Payment systems in gambling and betting

Publication date: 10 Oct 2023

In today’s world, online gambling and betting have become incredibly popular forms of entertainment. However, in order for players to make deposits and receive their winnings, an efficient and secure payment system is required. Let’s take a look at what a ‘payment system’ is, as well as examine the most popular methods of making transactions in gambling and betting.

Payment system. What is it and how does it work?

A payment system is a set of software and technical solutions that provides electronic payments between two or more participants. It allows users to transfer funds via the Internet without the need to use cash or bank cards. Payment systems protect customer data, ensure confidentiality of transactions and speed of funds transfer.

In gambling and betting, payment systems play a key role since they allow players to make deposits to their gaming accounts and withdraw winnings. They provide security and convenience in transactions and offer various deposit and withdrawal methods to suit the needs of different players.

Let’s take a look at some of them:

Skrill

Skrill is an e-wallet that is widely used in the betting and gambling industry in many countries around the world (EU, CIS, Asia, Latin America). The company was founded in the UK in 2001 under the name Moneybookers. In 2010 the company changed its name to Skrill. Skrill has become one of the most popular and widely used electronic payment methods.

Skrill works in the majority of countries worldwide, however there are a few countries where its use is restricted or unavailable. Some of these countries include: Cuba, Iran, North Korea, Sudan, Syria and Crimea.

What currencies are available with Skrill? Skrill supports over 40 different currencies including: euro, US dollar, pound sterling, Japanese yen, Canadian dollar. It is possible to deposit to your Skrill e-wallet via bank transfer, credit or debit card.

To make a deposit at an online casino or bookmaker, there are two ways to do this – create a Skrill account on the site or get a card, valid in many countries.

Via credit or debit card, bank transfer or deposit, the payment is processed instantly. If funds are deposited directly from a bank account, the transaction can take 2 to 5 days. When withdrawing funds, the process is carried out in the same way the player topped up the account and takes approximately the same amount of time. As an example, withdrawing money from Skrill can be done instantly from any ATM, but if you transfer money to your bank account it can take between 2 and 5 working days.

Skrill ensures a high level of security when transferring data. It utilizes secure SSL encryption technology. Additionally, users are encouraged to use Google Authenticator two-level authentication for added protection.

Skrill is a reliable and convenient payment system that provides players in the betting and gambling industry with easy and secure ways to make financial transactions.

Pros of Skrill:

1. Ease of use: Skrill offers a simple and intuitive interface, making it easy to use even for beginners.
2. Fast and convenient transactions: Skrill provides instant transfers between users.
3. International Support: Skrill operates in many countries around the world and supports dozens of currencies, making it suitable for international transactions.
4. Confidentiality: Skrill offers a high level of privacy as users are not required to disclose their banking or card details when making payments.

Cons of Skrill:

1. Restrictions: In some countries, access to Skrill is limited or unavailable and there are restrictions on transaction amounts and withdrawals.
2. High fees: Skrill charges fees for some transactions such as top-ups and withdrawals, which can be frustrating for users, especially for large amounts of money.
3. Lack of support in many services: Although Skrill is supported by many sites, there are still many platforms not accepting Skrill as a payment method.

Neteller

Neteller is another payment system that is widely used in betting and gambling. Neteller was founded in Canada in 1999. However, in 2004 the company moved to the Isle of Man, which is an overseas territory of the UK. Neteller is now an international company that provides e-wallet and online payment services in various countries around the world. There are a few countries in which Neteller does not operate. These countries include: North Korea, Afghanistan, Central African Republic, Iran, Iraq, Libya, Somalia, Sudan, Syria, Yemen.

Neteller supports several currencies for storing money and making transactions. Here are some of them: US dollar, euro, pound sterling, Canadian dollar, Australian dollar, Japanese yen, Indian rupee, Brazilian real, Russian rouble, Chinese yuan.

Currently, the Neteller service is favoured in more than 200 countries and is integrated into the websites of many casino operators and bookmakers. It is one of the most convenient tools for online payments, offering over 60 deposit methods and five different withdrawal methods, including bank transfers, bank withdrawals and online shopping.

For top-ups, processing is instantaneous and the current balance is updated within a few hours. However, withdrawal time depends on the chosen deposit method and, on average, takes from a few hours to 2-3 working days.

Neteller e-wallet, similarly to Skrill, provides security of payments with the help of SSL-encryption technology. Information about users is stored on protected servers, access to which is available only to specialists with a high level of privileges. The company strictly adheres to all security standards and operates in accordance with the requirements of the UK Financial Conduct Authority (FCA). Moreover, regular audits are conducted by auditors to ensure that the company meets all the necessary security standards.

Pros of Neteller:

1. Ease of use: Neteller provides a simple and intuitive interface that allows users to carry out financial transactions quickly and easily.
2. Fast transactions: payments through Neteller are processed instantly, which allows users to send and receive money instantly.
3. International transfers: thanks to its global network, Neteller allows users to send and receive money all over the world without the need to open a bank account in each country.
4. Confidentiality: Neteller provides a high level of privacy and protection of user data using advanced encryption technologies.
5. Variety of deposit methods: Neteller offers a wide range of deposit methods including credit cards, bank transfers and electronic payment systems.

Cons of Neteller:

1. Restrictions and fees: Neteller charges some fees for certain transactions such as deposits and withdrawals. Besides, there are restrictions on the maximum amounts of transfers and cash withdrawals.
2. Limited access: Neteller may not be available in some countries or may have restrictions on use.
3. Not supported in all online casinos and betting companies: although Neteller is widely accepted in many online casinos and betting companies, some sites still fail to support this payment system.

Pix

The PIX payment system was developed by the Central Bank of Brazil and launched in November 2020. It is a digital payment infrastructure that simplifies and speeds up money transfers between individuals and businesses. Pix is widely used in Brazil and has become one of the most popular payment systems in the country.

The currency used in the PIX payment system is the Brazilian Real (BRL). Currently, PIX does not support other currencies.

PIX operates only in Brazil and is available to anyone with a Brazilian bank account. The system offers the ability to make instant payments 24 hours a day, 7 days a week, without the necessity to use intermediate banks or payment intermediaries.

The advantages of the PIX payment system include:

Instant transfers: money can be transferred instantly and is available to the recipient immediately.

Accessibility: the system is accessible to all users with a Brazilian bank account, regardless of bank.

Convenience: transfers can be made through mobile apps or online banking, making the process fast and convenient.

Some of the disadvantages of the PIX payment system include:

Restriction to use only the Brazilian Real (BRL), which limits the options for international transfers.

Potential for fraud: as with any other payment system, there is a risk of fraud, so you need to be cautious and only provide payment information to trusted individuals.

Visa

The Visa payment system was founded in 1958 in the USA and today it is one of the most popular and widespread payment systems in the world and in the betting and gambling industry.

Visa supports the use of a variety of currencies including US dollars, euros, pounds sterling, yen, yuan and other global currencies. This allows customers to use their Visa cards worldwide without the need for currency exchange.

With Visa’s payment system operating in over 200 countries and territories around the world, it is very convenient for international transactions. A variety of card types are also offered by Visa, including credit and debit cards, allowing users to choose the option that best suits them.

The pros of the Visa payment system include:

1. Availability: One of the major advantages of using Visa is its wide availability. Visa cards are accepted at almost all online casinos and betting shops, making this payment system very convenient for players.
2. Convenience: Payment with Visa cards is instant and easy.
3. Security: Visa cards provide a high level of data and fraud protection. Customers receive SMS notifications of every transaction, which allows for quick detection of any suspicious activity.
4. Bonuses and discounts: Many Visa cards feature various bonus and discount programs that allow customers to save money or receive additional benefits.

Some of the cons of the Visa payment system include:

1. Fees: Some banks and payment systems may charge a fee for using a Visa card or making transactions in other currencies.
2. Restrictions: Some countries or locations may have restrictions on accepting Visa cards or on the number of payments. List of countries: Syria, Libya, North Korea, Crimea, Sudan, Cuba, Iran.
3. Network dependency: In case of network failure or payment processing problems, there may be a delay or refusal to process transactions.

Overall, the Visa payment system provides a convenient and secure payment method that is widely used around the world.

Which online casinos and bookmakers accept Visa?

• Bet Andreas;
• Cafe Casino;
• Betera;
• Biamo.bet
• Kwikbet.

MasterCard

The MasterCard payment system was created in 1966 in the USA and is one of the largest and most widely used payment systems in the world. MasterCard cards are also widely accepted in many countries and are used for various financial transactions at online casinos and bookmakers.

MasterCard accepts payments in a variety of currencies including US dollars, euros, pounds sterling, Japanese yen and others. This allows users to use MasterCard for purchases and cash withdrawals worldwide without having to exchange money.

MasterCard operates in almost every country in the world. It is accepted in over 210 countries and territories, making it one of the most widely used payment systems.

MasterCard enables users to quickly and easily fund their gaming accounts using their bank cards. To do so, you need to link your card to your account on a BC or online casino site, after which you can make deposits with a few clicks.

However, it is worth noting that some countries and platforms may have restrictions or bans on the use of MasterCard for gaming transactions. Therefore, it is essential to get acquainted with the terms and conditions of a particular platform or provider before using this payment system.

• Which payment systems are blocked in Russia? Look for details on 3SNET.INFO.

The pros of the MasterCard payment system include:

1. Global presence: MasterCard is accepted in almost every country in the world, making it convenient to use for travelling or international transactions.
2. Security: MasterCard provides a high level of data security and offers innovative technologies such as embossing and chips to prevent fraud.
3. Diverse features: MasterCard has a range of card types such as credit, debit and prepaid cards, as well as loyalty programs that let users earn bonuses and discounts.

Some of the cons of MasterCard payment system include:

1. Fees: Some banks and payment systems may charge fees for using MasterCard cards or conducting transactions in other currencies.
2. Restrictions: Some countries or shops may have a restriction on accepting MasterCard cards or a limit on the maximum payment amount.  List of countries: Syria, Libya, North Korea, Crimea, Sudan, Cuba, Iran.

Overall, the MasterCard payment system offers convenience, reliability and wide coverage in the betting and gambling industry. It allows players to quickly and securely carry out financial transactions on their gaming accounts.

PicPay

PicPay is a Brazilian payment system founded in 2012. It was created as a mobile application that provides the possibility to make online payments and money transfers.

The currency used in the PicPay payment system is the Brazilian Real (BRL). It is intended for use within Brazil and does not support other currencies.

PicPay only operates in Brazil and provides no services outside of Brazil. Therefore, this means that users from other countries will not be able to register and use this payment system.

With PicPay, users can quickly and easily top up their gaming accounts using their bank cards or the balance on their PicPay account. In order to do this, users need to link their PicPay card or account to their gaming account. PicPay also features a QR code function for quick and easy payment of goods and services.

Pros of PicPay payment system:

1. Ease of use: The PicPay app has a simple and intuitive interface, making it easy to use for all users.
2. Fast and convenient payments: PicPay allows you to make fast and convenient online payments and money transfers through the mobile app.
3. Ability to split expenses: Users can easily share bills and expenses with friends and colleagues, making it easier and more convenient to pay joint purchases or bills.
4. Loyalty Program: PicPay provides a loyalty program where users can get cashback and other bonuses for using the app.

Cons of PicPay payment system:

1. Limited geographical coverage: PicPay only works in Brazil, which limits its use for international payments or transfers.
2. Currency restrictions: PicPay’s payment system only supports the Brazilian Real, making it unsuitable for use in other countries or with other currencies.
3. Limited business options: PicPay is mainly targeted at private users, and it has limited options for business payments and commercial activities.

In general, PicPay is a convenient payment system for users in Brazil that offers easy and fast online payments and money transfers through a mobile app. However, it is not suitable for use in other countries and does not support other currencies.

Each of these payment systems has its own features and advantages. They are available in different countries and are favoured by users depending on local conditions and preferences. When choosing a payment system, it is important to consider its availability, fees, level of security and ease of use.