Payment Methods and Regulations for Online Casinos

Here, we would like to provide you with an overview of what to look out for when playing online casinos. The reason for this is twofold: 1) to give you peace of mind and let you enjoy your gaming experience; 2) to shed some light onto the efforts undertaken by gaming entities to ensure your protection. These laws and regulations, some of them self-imposed, ultimately serve to protect you as player, and the casino.

There is a significant amount of data exchange between you and an online casino. In addition to your personal information there are also the financial transactions. To ensure there is no misuse of this information, the data has to be protected accordingly during transmission, and this is where SSL encryption comes into play.

This method is used throughout the Internet whenever sensitive information is exchanged. During transmission, your information is encrypted with a 128-bit SSL code and can only be decrypted by the receiver with the same code. When choosing an casino, pay particular attention to their method of encryption. Well-known providers of encryption services include Symantec and Thawte.

Reputable online casinos submit to voluntary audits and oversight by regulating agencies. And this is why: the casino thereby can prove that it has met all conditions set forth in the Gambling Act of 2005 and is in possession of a valid gambling license. You should avoid all other online casinos.

Agencies like the Kahnawake Gaming Commission, oversee the requirements stipulated by the gaming law. They audit the random number generator, payment protocols, and dispute resolution systems. eCogra, an independent authority for the gaming industry, is focused on matters relating to players: fair treatment of players and the timely processing of winnings.

It is hard to imagine any Internet commerce, including online casinos, functioning without the use of credit cards. Credit cards are safe as long as card information does not reach unauthorized third parties. When you use your credit card, you are authorizing another entity to charge a certain amount to your account. Since spending limits tend to be generous, this allows for a fairly flexible financing method — which leads to the only drawback of using credit cards: they must be used responsibly!

E-Wallets are a good alternative to credit cards and offer additional benefits. One advantage of the ewallet is that your personal information resides only with the e-wallet provider. Furthermore, since the e-wallet draws on existing funds, you have complete control over your expenses.

This is how it works: you register with a provider such as Neteller or Skrill and it is there that your personal information will reside. For future payments, you simply provide your registered e-mail and your e-wallet number. You can receive payments the same way — only your e-mail address and e-wallet number are required.

Debit cards are the opposite of credit cards as their use is based on your account balance. Payments are drawn from existing funds in your account, which gives you control over your transactions. Debit cards are available through most credit card companies such as Visa.

Pre-paid cards work a bit differently. Well-known providers of these cards include Ucash or Paysafe. Pre-paid cards can be purchased at kiosks, gas stations, or grocery stores and can have up to 500 €. Once you purchase your card, you will receive a code that you will provide when you make a payment. The amount is then paid to the provider.