Impact of e-wallets on payment methods used in casinos

Payments are one of the most important aspects of online gambling today, because every player starts the casino game in the same way - by making their first deposit. This is why reputable online casinos such as Verde Casino , in addition to offering a wide range of gambling games and interesting bonuses, also provide their players with a long list of payment methods through which they can freely deposit and withdraw their money. While the availability of payment methods varies from casino to casino, most of them share a common denominator - the availability of e-wallet payments.

E-wallets are one of the most popular payment methods in casinos today, which is even associated with online gambling and has to some extent revolutionised the issue of paying for online gambling. E-wallets are currently used by millions of gamblers worldwide, and the reason for this is that they bring with them many advantages when it comes to depositing and withdrawing funds at online casinos. But what exactly are e-wallets, what are their advantages in terms of gambling and what impact do they have on payments currently used in casinos? Let's take a look.

What are e-wallets?

An e-wallet or electronic wallet is nothing more than the digital equivalent of a classic wallet. One of its basic functions is significantly similar to a traditional wallet - it allows you to store money. However, unlike its traditional counterpart, an e-wallet also gives you the possibility to make convenient payments in different currencies.

It is a kind of account that we open not strictly with a bank, but with a selected fintech, i.e. a financial company that handles online payments. For such an account, we usually receive a multi-currency payment card - physical and virtual - which allows us to pay freely with the money in the balance. We can top up the e-wallet balance with the available payment methods, and we can use the topped-up money in the way we choose. The e-wallet also gives us the possibility to withdraw funds - this can be done by card at an ATM or by bank transfer. E-wallet payments are made by logging in to the service or via an attached payment card.

With e-wallets, we gain an additional payment method that allows us to store money and purchase goods and services online, using instant cashless transactions. Moreover, the functionalities of today's digital wallets are so extensive that they can successfully replace a traditional bank account. Nevertheless, they are most frequently used today for shopping and as a payment method in online casinos. On the market today, you will find many e-wallets whose main use is online gambling, and some of the most widely used include:

• Neteller,
• Skrill,
• MuchBetter,
• AstroPay.

The impact of e-wallets on casino payments

Payments in the iGaming industry is quite a hot topic, because in many countries the availability of payment options for gambling transactions is quite limited. In Poland, for example, we may have a big problem making a deposit at a foreign casino using a payment card issued by a Polish bank - such a transaction will usually be rejected. This is where e-wallets come to the rescue, which have largely revolutionised the entire iGaming industry in terms of payments, as they have become an intermediary between the bank and the casino.

With e-wallets, players can make deposits and withdrawals at casinos much more conveniently and do not have to worry about their transaction being rejected, because if the e-wallet is on the list of available payment methods, the transaction will definitely go through. This makes having an e-wallet, managing your bankroll and making payments at casinos much less hassle and extremely affordable - even for new players.

Most importantly, however, e-wallets have greatly increased the security of transactions in terms of online gambling. This is because they guarantee players a kind of barrier between their finances and their personal data, as we do not share any sensitive data with the platform when making a gambling transaction using an e-wallet. Nor are our transactions scrutinised by banking institutions or the authorities, which view this type of payment rather unfavourably.

In addition to the greater convenience and security of payments in the iGaming industry, e-wallets have also led to greater competition in terms of the diversity of casino payment operators. E-wallets have also led to a number of direct benefits for players using selected digital wallets. For example, Neteller and Skrill are undoubtedly the two currently dominant brands when it comes to gambling transactions, and you will find many online casinos on the market today that are oriented towards these e-wallets. These types of casinos offer special bonuses to users who make payments using the aforementioned e-wallets. In this way, players can count on free spins or bonus funds.

E-wallets also have many other advantages when it comes to casino payments. First and foremost, they allow for instant deposit and very fast withdrawals, as it usually takes up to 24 hours to process a withdrawal to an e-wallet, where when withdrawing to a debit card or bank account, the waiting time is an average of five days. E-wallet payments are also mostly free of any fees. In addition, the e-wallet allows the use of multiple funding sources for gambling, which provides great versatility. All this makes e-wallets a key payment method in the iGaming industry today.