Online casino gaming has been offered legally in the US since 2013. Six states now offer legal and regulated online casinos, while others could follow in 2022. Online gambling is slowly becoming more open in the US. Although many states are focusing on sports betting (1), there is also a push for more states to legalize online casinos too. As online casino gambling becomes more accessible than ever across the United States, payment options have had to improve.
In years gone by, making deposits and withdrawals at an online casino could be difficult and risky. Many payment providers wouldn’t partner with gambling platforms, which meant options were limited. In addition, fraud was rife, and entering card details was ill-advised. Luckily, the options have improved a lot in recent years.
Today, most US online casinos accept lots of popular payment types, allowing fast and secure deposits and withdrawals. As online casino gaming has become more popular than ever, payment providers have been innovating to provide a simpler and more convenient service for gamblers. The number of casinos that accept alternative payment methods has also grown.
Top US Casino Payment Methods
There are lots of really simple-to-use payment methods that are now accepted at most of the best online casinos. Some of these payment services have been around for many years, while others are much newer. All of them are designed with features that make them safe, prevent fraud and offer convenience. Many of these payment methods are also looking to improve in 2022 and provide better services to casino users.
The most popular casino payment methods for US players include:
Debit/Credit Card
Debit cards are one of the most popular ways for people to make payments online, thanks to how widespread they are. Everyone with a bank account owns a debit card, and around 183 million Americans own at least one credit card. As they’re so common, they’re normally the first choice people go to when making deposits and withdrawals at an online casino. Common cards include Visa, Mastercard, and American Express.
Although they’re popular, debit and credit cards aren’t always as secure as other payment methods. This is because users will need to enter their card details into the site in order to make a payment. As a debit card will usually be linked to a checking account, this is particularly risky. In addition to this, receiving withdrawals to a debit or credit card can take much longer than other payment methods.
Credit cards offer a bit more protection in the event of fraud (2), with credit card companies able to refund money quickly if there has been a security breach. However, both debit and credit cards can still make changes to ensure a higher level of security. One example is the use of a mobile banking app that can be used to authorize payments. This way, users can safely enter their card details online.
Wire Bank Transfer
Wire bank transfers are less common these days as they can be slow and expensive. Despite this, there are still many US casinos that will accept bank transfers. However, they can often come with a processing fee, so be sure to check this before agreeing to the transfer.
There are faster bank transfers available through Automated Clearing House (3) (ACH), but these transfers aren’t offered by all banks. In addition, they’re still slower than most other popular payment methods. The best use of a bank transfer is when withdrawing funds.
All casinos will only ever allow users to withdraw funds to the same method they used to make a deposit. This is done to comply with money laundering regulations. However, some payment methods can’t accept withdrawals, so in this case, a bank transfer will be used instead. As ACH transfers become more common, users can expect faster withdrawals directly to their bank accounts.
PayPal
PayPal was founded in 1998 as a way of instantly transferring money online and making secure online payments. It quickly became very popular among internet users, and today it’s one of the most popular casino payment options for deposits and withdrawals.
PayPal can be classed as an eWallet service because users create an account that they then credit with funds from their bank or debit card. The PayPal account can then be used to pay for things online, including making deposits at an online casino. Most top US casinos accept PayPal deposits and withdrawals, and they’re faster and more secure than other options.
One downside of PayPal compared to other payment methods is that charges are applied when you withdraw funds from PayPal to your bank. In 2022, there are changes coming to the service, although these only affect the threshold at which small business owners need to report income (4). There are no changes planned in terms of features of services, but PayPal is always updating how things work to make its service better and easier to use.
Skrill
Skrill is another example of an eWallet service and one that is widely used by casino players. While it’s not accepted by all US online casinos, it is becoming more popular thanks to the demand from users. Skrill is particularly well-liked because it’s fast and secure while offering some different services and fees to PayPal.
Neteller is also another eWallet that’s popular with online casinos users. However, it’s not accessible for US players. Skrill does offer all of the same services, though. This includes a prepaid Mastercard. Instead of withdrawing the funds in their Skrill account to their bank, this allows users to spend the money on the prepaid card instead. The card was only recently launched for US users, and the service also includes security features such as two-factor authentication.
Like PayPal, charges do apply to users when they make withdrawals. However, the Skrill prepaid card changes this and makes the services much cheaper to use. This means it’s possible to make instant casino deposits and withdrawals for a very low cost. In 2022, there are no major plans for Skrill, but as the card was only recently launched in the US in 2020 (5), there may be bigger developments around the corner.
Paysafecard
Paysafecard is a prepaid card that’s owned by Skrill. Because it’s a prepaid card that is topped up by the user, it’s much safer to use online than a standard debit card. This has made it very popular with online casino players, and it’s accepted by a lot of US online casinos.
Aside from being secure in terms of financial risk, using Paysafecard is also much better than other options in terms of privacy. Users don’t need to give the service all of their details, and it’s really easy to buy a card at locations across the country. Paysafecards are sold at CVS Pharmacy, Dollar General, and other stores.
The only major downside is that withdrawals can’t be made by the Paysafecard. Instead, users will need to make a bank transfer. Although the Paysafecard isn’t accepted by all US online casinos, it’s quickly becoming more popular and more widely accepted. In 2022, it’s expected that more online casinos and gambling sites than ever will accept deposits made using this card.
Cryptocurrency
Cryptocurrencies are digital currencies based on blockchain technology (6). The oldest and most well-known cryptocurrency is Bitcoin, which uses a decentralized blockchain to record financial transactions. This creates a peer-to-peer financial system that allows anyone to send funds around the world for low fees and without trusting an intermediary such as a bank or financial service.
Cryptocurrencies may not have been around for many years, but they’re already changing the way people make purchases online. They’re excellent for sending big money transfers while paying small fees and they offer a lot of security too. Because they’re becoming more popular, a growing number of online casinos are accepting deposits and withdrawals made using crypto.
As the cryptocurrency market continues to innovate and mature, new coins are created with new features and possibilities. While most of the top online casinos in the US don’t currently accept cryptocurrency deposits, this could very well change in 2022. Major organizations are starting to accept crypto payments, and it may not be long before online casinos follow.
Online Payment Trends for 2022
In 2022 and beyond, we can expect online casinos to accept a wider range of popular payment options, as they look to give users more variety. The more options they provide, the easier it is to encourage new players to sign up and make their first deposit. It’s important that the most convenient and secure payment methods are accepted, as this makes online gambling simple and safe.
With consumers now more conscious than ever about online fraud and security, most casino payment options are focused on improving security features. In addition, many services want to provide a complete financial service, offering deposits, and withdrawals as well as a card to simplify transactions.
Cryptocurrency payments could be the biggest new trend in 2022, and while it’s still early for crypto payments at most casinos, they are growing in popularity elsewhere online. Currencies such as Bitcoin and Ethereum may soon be accepted at some of the biggest and most popular online casinos in the US, offering faster and safer transactions for lower fees.
Sources
- O’Brien, Timothy L. “The Sports Gambling Gold Rush Is Absolutely Off the Charts.” Bloomberg.com, Bloomberg, https://www.bloomberg.com/graphics/2021-opinion-online-sports-betting-future-of-american-gambling/.
- Holzhauer, Brett. “Here Are 3 Reasons Why Paying with a Credit Card Is Safer than a Debit Card or Cash.” CNBC, CNBC, 14 Sept. 2021, https://www.cnbc.com/select/why-paying-with-credit-card-safer-than-debit-cash/.
- Kenton, Will. “What Is the Automated Clearing House (ACH)?” Investopedia, Investopedia, 8 Feb. 2022, https://www.investopedia.com/terms/a/ach.asp.
- Singletary, Michelle. “Venmo, PayPal and Other Payment Apps Have to Tell the IRS about Your Side Hustle If You Make More than $600 a Year.” The Washington Post, WP Company, 21 Jan. 2022, https://www.washingtonpost.com/business/2022/01/21/venmo-paypal-new-income-reporting-requirement/.
- Say, Nick. “Skrill USA Launches Skrill Virtual Visa® Prepaid Card in US.” Yahoo!, Yahoo!, May 2021, https://www.yahoo.com/now/skrill-usa-launches-skrill-virtual-080000521.html.
- Ashford, Kate. “What Is Cryptocurrency?” Forbes, Forbes Magazine, 25 Jan. 2022, https://www.forbes.com/advisor/investing/what-is-cryptocurrency/.
