Online casinos have a number of facets that have allowed them to flourish and become one of the fastest-growing sectors in digital entertainment. While it’s not all down to payment methods, they have continued to provide the fuel that has helped the market expand, from the early days of more traditional types of digital payments like Visa and Mastercard to the modern payment methods we see today, such as Bitcoin.

PayPal Casinos

E-wallets really found their groove in the early 2000s. They had already shown promise, particularly by opening up the untapped riches of early internet pioneers like eBay. However, implementing them in the burgeoning gambling industry proved the most promising angle for e-wallet providers like Neteller and PayPal.

Although Neteller took an early lead in the action, PayPal became a dominant e-wallet provider and a gigantic name in fintech. Casino gaming also moved in tandem, so they interwove effortlessly.

PayPal continues to be one of the preferred methods for people to deposit and withdraw money from their chosen casino platform. PayPal casinos in Canada are big business, and although they make up one arm of the broader industry, they still facilitate billions of dollars’ worth of transactions for Canadian customers every week.

Visa

Despite starting as the main bridge people would use to make purchases online, Visa has had to adapt to how the smartphone and the internet have inspired a fintech revolution. Their recent announcement that they’ll be introducing a facility whereby people can send account-to-account (A2A) payments, which will improve the cumbersome and antiquated direct debit process, is another example of how they continue to move with the times.

Online casino gamers can attach their Visa card to their PayPal, Neteller, Apple or Google Pay accounts, which offers some great flexibility. This is one of the main reasons it has remained the chief deposit and withdrawal method for online casino gamers.

Unfortunately, Visa and other types of cards are still so widely used that they are a target for cybercriminals, particularly in the run-up to busy periods of the year like Christmas. Always ensure you’ve landed on the correct casino site, whether you access it via their official channels, save the bookmark or download their mobile app when you first register.

Android and Apple Pay

Moving back to the power of digital payments, Android and Apple Pay have quickly emerged as the new sheriffs in town. Ever since Android Pay expanded into prominent markets like the UK, and smartphone companies adapted by offering highly secure ways for people to turn their smartphones into contactless cards, the mobile e-wallet sector grew exponentially.

Apple Pay is another juggernaut, too, and is more dominant in Western casino markets. However, the two have a combined customer base in the billions. Casinos will often tailor promotions to try and onboard customers loyal to one type of brand or payment method, so not only do they offer it as a means to deposit and withdraw, but some actively incentivize it.

Bank/wire transfer

Maybe you prefer a touch of the traditional – a tried-and-tested method. In comparison, bank and wire transfers make up a much smaller part of online casino payment methods than they did a few decades ago.

Although they take much longer to clear and can sometimes incur a fee, they remain a method that multiple online casinos still provide an avenue for, as older gamers are more familiar with the payment system and know that if they have issues, they can consult their bank directly.

While Apple Pay, PayPal and cryptocurrency are spearheading the new frontier in online casino gaming, if you prefer using a specific payment method and don’t want to risk using new digital innovations that you might not be comfortable with, bank transfers are still a popular payment method available at online casinos.

Cryptocurrency

The newest and most game-changing payment method in recent memory has been the emergence of cryptocurrency payments in online casino gaming. Given that Bitcoin is now in the midst of another bull run, the whole cryptocurrency market is in a euphoric mood, and this trickles down to those who invest and trade in Bitcoin, looking for markets they understand so that they have a practical use case for their crypto.

While digital assets only make up a small portion of the industry, this rise and exponential growth in interest have not gone unnoticed. Bitcoin may have led this move, but many altcoins can be used for casino gaming now, including, but not limited to:

• Ethereum.
• Solana.
• XRP.
• BNB.
• Dogecoin.
• USDT.

Traditional casinos are also exploring the option of providing cryptocurrency payments in addition to their more traditional offerings, many of which we have touched on today.

Final thoughts

We’ve covered the most popular payment methods today, but multiple payment avenues are emerging into the market in 2024: crypto altcoins, challenger e-wallets like Skrill and Paysafecard, and traditional payments that mirror Visa, for example, Maestro and various credit cards.

Regardless of your payment method, you shouldn’t have any problem finding an online casino catering to your preferences. As the industry continues to go through a boom, and fintech companies continue finding creative ways to expand the number of potential payment methods there are, it’s certainly an area of casino gaming that will have legs for the next several years.