The iGaming sector is a fast-growing internet market. New fans have flooded in the past five years, elevating the industry from a subsidiary to a greater sector to a thriving business in its own right. Part of the reason for the quick success has to do with the ability of gambling operators to adapt quickly to a changing market’s demands.

An example of the iGaming market’s adaptive power can instantly be seen in the payment operators that they’ve chosen to work with. Gambling platforms often boast about fast withdrawals, and they often deliver on that promise. But many would not be able to do so without being ready and willing to embrace new ideas. An excellent example would be the adoption of cryptocurrency, which has been expanded upon in the Gamblest’s guide to crypto casinos. Digital currency has indeed shaken up the broader world, even outside of iGaming. But is crypto the best payment method at online casinos?

That is a question that we can’t answer without discussing what makes a good payment option. That is why we’ve geared this article towards answering that very question. Our goal here is to determine what makes a good method for deposits and withdrawals when enjoying some games of chance.

What Factors Must One Consider?

Discovering what the best payment method at an online casino is, is no easy task. It actually requires a lot of research into the different factors that make up the process of deposits. The first step is understanding the factors that one must consider when making internet deposits.

• Speed: the first factor is always going to be speed. People want fast payments that they won’t have to anxiously wait for over the course of days, or worse. It is why we now have casinos that promise instant withdrawals, depending on what method is being used.
• Security: internet safety has become a sort of buzzword in common parlance. It is because so many people that use the net today grew up with it, and sort of take it for granted. But with cybercrime constantly growing as an issue, we must rely on payment methods that guarantee safety.
• Fees: there are no gamblers that are comfortable sharing their winnings with a big business. It is why so many are put off when a payment method demands a fee for its service. Fees are not universally bad. But we can certainly understand why some gamblers are put off by them.

There is also convenience that we must worry about. But the very goal of online gambling is to create a convenient and streamlined product that will make playing these games easier. Plenty of customers will also have their own personal preferences that must be factored in when deciding on the best payment method. But now that we have a small list of some concrete factors, let us discuss how players can determine whether a payment option is good or not.

How Well Does It Blend the Factors?

We can’t expect that every method for deposits is going to strike the perfect balance between all three of the factors we brought up. That is why we have to focus instead on how well it blends them. There will certainly be some e-payment providers that focus more on speed. But if their focus sacrifices security measures and demands incredibly high fees, then that platform is probably best avoided.

When looking for a quality payment option we want one that can offer quick withdrawals, while also guaranteeing player safety. It would be best if the platform itself offered protection from external and internal threats. By this we mean the use encryption technology to protect from hacking and identity theft. We also are looking for a payment option that limits the amount of cash players can spend in one go, thus ensuring that they don’t fall prey to compulsive gambling.

The factor of fees is a bit more complicated to navigate. There are some options that will not take fees at all, while still balancing the other two factors we’ve discussed well. But gamblers may still prefer to opt for the option that does require them to pay a fee upon withdrawal. We believe that this ultimately comes down to personal preference. It is hard to say that crypto deposits are inherently better than e-wallets because there are no fees involved.

The Most Popular Payment Methods

It is a good idea to discuss the most popular payment methods that are being implemented at online casinos. The big one is naturally going to be credit cards. Credit card payments are fast and secure, which means they already fulfill two of the three major factors that we discussed. They also don’t require the card holder to pay any fees in most circumstances. It seems that they are the perfect choice for the average player. When we consider that they are also widely available and convenient, it doesn’t surprise us to learn that they are most people’s first pick.

But they are far from the only way to play online. We talked before about the crypto market’s boom. Even though the reputation of cryptocurrency is declining right now, there are still plenty of people interested in navigating the market. Crypto transactions are probably the fastest you can expect to get. They can be almost instantaneous thanks to the peer-to-peer system that lies at the foundation of the industry. But the volatile nature of cryptocurrency is an outside factor that most gamblers consider an instant turn off.

The final method worth talking about are digital wallets. They seem to be the perfect blend of credit cards and cryptocurrency, as they allow player to make quick payments without sharing any personal information. But here is where the issue of fees comes into play. Wallets will often charge fees for a withdrawal. The worst part is that they are not small percentages. Digital wallets have been known to charge some pretty hefty prices for services rendered. We can’t blame anyone who is unwilling to part with that much of their winnings.