E-wallets have revolutionized how people send, receive, and store money globally. Businesses can sell their goods and services with ease because of this technology. Online casinos are also major benefactors of e-Wallets since patrons can gamble on the go without worrying about the restrictions set by legacy institutions. In this article, we focus on how online casinos benefit from the popularity of e-Wallets.
Online casinos and e-Wallets
An e-wallet is a digital payment software that allows you to manage your money on an independent platform other than your traditional bank account. While some e-Wallets are linked directly to your bank, others can only be funded with prepaid cards.
Over the last ten years, the number of online casinos accepting e-Wallets has surged significantly. These casinos list different types of e-Wallets as banking options, allowing users to enjoy faster deposits and withdrawals.
Uses of E-wallets in Online Casinos
Below are some of the essential uses and benefits of e-Wallets for both the casino and patrons.
1. Circumvent Restrictions on Legacy Institutions
Despite the growing popularity of online casinos, many traditional banks still do not allow their customers to make gambling-related transactions. When a casino adds e-Wallets as an alternative, it offers services to a broader audience. Customers will also be more likely to gamble thanks to this convenience.
2. Speedy Deposits and Withdrawals
Bank transfers at casinos may last for 24 hours but sometimes take up to seven days. One slight suspicion and the bank may block the transaction altogether. When you opt for digital wallets, transactions on online casinos will likely be instant. Digital payment platforms aren’t typically bound by the same restrictive laws as banks. They can process transactions faster.
3. Additional Privacy
Go for digital wallets if you don’t want your gambling record to appear on your account statement. Some e-wallets offer independent money storage services, not just money transfers. However, these platforms still keep records of your transactions on independent servers. With such a service, you can gamble as much as you want without worrying about your bank’s financial statement.
4. Lower Transaction Fees
If you check online casinos’ deposit and withdrawal fees, you’ll find that bank transfers tend to attract the highest fees. However, e-Wallets transactions are typically more affordable and free in some cases. Paying lower transaction fees means you will get the most out of anything you win on the online casino.
5. Additional Security
Popular e-Wallets brands use modern, state-of-the-art security protocols to keep funds safe. However, this high-tech security is one of many benefits users can enjoy. If you connect your bank account directly to an online casino, you may expose yourself to unnecessary risk. Hackers may be able to take control of your bank account and steal your funds. Adding smaller amounts to your e-wallet account reduces this risk.
e-Wallets are safe, secure, fast, and private. Casinos that intend to stay relevant must look for ways to integrate e-payment gateways into their platforms. However, both casinos and patrons must be careful to avoid relying on insecure e-wallets that may leave players vulnerable.