If you are an online gambler, then it is very important to know the methods that
gambling sites use to pay their winners. The reasons why it is important to know include:
You will be able to determine which can easily fit in your budget.
Some online casinos have limited payment methods.
You will be able to know if the payment method being offered is restricted in
You will be able to know which payment methods have promotional offers.
There are four payment methods which include:
1. Use of credit cards - The major disadvantage of using credit cards while carrying
out online gambling is that they require one to give personal information. If the
information by the industry for any malicious activity. The advantage that is
associated with credit cards is that they allow quick and easy access of money
which is why many people use them.
2. Electronic wallet or eWallet - This is an online service that provides money
transactions. The major advantages of this service are that it is very fast, reliable
and secure. All you are required to do as a gambler is to register with the online
service which will allow you to deposit money for online gambling. With this money,
the online gambling sites can be able to withdraw or transfer the money in case you
lose the gambling game to the account of the winning party.
3. Direct transaction between your account and the gambling site - This is a very
safe method as you do not provide the gambling site with your personal details. You
will transfer the amount of money you want from your bank account to the online
casino account. The rate at which the transaction takes place will depend with your
bank. An example of a bank that has allowed such transactions to take place is
known as eCheck.
4. Carrying out the money transfer manually - This method has some similarity
with the above method. You carry out a manual deposit of money to your account
and when the bank receives the money, it is transferred automatically to the online
gambling site account. The speed at which the transfer takes place will be affected
by the rate at which the bank responds when you deposit the amount.
The most important issue that you should remember is that some countries like the USA
restrict online gambling and therefore transaction to the online accounts may be
restricted. You should know the rules that govern your country so that you will be able to
determine which payment method will be effective.
If you are now fully aware of the online banking you can move to the next issue which
involves how to manage your finances.