What Should You Know About the Payment Methods in Online Gambling?
People interested in online betting have to do a few specific things before they have the chance to punt on the sport they like or play casino games. The first and most important one is choosing an appropriate online betting platform. Picking a website to bet on is a complicated process that requires you to know a few important things. Although some people don’t pay that much attention to them, one of the deciding factors when choosing a brand for iGaming is the payment options.
Most online betting platforms offer similar payment services, but this is one of the few things that differentiates some operators. That’s why we’ve decided to show you everything important you should be aware of when it comes down to the payment methods in online gambling.
E-Wallets Dominate the Online Betting Industry
Even though there are several important factors you should take into consideration about the payment options, the most important one is the methods themselves. Most bookies and casinos offer various deposit and withdrawal solutions, so after you find out that betenemy explains the payment methods in gambling, you shouldn’t be surprised when you see that most iGaming companies give people access to numerous e-wallets.
Regardless of what you want to bet on, there is a pretty good chance you can make a transaction using an e-wallet. There are all sorts of alternatives to try out, such as PayPal and Skrill. Some brands go one step further and also offer ecoPayz, Neteller, Klarna, and many more. E-wallets are known for their instant transactions and the fact that they don’t have additional fees.
Most Online Betting Websites Allow People to Make Instant Deposits
Apart from the payment options themselves, another important thing you have to consider when choosing an iGaming brand is the processing time. Adding funds into your account is not as easy as it seems, especially if you choose some betting websites. Fortunately, the most popular bookies and casinos allow their clients to make instant deposits, regardless of the payment option. Although the instant deposits might not seem that special, they allow people to start betting right away.
Also Read: Playing Without an Account: Can It Be the Next Big Thing in Online Gaming?
Some Online Bookies and Casinos Will Only Allow You to Use Cryptocurrencies
Even though e-wallets are the go-to option for most online bettors, this doesn’t mean some companies don’t offer other payment solutions. People familiar with Betenemy and its explanation about the online deposit and withdrawal alternatives know that cryptocurrencies are also among the preferred options for many online punters. Some companies like digital currencies a lot, so they’ve decided to remove every other payment solution. In other words, you can access online casinos and bookmakers where you can only use Bitcoin, Litecoin, Ethereum, and more.
Cryptocurrencies have a lot of advantages over most regular online payment solutions. Apart from allowing people to make fast money transfers, they do not require clients’ bank accounts.
Making a Withdrawal Takes More Time Because Some iGaming Operators Want to Review Every Transaction
One of the important things you should know before you start betting is related to the withdrawal process. Even though most online betting platforms allow clients to make instant deposits, pulling out their winnings takes some time. Besides the processing time from the payment option itself, most platforms have a special review team that wants to take a look at each transaction. This group of people must ensure that those who want to make a withdrawal have confirmed their address and identity. Furthermore, they check whether the specific player broke the rules.
Each withdrawal is reviewed individually, so the entire process might take between a few hours and a couple of days. Needless to say, online bettors can cancel their withdrawal at any point.
Bank Transfers are Becoming “Extinct”
In addition to e-wallets and cryptocurrencies, some online betting websites offer other kinds of payment solutions, such as bank transfers. This used to be one of the first online payment options, and it still has many users worldwide. Adding money to your iGaming account via a bank transfer is convenient and doesn’t require you to use other services.
Sadly, bank transfers have many disadvantages that should be pointed out. For example, most bank transfers have high fees, so they are only effective when depositing or withdrawing large amounts. Furthermore, each bank transfer usually requires additional authorization, which takes time. Consequently, most deposits and withdrawals with this option are not instant.