Online gaming has been reaching sky-high levels. According to Statista, a website specialized in data analysis and stats, 2020 was quite a promising year. The worldwide . Not impressed? You should know it is an increase of more than 20%, compared to the year prior. But, in order to reach such a spectacular increase, players had to fund their accounts at sites such as , to enjoy their favorite games.
And while it is no secret that payment methods come and go out of the favor, there are some that resist the test of time, not to mention the location. Gilfred Helmonsen is a long-time gaming aficionado, poker player, and editor-in-chief of one of the most popular Norwegian sites dedicated to gambling (read his full bio ), and the perfect person to discuss the most universal payment methods in the industry.
“There are several things that players want when they make deposits. First, there is the convenience factor. Most customers will usually use the method they already have. The second important element to choosing a payment provider is the cost, as no one wants to pay those hideous fees. Finally, gamers also want to have transactions processed in an instant”, explains Helmonsen, adding that most payment methods usually fit two out of three criteria. To help us figure out which payments work at a universal level, he provided a list of his favorites.
Credit Cards and Debit Cards
“The cool kids at the block might want to convince you that time of credit cards is over, but I guarantee you they are pretty much alive”, claims our expert. In his opinion, customers like it because cards are pretty much the optimal solution: most of them are carrying some sort of card in their wallets, plus they are pretty safe and reliable. Not to forget, most online gaming sites and online casinos accept it, no matter where you live.
It is estimated there are , meaning most adults have at least one credit card. However, this method is not flawless, as more and more countries choose to ban them for gaming purposes.
Bank transfer
Slow, and often expensive, a bank transfer is still present. Many gaming companies use it as the only alternative form of withdrawal (in case your deposit method doesn’t support payouts). Still, due to the rise of online banking platforms and e-Wallets, it is no longer as coveted as it used to be.
Helmonsen explains how the main issue with bank transfer is high fees. For instance, most online casinos will charge you a processing fee for wire transfers. On top of that, depending on your location, you might also have to pay a fee for an international money transaction.
“When it comes to safety, a bank transfer is without a precedent, but keep in mind fees might eat all your winnings. A euro here, a dollar there, and you end up with just enough money to buy yourself a cup of coffee”, warns the gaming specialist.
Cryptos
Cryptos have been all the rage for a while, and gamers from all over the world have accepted them as a universal payment method. According to Helmonsen, the main reason why gamers love cryptos is privacy.
“There are no bank statements, social security numbers, or other private information on a crypto statement. Everything is done in the blockchain, and you can remain as private as you want it to be”, explains the Norwegian gaming aficionado.
Cryptocurrencies are popular all over the world, but especially in Scandinavian countries that are pretty much cashless. but only if it manages to decrease its volatility levels. If Norway accepts cryptos with arms wide open, many countries will follow, thus increasing the popularity of this alternative payment method. Even though the most popular crypto remains bitcoins, ethereum, tether, and dodge are also insanely popular.
e-Wallets
Skrill, Neteller, EcoPayz – the list of e-Wallets available worldwide just keeps on growing. And while some of them are highly localized payment solutions, others (like the ones mentioned above) are available pretty much everywhere.
“e-Wallets really stepped up their game, and now even offer debit cards connected to your wallet account. This means effortless payments in land-based establishments, no bank statements, and really low withdrawal fees if you want to use cash”, reveals Helmonsen.
Despite their popularity, many are wondering how come e-Wallets have become so popular in the first place. The answer is pretty simple. The registration is easy and takes literally a minute. Also, e-wallets allow you much better and more efficient money management as you can top them up with the bare minimum you want to spend. Finally, they usually come with no fees attached and are available in multiple currencies so you can exchange money as you like. Deposit euros, play with dollars, and withdraw whatever currency is the official one in your country.
Prepaid Cards and Online Vouchers
Prepaid cards and online vouchers fall in pretty much the same category. Well, at least if you ask Helmonsen: “They limit your spending to the amount you purchased on your card or voucher, they are incredibly discreet, and such payment methods are easily accessible on gas stations, kiosks, and grocery stores.”
Some of the most popular brands are AstroPay and Paysafecard, but what makes this type of payment method interesting, is that it is often localized. The main disadvantage is that it is impossible to make a withdrawal, and customers have to opt for another method, usually imposed by the gaming operator.
“You win some, you lose some. I think this is the best method if you want to test the operator first, just to make sure it is the right one for you, with limited risk exposure and high level of privacy”, concludes the gaming expert Helmonsen.