The Industry as a Whole
Online gaming is a large source of income, working in over 40 states and creating approximately 90 billion dollars, according to the American Gaming Association. For an online casino over 70% of the money it earns is through online payments. These payments are handled by a number of different providers, the most used being Sightline Payments, Global Cash Access Inc, and Global Payments.
Types of Services
There are several ways that money can be transferred. Here are some of the most commonly used methods of payment.
- Credit cards are one of the most popular methods of payment online. This allows players to play up to a limit that is decided by the card issuer. Most of the time, there is about a 6% fee for processing this type of transaction. Debit cards, on the other hand, allows a player to play until they reach their debit limit, which is usually higher than an ATM limit. The debit card also benefits from a lower processing fee, usually running about 3.5%.
- ATM transactions are similar to a debit card, except the transactions are limited to $300 a day. This method is great for those who end up spending too much money when they play, stopping them automatically from going too far. A $4.00 fee is usually charged for this type of transaction.
- Check cashing allows a player to receive a check from the casino and then cash it at their own convenience. Since the check is cashed at the player's bank, there is typically no fee attached to it, however some locations may take up to 6%.
- Gaming credit can also be purchased, which does not add any fee to the player. This allows credit bureaus to get credit information so that they can extend markers or credit.
Types of Fees
Of course, putting in and getting money is not as simple as it used to be. There are several fees that can be charged when you take out money.
First, the casino will take out a certain percentage of your winnings for a processing fee. This is common with most sites that deal with money in some shape or form. If the process requires another name, like Visa or MasterCard, there may be additional fees by that company. This also goes for debit card transactions as well.
Other fees include operating expenses, interest expenses, and check cashing expenses. Each one of these has their own rules and fees, so be sure to research what may be taken so that you are prepared when you decide to take your money out. Choose the best method that is safe and is the cheapest for you when you transfer.