When it comes to playing games, gambling or doing a little sports betting online, you'll surely agree that the absolute most important thing is security of your financial transactions. While online betting and gaming have certainly brought convenience and ease of use, it also requires players to stay safe and find the most robust payment methods to ensure that their funds and personal information are kept close to the vest.
Here's a rundown of the top six secure payment methods for betting, highlighting their features, advantages and why you should give them some thought.
There's no real mystery for the first payment method, since many of you, whether in the Canary Islands or any other part of the world, have used or currently use credit and debit cards for your online transactions.
There is a reason why Visa and Mastercard are the most popular, not least because they offer customers fraud protection, encryption and two-factor authentication (2FA) – incredible security features that will help protect your online transactions.
Fraud protection uses AI and other algorithms to check when and where unusual transactions are happening, and this info is then sent to you, the client, to verify and then make fast decisions in the event that it wasn't you commissioning a specific payment.
The advantages of using credit and debit cards are first and foremost the widespread acceptance, meaning that most betting sites will accept these major credit and debit cards.
You know what it's like to fill out an entire form and then get to the payment part, only to find out that you don't have any of the accepted means of payment on hand. Super frustrating to say the least, which is why many people in the Canary Islands choose to use credit cards to play online.
Another advantage is the speed at which transactions are processed, allowing you to start betting almost immediately. Having said all this, it wouldn't be a fair comparison if we didn't mention the disadvantages, namely that there are still privacy concerns as credit or debit cards might not offer the same level of anonymity as other methods, as well as potential fees that some betting sites may deduct automatically from your credit card since you gave them access to it.
E-wallets, or electronic wallets if you want to use the whole name, are digital platforms that store payment information securely. You may know some of the most popular e-wallets like PayPal, Skrill and Neteller. PayPal bookmakers are the first choice for many online enthusiasts because they offer incredibly strong encryption to protect your user data and there are no direct bank details involved.
E-wallets keep your bank details private from betting sites. You can also enjoy enhanced privacy because all your transactions are processed through the e-wallet platform itself, keeping your bank details confidential. The downside, on the other hand, is that e-wallet platforms tend to charge relatively high fees that usually correspond to the payment amount for certain transactions or currency conversions. The last thing to note here is that there's some account management involved because you'll need to create and maintain an additional account.
The third payment method is cryptocurrency, which encompasses Bitcoin, Ethereum, Litecoin and many more. The advantage and security feature that stands out the most is anonymity, something that's worth a lot when you're dealing with money going in and out of your account.
The technology behind crypto is called blockchain, which makes transactions almost 100% tamper-proof. You will also stay anonymous and there's no central authority, meaning that transactions are processed without intermediaries, reducing the risk of fraud.
People who use crypto to game and bet online state that the global accessibility and low fees are what make this payment method so appealing. The drawbacks, however, are volatility and complexity. Cryptocurrency values can fluctuate significantly within minutes, which may impact your betting funds, and there's also a level of difficulty involved. Crypto requires you to understand and manage cryptocurrency wallets and exchanges – something that some of you may not be keen on doing.
Bank transfers are quite 'old-school' and involve directly transferring funds from your bank account to the betting site, which you can do via wire transfers or online banking. If you opt for this method, you should keep in mind that transactions take a little longer than the other payment methods listed.
Bank transfers can take several days to process and you may be charged fees for international transfers or specific types of transactions. On the upside, bank-level security protocols are in place so security is top-notch.
Prepaid cards or betting vouchers are designed to be user-friendly and straightforward. Most online betting platforms provide clear instructions on how to redeem these vouchers, making it easy even for those who are new to online betting. Simply navigate to the "Deposit" or "Add Funds" section of your account, select the voucher option and enter the unique code found on your voucher.
The funds will be instantly credited to your account. The beauty of this system is that it offers an extra layer of security since you’re not directly inputting sensitive financial information each time you want to place a bet, in other words, your credit card details or personal information.
Pay-by-phone methods, such as Boku or Payforit, allow you to deposit funds into your betting account through your mobile phone bill. Transactions are verified through your mobile network, reducing the risk of fraud and you don't need to provide bank details directly to the betting site.
The pros include convenience and secure transactions, while the cons are deposit limits and the fact that this feature is not available everywhere. Whichever payment you choose, prioritise security, convenience as well as your own personal requirements.
Gamble Responsibly: Gambling should be enjoyed as a form of entertainment, not a way to earn money. Always gamble within your financial means and set limits to stay in control. You must be 18 or older to participate in gambling activities. If you or someone you know has a gambling problem, seek help from organisations like FEJAR (Federación Española de Jugadores de Azar Rehabilitados) at www.fejar.org. Stay safe and gamble responsibly.
