Online gambling operators allowing customers to wager virtual currency, when experiencing the thrills of various casino games and even poker.
Sports betting is slightly different, because unless you bet real cash, there is no satisfaction for making the correct predictions.
Having said this, they also need to offer diverse payment methods, so when players are ready to fund their accounts they have what to choose from.
Credit cards and bank transfers
From the very beginning of online gambling, credit cards were preferred by punters, due to the fact that they were suitable for both deposits and withdrawals. Visa and MasterCards are dominating the market, but there are other alternatives for those who want to mitigate the cost.
The problem is that these solutions usually incur a commission of 1% and it can go as high up as 3%, depending on the bookie.
Bank transfers are slightly slower and that’s why they are no longer preferred in the online gambling industry. They still have the advantage of being a better choice for those who want to cash out for deposit larger amounts, because they use SSL encryption.
This is the reliable, so even though players have to wait between 3 and 7 business days to have their money transfer to their bank accounts, the wait is worthwhile.
Electronic wallets ruled the market
Both credit cards and bank transfers have been losing ground constantly over the last couple of years, with e-wallet emerging as the best payment methods. One only has to deposit a tiny amount using Moneybookers, Neteller, Paypal to name but a few and no commission is charged.
These also have the advantage of instant deposits and cash outs take a matter of hours if players have verify their identity.
The only shortcoming of electronic wallets is that many of them don’t qualify for welcome bonuses as bookmakers try to mitigate the risks of fraud. There are also used in conjunction with prepaid cards such as Paysafecard, Neosurf, Ticket Premium, Ukash. These are great for keeping players in control of their gambling activity and mitigate the risks of addiction, by preventing downswings.
The downside is that you can’t use them for cashing out funds, so you have to rely on e- wallets for this purpose.