The online gambling industry is thriving right now. More and more people are creating online casino accounts, and testing out their favorite games. There are plenty of reasons for the industry’s success. For one, online casinos are a lot more convenient than land-based establishments. After all, being able to access your favorite game just by clicking a few buttons is much easier than traveling to a casino.
Another pretty big reason for the success of the iGaming industry is the fact that online casinos have embraced new and exciting payment methods. So, just what are the most popular payment methods when playing online casino games? In this article, we take a look at all the different options available to gamblers.
Credit Cards
The oldest, and possibly still the most popular method are credit cards. We all understand how credit cards work. Companies issue cards that you can use to build up a credit and make purchases. The most popular cards are the ones issued by VISA and MasterCard, and you will find that most casinos accept payments from those two. Now, let us take a look at the pros and cons of using credit cards to gamble.
Pros
- Credit cards are convenient
- Credit cards are accessible
- Credit cards are legal
- Credit cards offer an immediate access to funds
Cons
- Credit cards have no limit, which could lead to trouble
- There might be some security concerns
- Credit cards come with high-interest rates
Debit Cards
A study has shown that, among millennials, debit cards are much more popular than credit cards. Indeed, it seems younger generations want to avoid accumulating credit as much as possible. That is why they’ve opted for debit cards instead. Rather than gambling with a credit, you can use a debit card to gamble with a set sum of cash. There are plenty of benefits to doing so, and we are going to go over them now.
Pros
- Set limit of money
- Accessibility
- Convenience
- Immediate access to cash
Cons
- Not all casinos accept debit cards
- Security concerns may remain
- Often, debit cards have high interest rates, just like credit cards.
Digital Wallets
Digital wallets are the hot new thing in online casinos. These online payment services make it easy and simple to make payments. The best part is that many of them allow you to make transactions using both FIAT and cryptocurrency, which means that there is a bit of diversity for gamblers that want to try different things. Of course, digital wallets have their own set of challenges that gamblers will need to overcome. So, let us go over the pros and cons of digital wallets, and see how they compare to credit and debit cards.
Pros
- Incredible security
- Complete anonymity
- Convenience
- Incredibly fast transactions
- Access to both FIAT and cryptocurrency
Cons
- Digital wallets often come with hefty fees that many might not want to pay
- Digital wallets rely 100% on the internet, which means if it goes down you will be out of luck
- There is always the risk of getting hacked
