When it comes to online gaming, one topic that’s easy to overlook is payment methods. Granted, it’s not the most critical factor to check out, but it’s a fair statement to say that choosing a suitable banking payment method can elevate your gambling experience.
Choosing the correct payment method best suited to you can help you avoid unnecessary costs, waiting times and general hassle. Or, in other words, it’ll help with a seamless online gambling experience. If you end up choosing a banking method that’s not the right fit for you, you’ll have more trouble withdrawing your winnings and generally more hassle than it’s worth.
Given the importance of gambling transactions and banking options and the relative lack of helpful information online, we’ve compiled a handy review on the most popular and best casino payment methods for you to use to your advantage.
A Comparison of Online Gambling Payment Methods
It can be a minefield to do your homework researching the many different pros and cons for each banking method available at gambling sites in the UK. After speaking and gathering some tips and information from iGamblingsites.com we’ve added the best methods to consider below.
iGamblingSites.com told us that they consistently assess new payment methods and have, over the years, successfully evaluated and compared the most used payment methods to help fellow punters choose the best solution depending on their gaming style and budget.
Here’s the main criteria they recommend using when comparing some of the most well-known payment methods:
- Ease of use: How effortless is the payment method to use? Do you have to input details every time? Can you use a mobile app?
- Availability: Can you use the payment across all devices?
- Processing Times: How fast are withdrawals?
- Transaction fees: Will it cost you anything to use?
- Bonus friendly: Can you claim a promotional offer when using this banking method?
Best Banking Methods For Gambling Online
With this in mind, the most common payment methods used at online gambling sites tend to centre around Debit Cards, E-wallets, Instant Bank Transfers, Prepaid Cards and CryptoCurrency. You may notice that credit cards are not on that list; this is because, since April 2020, the use of credit cards have been prohibited from being used at UK online gambling sites due to new legislation enforced by the UK Gambling Commission.
Debit Cards: Debit cards such as Visa, Maestro and Mastercard are the most popular bank card payment methods that will allow you to fund your account at most online gambling sites. Using debit cards is entirely hassle-free and is one of the most reliable payment methods you can use. Deposits with debit cards are instant at most gambling sites. However, you must enter your card details into your player account, which some other methods do not require.
Prepaid Cards: Prepaid cards such as Paysafecard and Neosurf are perfect for those who wish to remain anonymous with their payment details and also those who want to stay in control of their budget. UK players’ most widely used prepaid cards tend to be Paysafecard and EcoCard by EcoPayz.
E-Wallets: e-wallets are safe and secure digital wallets linked to your bank account. The most significant advantage of using e-wallets when funding your online casino account is the speedy payment processing for deposits and withdrawals. Other benefits include convenience and ease of setting it up, security, and personal and financial data privacy. The most popular gambling e-wallets are Skrill, Neteller, PayPal and Apple Pay. However, you’ll almost always experience a significant downside when depositing with e-wallets: you’ll miss out on casino bonuses and promotional offers.
Instant Bank Transfers: Depositing through Wire Transfer is the simplest way to fund your online casino account, and there are many new ways to go about this. Trustly is a form of ‘instant’ bank transfer. It’s safe, quick, easy to use and is supported by many major banks in the UK, including HSBC, NatWest, and Santander. Deposits made via this payment can be instant, but withdrawals may take up to 3 days due to security checks carried out by your bank.
Cryptocurrency: Cryptocurrencies are the newest payment methods available at online casinos and gambling sites. You can use Crypto as a viable deposit method at many online casino operators, though sometimes it’s necessary to use them via a third-party e-wallet such as Skrill, PayPal and Neteller. Though Bitcoin seems to be the most popular, there are several options, including Bitcoin, Ethereum, Dogecoin and Litecoin.
However, keep in mind that Cryptocurrencies are still on the rise in the UK, so they haven’t achieved mainstream usage yet. Plus, more limitations from the UK Gambling Commission are placed on online gambling sites that accept Crypto. Therefore, many casino operators fail to feature them in their banking options list.
To summarise, when playing at trusted UKGC licensed gambling sites in the UK, you will almost always have a wide choice of suitable banking options. With our guide above, we’re confident that you’ll be able to find a low cost, safe and convenient way for you to pay.