Online Casino Banking: Things to Keep in Mind

The first step towards playing an online casino is to make a deposit. Well, unless you were lucky enough to find a no-deposit bonus, but that’s a story for another time! Eventually, you will have to make a decision. What payment method do you want to use? Will it cause problems with your bank? Can you still use it and be eligible for promotions?

Therefore, keeping an Indian player’s perspective in our minds, we set out to investigate the ins-and-outs of online casino banking. If you’re lucky, you may not run into these issues. That said, our own personal experiences tell us that blissful state won’t last for long. We can only hope that laws will change, and online gambling will be legal and supported. Until that day comes, keep the following things in mind!

Debit Cards and Blocked Transactions

Plenty of online casino players in the West default to their credit or debit cards. Most websites support MasterCard and Visa, two payment processors that are also available in India! You may think that Indian players might enjoy the benefits of using their everyday cards for convenience. While it is possible, it’s not always the safest option.

Due to India’s existing gambling laws, banks will often block transactions deemed as being related to gambling. If you want to use your Visa or MasterCard credit or debit cards, they may work flawlessly. Alternatively, you may see the transaction fail to go through. Because of this, we recommend e-wallets to anyone who wants a stress-free online gambling experience.

E-wallets offer an extra layer between you and the bank. When you deposit rupees into your e-wallet, it’s not a gambling transaction and it won’t be blocked. Similarly, when you withdraw money from the casino, it goes to your e-wallet. Then, transferring the funds from your e-wallet to your bank account won’t be considered a gambling transaction. Problem solved, right?

Bonuses and E-Wallets

Well, not quite. See, e-wallets have an issue of their own, which isn’t unique to Indian players. Instead, it affects all e-wallet users. Namely, if you try to make a deposit using an e-wallet, some online casinos will not allow you to claim their welcome offer or deposit bonuses. Of all e-wallets, Skrill and Neteller are the most affected by the problem. Not surprising, considering they’re the most popular ones.

Naturally, this made us wonder why these two e-wallets are singled out. As it turns out, it’s a clash of policies. Online regulators like the MGA and UKGC have very strict rules when it comes to fraud and money laundering. Meanwhile, Skrill and Neteller can make obtaining the required information more difficult to find. For many online casinos, restricting bonuses to these banking methods is an easy solution.

Unfortunately, it does leave Indian punters in a rather rough situation. Not only do we have to contend with high e-wallet fees, but we may also get excluded from some promotions. Thankfully, there’s a big list of online casinos just waiting for you to try them out. If one isn’t to your liking, you can always choose another one that lets you use the e-wallet you desire.

Bitcoin and Cryptocurrencies

Another method you might want to use would be cryptocurrencies. If both e-wallets and credit cards have their issues, then maybe it’s time to give the new kid on the block a chance? It’s not a bad idea to consider, especially as more casinos seem to be picking up cryptocurrencies as a supported format for depositing, withdrawing and playing!

Sadly, even this method has its share of issues. We mentioned several in our Playing at Indian online casinos with Bitcoin article. Buying Bitcoin as an Indian player is still a hassle due to India’s local laws. There’s also the inherent risk of having a currency whose value is entirely digital. How many times have we heard of Bitcoin’s prices taking a sudden nosedive?

The problems we mentioned in that article haven’t been improved on. Personally, most of us writing for Indian Casino Club still use e-wallets instead of Bitcoin or other cryptocurrencies. As with online gambling itself, it will take some legal changes before betting with crypto can become mainstream.

Closing Thoughts

As you can see, every payment method has its flaws. The only way to fix them is to put pressure on the government to legalize online gambling. Contribute to forums and raise awareness with your friends. Eventually, the laws will catch up to the will of the people.