How Payout Speed Varies Between Payment Methods in iGaming

iGaming can be highly affected by payout timing, and waiting for funds to reflect either way can be a very tiring process. Besides the processing times and the hassle of all the fees, you’ll want to know you’re transacting with a safe payment mechanism to guarantee the ease of the process. The best casinos will minimize the time between withdrawing funds and them arriving back in your payment account and offer reasonable minimum withdrawal or deposit amounts for your style of playing. 

The platform itself is only part of the puzzle, however. You also have to ensure that you select a payment mechanism that suits the kind of transactions you prefer making and the kind of wait times involved. 

While there are pricing and time differences between cryptocurrencies, eWallets, and banks, there are also obvious benefits to choosing the right kind of methods for your style of play.

Crypto

Cryptocurrency is widely being adopted by many casinos with fast payouts: its fast transaction times mean players can credit their account and withdraw any winnings almost instantly. Add to that hassle-free transaction limits with minimal amounts of red tape, and it’s clear to see why cryptos are so popular in iGaming. 

The fast-paced protocol that coins like Ripple and Ethereum use helps to ensure that your encrypted transaction will go through quickly and smoothly to the desired account without a hitch. 

However, players should also consider which crypto wallets they’re going to use to store and use their funds and which coins they’re going to buy/play with. Each one will have different fees and limits, but the idea is to use cryptos that are both popular in terms of where they’re accepted, as well as the amount of people who have invested in them. The more people invest in a cryptocurrency, the greater its market cap becomes, or in other words how much influence it has on the marketplace. 

But, fast, reliable, anonymous transactions with cryptocurrency will only be a success if the coin has been stable over longer periods of time, as volatile coins can greatly impact the value of your winnings, either positively or negatively. 

It’s also worth considering how widely accepted the coin is. The more casinos it can be used at, the better suited it is for online gambling; one of the key factors to any currency is its ease of use. Although they’re always fast, transaction processing times do vary between different coins. Some offer near-instant payments, whereas others can take 30-60 minutes. In either case, it’s still much faster than traditional bank transfers.

Banks

While banks are generally regarded as one of the safest options for direct deposits, they often tend to be slow and costly. There are a number of different ways to reduce the amount of wait time between transactions, like making a direct transfer from your bank account, such as a Citigroup or Chase account, which takes about 2-3 days. 

Now due to the heightened amount of red tape often associated with traditional banking, the transactions tend to take a little longer. This is due to the fact that the distance between the casino and the cardholder may have a substantial difference in terms of how much time the banks take to process the transaction. You should also note that the actual registered license and territory for the casinos are subject to mandatory inspections which means your bank could take longer to clear the funds into your account, both with regards to deposits and withdrawals.

Cards

Using credit cards over debit cards can be an interesting decision, but remember to limit the number of casinos you have regular transactions. This will help to make each transaction a lot more manageable. Credit cards are often a lot quicker because the banks have more collateral on the money spent by the credit card holder, which also usually means shorter wait times for deposits and, technically speaking, withdrawals. 

Using a credit card for local transactions, especially in light of the numerous new casinos opening across the United States due to the 2018 amendments to gambling legislation, offers clear advantages. Transactions between local accounts are typically processed faster by local banks, often within 2-3 days. This is particularly relevant in the context of the American banking system. Ensuring regular, reliable payments can streamline your transactions, contributing to smoother financial operations. Additionally, it’s wise to limit the number of credit cards you use. This practice not only simplifies your financial management but also helps in maintaining a healthy credit rating.

E-wallets

E-wallets vary a lot in terms of their pricing, set-up process, and transaction times. Some, like PayPal, are ideal for conventional transactions across local accounts in the US and don’t take that long, roughly 1-2 days. 

That could mean that you need to shop around for local casinos or choose your e-wallet wisely. Some, like Wise, offer greater flexibility in terms of regular banking functionality but are a little more pricey when it comes to making frequent transactions from regular banks to the e-wallet account. They do however make usability between your account and more conventional banking practices a lot cheaper via a conventional banking card that you can use, which does wind up being more flexible than the PayPal equivalent.