Online gaming has rapidly increased because of faster internet, mobile apps and easy accessibility. It is now a favourite activity, and skill games are giving way to gambling and playing with money. This involves deposit and withdrawal of funds. It is essential to know the rules and regulations, safety & security of your money and the authenticity of the site.
Countries like UK, Australia, New Zealand and South Africa are gambling friendly nations. There are some countries like the US which have strict gambling regulations. The use of credit cards is not permitted for these transactions.
Deposit and withdrawal of money for gaming can be done in many ways. Some popular methods are given below.
E-wallets are easy and fast. This makes it immensely popular. They have high internet speeds and meagre fees. This is a safe and secure method of depositing and withdrawing money. Many sites offer an additional bonus if you opt for this system. Favourite places are Neteller, Paypal and skrill.
Credit and Debit cards
This method is also fast and safe. Like any other transaction, you will have to give your billing address, card number, expiry date and CVV code. The transfer amount depends on the limit permitted by the company. Master Card, Visa, American Express and Discover are some of the brands used frequently.
These are similar to Debit/Credit cards. They are permitted only on some gaming sites. Sites which accept credit cards usually accept prepaid cards. A significant advantage is that transactions are discreet and personal details not needed. Commonly used prepaid cards are a Paysafe card and Visa prepaid card.
Cash transfer Services
These services are offered by Western Union Money Transfer and Money Gram Money Transfer. This mode of transaction is popular in the US where Credit cards and E-wallets are not permitted. Western Union has over 27000 outlets all over the world. The procedure is simple. An account with the company has to be opened and registered. This can be done with a credit card. The Money Transfer Control Number can be sent to the gaming site and everything processed with an hour. Cash transfer can also be made directly to the office if you do not want to do it online or use a credit card.
Bitcoin was introduced in 2009, and it is an open source digital currency system. A significant advantage is that it is not controlled by any government or entity. Transactions are anonymous. Bitcoins are not accepted in banks, but some companies like Tiger Drive, Virgin Galactic and Zynga have started receiving them.
The rules and operating procedure may vary with each gaming site. They have to be understood well. Some sites may have a limit on withdrawal of winnings. Then it has to be done in instalments. Transactions can sometimes be delayed owing to lack of limit, exceeding the limit in credit cards or amount not showing after transfer. The problem must be found out rather than immediately conclude that a fraud has occurred