According to many gambling news articles, credit cards are the most popular payment method among casino users. This resulted from people’s switch to digital transactions instead of using fiat money. Bank cards are a convenient and fast way to pay for any product or service.
Credit cards caught on in the gambling industry as well. First, they are accepted by the majority of casinos. Secondly, users have already got accustomed to them, which helps them to deposit at online casinos quickly.
However, strict gambling regulations and banks’ fear to work with operators have a direct influence on this payment method. In this article, we will consider credit cards’ role in the iGaming vertical, obstacles, which operators face while implementing them, and the future of such cards in gambling.
Facts about credit cards as the most popular payment method
According to recent polls, credit cards rank first in the rating of the most widely used payment methods. Only five percent of all deposits on casino websites made via a debit card, one percent – via prepaid cards, while eighty-one percent of players use credit cards to replenish the balance. Forty-five percent of those gamblers who use credit cards have it as the only payment option.
Another interesting fact from the recent survey is that players with such cards replenish the account at online casinos by twenty percent less on a monthly basis than those who prefer various methods. Usually, players have a separate card for gambling, and the majority of them have only one credit card that they use at virtual casinos (85%). Eleven percent use two credit cards for gambling, two percent – three cards, 1% – four or more.
These data reflect a broad picture of the role of credit cards in gambling. Undoubtedly, it is a widely-applied payment option. Operators implement it on websites as customers seek it in most cases. Although new technologies, such as blockchain, leak in the casino market as well, those who have tried the convenience of cards don’t want to use something new. Even the popularity of blockchain stocks can’t make experienced gamblers change this deposit and withdrawal method.
Recent regulations connected with credit cards in gambling
While players choose credit cards as the most convenient payment method, both banks and state gambling regulators continue to fight against their usage for such purposes. Among the countries, which have already gone on the war-path, are the following: