Gambling is a hugely popular activity in many parts of the world. The internet has had a truly transformative effect on the industry as more and more people are choosing to gamble from their computers or mobile phones instead of visiting the nearest land-based casinos. With internet gambling, deposits and withdrawals have become a big part of the process. After all, you won’t be able to play or receive a majority of the bonuses without making a deposit. You also want to take hold of your winnings and use them in real life. Things were a bit simpler with land-based casinos where you could even pay with cash. Online, however, you have to be more careful when choosing a method for making transactions with the casino. This article will go over the main AU casino deposit and withdrawal options and describe the pros and cons of each one.
Briefly about casino deposits and withdrawals
In a matter of five years, by 2024, it is estimated that the worldwide gambling market will reach nearly $75 billion. This is a huge sum but it’s not surprising considering at what pace the activity is moving to online platforms. In Australia, the value of the gambling market is about $24 billion. Because of the illegality of online gambling, land-based casinos are responsible for a large chunk of that activity. However, some analysts measure the online gambling industry in the country to be worth north of $1 billion. Naturally, the transactions that are made on these casinos to accommodate such a huge demand have to be made using one of the casino deposit options for Australians.
Many payment service providers have become huge corporations by mainly serving the needs of online gamblers. Because some gamblers have particular needs like privacy, traditional payment channels might not be enough and there are other methods that have filled the niche. Electronic wallets are some of the most obvious examples of this. While there are many wallets that serve other functions as well, there are those whose primary purpose is to be used to deposit money into online casino account in Australia.
More about casino payments
Not all casinos will offer the same options for deposits and withdrawals. The set of methods available will depend on the location of the casino, its resources, scale, and choices. Some of the most common options you’ll encounter are credit/debit cards, direct bank transfers, electronic wallets, alternative payment service providers, and cryptocurrencies. Each of these methods has its own set of advantages and disadvantages. Your particular circumstances and preferences should dictate which one to go for. In many cases, you’ll be limited by your set of requirements as well as the options provided by the casino so that you won’t have much choice. Sometimes, you’ll see that there are a couple of methods that you could use, in which case you’ll have to think about the priorities and pick out the best AU casino payment methods accordingly.
Credit/debit cards
Bank cards are a very popular option for all kinds of online payments and casinos aren’t an exception. Using this option is quite easy. You don’t really have to put much effort into learning how it works if you’ve ever used a card to pay for anything online. The process will be similar. Credit cards are also great for their low cost. Although there might be some fixed costs, you’ll need to pay those fees either way because you have to own a credit card regardless of whether you gamble or not. Commissions per transaction are something you can look at in this situation but those are, in most cases, minimal when it comes to bank cards. For all of these reasons, cards are great for convenience and fees when it comes to Aussie online casino banking.
There is a downside to using this method as well. For example, when you pay with bank cards you should be prepared for your bank to have access to your gambling history. The transactions will show up on your bank statement so if you have to present the statement to other parties as well, they will find out about your gambling too. Some companies and organizations have policies that limit the services to people with gambling history. The bank might present worse terms as well. To avoid all of this trouble, you want to hide your transactions with the casino from your bank. There are ways to do this but using bank-issued cards won’t be helpful. Instead, you have to resort to other Aussie casino deposit methods like electronic wallets.
Electronic wallets
Electronic wallets are another very popular option for online gambling. Some of these services are primarily used by gamblers so their features and functionality are geared towards the industry as well. Electronic wallets provide a virtual account where you can transfer your money. It functions much like a wallet. You can keep the money in it until you have to pay a merchant. Whatever payments you make from your wallet account remains between you, the eWallet and the merchant. Bank will only see the transactions that you make to the wallet and from the wallet to your bank account. This way, an eWallet essentially introduces another step between the bank and your casino thus hiding the activity from the bank. If you are concerned about privacy, eWallets are a great option for online casino payments in Australia.
On another note, if you’re not familiar with the process of using electronic wallets you will have to invest some time into figuring things out. Depending on how tech-savvy you are, the process might not be very straightforward. There isn’t much adoption of eWallets when it comes to retailers of different types. Instead of paying with their wallet accounts, some people prefer moving the funds back to the bank account and using cards. For this reason, you might not want to keep your money in your eWallet, which means that you’ll need to go through an extra step of transferring funds to and from your wallet each time. This also adds to the inconvenience of this AU casino banking option.
Another drawback of wallets comes from the fees. Here, you have to be careful. Many wallet providers will advertise no commission payments to the casinos. This is to draw clientele that primarily focuses on this activity. However, the provider will almost certainly charge you for the service in some other way. It might have withdrawal fees or yearly fixed fees that allow it to operate and make a profit. If you don’t have a need for an eWallet besides gambling, you have to factor in these fees as well. When you take a comprehensive look at these deposit methods at online casinos in Australia, you see that eWallets are usually more expensive when bank cards.
Direct bank transfers
You can also use direct bank transfers to deposit money on certain casinos. When withdrawing, you can request a bank cheque which will be delivered to you via mail. While bank transfers used to be more time consuming, there are third-party services that allow you to make direct deposits from your bank account instantly. Casinos will usually have support for one of two such services. Much like wallets, these methods need some getting used to. If you’re not familiar with how they work, you’ll need to figure out the processes and then get used to using them. Unlike eWallets, these services might not be able to conceal the destination of the funds from the bank as well. As a third-party service, they will also charge some fees. However, in the absence of a better alternative, many people choose to go for these casino deposit options for Australian players.
Withdrawing through a bank cheque can be very time-consuming. First of all, you should wait for the cheque to be delivered to you which itself can take days or even weeks. Then, you have to go to a bank to cash it, which is also time-consuming. If you’re withdrawing a particularly large amount of money you might find a use for this method as it often has high limits. However, other than that, there are much faster and more convenient AU casino withdrawal options.
Cryptocurrencies
In the last couple of years, cryptocurrencies have become very popular among gamblers. These assets should technically offer everything that a gambler might want – instant transactions, low fees, privacy. However, in reality, many major cryptocurrency networks are facing issues that hinder their adoption for many purposes including gambling. First of all, there is a huge speculative environment around these assets that make them less appealing for many gamblers. Imagine that the value of your money is halved within a day without your even doing anything. Not many people would be willing to take on that risk so they choose alternative deposit and withdrawal methods at online casinos in Australia.
Scalability is also a big issue for cryptos that makes them less desirable. Scalability measures the ability of a network to process an increasing number of transactions. Some of the cryptocurrencies weren’t really designed to accommodate the demand that they eventually received at the end of 2017. As a result, the fees started to increase drastically and the waiting times could reach days. Bitcoin has had huge issues with scalability which has led to the development of other cryptocurrencies that have fixed this issue. If you find a casino that offers one such currency as an option for casino payments in Australia and you are willing to take on the risk of volatility, you might consider cryptocurrencies as a viable option.
FAQ
How do I choose a deposit/withdrawal method?
If you’re in a position where you can choose among different payment options offered by a casino, you’ll need to base your decision on some criteria. It’s important that you consider the options carefully as making the wrong choice could be ruinous to your gambling experience. Some casinos have a rule that only allows you to withdraw money through the same channel that used for deposits. Remember this when you’re making your decision and don’t forget to consider how good the method is for withdrawals as well as for deposits. Below, we will go over some of the biggest issues you should think about when choosing the best casino banking Australia method.
Privacy is important in everything you do on the internet. Companies are getting better and better at collecting user data and using it for their advantage. As the data is becoming more commodified it is used to create a digital profile of individuals. If you take a misstep and your digital profile is ruined by certain activities, you might find yourself in trouble. For example, your bank might not extend you a loan or your credit score could be ruined. With gambling, the only way your bank can really know about your activity is if you make payments through direct banking channels like bank cards or wire transfers. There are varying degrees of privacy offered by other Aussie casino deposit and withdrawal methods. For example, eWallets hide your activity from the bank but cryptocurrencies that are decentralized, also exclude a third party company collecting data about your spending habits.
While gambling is not about making money, you should make use of the funds for the enjoyment on the platform and not simply give it away to payment providers. If you’re choosing a payment method, pick out the one that is not very costly. If there are no other advantages that the option offers, you should make sure that you’re not paying extra fees. Sometimes, the providers will mask these fees in different ways so it falls up to you to do the required research and make the right decision. There are also fees that the casino might charge you separately for using a certain online casino banking Australia option. While this fee is usually zero as casinos don’t want to discourage you from making a deposit, it never hurts to check either way.
Waiting time is another crucial aspect of banking options. If you’re in the mood for playing your favorite game you don’t want to be hindered by the waiting time. Fortunately, most platforms will have immediate deposits. Some channels might require hours to be reflected on your account but that will happen in rare cases. When it comes to withdrawals, the waiting time can be a bit longer. If you’re considering different AU casino withdrawal methods and are lucky enough to have a choice, you definitely want to take the waiting time into consideration.
Finally, there’s the issue of the limits. Limits determine how much you can withdraw or deposit on a casino at a time. For example, if the casino has a minimum limit of $20 per deposit, you won’t be able to deposit $15. The more restrictive the limits are, the less convenient it will be for you. If you want to deposit a small sum, you don’t want to be forced to spend more just because of a limit. Likewise, when you are withdrawing, if you’ve accumulated a sizeable amount of money in winnings, you don’t want to be stuck withdrawing it for weeks or months. Although that might sound like a far-fetched idea, there are many payment options that have such low limits that you’d be required to spend months or withdrawals if you hit the jackpot or win big in other ways. Limits definitely can’t be ignored when choosing options for casino banking for Australian players.
Can I get scammed when making payments to the casino?
If you’re worried about scammers, you shouldn’t think as much about the payment option as the platform itself. If you can trust the platform, it will have the support of options that can be trusted as well. Furthermore, the payment providers are usually huge established corporations that wouldn’t be involved in any schemes or scams. The platform itself, on the other hand, could very well be a scam set up to lure in customers and steal their money. As a result, you have to pay attention to it when you’re selecting a casino to sign up on. Most scams give out some clear signs that many individuals have learned to recognize. However, overconfidence can be detrimental. The scammers have gotten smart too and they know how to deceive even the most aware of customers. You should definitely do some research before you sign up and start using one of the AU casino deposit options.
In other jurisdictions where online gambling is legal, we would suggest that you check out the national registry of licensed companies and pick out a casino to sign up on from that list. Regulators put these companies through meticulous vetting procedures, employing their vast resources, before allowing them to operate on the market. Unfortunately, no such resource is available in Australia as providing online gambling services in the country is illegal. There are no companies that can operate in the country under a license. Australia companies can still continue to offer their services as long as they serve customers outside of the country. Individuals who gamble online also won’t face any regulatory consequences. As a result, you have to do your own research to pick out a casino that can be trusted. This is the only way you can be sure that your money is safe and the AU casino deposits that you make won’t result in your money being stolen.
One thing you can do is to see the regulatory status of a casino. Just because it won’t have a license to operate in Australia doesn’t mean that it shouldn’t be registered and regulated in other parts of the world. Using a regulated casino is a guarantee that the platform has gone through some background checks to obtain a license and that it is upholding certain standards that are protecting you as a customer. Of course, not all jurisdictions have the same level of toughness when it comes to giving out the licenses but it’s definitely better than using a casino that is unregulated altogether. You should be able to find information about the regulatory status of a casino on the website. It is usually displayed in the footer of each page. If a casino isn’t providing such information openly, you should think twice before you deposit funds into the online casino.
You can also use the internet to search for information on the casino from other sources. If the casino has been around for some time, you should be able to find plenty of articles about it. If it claims to have received any awards and accomplishments, double-check on other sources that it’s being truthful. It’s also useful to see if the claimed partners mention the casino on their websites. If large-scale providers and established companies also claim the casino as a partner, you can be more relaxed with your choice. It’s never too much to read user reviews as well. Sometimes, you’ll find the most useful information to be the one shared by other gamblers like you. Read what other people’s experiences with the casino have been like. If there are lots of negative reviews, you might not want to deposit money into an online casino AU platform under consideration.
Do I receive a bonus after depositing money?
If the casino that you’ve signed up on offers a deposit bonus, you can claim a bonus after you’ve made your deposit. Nowadays, as competitive as the gambling market is, you should be able to find a deposit bonus on most decent casinos. The bonus itself might apply to your first deposit or repeat deposits, depending on the promotion that the casino has at the moment. As a benefit, you might receive free spins on a particular slot. They will allow you to spin the reels on that slot a given number of times for free. You’ll be able to keep whatever winnings you accumulate from such a bonus. To withdraw those winnings, you’ll have to meet the wagering requirements. The requirements will specify how much you need to bet in order for the payment to be released to you. You should check the whole set of requirements of an Aussie casino payment method bonus before you make any decisions.
Another type of benefit often included in such offers is a match bonus. This type of bonus will match your deposit by a certain percentage up to a particular limit. For example, if there is a 100% match bonus and you deposit $50, you’ll get another $50 from the casino. You won’t be able to withdraw the bonus cash directly, however, you’ll be able to spend it on the games that are included in the bonus. You can keep the winnings and if you meet the wagering requirements, you can withdraw those winnings as well. Such Aussie casino payment method bonuses make gambling more fun and interesting. You should definitely aim high and try to find a platform that offers at least a few kinds of bonuses.