Understanding the Pros and Cons of Popular Casino Payout Methods

  • Get the lowdown on cards, ewallet, bank transfer and cryptocurrency withdrawals
  • What’s the best payout method for you?

When gambling online, one of the factors which can hugely alter the experience is how you deposit money and how you opt to receive payouts.

Confusion payment options
It’s fair to say that casino payment options can be a confusing matter, which is why it’s worth doing your homework before you sign up to play

Although the focus of this article is upon payout methods, it is always worth considering these issues before you pay in. Many online casinos only allow you to withdraw money in the same form as which you deposited it. If you have a specific payout preference, it pays to look before you leap.

Visa and Mastercard

One of the most popular ways of depositing money into online casinos is by card payment, and since card payments are something we are all familiar with, it may seem sensible to stick with what you know. When it comes to withdrawing money however, cards can often be one of the least convenient methods of receiving funds.

Don’t let the fact that you familiar with online card payments lead you in that direction. Sure, there are some benefits, but you’ll find some snags too

For payouts, casinos typically require you to verify your identity. Beyond proving your own identity with photographic ID, many online casinos also require punters to provide proof that a payment card is theirs. This can add an extra level of complication to the payout process. Once you have jumped through the necessary hoops, payouts on cards typically take 3-5 days to reach your account – though waits of up to 10 days aren’t unusual – so if you need money in a rush, card is not the most ideal of methods.

Paypal, Neteller and Skrill

The great advantage of ewallets is that payouts are typically much faster than bank cards. Aside from any time that the casino takes for processing your request, the money should be in your ewallet instantaneously.

Of course, from there you then need to transfer the cash from your ewallet to your bank account which adds another step to the process. Ewallets also demand you take the time and effort to tie your Paypal, Neteller or Skrill to your bank account. You only need to do this set-up process once however and you should find it plain sailing from there.

ewallet online casino payment
ewallets pay out faster and they’re secure. Add that to the fact that they’re pretty easy to use and it’s a method that’s well worth looking into

Bank transfer

One of the simplest ways to receive money from your online casino is to have it paid directly into your bank account. This has the great advantage of requiring no extra steps other than providing your bank details and waiting for the money to arrive.

The amount of time for bank transfers can vary, so do check with your online casino as to how long you’ll be waiting for the money. A typical estimate is 2-3 days. Further to this, not every casino allows direct bank transfers so it isn’t a payout method you can rely upon every time.

Bitcoin and cryptocurrency

The newest and fastest way of transferring funds between casinos and punters is cryptocurrencies such as Bitcoin. The great advantage of a payout in the form of Bitcoin is that it can take as little as minutes to receive your money, and should the value of the digital currency continue to climb, you may find your winnings increase in relative value too.

Don’t shy away from the more ‘techie’ methods like Bitcoin, for online casino payouts they offer some real advantages

The main drawback with Bitcoin is that for those on the outside looking in, initially getting to grips with the technology can be confusing, and it also isn’t especially easy to buy Bitcoin at market price in the first place using card or bank transfer.

As always, no matter what payment method you are using, check the payout rules of the online casino you are using. This will allow you to factor the payout terms and conditions into your thinking and make for a happier experience when it comes to withdraw your winnings.

Need more info? Check out our guide to the fastest and safest online casino payouts around, here.

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