What is a Casino Deposit Method?
A casino deposit method is the way with which you deposit money into the casino. After all, in a physical casino you would first need to buy chips before you can place any kind of wager. Online casinos work the exact same way - you need to “buy chips”, so to speak, before you can actually place bets on online slots or live roulette. The process where you add money to your online casino profile that you can then wager is called a “deposit”.
In physical casinos, the deposit methods are usually fairly limited - you can use cash, a debit card or maybe a cheque, if it’s a more prestigious establishment. Online, however, you can deposit using a very wide range of methods, perhaps even too wide. The sheer number of available methods can be very confusing to newcomers, which is why it’s best to examine each in detail and make an informed decision based on that information.
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The Best Online Casino Payment MethodsThe most common online casino payment methods are debit cards and e-wallets. Debit cards are something that most of us have already, so it makes sense that most people would rather deposit just with their Visa or MasterCard. With that said, e-wallets provide gamblers with better security and flexibility than cards, which is why they've started to gain some traction in recent years. Services like PayPal, Skrill and Neteller won't replace debit cards at the number one spot any time soon, but they're gaining ground towards that objective with each passing year. But even beyond that, there are alternative payment methods that are worth taking note of.
While twenty years ago it was fairly rare to catch someone with a debit card, today the exact opposite has happened, and most of us consider our cardless peers to be behind on technology and trends. And how can we not? Debit cards are significantly more convenient than cash when it comes to purchases - you don't need to worry about loose notes or heavy coins, or about having the cash to pay for something, as your entire bank account is with you wherever you go!
Depositing money into your online casino account with a debit card isn't that much different from using them to buy anything else online. All you need to do is input the number of your card, its expiration date and security details, and also your name and billing address. After a brief check-in with your bank to authorize the transaction (which could last between a few seconds and several hours) the amount will be made available for you to use for betting and the money will be removed from your bank account. While very convenient, this method of deposit is considered unsafe, as giving your debit card details online leaves you vulnerable to identity theft and fraud.
PayPal may not be one of the world's first e-wallets, but it's certainly the most popular one by a considerable margin. After being bought by eBay and used as its primary check-out platform, millions of people across the world found themselves creating a PayPal account in order to purchase from their favourite auction website. And while PayPal is no longer associated with eBay, its popularity and name recognition have both remained on top.
PayPal, like other e-wallet services, allows you to send payments for goods and services (or simply make gifts) to other PayPal accounts using the funds in your e-wallet or ones taken from your bank account, either through a debit card or by linking it directly. As such, PayPal most often acts as an intermediary between traditional banks and online casinos, handling the payment securely and providing minimal information to the casino in order to minimize the risk of fraud or identity theft. In addition, PayPal has an award-winning protection program which will refund you in case you get scammed, which ensures that only the most trustworthy online casinos work with PayPal.
If PayPal is the king of the e-commerce realm, then Skrill is undoubtedly the king of online casinos - it's almost impossible to find a casino in the UK (or even globally) which doesn't accept deposits via Skrill. In practice, this e-wallet solution works very similarly to PayPal, though with some clear advantages: besides its very wide availability, Skrill also sports lower fees during withdrawal and faster, less demanding account verification process. It does have its drawbacks too, of course - namely that its transaction processing time is a bit slower. While PayPal processes its transactions between 0 and 2 hours, Skrill can at times take up to 24 hours to fully process. With that said, Skrill's wide availability more than make up for its shortcomings, and as such feel very comfortable recommending it to players who are looking to pick just one e-wallet!
Skrill and Neteller are actually very similar, but not for the reasons you may think - back in 2015, Neteller purchased Skrill, yet kept it as a separate payment solution instead of absorbing it within itself. As such, the two have become extremely similar, sporting the same benefits (high availability and low fees) and the same shortcomigns (high processing time). It's important to note that Neteller's fees are actually slightly higher than Skrill's, though Neteller offers its own benefits like a free MasterCard tied to your account and support for more currencies.
While Skrill is more popular than Neteller overall, and we feel more comfortable recommending Skrill due to its lower fees, either one of them is a great way to deposit into an online casino. if you already have a Neteller account, then you're encouraged to use it to deposit at your favourite online casinos!
It's crazy to think about how technology changes not only the way we play at online casinos, but also the money that we use to deposit itself. We're not talking about pounds or dollars that are kept digitally on a bank's servers - we're referring to a currency that was created online and exists online, without any kind of physical equivalent! Bitcoin wasn't the first such "cryptocurrency", but it's certainly the first one which gained major traction, and that traction hasn't slowed down! Once the punchline of headlines about how some dumb restaurant owner sold a pizza for 10,000 bitcoin, today a single bitcoin is worth over £36,000!
Given how new the currency is, not to mention how it's unaffiliated with any bank or government, bitcoin is not accepted at most online casinos in the UK. However, there are some that will happily take a bitcoin deposit, and in other markets we've seen casinos that exclusively deal in crypto.
The Specifics of Making Debit Card Deposits
Debit cards are by far the most prevalent deposit method not just for online casinos, but for all kinds of online purchases - which makes sense, given the fact that most banks today will automatically issue you one alongside your account, allowing you to withdraw funds from it at ATM machines or use them for in-store purchases. The fact that you can use your debit card online even without having the card physically present on you (for example, depositing from your phone while waiting for the bus even though your card is safely at home), not to mention how easily obtained and readily available cards are in general, easily explains the widespread popularity of this particular method.
This also means that the vast majority of online casinos accept debit cards - in fact, many prefer card deposits over other methods, as they will only pay out bonuses for deposits made using a card. Barring a select few (usually ones focused exclusively on bitcoin deposits), practically every online casino will accept your card, making it a good choice if you're not entirely sure which casino you'd like to play at just yet. Of course, the fact that you don't need your card with you, just the information from it, to make purchases, carries a certain danger - what if someone besides you were to find out your card information and use it to pay for things? As such, despite the convenience they offer, it's always a good idea to thoroughly vet the casino before providing them with your card information.Learn More About Debit Card Deposits
How to Make a Casino Deposit With a Debit Card
- Log into your online casino account
- Click on the banking/deposit button
- Select the debit card option
- Fill out the 16-digit number on the front of the card
- Input or select from the drop down menu the card’s expiration date
- Input your name exactly as it appears on the card
- Turn your card around and notice the 3 digit number in the middle - input that under “security code”
- Input your billing address if required, it’s the same one you used when opening an account with your bank
- Click Submit/OK
- Some banks may require a 2 factor authentication code - if so, check your phone for a text or a notification in your bank’s mobile app and input the code you see in the next field
- Wait until the transaction clears
It's important to note that the process isn't exactly the same in any two casinos. We've done our best to ensure our guide is comprehensive, detailed and thorough, but it may contain extra steps that are not needed to complete your deposit depending on the site and your bank (for example, not all banks in the UK require 2 factor authentication, and many of those that do may consider certain casino sites trustworthy and may clear the transaction without sending one). What's important is to use the steps above as a guide rather than a step-by-step walkthrough in order to ensure your deposit is completed successfully.
Is it Possible to Deposit Using a Credit Card?
If you're an old-school gambler, then you may remember using your credit cards for your deposits. Unfortunately, those nostalgic old days are long gone, and as of April 2020 it is no longer possible to use a credit card to deposit at online casinos. There are many reasons why this decision was made, but one of the main reasons is that it was too easy for people suffering from gambling addiction to go into debt by betting money they didn't really have. Another major reason was that casinos were a prime target for scams committed with stolen credit cards, where a scammer would deposit a large sum with a credit card, then withdraw it into a debit card or an e-wallet, stealing the money. With that in mind, casinos now only accept debit cards and other solutions that rely on money you already possess rather than bank debt.
What are the Pros and Cons of Making a Debit Card Deposit?
- Very convenient - Over 84 million people in the UK have debit cards, which means that most people can easily deposit without extra preparations
- No fees or taxes - While there are often taxes for processing debit card payments, those are almost always paid by the casino, not the player
- Customer protection - Both Visa and MasterCard have stellar customer service and may be able to help you in case you are scammed
- Easy to overspend - Since debit cards are directly connected to your bank account it’s very easy to deposit much more than you initially decided to
- Less secure - Debit card numbers can be stolen or leaked very easily, and while there’s measures put in place against that it can cause some headaches
The Difference Between MasterCard & Visa
If you have a debit card, then it's almost certainly either a MasterCard or a Visa. Not sure? Well, pull it out and take a look, there will certainly be a logo on it somewhere! Chances are that it's a Visa, as 83% of all debit cards in the UK are issued by Visa, but if you gained your card through an e-wallet service (such as Neteller) it could also be a MasterCard. The next logical question is: What's the difference as far as online casino deposits are concerned? Believe it or not, none. The two companies encrypt customer data in different ways and offer different reward schemes, but beyond that, they both function completely identically from a customer standpoint. So don't worry, either debit card will do you just fine when placing your first online casino deposit!
What is Diners Club? Can you Deposit with it?
Diners Club is one of the oldest bank card brands in the world, established way back in the 1950s - for reference, that was over a full decade before MasterCard! While Diners Club enjoyed a global monopoly for a bit, it has since been superceded by other brands as the market leader, and as such it's very rare to find someone in the UK who still owns a Diners Club card. With that said, if you do happen to own one, you should have no problems using it to deposit at any casino that accepts Visa or MasterCard!
The Specifics of Making E-Wallet & PayPal Deposits
An e-wallet is exactly what it sounds like - a wallet that's entirely online rather than in your back pocket or purse. Just like your real wallet, an e-wallet will let you keep money in it, so for example if your friend Terry decides to send over £20 for your birthday, those £20 will go directly into your e-wallet, ready to be spent on whatever online wares you want! Similarly, your e-wallet can also hold your debit card, or rather, your card information, meaning that if you'd like to pay Terry back for his kindness you can send some cash over to his e-wallet directly from your card! Don't have a card, but have a bank account? No worries - most e-wallet solutions will let you link your account directly.
While it may sound unsafe to give some company like PayPal or Neteller access to your bank account, in reality it's actually much safer to deposit using an e-wallet service than straight with your debit card. Debit card transactions have their own protections, naturally, but their design is inherently flawed, and if the casino or an interested hacker grabs hold of your card details they can very easily use them to make purchases for themselves or even drain your entire account! Meanwhile, an e-wallet would act as an intermediary, only giving the casino access to the most important information (such as your name and the amount you're depositing) while encrypting everything else. This minimizes the chance of your card details being stolen to basically zero.
Of course, e-wallet solutions come with their own set of drawbacks - for example, they may incur transaction fees, or may require extra verification. But while no deposit solution is perfect, e-wallets are a great alternative to debit cards!Learn More About PayPal Deposits
What E-Wallet Services do UK Online Casinos Accept?
MasterCard and Visa may have a monopoly on the debit card front, but the same can't be said about e-wallets! Sure, there's a few which are very popular, but at the same time there's dozens others with their own dedicated user bases! On top of that, many of them also have different features, bonuses, pros and cons, hence why it's important to make an informed choice. While the list isn't comprehensive, below we've outlined the top e-wallet payment methods among casino players:
PayPal is by far the most popular e-wallet service thanks to its partnership with eBay, one of the biggest e-commerce sites in the world. As PayPal was once the only way to perform payments when purchasing goods and services over eBay many UK residents have an account already. If you're among them, then the good news is that you're able to use it to deposit at select online casinos! While the bad news is that most casinos don't accept PayPal deposits, all of the big ones do, and if you have your heart set on one that does you have no reason not to deposit from your PayPal account!
PayPal prides itself on incredibly convenient transactions (its PayPal One Touch function allows you to deposit with just one click or tap), as well as on very fast processing times. At best, your transaction will process immediately, and at worst - within two hours, which is much faster than competitors who can take up to 24 hours. While its narrow availability is certainly an issue, it's not one that affects you if you're interested in a casino that already accepts PayPal.
Despite the fact that PayPal is the most popular e-wallet on a global scale, it's surprisingly scarce in the world of online casinos - and that has allowed competitors to take over. Enter Neteller and Skrill, its two biggest rivals by far! Well, "two" may be a bit of an inaccurate description, as while they're separate entities with their own pros and cons, Skrill was actually purchased by Neteller a few years ago, which means that function-wise they're not quite as different to each other as they are to PayPal.
Neteller is the bigger service, and as such is available at pretty much every online casino out there. Most casinos that don't accept PayPal will still accept Neteller, which makes it the perfect service to use if you either like to jump between various casinos or simply aren't certain of which one you'd like to use.
Skrill, as previously mentioned, is Neteller's partner in crime, so to speak - Skrill is owned by Neteller, so ultimately their functionality is identical. With that said, if Neteller just wanted to make Skrill exactly like itself then it wouldn't have kept it as a separate entity, right? The fact remains that while they're mostly identical, there are certain subtle differences between them which have made Skrill the favourite among online casino enthusiasts.
First and foremost, its fees for deposit and withdrawal are significantly lower than Neteller's, almost three times as low in fact! While some casinos will eat the deposit fee in order to get you to deposit, the same can't be said for withdrawals, so this is great news for players! While Skrill is missing some of the options that Neteller offers (like a free MasterCard connected to your account) it overall remains a great choice for casino players!
MuchBetter doesn't have a lot of customers (only about 300,000 compared to PayPal's 286 million), but it's the kind of product whose users swear by it and would defend to their grave. And why wouldn't they? MuchBetter is, as the name suggests, much better than many of its competitors, sporting no fees whatsoever and full transparency of transactions. The downsides are that it's only available on mobile devices through an app and that many online casinos don't support it. But if you're a mobile casino player that has their eyes set on a casino that does support it, MuchBetter is clearly the best choice!
How to Make a Casino Deposit With an E-Wallet Service?
Naturally, this process isn't universal - the exact way through which you will complete your deposit will depend not only on the casino where you're depositing, but also on the exact e-wallet solution you're using and even on your settings within! For example, PayPal has an option which allows you to complete the payment in a single click called PayPal One Touch. Once you set that up, you'll be able to go from the casino deposit page all the way to the successful deposit with just one click, or touch on your mobile device! Doesn't get any more convenient than that!
With that said, we hope that the guide outlined above will help guide you through the general process. Keep in mind that both e-wallets and casinos have been designed to be as intuitive as possible, meaning that there's very little chance you'll get lost!
Which E-Wallet Service Should You Choose?
In the world of debit card deposits, both Visa and MasterCard are pretty much identical as far as players are concerned. But the same absolutely can't be said about e-wallet payments, which, while providing the same basic function, are very different when it comes to the details, and as such your choice of service will vary greatly.
PayPal may be the market leader in general, but in the world of online casinos the clear victor is Skrill - since PayPal is very picky about which companies it partners with, especially when it comes to adult activities like casino, very few online casinos actually support it. If your casino of choice is supporting PayPal and you already have a PayPal account then go ahead and use that! But if you're either unsure of what casino to choose or haven't made an e-wallet account yet, then we recommend going with Skrill!
What are the Pros and Cons of Making an E-Wallet Deposit?
- More secure - E-Wallets never reveal your personal information to the merchant/casino
- Very convenient - Instead of typing out your debit card number every time you can simply click a button
- Multifunctional - You can use e-wallets to receive money easily without the need for bank transfers, or to make secure purchases online
- Low availability - While e-wallets like Skrill and Neteller are available everywhere, others like PayPal are only available at select casinos
- Withdrawal fees - All e-wallet services have withdrawal fees when withdrawing your winnings to your account
Should You Deposit with a Debit Card or an E-Wallet?
As usual, it's not possible to give an answer that uniformally applies to everyone - after all, if you don't believe you need an e-wallet and think your debit card works fine for you, who are we to say otherwise? Or, similarly, if you don't think that a debit card is enough and would rather use your e-wallet, then you have to do what's right for you. The good news is that both are excellent deposit methods that won't let you down!
However, if you're genuinely not sure which one you should use, then our advice would be to make the best of both worlds and link your debit card to your e-wallet, essentially just using it as an intermediary. That way you can very easily, conveniently and, most importantly, securely deposit into any online casino you like while still using your debit card. Having choices is great, but sometimes you can have your cake and eat it too!
The Specifics of Making Bank Transfer Deposits
As we already briefly discussed in the debit card section, cards are ultimately just a convenient tool which connects to your bank account. After all, once upon a time making bank transactions was considered big, serious and scary - you had to go to the bank, fill out the sender and recipient's accounts, wait 48-72 hours for the transaction to clear... Who has time for that hassle? As such, debit cards were invented to streamline that process and make bank transactions as easy as inserting your card into a device and typing a 4 digit number.
But we no longer live in those dark times of long, boring and difficult banking transactions. Today, account-to-account transactions with no card to serve as an intermediary can be as simple as inputting some information into an online form and clicking okay. In fact, it can often be as simple as just making a few taps within a dedicated banking app! If you've currently got a mortgage to pay off, for instance, it's very likely that you're issuing payments to your bank directly from your account with a single tap. Isn't technology wonderful?
The exact same principle can be applied to depositing in online casinos. Granted, debit cards are and probably always will be the most popular way of making a deposit with your bank account - but they're not the only way anymore. Many casinos now accept direct bank transfers from your account without requiring any kind of intermediary. While there's no real benefits to doing it as opposed to using a card (in fact, using some kind of intermediary, like a card or an e-wallet, would be safer), it's a good enough option for those who don't have a card or prefer not to use one.Learn More About Bank Transfer Deposits
How to Make a Casino Deposit Using Your Bank Account
Making an online casino deposit via bank transfer is actually one of the most complicated methods, if not the most complicated. While e-wallets let you deposit with just one click, many casinos require a multi-step process in order to allow a deposit via bank transfer. What further complicates things is that the deposit process may different drastically from casino to casino, and even from bank to bank. In addition, if you decide to use a service like Western Union that's going to present its own set of challenges, and may have a completely different set of steps for completing your deposit.
While bank transfer may sound like an appealing idea if you don't have a debit card yet, it's only a practical method if you don't deposit more than a few times a year. If you prefer to make more frequent, but smaller deposits, then you're better off simply applying for a debit card, which is free at most banks and can be used almost universally when paying for goods and services online. If you simply don't need one or don't deposit that frequently, however, then there's nothing inherently wrong about making a deposit via bank transfer.
What are the Pros and Cons of Making a Casino Deposit via Bank Transfer?
- Can be used for withdrawals - Once set up, bank transfers can be used for both deposits and withdrawals.
- No need for intermediaries - You don’t need a debit card, an e-wallet or anything else to deposit.
- Convenient - You can save the casino’s information in your banking app and deposit with one tap.
- Not very secure - Giving away your banking information to the casino leaves you vulnerable to hacks and scams.
- Annoying to set up - Typing up long bank account numbers can be a pain.
Is it Better to Deposit Straight With Your Account or Through an Intermediary?
A direct deposit through your bank account is all fine and dandy, but is it really a good idea to provide your banking information to third parties? After all, even if you use a banking app (such as the mobile app of the bank your account is registered with) you're still providing a ton of information to the casinos about yourself. Some of that you'd already need to provide them with as part of your sign-up process, but by using your bank account you'd be giving them much more than required. And if the casino is fraudulent that can lead to scams and identity theft, an outcome far worse than just losing your deposit.
As such, we highly recommend using an intermediary (such as a debit card or an e-wallet) rather than performing a direct deposit with your bank account. It's more convenient and also way safer!
Western Union vs Trustly - Which is Better?
When looking at them at face value, both Western Union and Trustly are very similar, as they have roughly similar fees and process by which you deposit. As such, the main deciding factor in which one you should use ultimately boils down to just one thing - availability. Which of these banking deposits methods is more widely available in more online casinos in the UK?
The winner is, undisputably, Western Union. It's such a famous, popular brand that you've probably already heard of the name even without any kind of gambling associations. As such, a large number of UK online casinos have chosen to accept deposits sent to them via Western Union. we're not trying to say that Trustly isn't accepted - in fact, if your casino of choice accepts it there's no real reason not to use it if your heart is set on it. But if you don't have a casino of choice yet, then Western Union is the safer bet.
Is it Possible to Deposit Directly From Your Bank Mobile App?
Most banks today have a dedicated banking app which you can use to keep track of your accounts, check your balance and your cards, monitor your recent transactions and even make bank transfers, all without ever leaving the comfort of your own home. That last part is the most relevant to us right now - after all, if you can make bank transfers from the app, can't you also deposit into an online casino?
The answer to that question lies entirely with the casino and how they accept deposits. Some online casinos will just give you a bank account and tell you to send your deposit to that account, then match your bank account information to your casino account in order to manually add the money to it. Others, however, have a more automatic process which requires using their own client. The former case should be easy to handle with just your banking app, but the latter will require inputting your banking details into a separate client.
The Specifics of Making Pre-Paid Card & Paysafecard Deposits
As the name suggests, pre-paid cards are essentially debit cards with a set amount of money already deposited in. Those of us who grew up before the age of smartphones may remember "phone vouchers", cards which you could purchase from stores so that you could input the code written on them into your phone and gain however many minutes you paid for. In practice, pre-paid cards (such as Paysafecard, the most popular solution of this kind in the world of online casinos) work exactly the same way - all you need to do is purchase a card from a shop, then input the code printed on it on the online casino deposit page and boom, the cash you paid for the card is suddenly in your account! It's like magic!
While not quite as convenient as debit cards and e-wallets, pre-paid cards are extremely easy to use, as they don't require any kind of setup or account creation, just type in the code on the card and you're good to go. In addition, pre-paid cards are also extremely secure, as unlike debit cards you're not sending any information to the casino or allowing it access to your payment details, minimizing the risk of fraud to zero. Sure, if the casino you picked is not trustworthy at all they may decide to steal your deposit, but you won't lose any more than that to, say, extra charges and hidden fees. Last, but certainly not least, pre-paid cards are a fantastic way to limit your spending if you suffer from gambling addiction. Debit cards and e-wallets have no way of limiting your deposits, but pre-paid cards are limited to whatever you bought them for - you can't deposit more than that even if you wanted to, at least not without buying another card.Learn More About Paysafecard Deposits
How to Make a Casino Deposit Using a Pre-Paid Card
Paysafecard and other pre-paid cards like it are actually some of the most straightforward methods you can use to place a deposit at your favourite online casino, since you don't need to make any account (beyond your online casino account) in order to deposit. As such, they've long been the preferred method of people who like to place bets on online slots or roulette, but aren't particularly good at navigating the online landscape. With pre-paid cards you just buy a card at the store and punch in a code, then enjoy your fresh online casino deposit! The steps are very straightforward, and this type of payment method allows the wonders of online gambling to be enjoyed by everyone regardless of how good they are with computers.
What are the Pros and Cons of Making a Casino Deposit via Pre-Paid Card?
- Secure - Pre-paid cards aren’t associated with a bank account, or any account, so there’s no risk of losing more than your deposit due to a scam
- Easy to use - No account set up is necessary, all you need to do is go buy a card
- No fees - There usually aren’t any fees to depositing using a pre-paid card
- Not very convenient - Pre-paid cards are single use only, meaning that you need a new one every time
- Impossible to withdraw - Pre-paid cards may only be used for deposits, not withdrawals
Is it a Good Idea to Use Pre-Paid Cards? Isn’t it a hassle?
If you're concerned about safety and privacy, then using a pre-paid card is definitely preferable to using a debit card. When you deposit using a debit card, all of the card information is either sent to an intermediary which processes the payment or, worst case scenario, directly to the casino. The intermediary can be hacked and the information may be intercepted, resulting in your data falling into the hands of hackers which can use it to scam others or drain your bank account. If the casino is a fraudulent one and doesn't use an intermediary, then there's nothing stopping them from charging you way more than agreed upon and hoping you won't notice, or hiding extra charges under a "service fee" that you see only after depositing.
Meanwhile, with a Paysafecard the risk of fraud is minimal - worst case scenario, you'd lose just the money that you intended to deposit anyway. While they're not the only method that provides protection (e-wallets do as well), pre-paid cards are practically foolproof. Not to mention that if you're the type of person who would rather not bother with setting up accounts, then going to the store and buying a pre-paid card is the easiest way to start placing some bets!
PaySafeCard vs CashToCode - Which is Better?
While Paysafecard and Cashtocode both involve depositing using cash instead of an online solution (such as an e-wallet), the two of them could not be more different, in no small part because Cashtocode isn't technically "pre-paid". With Paysafecard you purchase a card with a set amount of money in it, paying that money in cash and then using it online. Meanwhile, paying with Cashtocode will generate a code which you need to scan at a retailer partnered with Cashtocode where you can pay in cash. As such, the transaction isn't really "pre-paid" - it's just that you're using the store (and the banking institution Cashtocode works with) as an intermediary rather than your own bank or e-wallet.
With that said, we believe that Paysafecard is the better option. It's more convenient to use, more retailers accept it and, in case your gambling plans go through, you can always use your Paysafecard to buy something else.
The Specifics of Making Bitcoin Deposits
If you watch the news or go online at all, then chances are you've at least heard of Bitcoin - and odds are you've even invested in them at some point! While many people would scoff at the idea of paying for bits and bytes on some random person's computer instead of a currency that's actually regulated by a government, at the end of the day we have to remember that things only have as much value as we as a society agree to assign them. And right now, Bitcoin have a whole lot of value.
Naturally, it wasn't long before online casinos caught up to the fact that you can accept bitcoin as a deposit method, with the first online casino to take them opening all the way back in the ancient times of 2014. Two years later, NetBet became the first UK casino to accept bitcoin, though sadly until recently they were the only one. While Bitcoin is a very popular deposit method globally, here it still remains relatively niche, with just a small handful of online casinos agreeing to accept it - NetBet being the bgigest.
By far the biggest reason why people use Bitcoin is that it's incredibly secure. Bitcoin wallets are practically uncrackable (you've probably heard stories of people with millions' worth of Bitcoin on wallets they can't access because they forgot the password) and absolutely no personal information is transmitted during a transaction. It's crazy to think that a hacker would find it much easier to drain your bank account than your Bitcoin wallet, but it's just a fact. The big drawback is that there's no protections against scams whatsoever. If you deposit at a casino using PayPal and they turn out to be fraudulent you can probably get your deposit back, but with Bitcoin, once you send those coins they're gone forever.Learn More About Bitcoin Deposits
Are There Other Cryptocurrencies Besides Bitcoin?
Bitcoin wasn't the first cryptocurrency out there, and it certainly wasn't the last. Since its inception, dozens of different cryptocurrencies have been made available to both gamblers and general crypto enthusiasts. Of course, none have seen anywhere near the level of success that Bitcoin has, but some have still proven to be successful (like Ethereum, which currently costs about £1150), others (like EarthCoin) aren't worth the electricity used to mine them, and others still (like DogeCoin) are a success story waiting to happen!
As mentioned, Ethereum is probably the most popular cryptocurrency besides Bitcoin, but it's important to remember that not all crypto that is valuable is successful, and not all crypto that is cheap is a failure. Take, for example, Litecoin and Tether, both of which are very popular and widely used in payment methods in no small part because they're much cheaper than Bitcoin.
How to Make a Casino Deposit Using Bitcoin?
Depositing using Bitcoin is probably the most difficult method out of all available, and so it's absolutely not recommended for newcomers to online casino. This difficulty stems from the fact that all online casinos that accept it have a different process of deposit, and that in turn is further changed and complicated by the Bitcoin wallet that you've chosen. Not all wallets work the same way - some are just a string of numbers, others require several verifications and passwords before they allow any kind of transfer. Sure, once you get used to it the process should be no big deal, but the first time will probably be a pain. As such, if you're not particularly experienced in Bitcoin already our recommendation would be to use a different, more straightforward payment method.
Do Online Casinos Accept Other Cryptocurrencies?
Well, the answer to that is both "yes" and "no". In theory - yes, quite a lot of them do! Many of the big cryptocurrency casinos take deposits not only in Bitcoin, but also in Ethereum, Litecoin, Tether, TRON and Cardano. Sadly, Dogecoin is not yet supported at most casinos, but we're certain it shall reign supreme soon enough!
With that said, though, practically all Bitcoin casinos operating in the UK accept just that - Bitcoin. If you live in a different jurisdiction it may be possible to use a different cryptocurrency to make your deposit, but if you live in the UK then your only choices are to either use Bitcoin or wait until a casino starts accepting other currencies. We wouldn't bet on the second option coming very soon, however.
What are the Pros and Cons of Making a Casino Deposit via Bitcoin?
- Very secure - No chance of being hacked and losing your account when depositing with Bitcoin
- Convenient - Unlike other secure payment methods (like pre-paid cards) Bitcoin functions similarly to an e-wallet
- Extremely fast - Bitcoin transactions are instantaneous and with a very low chance of failing
- Lack of protection - There’s no way to get your Bitcoin back if you get scammed
- Lack of options - The vast majority of online casinos in the UK don’t accept Bitcoin
Should you deposit using Bitcoin or using a more traditional alternative?
Well, as always the question is ultimately what's right for you - we can sit here and talk about how Bitcoin aren't the best deposit option all day, and yet a crypto enthusiast with 10,000 BTC in their account would just laugh at us! If you're not one, however, then we honestly can't recommend Bitcoin over traditional payment methods - at least not yet.
The lack of any kind of protection is a huge red flag, and that's why many unlicensed scam casinos have turned to using Bitcoin only - there's not much you can do once you part with your hard-mined cash. But by far the biggest drawback is that Bitcoin simply isn't available as a payment method at the vast majority of licensed UK online casinos, which makes it very difficult to find a place to actually use them. Maybe in five to ten years the situation will be very different, but for now it's best to use something else.
Frequently Asked Questions About Casino Payment Methods
What is the best online casino deposit method?
There is no such thing as the best deposit method - they all have their unique strengths and weaknesses. Debit cards are very convenient but less secure. E-wallets are less convenient (as they require making an account and logging into it) but more secure. Prepaid cards are the most secure, but least convenient. And bitcoin is secure, but inconvenient and offers no protections. It's up to you to weigh the pros and cons and decide which is the best for you.
What should you keep in mind when selecting a payment method?
The two most important factors in selecting a payment method are convenience and security. Convenience stems from how easy it is to put money into your account - we say that debit cards are the most convenient because most people have them, they don't require any setup and they make it very easy to put money into your online casino account. But their information can also leak, allowing anyone with it to make purchases - hence why you may opt for a less convenient, but more secure method.
Why are some payment methods considered safer? Are casinos a scam?
In general - no, online casinos are not a scam. They're a huge industry that's regulated by both the UK government and several independent bodies to ensure that everything is legitimate. With that said, there are plenty of online casinos which refuse to regulate and choose to buy cheaper licenses that will make them legal without any oversight. We will never promote such casinos on CO, every casino we recommend is secure unless we explicitly state that it's not and you should stay away. But we also can't control where our readers play, and if they go to a casino we can't recommend then security becomes a real issue to consider.
What’s the fastest deposit method?
Most of them are instant! If we had to pick one, we'd say that prepaid cards like Paysafecard are the fastest because it requires no bank checks that can slow it down. However, if everything goes well deposits done with debit cards, e-wallets and bitcoin should also clear either instantly or very quickly. There's a chance it may take several hours for a deposit to clear, but this is very rare.
Do I have to withdraw my winnings via the same payment method I used for deposit?
Not at all! In fact, this wouldn't be possible if you used a method like prepaid cards which you are physically unable to add more money to. Most casinos will let you freely deposit and withdraw with any method you like, or with some minor limitations - though keep in mind that sometimes depositing with a debit card may limit you to only withdrawing to the same debit card!
Are there payment methods which aren’t available where I live?
There are plenty of payment methods which are either not available globally or are simply more popular in one country over the other. However, most sites will limit the options displayed to you to only those available in your country - for example, if you visit the UK version of a site you'll only see the UK methods, while if you switch to its German counterpart the list may expand or shrink.
Why do online casinos offer so many payment options?
Simply put - to provide customers with choice. It would actually be very easy for casinos to, for example, only accept debit cards and nothing else, but then those who would rather deposit using Paysafecard or PayPal may choose not to play at all. By providing gamblers with as many choices as possible, casinos can make sure that the number of players who drop out simply due to not being happy with the available deposit options will be extremely low.