Debit and Credit Card Payments
Payments via credit or debit card represent “the gold standard” when it comes to online payments. For multiple individuals, they are a safe option because they have been in the industry for a long time, which further instills a certain kind of trust in people. In addition, since most people have a Mastercard or VISA on hand, players generally use this method when it comes to said payments.
Advantages:
- “Widely accepted by most online casino platforms;
- Familiarity and trust among consumers;
- Instantaneous transactions in most cases;
- Some cards offer rewards or cash-back on purchases;”
Disadvantages:
- “Sensitive financial information is shared with the merchant, which can be a target for hackers if the site isn’t secure;
- Some banks may block gambling-related transactions, especially in countries where online gambling is restricted;
- Transaction fees may apply;
- No anonymity;”
Revoult
Revoult justifies its reputation as one of the revolutionary iGaming payment methods by offering a state-of-the-art solution for money management via mobile. This FinTech company has a reputation as “neobank,” meaning it offers digital money management establishments.
Furthermore, the platform also provides a digital account that has the same capabilities as a prepaid debit card. A few practical features involve:
- digital banking – issuance of the bank account numbers in addition to the IBANs in various countries for clients to send and get money smoothly;
- currency exchange – provides ambitious exchange rates for various currencies;
- crypto – allows clients to purchase, sell and own a range of cryptocurrencies;
- virtual cards – provides single-use virtual cards for clients to shop online, increasing security;
- stock trading – the possibility of buying silver and gold shares in the application.
All this shows how popular Revoult is among clients, which further leads to multiple online casinos allowing players to use it as a payment method for iGaming.
Advantages:
- “Depositing funds: Once you have a Revolut account, you can transfer money into your Revolut account from another bank or load it via debit/credit card. Then, you can use these funds to deposit onto your preferred iGaming platform;
- Using virtual cards: Revolut’s disposable virtual cards add an extra layer of security. After a virtual card is used once, its details are destroyed and a new card is automatically generated for the next transaction. This minimizes the risk of your card details being compromised through an iGaming platform;
- Currency exchange: If you’re playing on an online casino that operates in a different currency, Revolut’s competitive exchange rates can be advantageous. You can convert your money into the required currency before depositing it on the platform;
- Withdrawal: Some iGaming platforms may allow you to withdraw your winnings directly to your Revolut account. This provides a quick way to access and use your funds;
- Spending control: Using the budgeting and analytics tools, you can easily keep track of how much you’re spending on iGaming platforms, helping you manage your gambling habits:
- Security: If you suspect any fraudulent activity, you can instantly freeze your Revolut card from the app, giving you full control.”
Disadvantages:
- “Limited support if something goes wrong;
- It can take a while to receive your physical card;
- Withdrawals often incur a small fee.”
AstroPay
This FinTech firm offers clients a worldwide wallet to use for online payments. However, beside online payments, it also provides physical and virtual cards, as well as mobile money transfer.
Advantages:
- “Provides a prepaid wallet so you can only spend what you load;
- Does not require sharing bank details with the merchant;
- Instant transactions;
- Partnered with ApplePay and GooglePay;
- Zero fees or commissions when making online payments.”
Disadvantages:
- “Need to preload the wallet with funds which can limit spontaneity;
- Not as widely accepted as some other payment methods.”
PayPal
A very popular online payment platform is also a PayPal. It’s very old, has been in the industry for decades and is trusted among clients. Furthemore, it was produced as the first “online payment solution” that allowed clients to send and get money, as well as make online payments, but without having to provide merchants with vulnerable financial info.
Advantages:
- “Trusted and well-known brand;
- Instant transfers;
- Protects sensitive financial information from online casino platforms;
- Buyer protection policies and excellent support.”
Disadvantages:
- “Some casinos and gaming platforms don’t accept PayPal;
- Fees may apply, especially for currency conversion;
- Account suspension or limitation issues have been reported by some users;
- Difficulty connecting local bank accounts to withdraw funds from PayPal if not in the US.”
Skrill
This one represents an “e-wallet” that allows clients to transfer money as well as make online payments, but without the need to disclose any financial info. In addition, multiple online casinos are fine with Skrill as a method when clients decide to deposit and begin withdrawing.
Furthermore, its prepaid card may be used when players make the aforementioned deposits or when they win some amount of money, as well as anyplace where VISA cards are officially accepted.
Advantages:
- “Specifically tailored for online gaming and betting;
- Instantaneous transactions;
- VIP program for frequent users;
- Easily transfer funds from one sportsbook to another.”
Disadvantages:
- “Transaction fees can be high for withdrawals. Skrill charges a flat fee of $5.50 for withdrawals to bank accounts and $2.50 for ATM withdrawals;
- Not as widely trusted as some older, more established payment methods;
- Some reports of account limitations or holds;
- You must ensure you select “gaming” as the purpose for funding your account when you will be using the money for betting or gambling. If you select non-gaming as the purpose, you will be blocked from using those funds at online casinos.”
Bitcoin
As for Bitcoin, since it is a relatively new method, it is not used very often. But online casinos now widely accept it as a form of payment, alongside other cryptocurrencies. Moreover, there are certain “specialized” Bitcoin casinos that are completely focused on digital payments.
Advantages:
- “Decentralized and free from government interference;
- Offers anonymity;
- No transaction chargebacks so there is less risk for online casino merchants.”
Disadvantages:
- “Price volatility can affect the value of holdings, which means even if you win money, its value could deteriorate as the value of Bitcoin fluctuates;
- Not universally accepted;
- Requires understanding of cryptocurrency.”
Paysafecard
Paysafe is the firm behind this particular product. The parent firm provides a prepaid digital card for which is not necessary for clients to have a bank account or credit card in order to trigger it. Additionally, it is globally accepted and highly secure, meaning it offers protection to personal and sensitive financial information when users decide to pay a visit to an online casino. To make a payment, clients use an app that requires a prepaid 16-digit code.
Advantages:
- “Prepaid payment method so you can only spend what you load;
- No need to share personal financial information;
- Accepted at many online casinos.”
Disadvantages:
- “Need to physically purchase a card or a voucher on the app;
- Not suitable for large transactions;
- Cannot use the prepaid card for withdrawals, you will need to withdraw directly into your Paysafecard account.”
Source: “The best iGaming payment methods in 2023 (Revoult and more),”, European Gaming, August 18, 2023