When it comes to playing games in a virtual gaming space such as an online casino, making deposits and becoming a member is the crucial first step. After that, winnings must be withdrawn so that money can be put into your pocket. Humble as these actions may seem, improperly executing the procedures involved can turn a fun and enjoyable gambling session into a painful ordeal. We answer all your questions about how to put money into your winnings so you can stay in the fun zone. Included are topics about payment methods, regulation and confidentiality concerns, currency exchange rates, and deposit and withdrawal limits. We also touch on the need for gambling and gaming companies to verify the identity of their customers.

To date, despite the rise of alternative payment methods, credit and debit cards remain the most popular method of topping up online gaming accounts around the world. Because of their recognition and acceptance, players tend to trust them over methods that may be relatively unknown in certain markets. The disadvantage, however, is that credit and debit cards come with fairly heavy fees attached, both from payment processors and unjustifiably from your bank. Additionally, there are certain countries where these cards are not allowed to be used for gambling withdrawals. Credit cards are often usable for deposits, while debit cards will often be required for withdrawals.

On the flip side of the coin are e-wallets, which are fast, low-cost payment services located outside of the traditional banking system. These are used frequently for both deposits and withdrawals and serve as the preferred method for players and casinos alike. But not all e-wallets offer the same level of service. Only e-wallets that are licensed specifically for gaming services can be expected to make payment processing seamless and transparent.

11.1. Credit/Debit Cards

When made available at online gambling sites, credit and debit cards are the most widely used deposit method. Players use them because they are simple, convenient, and do not require the player to set up an additional account, like most of the other deposit methods. Just log into your online gambling account, enter your card information and the amount you want to deposit, and you’re ready to go, right? Right. And the “ready to go” part is instantaneous if you use a debit card, but can take up to a day if you use a credit card.

When making a withdrawal, the player will find the card used for the deposit listed in the dropdown, and just needs to enter the amount they want to withdraw. Of course, players can only withdraw to a card account if they used that card for deposits. In most cases, the money will be sent by the online gambling site to the processor, who then takes an additional 1-3 days to send them to the player’s bank account. One of the main advantages of these withdrawal methods isn’t, however, speed, but the fact that credit and debit card accounts are much harder to hack than e-wallets, especially if you enable the two-factor authentication option, which is always advisable.

However, while security doesn’t often pose a problem, players might still find a lot of time spent verifying their identity via the withdrawal option to be greatly irritating. Even more perplexing can be those sites that only offer withdrawals to bank accounts, thus adding an additional transfer step. E-wallets and credit/debit cards normally don’t require identity verification.

E-Wallets

The rise of e-wallets in the past 15 years corresponds to the growth of online merchants and businesses, including the gambling industry. With a growing number of people wary of providing their financial details to companies they were unfamiliar with, e-wallets began to enter the online gambling world and offer players anonymity, speed of transactions, and relative affordability. What exactly is an e-wallet though? Essentially, an e-wallet is an online account that is linked either to your credit or debit card or directly to your bank account. You deposit money into the e-wallet as you would for any online purchase. Once your money is in your e-wallet, however, you can then deposit and withdraw from gambling sites without sharing your credit card or bank account details. You are also able to transfer money between your gambling site account and your e-wallet account, making it easy to withdraw any winnings and to deposit additional money if you exhaust your bankroll. Despite not having to share your card or bank account details with gambling sites, e-wallets are not completely anonymous. The site will still have access to your e-wallet details. While e-wallet companies are extremely familiar and used to processing transactions with online gambling sites, it can be a little trickier to withdraw your winnings if you deposit via the e-wallet. Some gambling sites will only allow withdrawal via the same payment method you used to deposit. If your winnings are large, you might even have to provide special documentation that verifies your identity. However, it is still much faster to withdraw to an e-wallet than to a debit card or bank account because e-wallets act as intermediaries between your gambling site account and your bank.

Cryptocurrency Transactions

Cryptocurrencies are a relatively new payment method available for gambling online but are quickly gaining momentum. The first modern cryptocurrency made its debut in 2009, introducing a new form of digital currency. Since then, various cryptocurrencies have come out, adding options to users. These currencies allow players to transfer funds anonymously, without going through banks or other financial institutions, just using their cryptocurrency wallets.

Cryptocurrencies are supported by blockchain technology, a decentralized and encrypted system that keeps track of every transaction made. These virtual currencies have some significant advantages, such as low transaction fees and speedy transfers, which help them attract a large crowd of avid betting enthusiasts. Players can use them to make instant deposits at online gambling sites, with all paying out usually instantly as well. This payment method may not be as widely offered as traditional payment methods, but it’s slowly becoming a favored one and is considered to be the future of online transactions.

Many gambling sites are using different cryptocurrencies, allowing you to create an e-wallet and fund your gambling experience without allowing anyone access to your sensitive information. Even if both online casinos and players value anonymity and privacy, it’s worth noting that some countries have restrictions on this type of transaction, and players should check whether using cryptocurrencies at their preferred gambling site is legal. It’s also worth noting that most gambling websites ask that you use the same withdrawal method for cashing out as the deposit method.