Explore The Evolution Of Payment Methods At Online Casinos

Did you know that around 44% of people gamble at least once a year? It’s a telling statistic speaking volumes about the popularity of gambling and the majority of these people will use online casino sites. They’ve been around for decades but have undergone many transformations in that time. Loads of tech innovations have influenced the igaming industry yet one area feels like it’s seen the biggest evolution.

We’re talking, of course, about online payment systems. They’ve drastically changed at online casinos and it’s super interesting to see how they’ve evolved. On that note, we’re taking you on a journey through time to see the history of online casino payment methods. 

The Beginning: Inconvenient Bank Transfers

The early stages of online casinos only had one payment method to offer: bank transfers. 

They’re still around today (and are significantly faster now) but this used to be a very inconvenient way of depositing or withdrawing money. Funds took hours or days to appear in your casino accounts - and withdrawals took up to a week or more. Nobody liked using bank transfers but they were pretty robust and secure. 

If this was still the only payment method available, we’ve no doubt online casinos wouldn’t be half as popular as they are now! 

More Convenience Through Credit & Debit Cards

It didn’t take long for online gambling institutions to realise players were getting pretty annoyed by bank transfers. After all, if you visit a normal casino, you can play with money right away. Credit and debit cards were quickly introduced to provide instant payment options. All the major bank cards were accepted and players could now deposit money with no delay. 

Withdrawals took a bit longer – some sites still make you wait a few banking days for debit/credit card withdrawals to this day. Thankfully, many are now using Visa Fast Funds to provide payouts in as little as 15 minutes.

Anyway, back in the past, players still had to deal with some payment delays, though cards were way better than bank transfers. They’re just simple to use and many players prefer them even with other payment options available nowadays. Credit cards provided a good layer of security too - but that didn’t save them from scrutiny in some countries. More on that in a moment. 

Pay by Phone Bill Offers A Unique Way To Pay

The popularity of credit/debit card payment methods forced casinos to consider other ways for players to pay. Many ideas sprang to mind, including the prospect of paying via your phone bill. Mobile phones started getting popular and were more widespread, so online gambling sites gave players a unique way to deposit funds into their accounts. 

Rather than providing your card or bank details, you could link your mobile phone account to a casino. From there, payments were taken and added to your phone bill. When your monthly mobile bill came around, you had the normal phone bill plus any deposits made at different casinos. 

It was an amazingly popular payment method because of its convenience and security. Players loved not having to type in their card details or provide a direct connection to their bank accounts. Annoyingly, this payment method became very difficult to find, particularly outside the UK. You’ll struggle to find a legitimate pay by phone bill casino not on GamStop these days as many sites have removed this option and replaced it with alternative mobile payment options - like Google or Apple Pay.

Modern Convenience & Security From E-Wallets

We’ve identified two common themes in the evolution of payment methods so far: 

• The need for convenience
• The demand for security

Casino sites were constantly fighting a battle to prove their safety and legitimacy to players, so they decided to introduce a new type of payment method altogether: e-wallets. 

You’ve definitely used an e-wallet before and some of the big ones are: 

• PayPal
• Skrill
• Neteller
• Revolut
• Wise

As mentioned by Skrill, some of the advantages of e-wallets include faster transactions, a simple way to make payments, no payment fees and enhanced security. That’s everything you’re looking for when depositing or withdrawing money from an online casino! Indeed, e-wallets gave players the fastest way to make transactions. Withdrawal times plummeted after this introduction as all e-wallets processed payments 24/7 and could send your funds over in a couple of hours max.

You also saw pseudo-e-wallets like Paysafecard and Neosurf come around. These payment systems made you “buy” credits or vouchers to then use at online casinos. The casino linked your account and the payment was made just like an e-wallet. 

All of these methods are popular today and remain the best way to deposit or withdraw funds from casinos. 

Credit Cards Become A Touchy Subject

We mentioned the rise of credit cards earlier - now, prepare to witness the fall. 

Plenty of countries around the world still accept credit card casino payments but others are beginning to ban this option. The UK’s credit card ban is well-documented but you may not know Australia also announced a credit card gambling ban in 2023. Furthermore, changes to Brazil’s gambling regulations mean credit card payments are no longer permitted in that country either.

It’s an interesting development in the evolution of casino payment methods as there’s no telling who’ll ban them next. Could we see a world where credit cards aren’t allowed at any online casinos in the world? It’s possible…

The Present & Future: A Cryptocurrency Revolution

You’ve now arrived at the present state of casino payment methods. Bank transfers, debit cards and e-wallets are still around - but a new player is entering the game. 

It’s completely unsurprising to see cryptocurrency emerge as a possible payment option across different casino sites. You can’t use it in some countries - like the UK - but others have fully embraced it. After all, it provides players and operators with a safe, secure and fast way to deal with transactions. 

Players also enjoy the anonymity of crypto transactions and every sign indicates this will be a widespread payment choice in the future. Some casinos have been created solely to facilitate crypto gambling with no other payment methods available!

Looking back through the years tells us the full story of how payment methods have evolved in the igaming world. It’s evident from our findings that sites are trying everything to provide the fastest and safest payment options available. Crypto will be a key player in the future, but what else could come around to mix things up?