Payment methods and security measures at online casinos
Online casinos have always been frowned upon and many people refrained from playing on these sites fearing scams and frauds. However, with technological advancements in the past few years that allowed the creation of safer security protocols and new levels of data encryption, online casinos have become a safe alternative for bettors around the world.
Besides, most online casinos today are licensed and regulated by internationally recognized governing bodies, such as the United Kingdom Gambling Commission, which guarantees fairness and customer security in all the games provided by these websites.
The list of deposit and withdrawal methods varies with each website, but almost every online casino deals with credit cards and money transfers, and there are even some that are currently taking cryptocurrencies as well. Trustworthy casinos are regularly audited by international third-party agencies, to ensure clients funds are correctly handled and kept separated from the casino operations funds.
In 2020, as we had to comply with social distancing measures and lockdowns, online casinos became a new entertainment alternative for many people who wouldn’t normally gamble online, so the industry has seen a surge in the number of new customers in these websites. But to get the best of your online gaming, it’s important to look out for some of these features when choosing which casinos to deposit funds.
Licensing and security
Online casino operators must be licensed and regulated by reputable organizations, thus undergoing constant regulation by an official agency. These licenses are usually granted by gambling regulators that are government bodies dedicated to overseeing and legislating gambling activities. Today, most trustworthy online casinos are licensed by the United Kingdom Gambling Commission and the Malta Gaming Authority.
In order to keep its license, an operator must comply with several specific requirements imposed by these organizations, including responsible gambling policies and financial regulations. It must also be constantly audited by third-party agencies like eCOGRA, the eCommerce Online Gaming Regulation and Assurance, a testing agency and standards organizations founded in 2003, that has been the most recognized certification body for the industry for some years. These tests and audits ensure online casinos are fair and secure, and also look for any possible money storage issues and rigged random number generators, which are the algorithms that provide the outcomes of online casino games.
Regulated online casino operators must employ a special algorithm called SHA-3. It is a secure hash algorithm standard that prevents rigging and hacking. They must also conduct every financial transaction through reliable platforms like PayPal and Paysafecard, and use the latest protocols to protect personally identifiable information (PII). Deposits and withdrawals must be completely anonymous and performed under several layers of SSL encryption and RSA data protocols.
Other features that ensure customer security include two-step verification to prevent unauthorized access, responsible gambling policies to protect vulnerable players, and segregated funds.
Payment and withdrawal methods
Credit cards are by far the most popular payment method, and even though Visa and Mastercard are the standards, there is a growing list of casinos accepting Amex deposits as well. The operation is very straightforward and all transactions are processed using bank-level encryption. There is also the option of using debit cards and prepaid cards, although the availability varies with each site.
Another popular alternative is money transfer, which can be done via financial institutions like Western Union and MoneyGram. You just need to get the account details from the website and send the funds. Even though the process is pretty simple, money transfers can take a little longer to be confirmed than credit cards.
Ever since the creation of the first functioning cryptocurrency, Bitcoin, their popularity has been increasing exponentially. And many online casinos are now accepting cryptos as deposits and withdrawals methods. Since these are virtual currencies based on blockchains, crypto transactions are the fastest, and funds can be available in just a few minutes. As cryptocurrencies are decentralized, and aren’t controlled by any governing body or central banking system, these transactions also offer fewer fees and taxes.
Bitcoin is certainly the most popular crypto, but there are some casino websites that also accept other cryptocurrencies, like Litecoin. You just need to have some money in the form of cryptos in some e-wallet service, such as CoinBase or Kraken, and transfer the funds to the desired online casino.
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