While many people are still using debit cards and bank transfers to play at online casinos, it is the more modern payment methods that are changing the online casino industry. We now have services such as PayPal being accepted as standard in the casino industry (it never used to be), along with cryptocurrencies. On this page, we want to take a look at how these payment methods are changing how the industry works.
- Faster transactions
Modern payment methods have become much faster. You’ve pretty much always been able to make instant deposits at an online casino (assuming you weren’t using bank transfer or a cheque), but instant withdrawals weren’t a thing. Up until recently, it could take days to get cash out of your account. This has changed.
Thanks to a lot more automation in the casino business and better payment methods, casino withdrawals have become faster. While there are still some cases where a withdrawal can take days (for example, if you withdraw to a debit card, which needs to be processed as a refund), many more modern payment methods are instant. Take PayPal, for instance – assuming that the online casino doesn’t need to carry out additional checks on you, withdrawn cash could be in your account in minutes.
People love this. They love promptly getting their hands on cash they’ve won. This is why many of the people gambling at casinos now opt for the newer payment methods.
- More payment options
We know that it is incredibly clichéd, but it is said that variety is the spice of life! People love to have multiple payment options on a platform, even if they are rarely going to use any more than one or two of them.
In the United Kingdom, the law states that when you deposit at an online casino or bookmaker, you can only withdraw any winnings to the same payment method. So, if, for example, you deposited using your debit card, then any winnings from the cash that you deposited can only be withdrawn to that debit card. While there are some exceptions to the rule (if your card has expired, for example), it can be a bit of a hassle.
This is where modern payment methods come in. Take PayPal again. One of the major benefits of PayPal is that you can attach multiple payment methods to your account – a bank account or debit card, and even receive money from your friends and family. If you deposit into your online casino account using PayPal, you have a lot more options for payment methods. However, you aren’t limited to withdrawing to only one of them. Even if you used your debit card from your PayPal account, you don’t need to withdraw to that debit card. You withdraw to your PayPal account. This speeds up the withdrawal and makes things a lot more hassle-free.
This is one of the main reasons why modern payment methods are benefiting the online casino industry. They give people more choice with less hassle. People appreciate that. You’ll notice that most online casinos now push alternative payment options particularly hard.
- Increased payment security
Many modern payment methods offer enhanced security. Take PayPal, once more. Your payment details are kept nice and secure, as is the rest of your personal information. The online casino will have access to none of it. All they’ll know is your PayPal email address when you deposit and withdraw money.
The security that modern payment methods afford means that people are now safer when they’re gambling online. It also means that online casinos are finding it a whole lot easier to stick to any legal requirements regarding payment security.
- Better compatibility with mobile devices
Most gamblers now use mobile devices to gamble. Many modern payment methods make this easier. PayByPhone is a good example. This payment technology allows you to add your gambling transactions to your phone bill, and you settle the amount the following month. Although, of course, there are limits to this to ensure that you don’t end up with a phone bill that you can’t pay.
Modern payment methods put a lot of effort into making their payment process dead simple. With PayPal, for instance, you don’t have to tap in your payment details every time (which is a hassle). As long as you already have a payment method linked to your PayPal account, you can make a payment in seconds, just by logging in to your PayPal account.
This means that people are finding it easier and more fun to gamble using their mobile devices. Modern payment methods are a major reason why mobile gambling is so popular nowadays.
Gamers looking for a safe and convenient way to play could check out pay by phone casino sites. These sites offer a straightforward payment method that doesn’t require traditional banking methods. This is a great thing to look out for when choosing a new online casino as it is both simple and widely available.
- Lower transaction fees
It is rare for there to be a withdrawal fee when withdrawing from an online casino nowadays. This is thanks to modern payment methods that have basically eliminated fees.
- Responsible gambling
You may be surprised to hear this, but many of the more modern payment methods have built-in tools that allow you to practice responsible gambling. This means being able to put limits on your deposits and track individual gambling transactions. Some platforms may even send you notifications if they believe you may be developing a gambling issue. This is likely to become more prevalent as time goes by, since a lot of platforms are now looking into ways in which AI can be used to spot problem gambling patterns.
We will never be able to wipe problem gambling out. It is impossible. All we can do is try to assist problem gamblers before their problem becomes too much of an issue. Modern payment methods are making this easier than ever. As a result, we’re now starting to see a sharp decrease in problem gambling cases.
- Final thoughts
- Modern payment methods have changed the online casino in a number of different ways. They’ve made it easier to gamble, especially on mobile devices. At the same time, they’re helping to tackle problem gambling, speed up withdrawals and make paying online a lot more secure.
