As iGaming payment methods and solutions continue to evolve, it can be challenging to determine which options offer the best user experience and optimal operational efficiency.
This article explores current and future considerations for industry professionals and presents the top 10 payment methods and eWallets worth including in your payment strategy in 2024.
Understanding Payment Gateways and Methods
The terms "payment methods" and "payment gateways" are often used interchangeably among iGaming professionals and players. However, they refer to different parts of the transaction process. A payment method is what the customer uses to make a payment, while a payment gateway is the system that securely processes those payments from various payment methods.
In simple terms, think of the payment method as the type of mail you're sending—it could be a standard letter, a postcard, or a package. The payment gateway acts like the post office, processing and ensuring that whatever form your mail takes, it reaches its destination safely and efficiently.
Here’s how they differ:
Payment Methods
Payment methods include the various ways a customer can send funds to an iGaming platform (merchant). These can include traditional and digital options such as credit cards, debit cards, bank (wire) transfers, prepaid cards, pay-by-cash, pay-by-phone, SMS payments, checks, eWallets, and cryptocurrencies.
Payment Gateways
A payment gateway serves as the middleman between the player (customer), the iGaming platform (merchant), and its sponsoring bank. It handles the technical process of authorizing or declining transactions based on information received from various payment methods.
eWallets vs Gateways
Like payment gateways, eWallets can also process various payment methods—which raises the question: Are they the same thing?
In short, while they are related, they serve different roles. Payment gateways are core tools for merchants, enabling the real-time processing and authorization of transactions. eWallets, on the other hand, are tools that provide features for managing personal (and business) funds—storing, sending, receiving, and making payments.
Both systems prioritize security. While eWallets protect user accounts from unauthorized access and focus on risk management, payment gateways concentrate on the secure transmission of data during transactions to prevent interception and fraud.
Operator Considerations in the Selection of Payment Solutions
For online iGaming operators, selecting the right payment solutions is critical. The payment methods and eWallets offered to players should align with the platform’s geographical focus. This means offering a diverse and balanced mix of options that meet player needs while accommodating local preferences. These choices must also comply with regulatory requirements in each market and align with the platform’s broader strategic goals.
A carefully selected range of payment processing solutions ensures fast, seamless customer transactions, helping to foster user satisfaction and trust. More broadly, it streamlines operational efficiency and contributes to the platform’s long-term success.
Here are the most important factors to consider when selecting payment methods within an iGaming platform:
Ease of Integration. Choosing payment methods that are easy to integrate minimizes disruption during deployment. It also reduces development time and costs, allowing operators to quickly respond to market changes and regulatory requirements—maintaining competitive agility in the iGaming space.
Security Provision. Security is a top priority. Strong protections not only guard platforms against financial data breaches but also ensure compliance with strict global regulatory standards. Systems with advanced encryption that meet international security benchmarks protect a brand’s reputation and build trust among users.
Transaction Speed. One of the most critical requirements for iGaming platforms is selecting payment methods that support fast transaction speeds. Ideally, transactions should process within seconds to enhance user satisfaction. Instant feedback and gratification are essential in a fast-paced betting environment. This level of efficiency not only elevates the user experience but also increases player acquisition and retention, as users trust their deposits and winnings will be handled promptly and professionally.
Support for Multiple Currencies and Regions. For gambling platforms looking to compete globally, selecting payment solutions with multi-currency support and localization capabilities is essential. These features ensure that players across various regions can transact in their local currencies, improving convenience and minimizing exchange rate complexities. For operators, this significantly enhances player reach and satisfaction.
Costs and Fees. Choosing iGaming payment options with a favorable fee structure is critical for maintaining a healthy balance between service quality and cost efficiency. These fees typically include transaction charges, monthly account fees, and sometimes setup costs. High transaction fees can cut into margins—especially on smaller bets—impacting overall profitability. On the other hand, competitive fee structures can make a platform more appealing, offering better value to users while driving higher transaction volumes.
Customer Support. Fast, effective support ensures that any transactional issues are quickly resolved, minimizing downtime and maintaining user trust. This responsiveness not only improves the user experience but also supports platform stability, helping prevent revenue losses and protecting the platform’s reputation and operational efficiency.
Top 10 Payment Methods and eWallets for Sports Betting Platforms in 2024
Here’s our list of the top 10 payment methods and eWallets used by iGaming platforms in 2024. They are ranked based on their popularity, multi-currency and regional support, cost efficiency, quality of customer support, and technical suitability for gambling transactions.
1. PayPal (eWallet)
For iGaming operators, integrating PayPal is one of the top choices. It’s a globally recognized digital payment gateway that can significantly improve your platform’s accessibility and credibility. PayPal links users’ accounts to their bank accounts or credit cards, enabling fast and secure transactions.
This system is especially valuable for online gambling platforms due to its strong security standards, wide international reach, and high consumer trust. Offering PayPal not only helps attract a broader audience but also reassures players of financial safety, potentially boosting retention and trust. In addition, its efficient dispute resolution processes add another layer of consumer protection, further enhancing its appeal.
2. Skrill (eWallet)
Integrating Skrill into your iGaming platform provides several clear advantages. This digital wallet enables secure, fast, and cost-effective transactions directly from bank accounts, credit cards, or Skrill balances. Skrill is well known for its privacy-focused approach, which doesn’t require users to share financial details during transactions—enhancing security.
Widely used in the online gambling community, Skrill supports instant deposits and withdrawals, appealing to experienced players and encouraging loyalty through a smooth, reliable transaction process.
3. Neteller (eWallet)
Like Skrill, Neteller is a digital wallet that allows users to deposit, withdraw, and transfer iGaming funds with ease. It’s highly respected within the gambling community for its high transaction limits and rapid processing—outperforming Skrill in these areas. This makes it a preferred solution for high-stakes players who require larger transaction thresholds.
Additionally, Neteller's rewards program—which offers points for transactions that can be exchanged for cash or other perks—provides a unique incentive that boosts player loyalty and satisfaction. These benefits make Neteller an attractive choice for iGaming operators aiming to build a dedicated user base.
4. Debit and Credit Cards
For iGaming operators, offering debit and credit card options—including Visa, Mastercard, and American Express—is essential. These payment methods are widely recognized and trusted, offering instant deposit capabilities. For players, the familiarity and ease of use of these cards add to their appeal, although some limitations may apply, such as varying transaction thresholds and potential delays with withdrawals.
Some gambling jurisdictions, including the UK, have banned the use of credit cards on remote gambling platforms. Still, accepting major cards increases accessibility and helps operators attract a broader customer base.
5. Apple Pay (Contactless Payments)
Apple Pay is a digital wallet that enables secure contactless payments directly from users' devices, improving both convenience and adoption. Its use of device-specific numbers and unique transaction codes protects financial data. However, it's limited to Apple users, which may restrict accessibility to a broader audience.
For platform operators, adding Apple Pay attracts tech-savvy players and promotes a modern, efficient transaction environment. Ultimately, this can lead to greater engagement and trust, as users appreciate the ease of use and the added security layer that minimizes the risk of fraud and unauthorized transactions.
6. Trustly (Bank Transfer)
Trustly is a standout payment solution for iGaming operators thanks to its direct bank e-payments system. It enables players to make transactions directly from their online banking accounts without needing a card or app. This gateway simplifies both deposits and withdrawals and supports instant bank transfers.
For operators, Trustly’s model minimizes fraud risk and eliminates the need to handle sensitive personal or financial data, significantly reducing the chance of data breaches.
Additionally, Trustly’s wide acceptance among European banks ensures access to a broad customer base, making it an attractive option for platforms aiming to grow across multiple European markets. That said, its focus on Europe may limit availability for players outside the region.
7. Cryptocurrencies (Digital Currency)
Cryptocurrencies—such as Bitcoin, Ethereum, and Litecoin—offer an attractive payment option for iGaming platforms. They support fast, decentralized transactions that bypass traditional banking systems, reducing both processing time and fees. As the first and most widely recognized cryptocurrency, Bitcoin draws a broad user base and enhances market reach.
Cryptocurrencies offer anonymity and strong security, appealing to privacy-conscious players. However, their value volatility can be a drawback, adding uncertainty to transaction amounts. For operators, integrating cryptocurrencies not only improves accessibility but also places them at the forefront of technology adoption, appealing to tech-savvy users while potentially reducing fraud.
8. Paysafecard (Prepaid)
Paysafecard is a prepaid payment method that allows users to make online payments without needing a bank account or credit card, simply by using a 16-digit PIN purchased at retail locations. For players, the main advantage is controlled spending—they can only wager the amount preloaded on the card, promoting responsible gambling.
From an operator’s perspective, Paysafecard expands the potential customer base by serving users who are reluctant to share financial details online or lack traditional banking access. Its broad availability across many countries and user-friendly format contributes to higher transaction success rates and improved customer satisfaction. A limitation, however, is that players cannot withdraw winnings to a Paysafecard, requiring an alternate withdrawal method—which may be inconvenient for some users.
9. PayNearMe (Cash)
PayNearMe is a payment service that enables players to deposit cash into their iGaming accounts at participating retail locations, including convenience stores and pharmacies. It’s a valuable solution for users without bank accounts or for those who prefer not to use digital payment systems.
Benefits include increased privacy and security, as no online banking information is required. However, it does not support withdrawals, which can be a drawback. For operators, offering PayNearMe can significantly broaden market reach by appealing to cash-preferred customers. It may also reduce the risk of chargebacks and fraud, helping maintain operational stability.
10. Boku (Mobile Phone Bill)
While not among the top-tier options in terms of user adoption, Boku earns its spot on this top 10 list for its flexibility in accepting mobile phone payments. Boku allows players to deposit funds into their iGaming accounts directly through their mobile phone bills. This method is ideal for users seeking quick, straightforward transactions without needing credit card details or bank accounts.
The primary benefits for players are convenience and security, as Boku doesn’t require any financial data to be entered online. However, its drawbacks include low transaction limits and no option to withdraw winnings—factors that may deter high-stakes players. For operators, Boku can significantly boost engagement among mobile users and those hesitant to use traditional online payment methods.
Challenges and Future Outlook
A complex mix of regulatory change, technological innovation, and market expansion challenges is likely to shape the future of payment processing in iGaming. As jurisdictions around the world tighten compliance requirements, operators must navigate an increasingly fragmented legal environment. This requires strict adherence to anti-money laundering policies and consumer protection laws—both of which heavily influence payment processing strategies.
Artificial Intelligence (AI) is also reshaping payment gateways by enabling smarter fraud detection and risk management systems that streamline transaction workflows. At the same time, expanding into new geographic markets introduces new complications. Each region has its own payment preferences and regulatory constraints, forcing operators to localize solutions. For example, cryptocurrencies might be widely accepted in one area but restricted in others, requiring flexible alternatives.
To manage these challenges successfully, iGaming platforms must stay agile while providing secure, intuitive payment experiences for global users.
Get in touch with our team
Distinguished iGaming software provider Altenar offers white-label sportsbook solutions that dramatically reduce the time and cost of launching your own gambling platform. All payment processing, licensing, and player management needs are handled—freeing you to focus on marketing and customer acquisition.
Contact our expert team today at [email protected] for more information about white-label sportsbook solutions.
