Bank transfers are a somewhat outdated payment method in online gambling sites, but they are available to you, nonetheless. A wire transfer needs a few business days to clear and usually comes with processing fees from both the casino and the bank.
Additionally, a lot of gamblers are hesitant to give their banking information to a casino. As a result, the options below have gained more popularity. However, there are still several online casinos accepting wire transfers, so, to each their own?
Likewise, credit and debit card payments are available at most online casinos, and they’re a popular option for many gamblers. These are a lot faster than wire transfers, with deposits processing almost instantaneously and withdrawals needing, at most, a couple of business days to clear.
However, you’ll still need to enter your card details to make a transaction, which can, sometimes, put people off. You’ll also need to be aware of processing fees for these payments - these details should be available to you on the banking institution’s official site.
If you can’t find details regarding possible fees, you can contact the bank’s customer service.
Prepaid cards and vouchers are great alternatives to credit cards since they allow quick and safe transactions while allowing you to maintain better control over your spending.
Most deposits are instant. Some casinos may not let you withdraw to prepaid cards, so have a backup plan.
The prepaid options below are increasingly popular since they protect against identity theft and fraud, require no bank account or credit limit, and are easy to get at physical stores or online.
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Prepaid Debit Cards Visa, Mastercard, and American Express, along with their partner banks, offer prepaid and gift cards whenever you want them. You can add funds to these through regular bank transfers or cash deposits and use them like you would any other debit card. |
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Paysafecard Paysafecards are vouchers you can buy online or in physical stores at more than 600 retailers. They come in several predetermined amounts; acquiring one will give you access to a 16-digit voucher or PIN. You can use this PIN to make secure deposits in Paysafecard online casinos and just buy another one when you use the entire amount. |
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ecoVouchers ecoPayz allows users to buy prepaid vouchers at physical retailers or online and use them to deposit in online casinos. Upon purchase, you’ll receive an 18-digit voucher you can use just like a Paysafecard. This method should be available in many Payz online casinos. |
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PayNearMe PayNearMe is an option exclusive to United States players, and it’s generally recommended for players in regulated jurisdictions, such as New Jersey. You can make a PayNearMe deposit request in your casino, and you’ll receive a barcode, which you can scan at a physical retailer, such as 7-Eleven or CVS. Then, you can pay in cash for the deposit, and the funds will quickly become available in your PayNearMe casino account. |
E-wallets are one of the easiest methods of making online casino transactions, especially when managing multiple casino accounts or using various cards.
You’ll need to create an account and verify your identity, but it’s a small price to pay for quick and private transactions in a couple of clicks afterward.
Moreover, e-wallets are popular and available at most online casinos, and many incur no fees for casino transactions. You may need to pay some currency conversion fees or fees for withdrawing funds from your e-wallet account to your bank account or debit card.
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PayPal PayPal is the most well-known and widely used e-wallet, so it comes as no surprise that most online casinos accept PayPal as a payment method. With a PayPal account, you can deposit quickly from your bank account, cards, or your PayPal balance, and you won’t even need to fill in your details on the casino platform. All you need to do is log in to your PayPal account and confirm your transaction when prompted. |
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Skrill Initially designed for gamblers, Skrill is yet another e-wallet available at most online casinos. In fact, it won’t be difficult to find a Skrill casino, as they’re abundant. With a standard account, you can make quick and easy transactions up to a certain monthly limit. To raise this limit, you must verify your identity by taking photos of some of your legal documents. Please be warned that, with Skrill, you can’t send these documents over e-mail. You’ll need to download the Skrill app and take photos through it, then wait a couple of business days for the confirmation. |
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Neteller Owned by Paysafe Group, the same company running Paysafecard and Skrill, Neteller is an e-wallet service focusing on merchant payments rather than money transfers between users. There are plenty of Neteller casinos worldwide, and they allow a high level of convenience and security. In certain countries, players can take out money from Neteller using a physical card. However, many players prefer to transfer their funds to their bank accounts. It’s also worth noting that many casinos will refuse to offer certain bonuses to players who deposit using Skrill or Neteller. |
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Trustly Yet another popular e-wallet option, Trustly, allows you to make payments in a couple of clicks without providing any of your sensitive information. Deposits are available instantly, and you can always withdraw from your Trustly casino balance to your bank account or card. Like all other e-wallets, Trustly acts as a middleman between your bank and your casino, adding a layer of protection to your funds and personal details. One downside is that Trustly is only available in a select number of countries. |
Mobile payments are all the rage in the United Kingdom, and they’re starting to gain traction in other parts of the world, as well. In this context, mobile payments mean you deposit a certain amount using your phone number, which you’ll later pay with your phone bill.
Mobile payments are quick and easy to make and allow a level of privacy that’s not possible with traditional payment methods. However, some players find them confusing since, in many instances, there’s no way to check your deposit history or revert a transfer. However, your deposit history is always available in your casino account.
This might be an issue if you're managing multiple casino accounts, but it's generally fine for a single one.
Additionally, you can only use mobile payments to deposit money. When you want to withdraw your funds, you'll need another payment method.
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Boku Boku is an easy-to-use, prevalent mobile payment service that’s used by dozens of tech companies worldwide and, you guessed it, plenty of online casinos. For your first payment, you’ll need to confirm your phone number by entering a code you receive via text message. |
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PayForIt PayForIt casinos are a great option for beginners and low-stakes players since they only allow deposits of up to €30 using this method. PayForIt is only available to players who own a phone number operated by Three, O2, EE, Vodafone, and Virgin Mobile. These restrictions are necessary since, unlike Boku, PayForIt uses mobile credit. Deposits will be drawn out of your phone number’s credit balance, and you’ll need to purchase additional credit for further transfers. |
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MuchBetter This service is a bit of a hybrid since it doesn’t use your mobile credit but is only available as a mobile app. Casinos accepting MuchBetter are available worldwide and allow quick and secure transactions using your fingerprint. You can top up your MuchBetter account using various methods and currencies, including crypto. |
Although still widely unregulated, crypto-assets are gaining traction as casino payment methods due to their speed and security. And, honestly, their novelty factor.
To use crypto-assets for gambling, you’ll first need to create a crypto wallet, such as Metamask, and an account on a reputable crypto exchange, such as Coinbase. Freak has a quick guide to crypto casinos if you’d like to get started.
Transactions with cryptocurrencies are public, albeit pseudo-anonymous, and quite fast, needing, at most, a few hours to clear, depending on the network congestion.
However, you’ll need to make sure you keep some sensitive information regarding your accounts safe, stored offline, as you won’t be able to regain access to your wallet if you forget your credentials.
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Bitcoin Bitcoin casinos started gaining popularity in 2014 when one Bitcoin went from $13 to about $750. At this point, everyone was looking for new ways to use Bitcoin online, and online casinos were a great choice. Using Bitcoin for your casino transactions is fast and nearly free (save for a few cents reserved for the transaction processing). You can pay at casinos almost anonymously, and the best part, you get to gamble again, this time passively, considering how volatile this currency is. |
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Ethereum Ethereum casinos quickly followed, with Ethereum becoming the second biggest and most well-known cryptocurrency worldwide. It really helps that Ethereum creator, Vitalic Buterin, is a really meme-able internet personality. Ethereum transactions work the same way a Bitcoin transaction would. You will need to pay some close attention at the processing fees, as they can change quite drastically depending on the time of the day and the level of network congestion. |
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Other Coins You can use many other crypto-assets to gamble online, like on Litecoin gambling sites, Ripple, Tron, Tether, Bitcoin Cash, EOS, and even the silly dogecoin casinos. Before diving into crypto, it's important to do some research. Approach the space with caution because there are many scams. Victims often aren't familiar with the tools of the trade. |
1. Consider what you’re working with.
My aim with this page is to provide you with all the necessary details so you can pick the best payment method for you. However, the best option for someone will always be the one they already have access to.
If you already have an e-wallet or other preferred payment method, there’s no point in getting accustomed to another one. Identity verification is usually needed for withdrawals to a bank account or raising the standard limits, and you should plan for these processes accordingly.
2. Determine your future payments’ desired size and frequency.
It’s always wise to plan your future deposits. If you already know how much you’re looking to deposit in a given period, you can choose your payment method to your advantage.
Some methods are faster, some come with lower or no fees, and some are better suited for smaller or larger transactions.
With so many options available, the best choice will always depend on your play style, so ensure you know exactly what you’re in the market for.
3. Figure out what matters most to you regarding your transactions.
Transfer speed? High transaction limits? Different payment methods come with different advantages, but not all of them will make a difference for your gambling. Determine your goals before making a choice, and you’ll need a lot less time when researching your options.
Typically, casinos prefer that players use the same method for both deposits and withdrawals to ensure a smoother transaction process and to mitigate potential fraud risks.
By doing so, it becomes easier for the casino to verify the identity of the player and ensure that funds are going back to the rightful owner.
However, not all deposit methods are available for withdrawals. For instance, while many casinos accept credit card deposits, they might not allow withdrawals to be made back to the same card due to processing restrictions or potential chargeback issues.
In such cases, you might need to choose an alternative withdrawal method, like a bank transfer or e-wallet.
Here’s a short, step-by-step guide to making a deposit in an online casino. I’ll assume you already have a verified casino account.
That’s it. If you’re claiming any bonus for this deposit, remember that your bonus funds should be tracked and displayed in a separate balance from your actual funds.
I bet you were able to figure out casino deposits on your own, but are you aware there’s also a wrong way to make a deposit?
Things to avoid when depositing funds in your casino account.
Keeping your deposits under control is a great way to tackle the potential of gambling issues. It’s important you keep a record of your transactions and monitor your deposits and withdrawals closely.
Any funds resulting from your gambling will remain in your casino account’s balance until you request a withdrawal. You can do so by visiting the Banking or Cashier section of your account, selecting a payment method, and entering your desired cashout amount.
Online casinos are required to go through some steps to verify your withdrawals, and this process can take up to a few business days for some operators. In most cases, it is much faster, but it all boils down to the casino’s backend and the regulatory requirements in your jurisdiction.
If your preferred casino needs four business days to process your withdrawal, there isn’t much you can do. Yet, you can always choose a fast-payout casino instead and have your funds on their merry way to your account in less than 24 hours.
Moreover, I’ve gathered some handy tips that should help you speed up the entire process.
Taxation of gambling earnings varies significantly by country and even within different regions or states of countries. But I wasn’t going to tell you that “it depends” and encourage you to do your own research.
Here are some brief overviews of the regulations in CasinoFreak’s top five most visited countries. Well, the other way around, anyway.
United States
In the U.S., all gambling winnings, whether from lotteries, raffles, horse races, or casinos, are considered taxable income.
Players are expected to report all winnings on their annual tax return. The gambling establishment may provide the winner with a Form W-2G detailing the earnings and any withholding for certain winnings, especially larger amounts.
Some states also tax gambling winnings. It's important to note that USA players can deduct their gambling losses, but only up to the amount of their winnings if they keep a record of their transactions.
Australia
The Australian law assumes that, over time, most gamblers will gamble more money than they will earn, which is why gambling could not be considered an income source. Therefore, earnings are considered the result of luck and are not subject to taxation.
Instead, Australia gets it and only incurs taxes on casino operators. Great job, Australia!
United Kingdom
According to the Gambling Commission, 44% of the adult UK population gambled in the last month prior to the 2023 survey. You would expect the UK sides with its people and doesn’t tax gambling earnings. And you would be right.
Like Australia, the UK will only tax gambling revenue made by casino operators.
Canada
Canadians do not typically pay taxes on lottery or gambling winnings unless they earn their income from gambling (they are deemed professional gamblers). For the casual gambler, winnings are tax-free.
Russian Federation
The only friend the USA has in this little scenario is, surprisingly, Russia. Russian tax residents must pay 13% personal income tax on their gambling winnings, the same federal level tax as for any other natural income.
Gambling businesses also need to pay taxes on their revenue through three levels of flat fees. The size of these fees is decided by local authorities within the bounds of the federal ranges.
I’m not saying this information will likely be useful for you since winning a jackpot is statistically a rare occurrence.
But gamblers sometimes ask themselves some questions regarding jackpots. We should know the ins and outs of withdrawing a large jackpot, just in case it happens to us. Right?
Right?
Well, here’s what I found out during my totally warranted research.
1. Withdrawal limits.
Some casinos don’t give gamblers an option over how a jackpot is paid. Generally, if the winnings are less than $25,000, casinos will payout by either cash or check. For larger sums, the options might change depending on the casino’s T&Cs, location, or the game gambled upon.
Many online casinos have daily, weekly, or monthly limits on how much money a player can withdraw, regardless of how much they win. This means that if you win a significant jackpot, you might be receiving the payout in installments over weeks, months, or even years as an annuity.
If you receive an annuity, you can convert it to a lump sum by selling it to various services, but you will not receive the full value of the jackpot.
2. Progressive jackpot terms.
Some T&Cs may have specific clauses for progressive jackpots, which are pooled between many online casinos. Payment terms might be different for these, and there might be exceptions to withdrawal limits.
This isn’t necessarily a bad thing. Many online casinos have time-sensitive withdrawal limits or other restrictive conditions, such as:
And the best casinos will usually have progressive jackpot exemptions in their Terms and Conditions to ensure you don’t stumble on these restrictions if you, by chance, need to withdraw a jackpot.
There are instances where online casinos might refuse or delay paying out your funds. Here are some of the most common reasons why that might happen.
A key takeaway here is that trustworthy, licensed casinos will payout unless they have a legitimate reason not to. When an issue arises, you can rest assured that your payment will be processed after the requirements are met.
However, there are cases where the refusal of payment is a real issue, namely when you’re playing in unlicensed, rogue casinos.
Rogue casinos operate without the standards of fairness, transparency, and security expected of licensed, reputable operators.
These casinos are known for various unethical practices, such as refusing to pay out winnings, using rigged or pirated games, making false advertising claims, and offering misleading bonuses with near-impossible wagering requirements.
They might not hold valid licenses, or if they do, they often disregard the regulations and standards set by the licensing bodies. I strongly advise you to steer clear of rogue casinos, as they pose significant risks in terms of financial losses and breaches of personal data.
If you’re playing in an eCOGRA-certified casino, you can use their Alternative Dispute Resolution service to solve this issue without any additional costs. If your issue is not with an eCOGRA casino, you might want to contact your jurisdiction’s regulatory body and file a complaint.
