Payment Transparency in Online Gambling: Why Honesty Is the Best Policy
First online gambling platforms appeared in the ‘90s, and after almost 30 years of improvement and innovations, the one thing players still have issues with is the payment transparency.
Nowadays, people from all over the globe can gamble online from their home through online casinos, by simply signing up with a casino website. For the inexperienced, its best to play for free using demo coins. This allows them to:
- Understand the betting system
- Get familiar with all the betting fields
- Learn new strategies
- Prepare for the real money gameplay
Gamblers trust casinos and regulatory authorities. Even though hosts are obligated to clarify the odds of winning, wouldn’t it be a lot more convincing if players could really see that there are winners out there? There are some methods allowing this and we are going to reveal them to you today.
Payment Transparency in Online Gambling is Imperative
As the online gambling industry is one of the fastest growing industries in the world, there is always room for improvement and the time has come for transparency to move to a whole new level.
For those who decide to deposit their cash into their casino account, there are several ways to do so:
- Credit or debit cards
- Offline payments (eCheck and Bank Wire)
The variety here is essential as most of the gamblers do not have access to each of these methods. There are two main differences between all of them, they are:
- Processing time
Bank Wire and eChecks take the most time and usually have the highest fees. But some people still stick with them because they were used back in the days when the online gambling industry appeared.
Credit and debit cards preceded E-Wallets. Even though cards are used to deposit money to E-Wallets, many employees nowadays receive their payments directly to their PayPal, Neteller or Skrill.
Because they do not need to be connected to a bank, fees and waiting time are reduced. PayPal is one of the fastest online payment options, and we advise you to check the info about it here:
The Most Transparent Payment Platforms
With cryptocurrencies, we also come to the most important topic which is transparency. Cryptocurrencies are based on the blockchain technology.
Of course, licensing agencies and regulatory authorities make sure that players and their funds are safe.
Knowing that winnings get paid and that you have the same odds of winning as everyone else is what drives people to gamble. Besides the entertainment factor, of course.
What every gambler needs to be aware of is that every host has the “advantage” over players called the house edge.
The edge differs, depending on the game and the casino. It can vary from anywhere between 2% and 20% in most cases.
Casinos that are 100% based on the cryptocurrency, backed by the blockchain technology sometimes claim to have 0% edge over the players. You are probably thinking that there it can’t be possible, but here’s how they do it:
Some companies develop their own token which is used to make deposits, withdrawals, and place bets. Because of the cryptocurrency market, their token has value based on buy and sell prices on cryptocurrency exchanges such as Binance, Bitfinex, Bittrex and many others. However, the risk factor here plays a huge role as it is known that the entire market is extremely volatile meaning that tokens can go up and down in value in short time periods.
Many online casinos are implementing cryptocurrency deposits. The two most popular are:
Keep in mind that these casinos still have the edge. But the advantage is that fees and waiting times are usually lower than with any other method.
Anonymity often comes along with transparency which is yet another reason to use the blockchain technology for gambling.
Should I Switch to Blockchain Casinos?
All the information that goes into the blockchain system is saved in blocks, with each new block containing information about the previous one. This makes it impossible for anyone to change old data or manipulate with it in any way.
The key here is that all the data is visible to all the players. This makes it the most transparent form of real money gambling.
On the other hand, authorities and licensing agencies are doing a pretty good job at keeping all bettors safe and their money secure. They do this by watching every move or transaction a casino makes.
In the end, it is good to always stay informed about new things that appear in the industry and go with the most convenient way for you. Try to have as much fun as possible, and gamble responsibly.