TMCnet Feature
January 22, 2021

Taking a closer look at the technology behind the most significant payment solutions destined for online gambling

One of the many concerns expressed by players who gamble via the Internet is providing payment information, which can increase the risk of unauthorized charges. It’s normal to be apprehensive because there have been cases of debit and credit card fraud. Just to be clear, making deposits at an online casino is safe and secure as long as you’re using a reputable website and you’ve vetted it via reviews and their payment section. The gambling industry is regulated by the law, which translates into the fact that it’s imperative to protect and safeguard customers. If you’re taking an active interest in transitioning from a land-based casino to an online casino, do your research and play at a website that deploys up-to-date safety and security protocols.

Over the last few years, there have emerged breakthrough innovations in payment technology, rapidly changing the way online casinos are approaching payments. Players now have a wider choice when it comes to paying for services. Businesses accommodating certain types of gambling activities have decided to work in tandem with the new payment innovators to bring forward solutions and tools that meet shifting customer demands and keep them in the value chain. The outcome is that payments can be made via mobile bones, watches, and wristbands. Online casinos accept several forms of payment and you can take advantage of instant withdrawals. It goes without saying that you must use a safe payment method when gambling.

In this article, we’ll discuss the best methods to use when depositing and withdrawing money from an online gambling platform.

Digital wallets offer a convenient way to pay: PayPal (News - Alert) is the reigning champion  

Surprisingly, digital wallets were some of the first innovative applications built on the Internet. A digital wallet is a software system that stores users’ payment information and passwords in a safe manner. When you reach the payment page on a website or an app, the digital wallet immediately supplies the necessary information for straightforward transactions. There’s no need to get hold of the physical wallet or card because the credentials are passed to the service provider’s terminal wirelessly by means of near field communication (NFC). Player account information is protected when carrying out financial transactions. The online payment landscape has been much improved by the introduction of apps such as PayPal. Speaking of which, it’s the most popular digital wallet and for good reason too.

PayPal, one of the first FinTech innovations, stands out owing to the fact that it’s possible to transfer funds between more than 200 different countries and it accepts roughly 25 currencies. PayPal utilizes a digital layer to allow bank-to-bank transfers, reducing friction in the online payment process. Respected names in the gambling industry leverage PayPal to ensure safe and secure deposits and withdrawals. Because of the high standards imposed, only acclaimed and responsible gambling companies can include this payment option on their websites. When you play at casino sites that accept PayPal, you have guarantee that you and your money are safe. Learning how to use PayPal and manage your finances isn’t complicated. All you have to do is go to the cashier section of your online casino of choice and select PayPal. Determine who much you’d like to deposit and wait for the money to appear in your player account.

Needless to say, there are many benefits to PayPal casinos, besides high levels of safety, security, and privacy. Some players are granted special bonuses and rewards for taking advantage of this payment method. Most importantly, the withdrawal of winnings is simplified owing to the digital wallet. When using a traditional payment method, it can take up to 72 hours or more for the withdrawal to be finalized. PayPal casinos offer the fastest payouts, so it doesn’t come as a surprise that new-player sign-ups are constantly on the rise. Owing to digital wallets, financial transactions can be completed in a matter of minutes. Attention needs to be paid to the fact that PayPal isn’t accepted in Canada, so it’s necessary to use Visa or MasterCard (News - Alert).

Cryptocurrency transactions are secured using cryptography encryption

An ever-increasing number of online casinos accept cryptocurrency as a payment option. Factors such as anonymity, safety, and the simplification of financial transactions have contributed to the adoption of cryptocurrency. Viable cryptocurrencies include but aren’t limited to Bitcoin, Ethereum, and Litecoin, powered by blockchain technology. The digital currency runs off a network of peers, who keep records of all the transaction histories and every account balance. When a financial transfer takes place, a file is created, which contains important details such as the sender and recipient’s keys (i.e. their wallet addresses) and the amount of money that is to be transferred.

To make a deposit using BTC, you must open your gaming account and go to the cashier section. There, you choose Bitcoin as your deposit method. You’ll be provided a unique web address for your account. Go to your Bitcoin wallet and input that address; the funds will become available right away. PayPal now supports cryptocurrencies, allowing customers to buy and sell virtual currencies using their accounts. The point is that it’s not difficult as it used to be to acquire Bitcoin. PayPal users are able to gamble in PayPal casinos and crypto casinos alike. Taking into account the many benefits offered by this payment option, it’s a match made in heaven. 

Encryption techniques are used to gain control over the creation of monetary units and to verify the transfer of funds. Blockchain technology relies on two types of cryptographic algorithms: asymmetric-key algorithms and hash functions. Every financial transaction is verified by solving the algorithm, which has to be approved in unison by the members of the blockchain network. Undoubtedly, the biggest benefit that blockchain technology brings about when it comes to online casinos is transparency. All transactions, whether wins, losses, or payouts, are recorded permanently on the ledger, so the information can’t be altered in any way. Cryptocurrencies ensure a certain degree of trustworthiness, which the gambling industry needs.    

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