Payment technology in online gambling has come a long way from the clunky bank transfers of the early 2000s. Log into a modern online casino like Betway today, and you will encounter scores of payment options, from credit cards and e-wallets to cryptocurrencies. Let’s review how this part of online gambling has evolved from a one-option space into the vibrant and diverse hub it is today.
Bank transfers
Bank transfers were the only viable payment option when the first online casinos went live in 1994. Players funded their online accounts directly from their accounts by making requests through betting websites. These requests took days to complete, with withdrawals taking up to a week. Most banks charged high transaction fees, further inconveniencing players. This might be why few players use it while many modern casinos allow bank transfers.
Credit and debit cards
Credit and debit cards were the next frontier in online casino banking. When operators realised how slow and expensive regular bank transfers were, they introduced card payments as a more instant alternative. If you download betway today, you can connect your player account to your Visa, MasterCard or other credit card.
Credit and debit cards are faster than bank transfers, with transactions typically taking a few hours to three days. Recently, however, many banks have banned credit card use in gambling. You cannot use your credit card to gamble in the UK, the UK, and Brazil.
Mobile payments
Mobile payments became popular shortly after mobile casinos took off. Initially, gambling payments were included in phone bills. UK residents could gamble online and receive their betting tab as part of their phone bill at the end of the month. With innovations in mobile banking, mobile payments have become more sophisticated. You can directly pay from your phone to your betting account through platforms like Google Pay and Apple. These transactions take no more than a few minutes and are typically cheaper.
E-wallets
E-wallets are currently the fastest traditional way to deposit or withdraw at a betting site like Betway. They are electronic containers that ‘hold’ your money, allowing you to move funds to and from your bank accounts faster. Popular e-wallets include:
- Skrill
- Payoneer
- PayPal
- Wise
- Revolut
You typically use e-wallets as a temporary reserve for cash, typically when receiving payments. Currently, they are the fastest, safest, and most accessible form of payment in the online gambling industry.
Digital currencies and crypto wallets
Digital currencies are the future of online casino payment. Over the past five years, cryptocurrencies like Litecoin, Ethereum, and Bitcoin have become a popular alternative to traditional payment options. They are faster, more secure, cheaper, and anonymous. Their decentralization means they don’t rely on third-parties and governments, which makes them highly accessible to players in remote areas who cannot access major banks.
To transact with cryptocurrencies, you use a crypto wallet, which allows you to store, manage, and move your digital money. Crypto transactions take minutes to complete.
Online casino payment technology in the future
Cryptocurrencies are still the most exciting development in online casino payment at the moment. However, innovations like IoT promise to make casino payments faster, cheaper, easier, more secure, and more autonomous. The only downside is that as payment options become more sophisticated, so do cyberattacks. To better protect your funds while betting online, only use reputable online casinos like Betway and known providers like PayPal.
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