How does gambling compare to other industries when it comes to payment processing? Is credit card acceptance better or worse than cash? Are some forms of payment easier or harder than others? The gaming industry has grown exponentially over the last decade. Gamers spend billions of dollars each year buying games, consoles, computers, mobile phones, accessories, software, and hardware. This growth means companies are now paying attention to how they handle payments. This guide covers the basics of the three major methods of accepting credit cards (stripe, PayPal, and Amazon Payments), using Bitcoin or its alternatives, along with the pros and cons of each option.
The Finance Side of Online Casino Gambling
There is no question that online casinos have become very popular in recent years. We’re talking about millions of people playing every day and hundreds of thousands who play for a living. That’s why we decided to take a look at their financial side – which banks do they use, what kind of fees do they pay, and what can you expect from them as an online casino player? Read on to learn more!
Online Casinos: Why Do They Accept Credit Card Payments?
PayPal was founded by eBay co-founder Peter Thiel and Elon Musk. It allows users to make secure transactions online without revealing personal information such as name, address, phone number, email, bank account number, or any other sensitive data. To facilitate this process, PayPal uses encrypted communication technology to connect buyers and sellers, ensuring your details remain private. Paypal also has the advantage of being available via most Internet browsers, making it easy to log into. However, there are limitations to using PayPal as a form of payment; for example, it cannot be used for real money deposits, withdrawal requests must be made within 48 hours, and some countries and states restrict access to PayPal altogether.
Stripe Payments
Most, if not all, online casino operators now accept Stripe as a method of payment. Founded in 2011, Stripe offers a simple way to integrate different forms of digital payments into websites, apps, and even offline stores. Its open-source API makes it easy to create new integrations, allowing customers to seamlessly switch between payment options and currencies.
Making Use Of Amazon Wallets
Amazon Wallet is a service developed by Amazon intended to let users store virtual wallets on their smartphones that allow for quick and easy purchases through the company’s website and Android app. Users first need to add funds to their wallet before making purchases, but once the purchase is complete, the customer receives payment directly to their Amazon account. This too is offered in online casinos, meaning players don’t have to wait around for money transfers from their bank accounts.
Bitcoin, Ethereum & Other Digital Currencies
In addition to traditional payment solutions like debit and credit cards, there are many ways to transfer funds digitally. One of these methods is through cryptocurrency – or digital currency. Most cryptocurrencies are based on blockchain technology and run completely autonomous of central control. In fact, there isn’t one big company controlling the virtual currencies themselves. Instead, individuals own and maintain their own copies of the coins. With no central authority, the value of the cryptocurrency is set by market demand and supply, so users don’t need to worry about inflation or devaluation. As well as facilitating fast transfers, using cryptocurrencies doesn’t have the security risks associated with sending money through traditional systems. For instance, hackers can steal identities using stolen credentials, but because cryptocurrencies aren’t controlled by a single entity, they’re usually immune to fraud. When it comes to online casino payments, bitcoin and other cryptocurrencies offer numerous benefits.
Bitcoin Vs Cash For Online Casino Players
Bitcoin is an electronic currency introduced in 2009 that is based on peer-to-peer networking. Instead of relying on central banks or clearing houses, cryptocurrencies rely on cryptography to manage transactions instead. As transactions occur, blocks of data known as “blocks” are added to a public ledger called the blockchain, which keeps track of every transaction and verifies ownership. Bitcoin is typically accepted at online casinos since it’s the most widely recognized cryptocurrency. However, bitcoin isn’t universally accepted everywhere, especially outside of Asia and Europe. For instance, Japan only started accepting them for legal tender in April 2017. Even though the majority of online casinos do accept bitcoin, they may not do so immediately. In order to receive money in bitcoin, you will have to go through several steps, including purchasing bitcoins (this can take up to 10 business days), registering at a crypto exchange (an unregulated third party that facilitates trading between different cryptocurrencies), and finally converting those assets into fiat currency.
The Bottom Line – Keeping Your Wallets Secure
It’s important to keep your financial information safe while playing online. If you lose access to it, your funds could be inaccessible until you change passwords and/or email addresses. The best way to ensure this is to use separate logins and passwords for all of your banking and gaming activities and make sure you never share login details with anyone else.