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In modern times, almost everyone has become used to buying something online. In order to buy something online, you have to find some way to pay for it. The same holds true when you buy the right to play casino games for real money at an online casino such as Springbok desktop or Springbok mobile casinos.
At most online casinos, the act of depositing money or withdrawing money are called “banking”. Every reputable casino—which means a casino that is regulated by a recognized regulatory body and is periodically audited by a different, independent body—uses the most sophisticated method for the protection of their players’ money. This protection is the same that online banks, investment firms, and large internet corporations use to protect their customers’ money.
It is called encryption and it simply means that it scrambles the input and output—which may be any manner of information including the exchange of money—so that only the customer and the company can “read” the information.
Encryption is the first area of online casino banking that all gamers need to be aware of.
These are the methods or companies that people can and do use to transfer money across the internet.
The first are possibly the best known and understood methods available to online casino gamers: credit and debit cards.
Credit cards have been around for several decades. At one time, a person needed a good credit rating to own a credit card. These days almost everyone can get a credit card and can use it for almost any purchase as long as they don’t abuse the privilege of using the card.
With a credit card, most gamers have in theory at least an unlimited amount of money that they can send to an online casino for the privilege of playing the casino’s games for real money. In fact, most people have a money limit on their cards. That means that at some point they might use up all the available credit on the card in the same way that a person might use up all the space available on their computer’s hard drive.
These cards are quite different than credit cards. On a credit card, on the available money is already “sitting” on the card. With a debit card, there is only as much money as the player has previously put on the card.
Many responsible online casino gamers use a debit card as a sound way of managing their gaming bankroll. If you set your limit at R1000 per week, you can put exactly that amount on your debit card and use only the money that is on the card for gaming purposes.
The debit card is easy to use and many players say that it is indispensable as a way to best control their gaming budget.
Ewallets came into being as another way to make it easy to transfer money from one bank account to another as from a person’s account to their online supermarket or form one buyer to one seller on an online trading network.
The same idea applies to online casino banking via an e-wallet.
In order to use an ewallet, a player has to send money from their bank account to the ewallet. So, many people ask why anyone would do that instead of sending the money directly to the casino from their bank account.
The answer lies in people’s desire for privacy and anonymity. When you send money from your bank to the casino, there is really only one thing you can do with the money: play online casino games for real money. When you send the same amount to an ewallet, there are a thousand things you might use the money for.
Some gamers prefer that extra layer of anonymity when they really just want a few private minutes per day or week playing slots, blackjack, video poker, or bingo.
Ewallets are like every other method that people can use to transfer money through the internet. An e-wallet also needs to be verified by an independent body that it is safe and secure behind the same type of encryption we spoke about earlier.
This is a simple, online transfer of money from your bank account to the casino. You don’t need a credit card to make a direct deposit. The only reason some people don’t use this method is that they don’t want the information to appear on their savings or checking account database.
It is also slightly less convenient than using a credit card, debit card, or e-wallet since the latter three methods are available directly on the casino’s home page whilst to make a direct deposit you have to go to your bank’s home page and then on to your account and make the transfer from there.
This is the most famous of the one hundred or so cryptocurrencies in “circulation” at the present time. Cryptocurrencies are rooted in political unrest and the economic view that government currencies might one day crash and lose many tens of percentage points of their previous purchasing power.
Cryptocurrencies exist only online as opposed to gold and silver which exist as coins or as bullion. It is easier to use a cryptocurrency than a gold coin for purchases especially now that a single ounce of gold has the purchasing power of tens of thousands of Rand and more than one thousand United States dollars.
If you don’t own bitcoin or don’t have any problem using government money, then being able to deposit with bitcoin is not a big deal. It is only a big deal to those few people who want to make as many purchases as they can using a non-government issued currency.
Many gamers don’t like being asked to send proof of identity when they ask to withdraw money from an online casino. Casinos take the extra step to protect their players not to make it difficult for them.
Identity theft is a very powerful danger that we all face whether we buy things online or not. So, to the casino, if Tom Smith asks to withdraw money, the casino wants to be 100% sure that someone didn’t steal Tom Smith’s identity.
We don’t want to think about banking when we play online casino games. We want all of the banking to be in the background. At Springbok, we also want banking to be in the background and we want the games, promotions, tournaments and simple gaming fun to be in the foreground.
For that reason, we at Springbok do everything we can to make your banking safe and smooth.