Safe Payment Methods for Online Gambling
Online gambling is a great way to enjoy your favorite games without having to leave the comfort of your home. However, it can be nerve wrecking to input your bank account information into a website you may not trust.
Cryptocurrency, debit cards, and PayPal are some of the safest ways to pay online, especially for activities like gambling. Read on to learn more about safe payment methods for online gambling.
1. Cryptocurrency
There’s a reason online cryptocurrency casinos continue to pop up, and that’s because of the safety and privacy they offer users. Not only can you ensure that the website you gamble on is never connected to your bank, but you load your online account via a one-time transfer key, ensuring the casino can’t do something suspicious like double charge you.
Of course, cryptocurrency isn’t completely privacy, as the trackability of Bitcoin has been demonstrated multiple times. However, there are options for those wishing for a more private experience, such as Monero and Zcash.
It is important to remember that the software wallets provided by casinos may not always be somewhere safe to store your cryptocurrency, so we recommend only transferring in what you plan to play with, and transferring out to a hardware wallet after a big win. This way you protect your crypto from hacks.
2. Debit or Credit Cards
Many online casinos do not allow payment in credit cards (due to debt worries and fees) however if yours does, this is your safest way to play. This is because most credit cards have consumer protections built in, meaning if your card information is stolen, you are not required to pay for the purchases the scammer makes in your name.
On websites that don’t allow credit cards but accept debit cards, they are a close second in terms of safety. You can debit your account without giving your bank information, and most banks offer the same protections as credit cards, though it can take longer to get your money returned to you if your debit card is stolen, which is why a credit card is slightly better.
In either case, if your information is stolen, it’s easy to cancel that card number and receive another from your bank, limiting the damage a malicious actor can do. While debit and credit cards don’t protect you from double charges like crypto, it is easy to reverse them, just ensure you are checking your account frequently.
3. PayPal
We know how difficult it is to get a bank account these days, especially if you don’t have all the identity documents required to do so. In these cases, if you are unable to utilize cryptocurrency, PayPal is the next best option for gambling online.
Not only is PayPal secure and encrypted, but they offer the same protections as credit and debit cards for consumers. The reason we don’t recommend PayPal earlier is due to the high fees often associated with PayPal transactions. But as long as you keep these in mind as you transact, we don’t see any harm in using PayPal at an online casino that accepts it.
Like with debit and credit cards, your banking information is kept private when you use PayPal, and if you do find yourself victim to a scammer, the cool thing about PayPal is if they receive multiple reports of a certain vendor acting maliciously, they will often ensure their other users do not transact with that vendor as well, something which can’t be said for debit or credit cards (as banks only get involved in extreme cases).
**There are other payment platforms similar to PayPal which can be used, such as Netaller. We recommend PayPal specifically due to its wide acceptance around the world and ease of use. It is also the platform we are most familiar with.
Payment Methods to Avoid When Gambling Online
1. Direct Bank Transfer/ACH Debit
Although there are many reputable online casinos out there, there are also so many that are just waiting for you to input your bank details so they can gain access to your account. Even though it is often an option, we recommend never choosing to input your bank details on any website if you can help it.
Unlike debit and credit cards, it is difficult to change banks when your account has been hacked, and it is a large process to close and open new accounts even if you decide to stay with the same bank. So, although it might take an extra step over an ACH transfer to a website, we really recommend you do it.
2. Cash/Money Order
Some casinos offer options for deposit via cash deposited in person or a money order sent to a specific location (mostly due to the advent of online money orders). We recommend never depositing this way, as it can be impossible to get your money back if something happens (like site closure). While these options are becoming increasingly obscure, especially after the COVID19 pandemic, there are still a few options here and there. (Namely the WSOP which allows the in-person funding of online accounts at any Ceasar’s owned property).
If you really only want to gamble with cash, we recommend waiting until you head to a brick-and-mortar casino which is a better use of your cash.
Also, in this day and age, any website asking for a money order is probably a scam. You’re better off using cryptocurrency or a prepaid debit card. Remember that Bitcoin can be purchased using cash at Bitcoin ATMs, which are located in most major cities worldwide.
Overall, there are so many safe ways to gamble online, from cryptocurrency, debit cards, and PayPal. As long as you pick one of these methods and start slow, chances are you’ll be fine. Just remember not to leave any significant amount of money in your account at any given time. And, if you happen to find a casino which only accepts bank transfers or money orders, run.
