Why Should You Focus on Supported Payment Methods?
The number of deposit and withdrawal methods available will vary depending on the country in which you live. Also, when it comes to cash-out processing, while some ways take just a few seconds or days, others can take days or even weeks.
Therefore, when you understand the pros and cons of each payment method, it will save you time, above all, avoid being scammed. So now, let's dive deeper into the most popular payment methods in betting.
Popular Payment Methods in Gambling
Below, we will dive deeper into the most popular transaction methods in online casinos. At the same time, the reviews will clearly outline the pros and cons of each way, helping you make the right choice.
One of the popular ways of depositing and withdrawing at online casinos is e-wallets, an online money storage space that you can use to make online transactions safely and quickly. Also, the reason why e-wallets are becoming more and more popular is because of their convenience.
PayPal launched in 1998 and is seen as a convenient solution for depositing and withdrawing on online platforms. Especially, with just an email address, anyone can sign up for a PayPal account and can get the privilege of receiving money almost instantly.
As of early 2021, PayPal has over 250 million users worldwide, is available in over 200 countries, and supports over 20 currencies.
The Pros of Paypal
Speed: PayPal's payment speed is undeniably fast, and you can top up in seconds. For withdrawals, the system is much faster than other forms of payment. Usually, it only takes about 1 hour for the funds to arrive in your account;
Reputation: PayPal has been listed on the NASDAQ stock exchange, trusted by hundreds of millions of users. So you don't have to worry about PayPal suddenly disappearing with your money;
Security: Many players are apprehensive about sharing credit or debit card details with casinos. However, PayPal is an intermediary, so none of your payment details are stored on the casino;
Free: You can create a PayPal account utterly free without paying any maintenance fees. Best of all, even if you're inactive for a year, the system still doesn't charge you extra.
The Cons of Paypal
Paypal is only available to countries outside Canada, the USA, and Australia. As a result, not all countries accept this e-wallet, and many even have strict rules about using PayPal's services.
With these rules, they have kept a lot of casinos from offering PayPal. Therefore, you should always check the laws of your country of residence to ensure that you can legally use this e-wallet.
In addition, PayPal may charge specific transaction fees. These costs can make up a significant portion of the winnings, so it causes some gamblers to choose other methods.
Neteller was founded in 1999 and is a reputable money transfer service widely used in online casinos.
There are many benefits to using this method, and you can enjoy many perks. In addition, we will also clarify the disadvantages that you need to be aware of before choosing to deposit and withdraw via Neteller.
The Pros of Neteller
You can rest assured that Neteller's security measures are always guaranteed against fraud through 128-bit encryption technology. In addition, you can use this method to enjoy interest-free payouts in poker rooms.
Best of all, deposits and withdrawals are super-fast, and you can also enjoy the points you accumulate every time you transfer funds to your account.
The Cons of Neteller
You should remember that depositing through Neteller will usually not be available to claim bonuses at some casinos. As a result, many betting platforms will ask you to top up through another way to receive the promotions.
Also, due to the strict regulations of the US online gambling industry, it isn't easy to find US casinos that accept Neteller.
Skrill was founded in 2001, allowing low-cost online payments and money transfers. This e-wallet is becoming more and more popular at online casinos, especially as it supports 40 different currencies.
The Pros of Skrill
All the information you provide will stay safe on the company's servers, so you don't have to worry about your information being stolen. Also, another big plus is that Skrill does not charge high fees, and sometimes withdrawals are subject to only 1% commission.
Moreover, Skrill processes withdrawals faster than its competitors, so it will be a significant plus if you win a large amount.
The Cons of Skrill
Not all international banks cooperate with Skrill. Also, unfortunately, this e-wallet is not always supported to claim casino offers.
Another downside is that Skrill forbids the transfer of funds to some other payment systems.
Cryptocurrency - Tether (USDT)
With the growth in popularity of online betting, many casinos accept payments via cryptocurrency, as it has a lot of significant benefits. In particular, besides disadvantages, once you look at the positives, you will understand why crypto is becoming more and more popular in the online betting market.
Tether (USDT) is a stablecoin created by Tether Limited in 2015 and soon became the third largest cryptocurrency globally. Currently, USDT can be used on casino games because it is safe and straightforward, allowing you to cash out instantly.
While Bitcoin or Litecoin are more popular and widespread, they have a significant vulnerability in price volatility. Hence, USDT is a logical choice, pegged to the USD on a 1:1 ratio, which means your potential winnings won't depreciate overnight.
In addition, your banking information will not be disclosed as all transactions are completely anonymous. In particular, the waiting time for transactions to be processed via Tether is instant.
One downside of using Tether is that not many casinos support USDT. As a result, it can be challenging to find a betting site in your area that has this cryptocurrency.