In the ever-growing world of online casinos, the third most vital thing to consider, beyond the casino games and promotions, is the payment gateways. Not having reliable payment gateways that don’t instantly process payments or are not enough to meet today’s technological challenges can drive away members from joining.
Sure, when playing at real money and sweepstakes casinos, you are going to find the standard Visa and MasterCard options available. Since online casinos first came online in 1994, Visa and, MasterCard, and sometimes American Express were the only payment options at these early iGaming sites. While credit cards are handy and have a tremendous brand reputation, one of the main draws that players have experienced is that not all financial institutions and banks agree with online casino charges.
As a result, many online players literally kept their wallets closed with no choice but to abandon the online casino. So, when crypto casinos began springing up in the mid-2000s, besides offering their proprietary Bitcoin and cryptocurrency, they helped to introduce the e-wallet concept.
Like credit cards, e-wallets are highly secure and process deposits instantly. However, the genius behind e-wallets is that they serve as a middleman between the bank and the online casino. With this trust in hand, banks approve online gambling transactions from the e-wallet company and not the online casino. This agreement goes on instantly.
The first e-wallet widely used was Neteller. Netller, then later Skrill, were staples for real money casinos that became available beginning in 2012. For those who are concerned about online security and anonymity, more online gamblers immediately took to these e-wallets because they didn’t have to directly put their personal information on the online casino. While reputable and licensed online are committed to providing a safe playing environment from hackers, this extra piece of mind made e-wallets a staple alongside credit cards and online banking like VIP Preferred.
As technology improved, the newer real money casinos and the new sweepstakes casinos began adding PayPal and Venmo to their e-wallet lineup. PayPal is the most popular and widely used among the e-wallets, so it helps to bring new members to the iGaming process. Equally important as making deposits is receiving money. That’s where e-wallets again flex their muscle. Because they don’t directly go through the banks, many e-wallets like Skrill and PayPal qualify for instant and same-day payouts, making them a major draw for members.
To take advantage of the mobile platform, new e-wallets like Apple and Google Pay are becoming available at online casinos. They might also be available on those mobile devices only.