Banking Systems at Online Casinos:

Here, we describe how online casinos receive their payments, pay their bonuses and other casino banking related subjects.

Deposit Methods

The most widely used way to pay through the internet is to use a credit card. Online casinos, as most other internet companies kindly accept credit card payments from all major credit companies, such as Visa and MasterCard, but despite this, if a Northern American resident will try to transfer his money this way to an online casino, he is very likely to see his transaction rejected. Online casinos are not culpable in this, they want to receive your money much more than you want to send it, but to retrieve money from a credit card, an online casino is obliged to send a 7995 transaction identification code, which means that money is used to purchase tokens for the purpose of Internet Gambling. Most banks do not make any further examination when receiving such code, but reject the high risk transaction automatically.

Therefore, online casinos offer a wide range of alternative payment methods. The most popular of these are so called electronic wallets, such as PayPal, FirePay or Neteller. Electronic wallets allow internet users to deposit money to their account through a credit card and then use it for any kind of Internet payments. In this case, the credit card transaction is identified as a pseudo-cash transaction and is allowed by all banks.

Other than electronic wallets, online casinos also receive payments through Western Union. Such payment can either be done online at Western Union site or at any Western Union office. A player can also pay with various types of electronic checks, band draft or wire transfer.

Cash Bonuses

Probably the most attractive feature of online casino is that they give bonuses. No land base casino will ever do that because of many reasons, with the most important of them being the fact that having about the same house edge as casino sites, brick and mortar casinos have immense expenses, such as a lot of personnel, equipment and building maintenance, bills and much more.

Bonuses can be paid in three different forms: no deposit bonus, fixed sum bonus on a deposit and a percentage of the deposit made. The latter bonus is the most common form of online casino bonuses. A new player, making a deposit within the limits determined by the casino, receives a bonus that represents a certain percentage of the first deposit sum. Other bonuses are quite rare, but can still be found at some online casinos. Some of them may give you a small sum, such as 10 or 20 dollars for only signing up and downloading their software. Others require a player to deposit a certain sum of money and give him a fixed bonus, which does not increase if the player makes a larger deposit.

However, none of these bonuses can be withdrawn immediately after the reception; otherwise casinos would not attract players, but would give away money to everyone who wants. A player must wager the amount of bonus a certain number of times to be able to cash it out. In other words, a casino pays you a bonus only to receive it back through the house advantage of its games. At least, you can play a number of games for free and have fun, which is not so bad, taking into the account that land based casinos do not give you even that.