In recent years, the popularity of online casinos has sky rocketed. According to estimates, these platforms are growing at such a rapid pace that in the next decade, they may overtake real-life gaming establishments.
Naturally, smartphones play a massive role in the trend that is online gambling. Today, everyone has such a device, and the level of convenience that mobile platforms provide is something that traditional venues cannot match. New casinos are popping up all the time, offering more options to a thriving market which is an added component that makes the sphere alluring, sites that let you play for free en route to real money prizes to win over your loyalty, routinely promote offers and even offer free spin bonuses.
The diversity in each department inside this sector is vast, so it shouldn’t surprise anyone that mobile gambling will grow by 19% in 2021. Since monetary transactions are an essential part of playing games of chance for money on the internet, let us get into how these sites store and handle your funds securely.
What Is a Casino Wallet?
Once you locate a decent online casino and sign up, you will need to fund your account to make real money bets. A casino wallet is the section of your platform account that houses your gambling funds. Your mobile casino wallet gets created instantly along with your account.
It is an electronic wallet that is comparable to any online prepaid account. However, you are only limited to using these funds at your casino. Meaning, you cannot freely transfer them over to another means of payment. You can only remove them from your account once you’ve fulfilled the necessary requirements through the available method of your choice.
Placing Funds Inside Your Wallet
Usually, mobile casinos partner with only established payment processors. That means that you should be able to pick a transaction method from several available options to fund your account so that you can play. Aside from allowing the use of multiple payment methods for depositing, the site will likely let you place your funds in one of several available currencies. It may even allow you to use cryptos, such as Bitcoin, which will provide anonymity. With the explosion in their popularity, you’ll find more and more operators providing this feature to it’s customers.
Be aware that some platforms may charge a depositing fee, and your payment processor may do the same. Once you deposit funds in your account, the casino will keep them safe. In most cases, the companies behind these sites have a subsidiary that handles all financial transactions and is responsible for their security.
Removing Winnings From Your Wallet
Of course, when you get lucky, you do not want your winnings lingering in your casino wallet. You want them in your pocket. To remove funds from your account, you will have to request a withdrawal. Beforehand, you may have to go through a verification process to prove your identity, which is an anti-money laundering measure.
Withdrawals customarily have higher minimum limits than deposits. So, you’ll either have to win or make multiple deposits to be able to remove funds from your account. They are also more likely to incur fees, and how fast the transfer happens depends on your chosen method and casino procedures.
Mobile casino wallets explained