What are the Online Casino Banking Methods?

Anybody who has transacted over the internet knows the most common ways of transferring money from their own bank account to the account of a vendor or supplier. The online casino world is no different. You, as the player, need to get real cash from your bank account into your casino account (which is in effect the online casinos transaction account and reflects in your casino account as a cash or credit total that you use to play your favourite casino games).

As an internet vendor, the online casino needs to provide you with the best and easiest banking methods. These change from place to place around the world but are, in a nutshell, the following:

• VISA and Mastercard

VISA and Mastercard are the world’s biggest credit and debit card providers. They give players the chance to transfer money directly from their debit or credit card accounts into their online casino account.

Players must be aware though that Mastercard often blocks deposits from 3^rd parties into the credit card account so it’s easy to move money from your Mastercard credit card to another account (the online casino account), but you can’t move money from your online casino account back into your Mastercard credit card account. You will need to first move it into your primary bank account and then into the credit card account.

Transacting with a debit or credit card is as easy as your normal online banking transactions.

• EFT

Electronic Funds Transfers are transactions straight from your primary bank account into your online casino account. They work exactly the same as any other supplier you might be paying every month like your electricity or water or rental payments.

There are three main EFT methods: internet bank transfers, Easy EFT, and SID InstantEFT.

• eWallets

eWallets are seeing a huge rise in popularity amongst online gamblers as they offer a secure and protected banking method that puts a layer between the primary bank account and the online casino account. Essentially, players will will set up an eWallet account, transfer finds from their primary banking account into the eWallet account, and then from the eWallet to the online casino account. This does add an extra step to the process, but it is a very popular option for players looking to hide their gambling transactions or who want to budget effectively. Having available funds in your eWallet means you can only use those funds and don’t risk your bank balance or credit card balance.

The most popular eWallets for online gamblers are Neteller, Skrill, and ecoPayz.

• Wire transfers

Wiring money directly to the online casino account is another popular and secure banking method but it comes with a unique drawback: the waiting times. Wire transfers typically take anywhere from a day to a week to reflect in your casino account, and even longer if you’re withdrawing from your casino account back to your bank account. Waiting two, three, or even four weeks to see your money pop up in your bank account is not uncommon.

• Gift cards

Gift cards have become a staple of online transactions and a far more sophisticated and secure product than the old debit card your granny gave you for your birthday. Now stores from Shoprite to Apple have their own cards that can be preloaded with funds to spend. There are options like OTT, Zapper and more that allow you to put funds onto a card that you can buy online or from a vendor and use to play at the online casino. Some online casinos and sports betting sites even have their own pre-loaded virtual cards you can use.

• Cryptocurrency

Crypto is big news in the online casino world – there are even crypto casinos that deal exclusively in cryptocurrency. Cryptocurrency is a great balance between normal banking and the more ‘private’ methods for those who are looking to transact with relative anonymity. But it does come with an added risk: cryptocurrency values fluctuate wildly. Today your crypto could be worth R100. Tomorrow it could be worth R10. Next week, who knows? R1,000?

This means that you are always gambling (ha!) with just how much you are going to get in value. You may deposit R1,000 worth of crypto into your online casino account, play and win R10,000, then withdraw your money and only get crypto worth R500. It’s the Wild West of currency and could make you rich or break you completely so be careful.

Most high-end online casinos offer Bitcoin (the most famous, trusted, and transacted cryptocurrency) as a banking method.

What are the most popular banking methods for South African online gamblers?

By far the most popular banking method for South African online gamblers is credit or debit cards. VISA and Mastercard are everywhere in South Africa, so it makes sense that this is the most chosen method.

EWallets re growing in popularity though and South Africans who are worried about security are definitely embracing the extra layer of protection afforded by eWallets.

EFTs are also big. It makes depositing really simple and most online casinos use EFT to pay out your withdrawals anyway.

Bitcoin is still relatively rare most likely due to the cost of the cryptocurrency as well as the risks of losing value.

Wire transfers are very rare because no player wants to wait so long before playing or waiting for cash to reflect in their online casino or bank account.

Gift cards Gift cards or money cards are growing in popularity with some online casinos offering their own versions, some online casinos accepting cards from Shoprite (for example), and most online South African casinos giving players the option to use OTT vouchers, Zapper, and more.