The iGaming sector has experienced ferocious growth in the last few years, with the industry generating a record £4 billion in gross gambling yield (GGY). In terms of pure revenue, the UK is currently the world’s leading online gambling market.
Industry experts believe this is just the beginning, with rapid expansion expected across the board. With providers fighting for custom, technical features and unique offers have become ever more critical.
Payment solutions are now far more creative and far-reaching, with standard debit cards being the absolute minimum. We’re going to go over the various options available, as well as how you can find the casino that will work best for you.
Payment Solutions in the UK’s iGaming Sector in 2023
Finding Your Favorite Payment Option
You may already have a payment option in mind, so before we delve deeper into each and every type available, let’s quickly go over how to filter providers for your chosen method.
Our main recommended method is to use third-party casino review sites, with https://www.paygamble.com/ being one such example. They essentially do all of the heavy lifting for you, finding each and every provider that offers a specific payment method.
These are particularly useful if you’re looking for a more niche way of paying for your iGaming. VISA and Mastercard (more on those later) tend to be accepted by almost every single provider, so if that’s your go-to, you’ll have an easy time.
Reddit is also a favourite for gamblers, but make sure you find a trusted subreddit first. If someone is giving too keen a recommendation, think twice. Look for posts from users with a track record.
You may also do your own Google searches; be creative with the search terms. Naturally, this is a little trickier, as there are plenty of scams out there, whether it’s in the sphere of iGaming or buying stuff online.
Debit Cards (VISA, Mastercard, Maestro)
Like most online businesses, most online casinos accept debit card payments through the usual channels. VISA, Mastercard, and Maestro are your run-of-the-mill options, which makes sense, as this is the primary way many people make purchases online.
Even if you don’t plan on paying with your debit card, we would recommend choosing a casino that at the very least accepts these payments. If a company solely provides a very obscure payment method, it’s time to ask questions. This is particularly true if you’re starting out, as it’s not always easy to tell the difference between a legit casino and a not-so-legit operator.
Of course, plenty of solid companies opt not to accept VISA and Mastercard due to the associated fees. So once you’re an iGaming veteran, these may be an option for you, depending on your payment preferences.
PayPal + Other e-Wallets
This company’s origin story can be found in Palo Alto, where it was just a tiny start-up amongst so many others. Now, PayPal is the most prominent fintech company around.
People like using PayPal because it adds an extra layer of security. The company uses end-to-end encryption, which prevents hackers from stealing your hard-earned cash.
Of course, PayPal isn’t the only e-wallet around. Companies like Skrill and Neteller offer a similar service but are not quite as big as the OG online payment provider.
Many people prefer Skrill and Neteller because they have lower fees for certain transactions. When it comes to loading up your iGaming account, it shouldn’t make a difference, as the fees tend to only have an effect when receiving payments (where e-wallets tend to get their cut of the pie!).
Crypto is probably the trendiest option when it comes to iGaming payment methods. Many people who enjoy a wee bet on roulette or blackjack also tend to be tech fiends, so it’s no surprise they have Bitcoin and Ethereum in their crypto wallets.
If you’re new to the world of cryptocurrencies, they’re essentially the digital equivalent of money. But instead of being governed by a central bank, the idea is that it’s decentralized. Bitcoin is the pack’s leader, often considered digital gold.
Be ultra careful When choosing a casino that offers crypto as a payment option. Cryptocurrency transactions have plenty of advantages, but getting your money back isn’t one of them. Be 100% sure that you’re dealing with a proper provider.
This method is becoming a little old school, but still a legitimate way to load up your iGaming account. The main type of wire transfer is a bank transaction, where you send money from your account to the casino. It uses the ETF method or electronic funds transfer.
The advantage of wire transfers is that you can send them from anywhere. It doesn’t have to be a particular card, address, or account type. When it comes to wire transfers, cash is cash.
Other popular options for making wire transfer transactions are companies like Western Union or Wise. These do not require the individual to have an account; customers can even pay with cash at an outlet, should they wish to do so.
Does the Payment Method Matter?
Ultimately, the payment method you choose does not have an effect on gameplay or your chances of winning. It doesn’t necessarily tell you much about the iGaming operator.
This is because most casinos will try to offer the widest range of payment options to their potential customers. The reason is pretty simple: if someone wants to spend money, casinos want to give them the choice to do so.
The main thing you want to do is check that the casino is licensed and legal. Once that box has been ticked, you’ll be just fine.