Banking Methods

New Jerseyans know that online gambling in the US is quite complex. However, the common misconception is that the complexity arises from the various laws and restrictions. This is not necessarily true. Online gambling in New Jersey is completely legal. In fact, it was legalized fairly recently and in just a short period of time, it overtook the biggest gambling state in the US in terms of revenue — Nevada.

Then, where does the complexity come from? In reality, online gambling in the US is complex only because of the regulations and restrictions on various transaction methods. There would be absolutely no hurdle for online casinos to offer free games to players. However, being businesses, they’ve to levy some charges and money from you, the customer. But in an attempt to protect its citizens from fraud and malpractices, the transaction methods that can be used by online casinos are limited.

This is why considering the available banking methods is the most important factor while choosing an online casino — way more important than comparing game collections, user interface, and bonuses and promotions offered. So here’s a list of the banking methods that you should look for in New Jersey online casinos before choosing one to give your hard-earned money to.

1. Credit and debit cards

The most commonly used method to fund your NJ online casino account is through credit and debit cards. They’re quick to operate, convenient to use, and nearly everyone has one. Among the most popular and widely accepted credit cards are Visa and MasterCard. Visa has maintained its status as the largest and most successful payment method network around the world. This almost guarantees that every online casino in NJ will accept your deposit if you use this method. On the other is the MasterCard credit card. It’s Visa’s greatest competitor and your best alternative if you don’t have Visa. Another popular credit card issuer is American Express, but it can be extremely difficult to find a casino that accepts this method because of laws.

A big disadvantage while using Visa and MasterCard credit cards is that some online casinos may levy a small fee for paying through them.

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In such cases, you can look for debit cards to make your transactions. Just like credit cards, they let you make effortless transactions instantly if you’ve sufficient funds in your bank account. However, even these have a major drawback as your card issuer might block transactions deemed too big.

2. Prepaid cards and vouchers

If you want anonymity from your bank or credit card issuer, you can go for prepaid cards. They have the Visa insignia as well and can easily be bought at online or local retail stores. Once you have a prepaid card that is eligible for online and international purchases and has the required balance, you can use it as a credit card.

Prepaid vouchers are similar to prepaid cards but differ in the way they’re used. In order to use a prepaid voucher, you need to click on the link in the casino cashier from where you’ll be redirected to the prepaid voucher site. There, you need to buy the voucher for the amount you want to deposit and get a voucher code. Paste the code back in the casino cashier and you can start playing.

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3. Bank/wire transfers

In the rare case, you don’t have a credit card or the online casino doesn’t accept yours, there’s another option for you to make deposits — bank transfers. Through this method, you can simply instruct your bank to transfer a specified amount of money to an online casino account of your choice. This method is fairly hassle-free and can handle huge deposits. However, it has its own downsides. It’s likely that every time you use this method, your bank will charge you a prescribed fee or won’t make your money available to you immediately.

4. Bitcoin and cryptocurrencies

Bitcoin is a decentralized digital currency that doesn’t require any middlemen between the payer and payee, doesn’t involve any fees, and keeps your transactions anonymous. In order to use this method for your deposit, all you need to do is make a Bitcoin wallet via an online website and transfer your bitcoins to the casino’s wallet.

As with everything, this method also has its pros and cons. This method transfers your amount instantly or at the most, in a few hours using a peer to peer system. Due to its structure, it also offers a good level of security and anonymity. You can even bypass any geo-restriction using cryptocurrencies. However, this currency is highly volatile and there’s no telling what the value of your amount will be in the future.

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