Home  >   Online Gambling Guide  >  Banking

Online Gambling Banking

For someone who's never played, figuring out how to deposit and withdraw funds at an online gambling site can be an intimidating proposition. Learn the basics of banking with information on some popular methods and explore the main differences of managing money at an online site versus a land-based establishment.

Online Gambling Guide:

• Intro
• Safety
• Legality
• Gambling On-Line vs Gambling On-Land
• Choosing An Online Casino, Sportsbook, or Poker Room
• Software
• Payout Odds & Game Fairness
• Banking
• Responsible Gaming
• Summary

Banking

Banking at online gambling sites is another major difference from gambling at land-based establishments.  Land casinos, sportsbooks, poker rooms, and bingo halls normally operate on a cash-only basis, although credit is generally the preferred option for elite betting clientele.  If one is betting upwards of 1000 credits per hand at any game, it usually isn’t convenient – or safe – to transport large sums of paper money to a casino.  In that respect, gambling online can offer a greater degree of security for players, as nearly all banking is done electronically.  Some bookmakers – especially those with land-based shops such as Totesport, William Hill, and Coral – may offer personal cheques or bank drafts as a deposit option.  However, the majority of deposits and withdrawals are made using standard debit and credit cards or popular e-wallets, such as Neteller, Moneybookers, Paypal and others.  Direct bank transfer (known as ACH in some parts) along with bank wire remain popular online gambling banking methods in many parts of the world.  If interested in learning more about which banking methods are accepted at betting sites, our online bookmakers section offers banking option details for a number of popular sportsbooks.

What can a player expect when using digital payment methods instead of hard currency?  One disadvantage could be the transit time of a bank wire or cash-in request.  At a land casino, winnings are collected on the spot.  Online, a short wait might be in store.  The transit time for a cash-in request could range anywhere from being almost instant - in the form of a refund to a credit or debit card - on up to 2-4 days for popular e-wallets and wire transfers, to a week or more if requesting a bank draft sent by courier.  For most gamblers, this isn’t a major issue, as there usually isn’t a sense of urgency in receiving one’s winnings.  Reputable operators guarantee their payouts, so there is rarely any concern regarding the actual receipt of winnings.

If anything, there is an advantage to online gambling banking because it provides an additional layer of security.  Instead of handling cash – sometimes in large amounts - which can be subject to being misplaced or even stolen, online gambling transactions afford protection in the form of funds being transferred electronically from a bank to an e-wallet to a casino cashier and back again. The funds are always in safe keeping, and the risks of handling large sums of cash aren’t a factor.  It’s all done electronically with secure digital encryption technology.  Most often, an operator’s reputation is backed by their payment guarantee, so feel free to ask about that as well when choosing a site.

Responsible Gaming

While gambling online can be a fun and enjoyable activity, it’s always important to stay within one’s limits.  Agencies like Gamblers Anonymous and Gamcare have been established to assist potential problem gamblers who may be in need of help.

Summary

The fledgling industry that arose in tandem with the birth of the modern commercial internet has grown to encompass an exciting arena of casinos, sports betting, poker and mobile gambling websites.  Aided by the ever-increasing beat of technology, modern online gambling companies continue to improve the look and overall usability of their products and services.  Whether entirely new to the arena, or a seasoned veteran, there are number of important factors every online gambler should consider before placing the next bet.  With the safety and security and talk of regulation coming to previously unavailable jurisdictions, today's online gamblers may be on the eve of a new era in the industry.  Let us not forget the overall aim of a gambler to have fun and maybe win a little money while we watch as the next chapters of the story unfold.

Online Gambling Guide:

<< previous:  Payout Odds & Game Fairness   |   Main Page