The Top 5 Payment Methods for Online Gambling

June 23, 2021

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The Top 5 Payment Methods for Online Gambling

June 23, 2021
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The online gambling industry has experienced a significant rise due to the rapid changes in the world. In the year 2020 the online gambling market was worth USD 66.72 billion; and it is expected that the numbers will grow even more. Recent legalization of online betting in some USA states also contributed to the growth of this market. As this industry is becoming more and more appealing for investors, the competition on the market is also growing. In today’s world where the competition is high, and new gambling sites keep appearing, it is important to provide user-friendly platforms, so that your clients have the possibility to choose the most suitable and secure payment method for them. Due to this we decided to highlight the top 5 payment methods for online gambling.

Types of payment methods

There are several payment methods for online gambling that are widely-used in the internet environment. Here is the list of them:

  • Bank cards

The first method on the list of the top 5 payment methods for online gambling is paying by bank cards. Even though many website owners decide to offer the possibility to pay through a banking card, you need to take into account that sometimes this kind of transaction can be declined by the bank. It is better to cooperate with a payment processing company to lower the risks of declined transactions.

  • E-wallets

E-wallet is the second payment option on our list of the top-5 payment methods for online gambling. No wonder digital money is becoming more and more popular. Over 779 billion digital transactions worldwide were made in 2020 and the number is growing. Digital wallets is a secure and reliable payment method that should be considered for implementation for online gambling.

  • Cryptocurrency

Cryptocurrencies are on the rise now. Even though their market value is unstable, many online and offline businesses provide the possibility to pay with cryptocurrency. Due to this we decided to include altcoins in the top 5 payment methods for online gambling.

  • Mobile payment

The popularity of mobile payments is rising. They are not only secure and fast but also user-friendly. In 2023, it is estimated that there will be 1.31 billion proximity mobile payment transaction users worldwide. Some of the most popular apps for mobile payments are Apple Pay and Venmo.

  • Bank transfer

And the last, but not least on our list of the top 5 payment methods for online gambling is a bank transfer. Although, this kind of payment method is quite wide-spread, you need to take into account the fact that the banks can decline the transactions made on an online gambling website. In this case it is advisable to work with a payment processing company that can lower such risk.

Criteria for choosing the right payment service provider (PSP)

  1. The payment service should provide various payment processing systems in different countries;
  2. PSP should provide the latest technical solutions;
    For example, Universepay provides several integration options: iframe connection, payment page or API connection.
  3. PSPs must be in accord with the worldwide data security standards of the Payment Card Industry Data Security Standard (PCI DSS);
  4. Contracts and pricing;
  5. Additional services would be a plus;
    The list of additional services provided by the PSP may be different and can include: support services, risk protection from missing payments and recurring payments. For example, Universepay provides additionally recurring payments and legal services such as bank account opening, licensing and documentation drafting.

In conclusion, the list of the top 5 payment methods for online gambling includes bank cards, e- wallets, cryptocurrency, mobile payments and bank transfers. As some of the payment methods don’t guarantee that the transaction will be approved, it can be beneficial for the online gambling website to work with a payment processing company. Universepay can help you to implement different payment options to your website, so you can be sure that your clients will always have the possibility to pay easily and without any obstacles. If you require any of our services, just fill in the application form and our managers will contact you immediately.

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