Online gambling payment methods
Want to manage your money well when playing? There are a ton of different banking methods available for online casino players, and with so many options, it can be hard to know what is the best for you. We here on Bojoko want to make this easier for you. Here you can read all about them and how they differ from one another.
Here we present some common casino banking options and illustrate their pros and cons. Learn how online banking works on casinos and what is the right transfer method for you.
To play at an online casino, you need to deposit real money into a new online casino to have funds. And then if you win, you’ll then want to withdraw your well-earned cash in little to no time.
These money transfers can be made in different ways, depending on your personal banking preferences.
You'll find no shortage of choice for money transfer methods to power your online gambling. Picking the right one for the right context is key.
Common deposit methods for UK players:
- Debit cards
- Mobile payments
- Cards issued by eWallets
- Online banking
- Invoice payment
- Prepaid cards
Tips for beginners
- Look what is available: Take a good look at the accepted banking methods in an online casino. They're usually displayed as a series of icons at the bottom of the homepage.
- Try them yourself: If you’re completely new to the scene, try out different online casino banking methods. You can rely on our reviews to learn about the differences between payment options.
- Options vary: Remember that every casino will have its own unique range of banking options. Check these first before committing to playing in the casino for some time.
- Have your ID ready: Casinos normally request that you provide a photo ID such as a passport or driving licence when you sign up or make your first deposit or withdrawal.
- Casinos want to know about you: You'll most likely have to verify your current address by supplying bank statements, utility bills etc. that should generally be no older than three months.
- It's the law: The casino will check your details to ensure that everything is correct due to legal requirements. Once you have been identified, you can then start using the online casino payment method without restriction.
Benefits and drawbacks at a glance
Here are some key points you should know about various online casino banking options. We compare and contrast each method, highlighting its strengths and emphasising the important bits you care about: transaction fees, deposit and withdrawal times and ease of use.
- Fees: Smaller the fees, the better the method. Some methods are completely free, as others charge up to 4%
- Deposit times: Almost every deposit method is instantaneous nowadays. It is still good to check
- Withdrawal times: Withdrawal often comes with a little wait. This wait can be anything from 1 hour to 1 week
- Ease of use: Some methods are just a click of a few buttons, others require you to set up entire accounts
When you compare the methods and find one with these things at good enough level for you, then that deposit method is a viable option. For example, you don't want to wait three days for a wire transfer to go through if you want to play right now, and a £2 flat transaction fee is too much if you only plan to deposit £10.
Credit and debit cards
IMPORTANT: Starting 14th April 2020, online and land-based casinos in the UK no longer accept credit cards. However, the use of debit cards for gambling is NOT affected by this ban.
Paying for online transactions by card will come naturally to you, so it’s no surprise that these can be used in casinos too. These are the easy option with no bells or whistles.
Debit cards are widespread on a global level and their ease of use and functionality – both in the online and offline worlds – make them the perfect candidate for top online casino payment methods.
Leading payment cards
Card payments in a nutshell
- Starting 14th April 2020, card payments can be made only with a debit card
- The heavyweight cards are accepted by all the major online casinos
- To deposit, just enter your card number, cardholder name, expiry date and CVV code to complete the transaction
- The deposit fees for card payments often hover around 2% to 3% of the value of the deposit
- Deposits are usually instant and withdrawals take anywhere between 1 to 4 working days to be processed
Using credit cards for online gambling
Making an online casino payment by card is a very quick and simple process preferred by many players. This is mostly because cards are widespread and can be used to pay for a lot of other things.
You don't need to create an extra account or introduce a third party payment service to make your casino transactions by card.
Even though transaction fees generally apply and withdrawal times can be slower than other methods, cards are here to stay. Use them if you’re after a hassle-free, time-tested payment option that is as secure and reliable as they come and does the job on the spot.
With mobile casinos steadily on the rise and gaining traction, mobile payments are here to facilitate the experience. Speed and convenience are the key factors here, as these methods work easily wherever you are.
You can make mobile payments in mobile casinos, so you never have to use anything other than your phone. The process is carried out via text messages (SMS).
Leading mobile payments:
mobile payments in a nutshell
- You can use your phone to make casino deposits and withdrawals with almost any method available on desktop
- Some banking methods offer downloadable apps that go a step further in streamlining the payment experience for you
- Deposits made with Boku and Payforit are instant and don't reveal your sensitive financial information to the casino
- Deposits made with Boku and Payforit are free. You'll only get charged if you fail to pay your bills on time
Using mobile payments for online gambling
Mobile payments are for those who prize convenience above everything else and are willing to fork out a couple of extra quid for it. Boku is the leading mobile payment provider in the UK, along with the native mobile billing service Payforit.
If you'd like to gamble using just your phone, there methods that work seamlessly on mobile from start to finish. The upside is that SMS encryption bolsters your security and makes transferring funds really easy.
On the other hand, the downside to mobile payment methods like Boku and Payforit is that you won’t be able to use them to withdraw your money. This could change in the near future, so keep checking our reviews to keep up to speed with new features.
E-wallets provide a solid, multi-feature banking solution that's highly rated across the board. E-wallets offer a digital place to store your funds for online transactions. These methods are great for active players who value security and make a lot of transfers.
PayPal is the most well-known and popular e-wallet in the world, and a favourite money transfer method for UK casinos. Other e-wallets include Skrill and NETELLER, which have been built purposely to support online casino players with transferring their money.
ewallets in a nutshell
- You can link your bank account to your e-wallet as a source of funds
- E-wallets keep your funds and financial information separate from the casino at every stage of the process
- Deposits made with PayPal, Skrill and NETELLER are free and instant
- Registration is a bit lengthy and will require some details from you to create an account and get it verified
- You’ll also need to sign into the e-wallet to complete transactions every time you need to transfer money
- The deposit and withdrawal procedures with e-wallets are easy to follow
- You’ll usually find a good selection of e-wallets accepted by the major online casinos
Using ewallets for online gambling
E-wallets get you a strong security guarantee and plenty of attractive benefits and promotions. Examples are PayPal’s user-friendly interface and the refer-a-friend program for NETELLER, as well as the typically excellent levels of customer support.
The all-in-one e-wallet solution means you can both deposit and withdraw with the same facility, sparing yourself extra transaction charges.
Withdrawals generally incur a minor fee and might take a couple of hours (or 1 working day for PayPal) to process.
This banking method is perfect for players who are fully invested in playing casino games and spend a fair bit of time playing them.
Cards issued by eWallets and others
E-wallets can also issue debit cards for use in online casinos. You can use the card to make transfers that are debited directly from your e-wallet.
These cards combine the ease of debit cards with an extra layer of security. These card numbers are never able to access your personal funds.
alternate cards in a nutshell
- Skrill and NETELLER are now offering debit cards as an alternative option
- These are for players who aren't keen on using traditional banking methods and want to set aside a specific amount of money for gameplay
- These cards are used in the same way as regular debit cards
Using alternate cards for online gambling
If you'd like t to keep your online casino payment options separate from your offline day-to-day accounts, debit cards issued by e-wallets and others are just right.
You'll have a source of funding cut off from your main bank account, keeping your finances safely distinct.
While not strictly an e-wallet, Trustly also provides a debit card facility for players who want to withdraw funds and make purchases with a card that is separate from your regular bank cards
Online (instant) banking
Online banking options are handy for making secure money transfers directly from a bank. Also called instant banking, it works by enabling a safe login with your regular online banking access codes without the need for you to register an account.
Instant banking services transfer funds instantly to your online casino of choice when you’re all set for gameplay. These are the safer modern equivalent for debit cards.
Leading instant banks
instant banking in a nutshell
- Online banking deposits are instant
- Withdrawals take longer and will generally be cleared between 1 to 4 working days
- Withdrawing funds to your bank account via instant banking carries a fee that varies according to the bank and the casino
- Some casinos don’t allow withdrawals via instant banking at all
- You don't need to download any additional apps to use either Trustly or Citadel in full
Using Instant Banking for online gambling
Instant banking gives you the same peace of mind of other methods that don't share your personal or financial details with the casino. The two-factor authentication process makes it extremely difficult for outsiders to gain access to your account, by any means.
The two-way transaction speed is another plus: instant banking clears deposits and withdrawals in a matter of a few days, if not hours.
You can choose to pay by invoice with certain online casino payment methods.
invoice payments in a nutshell
- Mobile payments done via Boku and Payforit can be billed to you as an invoice if you select that option while making a deposit
- The invoice will show the date it was issued and the date by which you need to pay
- If your payment is delayed, extra charges may be added to your bill
- The invoice contains all the transactions details and you can store it for your records
Using invoices for online gambling
Paying by invoice allows you to postpone payments to a more comfortable time. This is extremely convenient if you like to keep a close eye on your finances and organise all your payments in bundles.
However, it’s important to remember that these payments still have a deadline, and you’ll need to keep track of your pending payments to avoid fees added on to the final bill.
Players seeking greater control over their payments can opt to pay by phone bill. The biggest advantage is that you can play now and pay later, and the limits are in your hands.
Prepaid card payments are useful in a unique way. They're a source of money completely independent of where your savings are stashed.
This makes them one of the safest online casino payment options available, and issues are highly unlikely to arise.
Prepaid cards in a nutshell
- Paysafecard can be topped up at select retail outlets over the globe in set denominations and its deposits are instant, which still gives it good levels of accessibility.
- You can only use Paysafecard for deposits and a small fee applies.
- Withdrawals are not possible with Paysafecard.
- Prepaid cards tend to have higher transaction fees than e-wallets or debit cards.
- A maintenance fee is applicable after the first year of using Paysafecard.
- You can only top up Paysafecard with cash in-store. You can't use any credit or debit cards to boost the funds left in your prepaid card.
Using prepaid cards for online gambling
Paysafecard is the most popular prepaid card service and the perfect choice for players who give their privacy top importance.
It’s also the right choice for those who have neither debit cards nor online banking facilities, or who want to avoid jumping through all kinds of financial hoops when playing in online casinos.
Recommended banking methods
With so many options, it is easy to see that new players might not know what is the best option for them. You could go ahead and try them and see what you like, but that would require multiple deposits and that's not feasible for everyone.
Here are some quick recommendations. With these, you can hit the ground running.
- Online banking
- eWallets (after setup)
Easy to use
- Mobile payments
- Debit cards
- Prepaid cards
Simple answer, yes. Some methods, like eWallets and prepaid cards, do have better security, but every single method is safe by default.
If you are worried about your safety and want to go that extra mile, then use methods that have extra layers of protection. These inclue limited accessible funds, multi-level authentication and single-use codes.
If you are interested in casino bonuses, then some deposit methods are not good for you.
eWallets are almost always restricted when it comes to deposit bonuses. This is due to potential bonus abuse, so casinos have decided to outright remove the option for them. You can see which deposit methods are not allowed in the casino's bonus terms. These restrictions only affect bonuses.
User identification, or generally known as KYC - Know Your Customer, is a requirement set by legislators. Gambling laws require that they know who you truly are and this is why casinos ask you for proof of identity, address and deposit.
It is important that money can be traced and that in the case of criminal actions, casinos are not used to launder money. For a normal person, these are just a small extra step that needs to be done once in each casino and that's it. In the grand scheme, these steps are there to follow the movement of criminal gains and restrict organised crime.