To those who have never played at a casino online, it might not make any sense how the whole thing works. How do you use cash? How do you withdraw money if you win? How can you trust them? These are all legitimate questions. Anyone might be a little leery of sending some company on the web their hard earned money. Especially when it might come as a risk.
Let me dispel your fears. Online casino gambling is a mature industry worth trillions of dollars. It is one of the largest legitimate industries in the world. Although there have been dishonest casinos in the early days of the industry, today they are the exception, and not the rule. The industry is highly regulated. Legitimate casinos answer to the governments that issue their license and they go through rigorous monthly testing of their operating software.
PayPal casinos offer a wide variety of methods to transfer money. All of them are highly secure and work with an industry standard 128 bit level encryption. This is enough to keep out hackers of any sort. Some of these methods are even safer than the rest. Credit cards, for instance, offer an official transaction record, which ensures that there is a paper trail to follow in case there is a dispute. Such cases are rare, however.
The vast majority of transactions occur through an e-wallet account, which operates much in the same way as paypal would. Money is stored in the e-wallet until it is either transferred or withdrawn. Paypal, in fact, is one of the major e-wallet accounts that online casinos accept. The casino with the most payment methods and best security is probably the fantastic Royal Vegas, so check that one out...
The major e-wallet services are:
Click and Buy
Very popular because it is regulated by the UK. It is one of the oldest of the e-wallet solutions and often cited as one of the preferred methods by casinos.
Another e-wallet solution, similar to Click and Buy. The benefit offered by Click2Pay is that it doesn’t have a waiting period for transactions, and allows funds to be transferred in real time. Most casinos actually offer bonuses for Click2Pay users. This can also be really comfortable with online casinos.
This company is very large. It is traded on the London Stock Exchange and is one of the most trusted e-wallet solutions in the world. The benefit of Moneybookers is that they don’t charge a currency exchange fee, as most others do.
NETeller is the oldest of all the e-wallet solutions. It is also second in size only to PayPal. They are very popular, with over 3 million customers using their service daily. Also traded on the London Stock Exchange, NETeller is popular for many reasons, including their own loyalty rewards program.
The industry standard for online payments. PayPal is a household name even for those who have never heard of online casinos. It is owned by ebay, and has over 100 million customers. Paypal Casinos offers conflict resolution tools, unparalleled security, and a multitude of ways for transferring and accepting money. It is extremely convenient and safe. The reason it isn’t the only default option today is that it only started working with online casinos in 2011, which means it was PayPal that was late to the party.
This is an EU-only option. It is a card that can be bought conveniently at over 100,000 physical locations for real cash. It can be bought in supermarkets, gas stations, and other convenient locations. The Playsafecard is anonymous, but it has a major drawback in that it cannot be used to withdraw funds.
Most casinos will accept credit card payments. Much like the Playsafecard, credit cards cannot be credited back more than the original transaction amount, meaning that any cash won cannot be transferred to the credit card. It is purely a method to add funds.
Everyone in the world is familiar with Western Union. They have been in business since 1851. Western Union can be used to transfer money back and forth, but it is subject to very high fees. This can be a problem unless one has won an enormous amount of money and doesn’t mind paying the fees, which can range from 14% to 18%. Nevertheless, it is still popular because of the fact that there are agents available who are accountable for transfer disputes. In order to keep learning and be more informed, read further articles here about this topic.