Casino Banking Methods

Wagering at online casinos is possible only when players are able to deposit real money at the casino accounts and withdraw their winnings. In order to enable this remote operated financial services are required. These services are commonly known as casino banking methods. Online casinos offer many banking methods so as to satisfy as large a section of their clients as possible.

Casino banking methods can be divided into many categories. The first category is that of credit cards. It is just like using credit cards in shopping malls except that the card does not have to be presented physically for swiping.

Using a secure Internet connection the credit card details are keyed in along with the amount to be deposited. On completing the transaction the funds are transferred to the online casino and the credit card company raises the invoice on the player.

The credit cards that are commonly accepted at online casinos are Visa, MasterCard and American Express. Debit cards function in a similar manner except that the player has to pay the card company upfront in order to load the card. Prepaid cards, which are essentially small value and one-time use debit cards, are also gaining popularity. The main advantage of credit and debit cards is their familiarity of use.

However, of late credit and debit cards are posing a problem in countries where the authorities are against online gambling. In those countries many banks block online gambling credit card transactions and credit card companies themselves do not allow withdrawals into the credit card account. Also players who wager at a number of online casinos are uncomfortable at having their credit card details stored in a large number of cyberspace servers because of identity theft.

Because of the above-mentioned problem with credit cards the electronic payment options, also known as alternative payment options, are becoming more popular. The most widely used electronic option is the e-wallet. E-wallets are electronic bank accounts. These accounts can be funded using conventional banking methods or credit cards. Then that single e-wallet can be used to fund any number of online casino accounts.

This greatly reduces the chances of identity theft. Also almost all e-wallets accept withdrawals from online casinos and therefore the player can use the same casino banking option for both deposits and withdrawals. Neteller and Moneybookers are two of the more popular e-wallets.

Another type of alternative payment option is the electronic prepaid card. This has an additional advantage that players can fund their casino accounts using cash and therefore no record of the transaction will be there in the conventional systems.

Players can pay cash, or use credit cards, at local retail outlets and buy an electronic prepaid voucher or card of a fixed denomination. This contains a coded number accessible only to the player. The player has to login at the online casino and enter the coded number to give effect to the transfer of funds. Ukash is a very popular option of this type.

Many casinos still offer conventional options like paper checks and wire transfers but these are rarely used in normal circumstances.