The entry of the web back in 1994 has led to significant technological leaps in various industries in the past two decades. The gambling industry is among those that have taken massive strides during this time to see their client base grow in the hundreds of millions due to encouraged reachability from all across the globe. The niche is made even more attractive by the inclusion of real money gambling services alongside free to play games. And hence we decided to speak with Sportsbet in order to ensure that we were able to get the best possible information regarding the topic.
Online gambling destinations take a different direction when it comes to the transaction of money with players. Since these operations provide their services online with no physical locations, it is not possible to make payments using real bills like one would in a brick and mortar casino. This issue is easily solved by the fact that the financial sector has developed at a similar pace as thriving industries like that of gambling to facilitate the conduction of business on the web. However, the safety of these virtual money transfer channels is widely questioned by gamers, even when playing free bitcoin games.
One of the biggest concerns for punters before they head on to engage in online real money play is the security of their payment information. Even with the burgeoning popularity in the use of the internet for nearly everything today, most people have confessed their scepticism when it comes to making an online payment. A good percentage of them even state that they would engage in more real money play if they did not feel vulnerable when leaving such sensitive data online. These concerns are warranted considering the numerous horror stories that are told of personal and financial theft.
As per a research conducted by the European Central Bank, more than seventy per cent of money transactions are carried out online, and they account for more than fifty per cent of fraud cases per year. Big retailers such as Home Depot have not been spared from this crisis, which explains why a small player in the mix such as punters would question their safety.
Money Transfer Security
Web payments operate as part of a larger entity referred to as EDI, which is an abbreviation for electronic data exchange, that is used in the general transaction of information online. Cashier channels tend to draw the most traffic due to their cash transfer capabilities. However, there aren’t any measures in place to filter who gains access to these systems, which leaves them open to entities conducting legitimate transfers along with those that are illicit. When EDI was first established, it was limited for use in business-to-business transactions. However, the rising popularity of online casinos and other services led to the adaptation of B2C as well, which means business-to-customer.
Due to the lack of a general safety measure, the responsibility of ensuring the security of internet money transfers is left to individual channels, and some of those that have applied effective ones thus far include;
Credit and debit cards
Debit and credit cards like Visa and Mastercard have been dominating the finance industry for decades, even before the entry of the internet. Therefore, it is no surprise that they line up among the entities exploiting the web as an operational ground. These companies do not store money such as banks do, but they issue cards that are used as a platform for transactions between different parties. These forums account for a large percentage of online transfers, and it is said that more than ninety per cent of web companies would not be able to stay afloat in the current business world without their inclusion as a payment method.
Mastercard, Visa, and other revered names in the category carry the security of their clients with high regard to maintain their power positions in the industry. As a way to assure players of the safety of using their services, these credit and debit cards demand all their affiliated casinos abide by data security standards put in place by PCI, which stands for Payment Card Industry. This protocol has strict measures in place, one of them being the use of application of a two-step verification procedure. The first step is the entry of the usual passcode one usually uses along with a one-time code that is sent to one’s registered telephone number. That way, scam artists are denied access to funds even if they are aware of the card’s number.
Even with these measures in place, Visa and Mastercard are not slowing down in their bid to offer secure gambling considering that the online platform is continuously seeing technological advancements. The most recent inclusion is the 3D secure protocol that not only assure security but also simplicity in transactions. A second-generation series of this protocol is already underway that replaced the usual passwords with one-time codes entirely. Additionally, this 3D version will allow the access of accounts using biometrics seeing the recent surge in the use of smartphones, tablets, and laptops that use facial and fingerprint scanners such the iPhone X and Samsung Galaxy S10 plus. These changes are necessary considering frauds and scammers are also constantly exploiting new ways to conduct illicit transactions.
EWallets
EWallets are famous in online gambling destinations for having the fastest transfer speeds that last between zero and forty-eight hours. This period is not definite and can be longer for some casinos. Some of the most popular methods that fall under this category include:
- PayPal
- Neteller
- EcoPayz
- Skrill
- Google Wallet
- WebMoney
- Yandex Money
- Ewire
- Todito Cash
- Nordea, etc.
These options, also known as digital wallets, operate in an almost similar fashion as credit and debit cards in the sense that they act as a medium for users to send cash to and from banks and online businesses. However, unlike the cards, options like PayPal allow the storage of money online, which can later be transferred to the user’s pleasure.
The transfer of cash using digital wallets can easily be done with the click of a few buttons, which might lead to questions about security. In such cases, the safety of money’s destination also matters, which is why security marks are tabled as identifying factors. Seals from VeriSign, PayPal, SSL, Mastercard SecureCode, and others are indicators that a gambling destination is worthy of conducting real money business with for both deposits and withdrawals. In the case of PayPal, players’ banking information is not revealed to the gaming site, which means that it can’t be traced back to one’s account.
Cryptocurrencies
Cryptocurrencies are the latest forms of money to enter the financial sector that are considered worthy competition for conventional money. Unlike normal currencies that are developed by central banks of different jurisdictions, digital currencies are produced using cryptographic mining protocols. Therefore, they are not under the control of any government or bank. Additionally, it does not have a physical form and can only be transacted on the web. Bitcoin was the very first of these currencies and has since paved the way for the creation of others such as Bitcoin Cash, Ethereum, Monero, Litecoin, and Dogecoin.
When it comes to security, cryptocurrencies knock out all other modes of payments. Since the user is their own bank, they have the power to monitor the money’s every move. Additionally, they are stored in remote locations online on a blockchain, which makes it nearly impossible for one to be hacked and robbed.
Final Remarks
Online casino payments security is relative and depends on the mode of payment used along with the gambling destination that one chooses to engage in business. The channels mentioned in this review have some of the best security measures in place, which make them trusted options.
