The most important issue for most online casino players is to make transactions fast and secure. That’s why gambling companies accept different payment methods and try to make instant and convenient deposits and withdrawals.
Credit cards such as Visa and Mastercard are widely accepted worldwide and allow users everywhere to make payments with a card, a phone, or even a smartwatch. But in the iGaming industry, they are not the only solution.
There are more than a few markets where, due to regulations or lack of access to financial products, credit cards are not the first choice of players – or even not an option.
Apart from gambling jurisdictions, players may be barred from making deposits with their card through strict regulations, an irregular financial system, or the mere fact that they lack an official bank account.
However, there are plenty of options for all categories of players and jurisdictions to choose from. For this reason, we’ve put together a list of the best payment options for safe and fast gambling:
- Bank or wire transfers
- Instant transfers
- Payment gateways
- E-wallets
- Cryptocurrencies
To optimize their payment processing, online casino and sportsbook operators should familiarize themselves with the preferred payment methods of their markets of operation.
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Szilaghi Consulting has worked in the gaming business for over 17 years. Contact us today to find out how we can assist you with the incorporation of your gaming company, right through the business, fiscal, and licensing matters.
Europe
In Europe, the most popular payment methods are Visa and Mastercard, but each region has its own local solutions, especially in jurisdictions that prohibit the use of credit cards for gambling transactions.
German law prohibits the use of credit cards for online gambling and betting. Instead, German players use Sofort, the main payment provider on the German market. Sofort offers secure transactions with minimal steps and is also popular in Austria, Belgium, and the Netherlands.
In the UK, from April 2020, the use of credit cards for gambling payments has been banned. Players in the UK typically use their debit cards, services such as PayPal, or open banking, a fast-growing financial technology that uses APIs and open-source technology to increase security and transparency.
Payment options in Europe:
- Visa
- MasterCard
- Sofort
- PayPal
- Multibanco
- Open banking
Latin America
Although credit cards are extremely popular in Europe, they are far from the most popular method of payment in Latin America.
In order to participate in online casinos, players in the region prefer to make online payments using bank transfers. During payment, they are either redirected to their bank’s payment page or choose their bank from the list of service providers or sellers of goods. In most cases, payment is authorized instantly.
Payment processors are twice as important in some Latin American countries as banks and other financial institutions have a long-standing mistrust of the gambling industry and refuse to process transactions for sports bookmakers and casinos.
Payment options in Latin America:
- Bank transfers
- Boleto Bancário
India
In India, gambling is booming and according to a 2021 poll, 73% of gamblers prefer to play online than in a real casino.
The National Payments Corporation of India (NPCI) provides infrastructure for the country’s banking system. Unified Payments Interface (UPI) integrates multiple bank accounts and features into a single mobile application; Bharat Interface for Money (BHIM) uses UPI for quick and easy transactions.
The most popular payment method in India is PhonePe, an application that allows users to make fast and secure payments using BHIM UPI, credit cards, debit cards, or e-wallets. Equally popular in India is PayTM, which claims about 25 million registered users. In addition to e-commerce, the service covers financial transactions using e-wallets and mobile payments.
Payment options in India:
- PhonePe
- BHIM UPI
- PayTM
Africa
African gambling markets are developing on their own. Bank accounts are rare in Africa, and credit cards are almost non-existent. In order to participate in gambling, African players use mobile banking.
Thus, in Kenya, M-Pesa is currently used, a method of transferring money using a mobile phone, where 58% of the adult population has a mobile account. M-Pesa is the usual payment method in neighboring Tanzania, and in both countries, the service is the favorite option for sports bettors.
Nigeria’s booming sports betting market is facilitated by the country’s multiple payment gateways.
Lagos payment processor Interswitch connects a number of Nigerian banks. GTBank, one of Nigeria’s leading banks, has created the GTPay payment gateway to allow uninterrupted payments for debit cards issued by banks participating in the Interswitch network.
RAVE from Flutterwave is one of the fastest-growing gateways in the country. The online payment solution makes collecting online payments for businesses and individuals simple, safe, and secure for their customers.
Payment options in Africa:
- M-Pesa
- GTPay
- RAVE
Canada
Interac is the most popular payment system in Canada. The company was founded in 1984 and launched its electronic transfer service in 1996. Nearly 60% of the Canadian population uses the service for all current payments. PayPal, on the other hand, has just over 6 million Canadian users. The solution provider Gigadat, which uses the Interac system, is one of the most used payment methods for online casinos in the country.
Payment options in Canada:
- Interac
- Gigadat
Southeast Asia
Asia has one of the most coveted gambling markets.
Electronic wallets are the most common choice for online casino players and sports bettors in the region, followed by credit cards, debit cards, and bank transfers. One of the most popular payment systems, 2C2P, was established in 2003. It is popular because it even accepts payments from customers without a credit card.
Thaiepay offers payment solutions for e-commerce in Thailand, allowing operators to accept payments using Visa, MasterCard, and American Express cards. PaysBuy, another top processor in the country, makes it easy to make and accept online payments. In principle, PaysBuy is similar to PayPal; sellers can accept payments via Visa, MasterCard, or local bank accounts on their websites. Cryptocurrency payments are also very common in Southeast Asia.
Payment options in Asia:
- 2C2P
- Thaiepay
- Paysbuy
Cryptocurrency
The blockchain revolution is long overdue. Attracted by anonymity and decentralization, gamblers are increasingly expecting to make payments using cryptocurrencies – in fact, some online casinos trade exclusively in cryptocurrencies. More and more players are expecting to make payments in cryptocurrencies such as Bitcoin, Litecoin, and Ethereum.
Online casinos and sports bookmakers need to consider both local regulations and the resources players have at their disposal when entering a new market. If your platform does not support a player’s preferred method of making deposits and withdrawals, there is nothing stopping them from giving up your platform for one that meets their needs.
Contact Us to Start Your Gaming Company Today
Szilaghi Consulting has worked in the gambling business for over 17 years. We can assist new clients with the incorporation of gaming companies, fiscal registration, and licensing matters. To draw on our experience and to benefit from our advice, contact us today to find out more.
How can Szilaghi Consulting help you start your online gambling business?
Choosing a gambling licensing jurisdiction is quite difficult, to begin with. Given the sheer number of factors that need to be considered by gambling operators, the choice can be overwhelming.
Szilaghi Consulting has been providing services to the online and offline gambling industry for over 17 years. We have helped our clients to make the right choices, to realize their visions, to overcome obstacles, and, above all, to succeed. We offer transparency and efficiency and we are committed to always acting only in your interest.
Our experience in obtaining online and offline gambling licenses differentiates us from the competition. We cover all your needs, from the incorporation of the gambling company, the creation of fiscal and compliance structures, to obtaining the gambling license.
We invite you to schedule a consultation with us. We like to communicate with our customers, troubleshoot their problems, and offer solutions. We invite you to contact us today to discuss this with one of our agents. Let us help you take your business to the next level.
