One of the many areas that distinguish online casinos from land-based casinos is generically called banking. Slots Play Casinos covers mainly the online casino market, and banking is possibly the most important aspect of happy and fun gaming at an online casino.
It is safe to say that every ten years or so, the banking aspect of online casino gaming undergoes a radical transformation. So, here we will talk about the evolution of banking for online casinos and what the future might hold.
Banking is Both Depositing and Withdrawing Funds
In order to play at an online casino for real money, you have to deposit some money. Now, one very happy aspect of all good online casinos, such as the 30-some online casinos we recommend, is that they also offer free play, usually unlimited.
While you don’t have to play for real money at an online casino, most gamers do play for real money.
Don’t Players Deposit Money at Land-based Casinos?
Not in the same sense.
At land-based casinos, players used to play with real money that they took out of their wallets. They might buy a bucket of quarters for the slot machines. But these were not deposits.
The Player’s Card “Holds” Player’s Money
These days, players put money on their player’s card. This card gives players the chance to play any game at the casino. To play blackjack, for example, they will trade in money on their player’s card for chips that represent the size bets they wish to make.
So, players have chips that represent money and cash embedded in their player’s card. Players at land-based casinos almost always cash out when they leave the casino.
Depending on where they live and where a casino is, players might come back to a land-based casino once in six months to a year or longer. It is possible that a player who lives close to a land-based casino might just keep the money on the player’s card if he or she intends to come back to the casino very soon. But players have no incentive to do so. Putting money on a player’s card is so simple that it makes little sense not to cash out when a player leaves a land-based casino.
Depositing Money is Imperative for Online Casino Gamers
Since an online casino is always at your fingertips, gamers have very little incentive to try to cash out at the end of a session. Online casino sessions are far shorter and a lot more frequent than sessions at a land-based casino.
At land-based casinos, players come for a long weekend and, having expended substantial money travelling and staying at the casino, they naturally want to spend as much time as they can on the casino floor.
How Did Players Put Money on a Player’s Card in the Past?
Before credit and debit cards became ubiquitous, players often simply used cash. The casino changed the cash for credits or actual coins for the slots. Players could also use money orders or direct bank transfers.
These last two ways to “bring” money to land-based casinos were so unpopular that today they are hardly ever used.
Then, credit cards became a popular way to put money on a player’s card.
Was it the Same at Online Casinos in the Early Days?
Not really.
Players at online casinos cannot use cash.
Players used direct bank transfers to put money on account at the early online casinos. But gamers did not like to use direct bank transfers. There was very little privacy in transferring money from one’s bank to an online casino. When credit cards became widespread, gamers used them to put money on their accounts at online casinos.
Credit cards were also not deemed to be private enough, so entrepreneurs developed the idea of an electronic wallet, popularly called an e-wallet. Where once there was just one, today there are many. Some e-wallets serve mainly the people of a specific country, while others have a worldwide reach.
Depositing at an Online Casino is Called Banking for a Reason
In a very real sense, an online casino is a kind of bank. You put money into your account, and you expect to be able to access the money whenever you want to.
At an online casino, you have to log in with your password. Online casinos are strict about gamers’ passwords. They don’t like gamers to use a password that is obvious. This is just the tip of the iceberg of the ways online casinos protect your money while it is in your account.
In order to protect gamers’ money, online casinos have to use encryption software. The encryption software that top online casinos use is comparable to the same software that actual online banks use.
Online Casinos Need You to Identify Yourself
When you join an online casino, they will ask you to send some proof of your identity. It could be a paid bill or any other form of identification. A lot of online casino gamers do not like to have to submit a form of identification in order to join the casino and deposit money.
But almost any online casino gamer with even a smidgen of experience with gaming online, as contrasted with playing on land, will send in the identification document since online casino gaming is so much better in so many ways than land-based casino play. Let us count the ways:
- There are no travel costs.
- Online casinos are always available, so it is easy to play for just a few minutes at a time.
- Online casinos often offer more games.
- Online casinos offer free play.
- Online casinos offer deposit bonuses often in the thousands of dollars.
- Online casino games pay out more than some games at land-based casinos.
- Online casinos offer great mobile gaming so gamers can play curled up on the sofa or in bed.
- Because of mobile casino gaming, online casinos lend themselves to romance via gaming.
Depositing Money at an Online Casino is Actually Very Simple
You click on “cashier” or “banking”. You give the casino the source of your funds. This could be an e-wallet, a credit or debit card, a direct bank transfer, or a cryptocurrency. Once the casino knows who you are, the process is smooth and simple.
When Did Cryptocurrencies Start Working at Online Casinos?
This started about 5 years ago. Cryptocurrencies are said to offer gamers the most privacy of all. A lot of gamers still do not understand how cryptocurrencies work, so they are leery about using them for banking or any kind of purchasing.
This Leads us to the Future of Online Casino Banking
We think that cryptocurrencies are the true wave of the future in casino banking. A lot of people who don’t understand how they work are getting used to using them. Cryptocurrencies are extremely private.
As government money continues to deteriorate, many people who just incidentally play at an online casino will start to use cryptocurrencies as an alternative to government money.
This might still be far down the road, or it could happen seemingly overnight. Cryptocurrencies did not exist until just a few years ago. It is rumored that one man created the blockchain concept that underlies cryptocurrencies. The imagination of one or a few people will determine how gamers deposit money at online casinos in the future.
Slots Play Casinos Proudly Touts Online Casinos
Just as we see the use of cryptocurrencies growing in the years ahead, we feel that as online casino gaming increases year to year, the viability of land-based casinos will decrease year to year.
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