The internet revolutionized the world. Today, it allows you to communicate with others from across the globe quickly, easily, and affordably, purchase items via the World Wide Web and have them delivered to their door, and enjoy the latest movies and TV shows streamed directly to your TV. Even the world of gambling was changed forever, with the internet allowing you to play online casino games from the comfort of your home or while on the go.
But for gamblers to enjoy the thrills of real-money betting via cyberspace, it was necessary to develop online casino payment methods. Thankfully, there are now many different payment methods for online casinos, making it easier than ever for bettors to enjoy online gambling.
Read on to learn about these different payment methods and the pros and cons of each.
The Advantages and Disadvantages of Online Casino Payment Methods
Many different online casino banking options are available, but which one should you use when you want to play your favorite casino online games? Here’s how each payment method works along with a breakdown of their pros and cons:
Bank Transfers
A bank transfer is an electronic method for moving money from one bank account to another. A bank transfer can take up to five days, depending on several factors, such as security systems and if the transfer date was on a holiday or weekend. A bank transfer is similar to a wire transfer, but a wire transfer is faster, more expensive, and less secure.
Advantages and Disadvantages of Bank Transfers
Many people use bank transfers because:
- They’re easy to use.
- They offer greater security compared to wire transfers.
- They tend to be cheaper than some other payment methods.
- They’re digital and work with a variety of platforms.
However, there are some downsides to using this payment method. These disadvantages include:
- Potentially long processing time.
- They don’t work internationally.
Credit Cards
Credit cards are another popular payment method for online casinos. A credit card provides the owner with a limited amount of credit, and the owner must make payments within a specific amount of time. If they don’t pay the money back, the credit card issuer will charge the owner of the credit card interest, which they must also repay. Credit cards are a well-established form of payment used by millions of people around the world.
Advantages and Disadvantages of Credit Cards
There are many reasons why credit cards are so popular:
- Easy to use in-person and online.
- Instantaneous exchange of funds.
- Numerous security features to protect the owner.
- Allows you access to funds outside of your own earnings.
- You can earn rewards and other benefits by using it.
- It can help you grow your credit score if used properly.
However, this doesn’t mean credit cards are always the best way to pay:
- The money on a credit card belongs to the issuer of the credit card.
- You’ll be charged interest if you don’t pay the money back within the specified time.
- Credit card fees can add up, such as the annual fee for owning the card and interest charges.
- Some credit cards are less reliable for paying online.
Debit Cards
At a glance, you probably wouldn’t be able to tell the difference between a credit card and a debit card, as they have an almost identical appearance. However, while a credit card gives you access to credit (money belonging to a financial institution), a debit card gives you access to your savings.
Advantages and Disadvantages of Debit Cards
Many people use debit cards because:
- Just like a credit card, it’s easy to use.
- They are limited based on your own savings.
- They have lower fees than credit cards.
But there are limitations to debit cards:
- Their limit is based on your own savings.
- They’re less secure than credit cards.
- Exceeding your savings will likely result in additional fees.
Digital Wallets
A digital wallet, also known as an e-wallet, is the virtual equivalent of your physical wallet. It’s an online wallet that allows you to deposit or withdraw money as necessary. When they were first introduced, many people were hesitant to use digital wallets due to their novelty. However, as trust grew in internet services, so did trust in online financial providers.
Advantages and Disadvantages of Digital Wallets
Digital wallets offer a number of benefits compared to other online payment methods:
- They are very low cost.
- They allow rapid payments and withdrawals for online services and goods without a card.
- They prevent a service provider from accessing your financial information directly since you only provide your digital wallet details.
- They have greater security thanks to passwords and biometric authentication.
However, there are things you should consider before using a digital wallet:
- As more services move online, digital wallets have increasingly become a popular target for hackers.
- Not all online services support all digital wallets.
- Technical issues at your digital wallet provider, such as servers going down, can affect your ability to make or receive payments.
Prepaid Cards
A prepaid card is a combination of a credit card and a debit card. It’s as easy to use as a credit card, but unlike a credit card, you must first load money onto a prepaid card in order to use it. This element makes it similar to a debit card.
Advantages and Disadvantages of Prepaid Cards
A prepaid card combines the benefits of a credit card and debit card:
- It’s simple to use.
- It offers the additional security benefits of a credit card.
- You can use a prepaid card if you don’t have a bank card or if you have a poor credit score.
- You can only spend the money you load onto the prepaid card.
- Like a digital wallet, you can protect your personal financial information by using a prepaid card.
However, despite the benefits a prepaid card offers, there are drawbacks to this payment method:
- You must first load funds in order to use it.
- Fees may be higher than other payment methods.
- The money on the card is gone if the card is lost or stolen.
Cryptocurrency
The newest form of online payment methods is cryptocurrency, also known as crypto. Cryptocurrency is an online currency that you can earn online through a process known as mining. They can also be purchased using traditional currency through cryptocurrency exchanges. There are many different types of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Advantages and Disadvantages of Cryptocurrency
There are many reasons why people are so excited about cryptocurrencies and their use as a standardized online payment method:
- Deposits and withdrawals are virtually instant when using cryptocurrency.
- It offers high levels of security.
- Low to no costs for using crypto.
- The use of cryptocurrency is almost anonymous.
- Crypto is easy to use worldwide for services that accept it.
However, there are risks to using crypto:
- Cryptocurrencies are volatile and can increase or decrease in value overnight.
- Lack of regulation means that not all online services accept cryptocurrency.
- It’s not as easy to use as other payment methods.
- Some services that accept cryptocurrency may be scams to steal your crypto.
- Crypto wallets are a popular target for hackers due to a lack of proper online security practices.
Make Payments Easily at BetMGM
However you prefer to pay, BetMGM offers a number of payment options to make it easy for you to play. You can deposit into your casino account using:
- Bank transfers.
- Credit cards, including American Express, Mastercard, and Visa.
- Debit cards.
- Digital wallets, including Apple Pay, PayPal, and Skrill.
- Prepaid cards, including BetMGM Prepaid Play+.
- PayNearMe.