Speak to any experienced online casino player, and many will list their favorite sites to play on based on the payment methods and options available. Instant deposits alongside fast and reliable withdrawals are the hallmark of a great site, alongside plenty of variety for payment options too. So, what should players be looking for in an online casino payout method? Continue reading below to learn more about the most popular payout methods, and why players choose these over others.
Credit & debit cards – Even today, credit and debit cards are still amongst the most popular options at online casinos around the world, often credited with being amongst the most reliable options to choose from. Whilst payouts may not be as fast as some other methods and may require additional documentation before they can be processed, there’s no risk of any winnings going missing, it’s a method that rarely has a withdrawal fee, and it arrives directly too.
Some markets such as the UK have recently made changes to restrict options like credit cards, despite this credit and debit should be chosen if payout speed isn’t an issue and reliability is a more important trait.
Mobile Payments – Our smartphones are increasingly become a vital part of our everyday experience and payment is no different, many users have become comfortable using the likes of Apple Pay and Google wallet for everyday purchases and even some online shopping, so it’ll come as no surprise that both are becoming more regularly available at online casinos too. There are often stricter limits imposed than some other payment options and they tend to only be useful for deposits rather than withdrawals.
If it’s something that’s familiar and comfortable, then it’s yet another secure method that can be used at a growing number of online sites and apps alike. Players will be increasingly likely to see this payment option as a growing number of online casinos move to mobile platforms via dedicated apps too, and a more direct link to the specific mobile payment providers will be possible as these apps can link directly to either Apple or Android Pay, and in some cases even directly to an airtime bill.
PayPal and other e-wallets – There are a huge number of different names that fit into the e-wallet category, PayPal is certainly the biggest but other providers include the likes of Skrill and Neteller as two of the other most popular options. These methods are often just as reliable as credit and debit cards and can sometimes be a little bit faster too – they also come with the additional benefit of not requiring personal payment information to be handed over directly with the e-wallet serving as the middleman.
The drawback of using e-wallets as intermediaries is that some may impose fees during the withdrawal process. These fees may apply at the initiation of the withdrawal from the casino to the e-wallet, as well as during the transfer from the e-wallet to a personal bank account. However, e-wallets are very popular, and the number of users is increasing every year.
If you play at an online casino, you want to pay attention to the payouts as well as the payment methods, right? You can use e-wallets such as PayPal or Skrill to receive your payouts. In such cases, receipts can be relatively quick: through e-wallets, payouts are processed more efficiently and are usually received more quickly than bank transfers. Pairing the speed and security of e-wallets with some of the casinos with the best payouts listed at time2play.com, means the biggest of wins can be withdrawn with confidence.
Cryptocurrency – Amongst the newest and most popular trends for payout methods, cryptocurrency has taken the online casino industry by storm, so much so there are a huge number of sites set up specifically as crypto casinos. Whilst there are many legitimate and well-trusted sites, there are still some that operate in something of a grey area. Crypto payouts come with the benefit of often being the fastest, some sites can process crypto withdrawals in less than an hour and also aren’t subject to any fees for the withdrawal process either. Another big benefit for certain players is anonymity, often not requiring a player to hand over any personal information when using crypto as their preferred payment option.
That isn’t to say there aren’t downsides to crypto, the biggest being the volatility for the larger coins and the lower value or smaller coins – Bitcoin, in particular, has seen huge swings of thousands of dollars in a matter of hours, and so players need to be aware of the potential swing in the value of winnings.
Bank Transfers & Cheques – Something of an outdated payment method, particularly with modern digital options, but bank transfers and actual cheques can still be found as an option on some sites. This option is often considerably slower than every other method and often requires the most documentation before a withdrawal can be processed, but for some, the security and familiarity with this method are the most important.
This method is becoming rarer to find though, and it wouldn’t be at all surprising to see it phased out of modern online casinos almost entirely in the near future as more sophisticated methods that are faster and less manually intensive are further popularized. Some banks may also refuse to process a payment to an online casino, and in this instance the player will have to choose an alternative right from the get-go.
Ultimately, the choice of payout methods is a personal choice based on preference for speed, fees, reliability, and security, and that’s why it’s so important that online casinos come stocked with as many different deposit and withdrawal options as possible to cater to as many players as possible – a closing note to keep in mind for players is that some payout options may be restricted in certain regions, so finding one that’s used everywhere can add even more reliability to a chosen payment option too.