Funding Methods for Online Gambling

The confusing situation of the online gambling industry as far as the law is concerned has made it difficult for gamblers to fund their online gambling accounts. Many gamblers, especially Americans, found themselves unable to deposit money into their online gambling accounts and thus continue their gambling activities.

As a result, several online casinos closed their doors to US customers. Some casinos continue to hold out despite the prohibitions on transferring money to online casinos. Due to these recent developments, new ways of funding online gambling accounts are proposed and old methods of money transfers are slowly regaining their old stature.

During the early years of the online gambling industry, funding online casino accounts were limited to credit cards. A few billing methods, such as Surefire Commerce, the predecessor of Firepay, were used by a few innovative online casinos. However, direct credit card billing was the primary funding method, which carries some disadvantages.

For one, transactions through credit cards were considered risky by most banks. These transactions also carried very high fees and customers sometimes complain about the exorbitant costs especially if they lose money in online gambling.

Paypal soon came into the picture and started accepting online gambling transactions. However, Paypal merged with eBay in 2002 and stopped catering to online casinos. Neteller just arrived in time to take its place and quickly established itself as the favored choice for most online casinos and gamblers.

Unfortunately, Neteller stopped accepting online gambling transactions for US customers as of March 2007 as a result of pressure from the US government. Once again, a huge hole was made in the field of electronic money transfers and other companies started jockeying to take Neteller's place. Two of the viable options for transferring funds to online casino accounts are Click2Pay and ePassporte. Both companies offer electronic wallets that online gamblers can use for deposits and withdrawals to and from online casino accounts. Credit cards are once again recommended as a method for funding online gambling accounts, never mind the higher costs and the longer processing time. If you don't have a credit card, you can pay using a check or money order. This method of funding takes a long time to consummate since it takes several days for the check or money order to arrive.

The legal disputes surrounding the online gambling industry should not diminish your desire to continue gambling on the Internet. Just contact your online casino to see what options they have for funding your online gambling account. Online casinos are willing to help you choose the right method for transferring money from your pocketbook or wallet to your online gambling account.