Online payment methods are responsible for the growth of many online businesses. They accelerated the digitization of commerce, marketing, healthcare, education, and online gambling.
Without companies like PayPal, Visa, MasterCard, and GPay, transacting online would be a nightmare for millions of people. In this article, we’ll highlight some of the ways digital payments enhance the growth of online gambling. Let’s go!
Fast Transactions
Many online payments provide fast deposits to online casinos and sportsbooks. Digital wallets like PayPal, Skrill, and EcoPayz offer instant payments, meaning your money appears in your account balance immediately.
Cryptocurrencies like Bitcoin and Ethereum complete transactions within 20 minutes. However, you could achieve faster payments by using speed-oriented coins like Solana and Ripple.
Every gambler loves quick payments. Fast deposits mean you can play your favorite slots any time you want. And if you win money, you can withdraw it instantly.
Unsurprisingly, online payment companies offer the quickest way to withdraw money from gambling sites. While banks take up to five days to process payments, PayPal, Visa, and Bitcoin will ensure you have your money within 24 hours.
Convenience
Convenience is perhaps the main reason people gamble online. Think about it. Las Vegas offers the most luxurious gambling services in the world. From lavish hotel rooms to beautiful gaming floors, everyone would want to play slots and poker in Sin City.
Las Vegas isn’t convenient for most people, though. And that’s why iGaming is growing. With online casinos, you don’t need to leave your home. No need to dress up or carry bags of cash.
All you need is to find a trustworthy online casino with your favorite slots and card games. Find those with fast withdrawal options for your convenience. Also, look out for sites with bonus promotions. Bonuses add joy to the life of a casino player.
Reaching New Markets
When you think about it, online gambling skyrocketed after the emergence of digital payments. Back when you could only deposit money using a paper check, very few people wanted to play slots or bet on sports online.
Then Visa and MasterCard went online. PayPal soon came out. And within a few years, you could deposit using countless payment options. Today, you have a limitless number of ways to deposit money in a sportsbook or casino.
As a result, it’s easy to find a casino regardless of where you live. Payment options like Bitcoin have no geographical limits. You could use crypto for payments in any part of the world.
If you prefer to use PayPal, the American e-wallet works in more than 200 countries. Both Visa and MasterCard also work globally. In fact, they’re available at nearly every casino site.
Low Payment Fees
Fees are an important consideration for many people gambling online. Fortunately, the best casino payment providers have incredibly low fees. Take e-wallets as an example.
Digital wallets do not charge you for casino payments. Whether you use Neteller, Apple Pay, or Trustly, you can deposit money at any gambling site free of charge. The only time these companies charge you is during withdrawals. And the fees tend to be low.
Cryptocurrencies and credit/debit cards might charge you for both deposits and withdrawals. However, the fees vary on a case-by-case basis. For example, coins like Ripple and USDT have near-negligible fees. However, the charges can be higher while using Bitcoin or Ethereum.
Bank transfers come with arguably the highest fees of any payment method. And while they also process payments slowly, they’re excellent for withdrawing large sums of money.
Flexible Limits
Another explanation for the growth of online gambling has something to do with its affordability. At most online casinos and sportsbooks, you can deposit as little as $10.
That means you don’t need to worry about losing your hard-earned savings while gambling online. You can deposit the minimum limit to find out if a site is safe. Once you’re satisfied with your experience, you can deposit a higher amount.
Can you deposit less than $10 at gambling sites? Yes, you can. Some casinos have a minimum deposit amount of $1 to $5. They keep the limit low to build trust with new customers.
That said, you can deposit up to $10,000 at most gambling apps. If you’re a high-stakes player, find a casino with a maximum deposit of $100,000. Importantly, choose a site with high withdrawal limits.
You might win a $500,000 jackpot someday. If this ever happens, you would want your casino to help you process the money quickly.
Ease of Use
Using a modern payment app is straightforward. Let’s say you want to deposit through Visa. All you need is to enter your card details. Next, click on ‘Pay’ and your casino will authorize your card provider to deduct a certain amount of money from your account.
With PayPal, GPay, and other e-wallets, the process is equally similar. PayPal’s ‘Send Money’ page asks you to provide the recipient’s address and the amount of money you want to send. Once you click ‘Send,’ PayPal processes the transaction instantly.
In other words, it doesn’t take long to learn how to transact online. Most payment options are designed with user-friendliness in mind. There are a few exceptions, though. For example, Bitcoin is a bit sophisticated for non-tech-savvy people.
Due to that, use crypto only after you understand how it works. Learn how to buy Bitcoin. Find a safe crypto wallet and a trustworthy crypto gambling site. Also, use crypto only if it’s the best option for you.
Safety and Trustworthiness
Online payment companies make a lot of effort to prove their trustworthiness to new gamblers. First, they take care of the basics. They secure your data using SSL encryption.
They protect your account using a password, Two-Factor Authentication, and biometric security options. Some of them also use anti-DDoS, VPNs, and antiviruses to keep their systems secure.
Additionally, the best payment providers guarantee your safety through chargebacks, low limits, and quick payouts. They process your payments fast to give you confidence in their services. And if you ever lose money to a fraudulent site, some of them will refund it to you.
