Which online payment method is the safest for online casino gaming? It isn’t a question that is given much prominence by online gamers in an industry where there is fierce competition over which operator can provide the biggest game selection or the flashiest bonus. So, which online payment platforms are the safest for online gaming?

Bank Transfer

Let’s start with the safest form of online payment. The Bank Transfer is widely regarded as the most secure form of making deposits and withdrawals, and it has the additional advantage of being accepted by almost every online gambling site, from sportsbooks to casinos.

The security of this method comes from the fact that the transaction involves only your bank and the gambling site you are using. There is no third-party involvement and as long as you are using a licensed site, and your bank allows gambling transactions, you will benefit from banking industry-level encryption and security protocols. The downside is that you will have to wait for your money to clear, up to five days, in some cases, which is a long time by modern standards.

Visa

Offering a similar level of security to the Bank Transfer, Visa is perhaps the best-known global method of payment. Accepted pretty much everywhere, it also benefits from the high level of encryption and security that you will find with the Bank Transfer.

Using Visa also offers protection in the case of something going wrong, and you even have the option with some Visa debit cards to block gambling transactions if you are at risk of gambling problems. As with the Bank Transfer, however, Visa transactions are relatively slow, and it can be up to three days before a Visa withdrawal is processed into your account.

CASHlib

A voucher system that allows users to make payments online without the use of a credit or debit card. This payment system is a relatively easy to follow system where users just need a voucher code, which are all individually encoded. The vouchers are only distributed directly from CASHlib or companies that are directly contracted by CASHlib, this helps ensure that the vouchers stay as secure as possible. This level of security has been one of the reason industries looking to secure player trust have begun adding the option to their range. iGaming (new casinos in particular) have shown a keen interest in this payment method, as it’s essential for these platforms to foster player trust. New Casinos.com, a review site for the iGaming industry specializing in new online gaming platforms, has written an article discussing at length the adoption of this payment method into the industry, the article even offers a guide to skeptical players, helping them understand how the payment options works and why it’s secure.

Mastercard

Mastercard offers a similar level of security to Visa. Another global company with a brand recognized at hundreds of thousands of retailers, you will find that very few casinos don’t accept Mastercard, so using this form of payment won’t restrict your options.

As with Visa, Mastercard customers benefit from a host of security measures, and layers of protection that come with a reputable banking brand. The downside of using Mastercard for your casino deposits and withdrawals is that you have to give your card details to the casino that you’re using. Payouts are also relatively slow and may take three days or so to appear in your account.

Neteller

One of the most common new forms of payment to emerge in the last 20 years is the e-wallet concept. With an e-wallet, your money is handled by a third-party brand, which offers an account that you can use with casinos. To make a deposit, you transfer money from your original account to the casino, via the e-wallet, removing the need to provide your bank account or debit card details, and giving you an additional layer of anonymity and security.

Neteller is one of the oldest e-wallet brands around and has been operating for 25 years. It is accepted as a payment method by a large percentage of online casinos, although not as many as Visa and Mastercard. Unlike those card options, however, Neteller withdrawals are usually completed within a day, and the company uses many of the same security protocols as traditional bank brands.

PayPal

Perhaps the best-known of the e-wallet brands, PayPal is used by over 370 million people around the world, and of all the e-wallet options, is the one you are most likely to find available at an online casino site. As with Neteller, it offers fast transactions and removes the need to enter your bank or debit card details with a casino, giving you an extra degree of security. You can also manage your PayPal account on the move thanks to the brand’s app. As a globally renowned banking brand, it also offers many of the same protections that you can find with Visa and Mastercard.

Skrill

Skrill doesn’t quite have the same global reputation as PayPal or Neteller, but it is widely accepted at casinos and sports betting sites. Originally known as MoneyBookers, this is another e-wallet that is part of the same corporate group as the Paysafecard. Like Neteller, it uses SSL encryption and 2FA to keep your transactions safe, and it also removes the need for you to provide your bank details to a betting site. Although Skrill transactions are generally as fast as Neteller and PayPal, the initial verification of your Skrill account at a casino can take a little longer.

Apple Pay/Google Pay

The most common method that people use to access the internet in 2024 is through mobile devices, so it makes sense that there are dedicated payment options that are designed to work with your mobile operating system. Apple Pay works with iOS devices and Google Pay with Android mobiles, and both work as a form of e-wallet option, providing fast deposits and withdrawals.

Both of these forms of payment offer the additional levels of security associated with mobile devices, including fingerprint unlocking, 2FA and other biometric verification, although neither method is universally accepted at online casinos.

Paysafecard

Owned by the PaySafe Group, the Paysafecard is a prepaid card that you can use at many betting sites. It has many advantages in that it doesn’t require you to give any account details. Simply buy a card and use it to make deposits at a casino using a unique card code. The downside of this method is that you have to physically buy the card at a retail outlet, which is an additional security risk. It is also only available in standard amounts, which range from £10 to £175.

Bitcoin

Cryptocurrencies are designed to be resistant to fraud and data loss, due to their decentralized nature and blockchain encryption. If you can find a casino site that accepts cryptocurrency payments, this can be a good option. However, cryptocurrencies themselves are volatile and their value can fluctuate, which is why the best-known and most stable cryptocurrency, Bitcoin, is the one most likely to be used for casino deposits and withdrawals.

Conclusion

So, which is the safest banking platform? All of the banking options above have strong security measures, and their main differences are to do with speed and convenience, so it is a good idea to weigh up the pros and cons of each method before you make a casino or sportsbook deposit.