Are you looking for safe and reliable payment solutions for your casino experience? Then, have a quick look at our article to discover the top 4.
What Are Safest Payment Methods for Online Gambling
A crucial aspect of gambling activities that is quite often overlooked by most users when they start out their journey is the selection of payment methods for an online casino. Let’s agree that no one wants to bother with uncalled problems and hassles when trying to make deposits or cash out funds.
Moreover, the fact that gamblers make financial deposits and withdrawals, which in most cases requires them to provide personal ID and bank details, makes it the perfect target for fraudsters. According to the 2021 report from cybersecurity company Akamai, hacking attacks on the gaming sector have increased by 167% over the prior year.
That’s why modern payment providers pay great attention to their security. For example, e-wallets like Neteller and PayPal add an extra level of safety by acting as intermediaries between the casino and your bank. Cryptos, conversely, bring anonymity and enhanced privacy thanks to their decentralized nature.
At a great majority of online casinos, you can expect to see PayPal among the payment methods list. It is a broadly known digital wallet that can be used for both local and international transfers. To get started with PayPal, you just need to connect your card details to the PayPal account. The system will draw money from your account balance and load it into your PayPal account. Right after, the player can access these funds and use them to bet on various sports events or play some casino games.
The security feature of using this payment method lies in the fact that your transfer details are hidden. This means your banking information is safe from fraudsters and hackers. One drawback coming along with PayPal is the possibility of currency and cashout conversion fees. This happens when you are an international player. Overall, in most cases, you pay a transaction commission of up to 3%.
Are you from Australia or New Zealand? Then, this payment option will undoubtedly be pretty familiar to you. It is a part of the NPP platform and delivers a safe and quick way to send or receive transfers. You don’t even need to remember “long-leg” account numbers and other information — just your email or phone number will do.
This ease of use of nature and enhanced safety are the key reasons this payment method is utilized in nearly all industries in the country, including gaming. That’s why it comes as no surprise that there are so many instant PayID withdrawal casino in Australia. A notable thing about this option is that there are no transaction fees or commissions for PayID users. It is because, in most cases, the participating banks themselves manage fees and commissions on their own terms.
The situation is a bit different for international players — they may need to pay some commissions like FX fees set by global providers. The foreign transaction fee typically ranges between 1% and 3%, depending on a particular third-party provider. So, it’s best to check all details with your bank.
The next pretty safe payment solution worth taking a look at is Neteller. It’s a simple-to-use casino payment option created to deliver a fast, safe, and functional platform for money transfers. What’s important is that with Neteller, you can cash out or deposit funds straight through Net+ cards or by transferring them to your banking account. In addition, it practices a two-factor authentication that alarms users every time someone tries to break into their accounts. Plus, there is also a 128-bit SSL encryption certificate authorized by the UKGC.
Cryptocurrency is one of the most secure ways to top up a casino account or withdraw winnings. Firstly, it can keep users incognito. It means that in case you don’t want others to know about your gambling hobby, it can greatly help you to hide it.
Another factor making cryptos a safe option is blockchain technology, which minimizes the risk of successful hacking attempts and malicious acts. If someone tries to hack your account, they will be required to hack each previous block in the blockchain to do it. But it’s quite a challenging task, as these blocks are numerous.
However, no matter what cryptographic techniques, privacy features, and other similar mechanisms are employed, no single crypto can guarantee full anonymity. Most crypto transfers have a tracking record and can seamlessly be accessed on the public ledger. The information normally open to the public is the transaction amount and receiving or sending addresses. Some commonly accepted cryptos cover. Bitcoin, Dogecoin, Tether, Ethereum, Bitcoin Cash, Binance Coin, etc.
To Wrap Up
Some online gambling platforms have more than twenty payment methods on their banking pages. And some operators offer only several methods. The key here is to find out which payment solution works best for you and your location. And only after that, decide where to play.