Online casinos have massively benefited from technology developments in recent times, with a wide variety of payment methods available to players.
Debit/credit cards and bank transfers have traditionally been the most popular payment options, but there has been a boom in the use of electronic wallets and bitcoin over the past few years.
Check out our introduction to the latest developments in depositing money into online casinos.
An e-wallet is an electronic purse which allows you to make online payments by using an email attached to your account without divulging your personal details.
Many of the leading online gambling companies encourage players to use this method to fund their accounts because it is fast, secure and easy to use.
An e-wallet acts as a buffer between your bank and your casino account, giving players an additional level of security.
Money is sent from your bank account to your electronic wallet, and can then be used to fund your online purchases.
In an age where there are new operators springing up every week, this provides extra peace of mind when you are wagering online.
e-wallets are also useful for people who wish to set a specific bankroll for their gambling activities, allowing players to deposit the amount they are comfortable spending during a given period.
The virtual currency first came to prominence back in 2009. Bitcoin uses decentralised technology for storing money and secure online payments that doesn’t require banks or people’s names.
The system operates on a public ledger called blockchain which holds a record of all transactions that is accessible by all users of the network.
Users generate blocks on the network to create bitcoins which are created cryptographically by harnessing users’ computer power. These are then added to the blockchain, letting users earn by keeping the network running.
Many online casinos now accept bitcoin payments. Established exchange services like Bitstamp, BTC-e, or Kraken allow you to purchase bitcoins, charging a commission that is much smaller than those applied to e-wallets.
Depositing money into your casino account requires the transaction to be confirmed by the blockchain, but this usually takes less than an hour.
Traditional payments methods such as debit/credit cards or bank transfers can carry an element of risk, and this has paved the way for the growth in the use of e-wallets and bitcoin.
With easy to follow deposit and withdrawal options, this growth seems certain to continue in the future.
While both e-wallets and bitcoin have their advantages in terms of additional security, the almost instant nature of the former suggests it will emerge as the favoured payment option for players in the future.