We are living in the digital era, and it’s particularly attuned to the sound of casino and bingo deposits, an industry worth Billions in the UK every year. However you look at it, that’s an impressive market for payment gateways like Visa and MasterCard, e-wallets like PayPal, Neteller and Skrill to be apart of.
As shown by the UKGC Industry Statistics pie chart below, non-remote Bingo gross gambling yield (revenue) makes up 4.7% of the total revenue for the UK gambling sector. This equates to £677.82 million in non-remote Bingo, and a share of the remote sector’s 38.8% share- £5,633.21 million of revenue- in 2018 or as Statistica, 2019 credit it specifically just for remote Bingo, a 1 billion contribution to the UK’s gambling revenue.
Payment gateways work by securely processing your payment to the casino, online, earning revenue from transaction fees charged to the merchant, costing the bingo player nothing directly.
As online has taken over every industry, the competition for customers between bank payment gateways, e-wallets and more recently cryptocurrency has grown. This was once a market that only the banks dominated and fight hard to remain at the top.
There’s even been a flurry of systems being created to assist those who are cash dependant but want to shop and gambling online. Paysafecard’s and cash vouchers can be brought in shops. Boku allows your phone credit to be charged- although at a high fee. In general, online payment systems have flourished with great success, but which is most prominently used by players for depositing, particularly those dedicated Bingo fans spending over 1billion pounds per year?
The answer is, as it has been for many years, still Debit and Credit Card namely, Visa and Mastercard. Both are traditional, trusted and also accepted everywhere. They make casino deposits easy, instant and trouble-free, but you will have to enter your card details directly to the Bingo site, which some players feel is too inherently risky, despite the insurance and consumer guarantees against fraud offered by both suppliers.
For the more safety savvy customer, e-wallets are a better choice but are still not the most used. E-wallets eliminate the need for entering banking data into third-party sites as they process your payment, working like a wallet, you only hand over the cash and none of your data.
Also offering greater privacy, as the details of how you spend your cash are not divulged on your bank statement only the transfers to the e-wallet, which are fee-free, and provide instant transactions. Equal rivals, they are a set to challenge Visa and MasterCard for their casino top spot in coming years as customer migration takes place.
However, currently, they’ve been slower to gain traction in the UK, especially newer options like Skrill and Neteller, which also pose additional casino consideration in that:
- Some bonuses do not allow e-wallet deposits, whereas all allow for Visa and Mastercard.
- Even though PayPal is popular in the UK, not all Bingo Sites accept it or other e-wallets- check our Bingo site to find a PayPal Bingo Site.
- Neteller has recently withdrawn from the US casino market.
There’s been a lot of hype of cryptocurrency in recent years, but its use is very limited in UK bingo sites. It has seen some use at online casinos, especially newer ones seeking a USP. It is still far too rare in the market to be considered a rival or favourite deposit option for Bingo players.
If you’re not sure whether you want to deposit with Visa or MasterCard or an e-wallet, consider whether you want to enter your bank card details into a Bingo site or not and whether the privacy benefits are important to you as these are the most defining differences between the two most popular payment methods at Bingo Sites. You can also read our in-depth guide to different Bingo site payment methods here!
Don’t forget that the best Bingo sites also reward players for deposits so check out the promotions at our top sites before making a bingo deposit.