While most people believe that e-wallets, cryptos, and other modern payment solutions are taking over the e-commerce arena, and while this is accurate, that does not mean that credit cards do not still enjoy a reasonable degree of popularity. They are by far the most accessible money transfer method out there, evident by the fact that – 77% of adult Americans have at least one, and most have almost four. According to the American Bankers Association, in late 2022, the US had 441 million open credit cards, and Experian added that the average US household’s credit balance stood at $5,910. Hence, it should come as no surprise that many Americans use this payment option to test their luck on games of chance remotely.
Online gambling is now undoubtedly a booming business sector. It is pulling in yearly revenues of $95 billion, with an ever-growing number of regions worldwide legalizing this pastime, causing it to grow at 8.54% annually. However, many newbies wonder where credit cards rank among quality casino payment methods. Are they a decent pick, or something that they should avoid? That is elaborated on below.
Reasons to Use a Credit Card at Online Casinos
The top motivations one may have to input their credit card number at a chosen gambling site and deposit funds using this method are convenience, immediate deposit speeds, the ability to earn cashback or loyalty points, and robust fraud protection.
As mentioned above, virtually everyone has a credit card nowadays, and almost all name-brand casino sites accept the most popular ones. Furthermore, they almost always process deposits via this payment pick in seconds, allowing gamblers to start playing immediately. The opportunity for users to accumulate loyalty points on their card, which can bring about cashback, is an additional allure, as is the notion that unauthorized charges can get disputed and reversed.
Why Not to Utilize a Credit Card at an Online Casino
Firstly, everyone should know that many Internet gaming platforms allow credit card deposits. Yet, they do not permit credit card fund removals. The number of hubs that allow this, particularly for US gamblers, could be more robust. A famed example of a site that facilitates casino debit card deposits and withdrawals, and ones through credit cards, is Las Atlantis, a Curacao-based brand renowned for its generous welcome promotions.
That out of the way, credit cards often come with high interest rates, using them as a payment method may impact a person’s credit score, and they may cause individuals to overspend on their gaming adventures as they try to chase losses and stay out of the read. Regarding the latter, this is why the UK Gambling Commission banned their use in Britain in April 2020, when this body implemented a credit card ban at all UKGC-licensed casinos.
How to Improve Online Casino Payout Speeds
One of the best ways to improve payout swiftness at a gaming hub entails a gambler completing a platform’s identity verification process quickly after sign-up, starting with confirming an email address and then supplying all necessary documentation, a pack usually consisting of a copy of a photo ID, and a proof of address (utility bill or bank statement) not older than three months.
It is also a good idea to only play at reputable casinos with proven track records of always paying out wins on time and ones that boast automatic processing. Keeping withdrawal amounts via all online casino payment methods modest will also help speed things along, as requesting higher removal sums will no doubt evoke manual processing and cause delays.
Better Payment Alternatives to Credit Cards
Without question, e-wallets are a much better choice than debit/credit cards for online gambling if one prioritizes fast processing. Options like PayPal, Neteller, and Skrill can facilitate withdrawal speeds of less than forty-eight hours when implemented at the right casino websites. Nonetheless, these times are different from what some cryptos can produce, as digital coins like Ripple and Solana can facilitate blockchain transactions within seconds.
While some people believe that using virtual currencies for online gambling entertainment is a way to partake in secretive betting remotely, that is only possible at sites with low or no KYC requirements. These are usually unlicensed hubs seeking to boost their attractiveness by allowing users to bet anonymously. It is worthwhile that most of these platforms are exclusively crypto ones featuring dominantly provably fair games.
Are Credit Cards a Good Online Gambling Payment Method?
They are a convenient one with specific benefits, but overall, better options exist for Internet gamblers.
What Is the Fastest Money Transfer Choice for Online Gambling?
That honor falls on cryptos such as Solana and Ripple.
Can I Bet in Secret on the World Wide Web?
Yes, but only at a distinct number of platforms. It is worth mentioning that hubs licensed by international regulators, like those in Curacao, do not get mandated to follow KYC rules but still opt to do so. Hence, some Curacao-based casinos have no-to-low KYC requirements, and many provably fair product-only sites must be more comprehensive.
To Wrap Up
Nowadays, most online casinos accept credit card deposits, but not all permit withdrawing winnings through this method. Therefore, this is a massive negative for many online gamblers, and this, coupled with the fact that credit/debit cards are only faster than wire transfers, are the two major things that make this payment solution unattractive to many. Thus, this is why so many games of chance enthusiasts prioritize e-wallets and cryptos as far better alternatives for online gaming fun right now.