments. Just link your PayPal account to your phone and set a PIN to make deposits.
Prepaid Cards
Prepaid cards, worth only the money they hold, are also available as casino payment methods.
- Visa Prepaid Card: These are reloadable cards players use to make online casino payments. Since you can spend only the money loaded on the Visa prepaid card, you need not worry about overdraft charges.
- Neteller: If you have a Neteller account, you can apply for the Net+ Virtual Prepaid MasterCard and use it as a payment method in all online casinos offering MasterCard as a payment method.
- PaySafeCard: Purchase PaySafeCard prepaid vouchers at points of sale worldwide, and use the 16-digit number printed on it to make quick, safe, and secure casino deposits.
Debit and Credit Cards
Credit and debit cards are the safest ways to make online casino deposits. Also, they are available as casino payment methods at almost all casino sites:
- Visa: Banks and financial institutions partnered with Visa issue Visa credit and debit cards featuring 16-digit account numbers, magnetic stripes, and microchips.
- MasterCard: The MasterCard payment network supports several credit and debit cards issued by its partner banks. MasterCard credit/debit cards enable consumers to make payments worldwide.
- Amex: American Express is a financial service provider operating the Amex card network. It issues a wide range of prepaid cards, gift cards, credit cards, and debit cards.
- Maestro: A brand belonging to MasterCard, Maestro is a debit or prepaid card that users can link to their bank accounts. Maestro cards give you access to your money whenever you wish.
- Diners Club International: A Diners Club International debit card is a multipurpose charge card issued by Diners Club International, a financial services company belonging to Discover Financial Services. You can use it at any online casino accepting payments through MasterCard.
Virtual Banks
Bank transfers allow you to directly transfer money from your bank account to your casino gaming account without revealing your bank account details.
- POLi Payments: A service exclusively available in Australia and New Zealand, POLi Payments allows you to deposit money in your casino gaming account directly from your online bank account.
- Trustly: A European provider of financial services, Trustly allows bank transfers across borders and is a safe and secure way to make online casino deposits.
- Sofort: A bank transfer service belonging to Klarna, Sofort Pay is an online banking payment option popular in Switzerland, Belgium, Austria, and Germany.
Cryptocurrencies
Crypto transactions are quick, safe, secure, anonymous, and free, although you can make nominal payments to the blockchain network for faster confirmations.
- Bitcoin: Founded by Satoshi Nakamoto in 2009, Bitcoin is a virtual currency that functions as a safe, secure, and anonymous way to make casino deposits.
- Bitcoin Cash: Created because of a hard fork within Bitcoin’s blockchain network, Bitcoin Cash soon became a cheaper and faster alternative to Bitcoin.
- Litecoin: If Bitcoin is gold, Litecoin is silver in the crypto world. Created in 2011 by Charlie Lee, Litecoin is a cryptocurrency similar to Bitcoin but cheaper to use.
- Ethereum: A technology that hosts global payments, digital money (Ether), and apps, Ethereum is the brainchild of Vitalik Buterin, a programmer.
- Dogecoin: Although created to make fun of Bitcoin, Dogecoin soon became a significant cryptocurrency in its own right.
Best Online Casino Payment Methods FAQs
It depends on your location and preference. Players usually deposit with credit and debit cards, although many also use electronic wallets, payment apps, and bank transfer. Some players prefer depositing and withdrawing with cryptocurrencies.
Most online casinos process deposits instantly. However, deposits through traditional methods may take longer.
Generally, online casinos keep payout requests pending for a day or two to complete the verification procedure. The time your winnings take to reach you after the online casino approves your payout requests and processes your winnings depends on your payment method and location.
eWallet withdrawals take a few hours, credit card withdrawals take up to a few days, and crypto transactions are instant.
The law requires licensed online casinos to complete verification procedures for security purposes. Verification ensures that the winnings reach the right person.
Most online casinos allow you to deposit with your home currency. However, if an online casino operates in EUR or USD, your deposits will be converted to that currency and you may incur currency conversion fees.
Many online casinos support multiple fiat and cryptocurrencies.
Remember To Always Gamble Responsibly & With The Money You Can Afford To!
Vikas Varier is a content writer based in Sydney. Previously, Vikas worked for different digital agencies as a writer. During that time he helped companies attract visitors and convert leads through cleverly written copy. He has degrees in Communication and Management from Charles Sturt University. In his free time he loves to walk around and cycle in the Royal National Park.