Gambling A-Z: Payment Terms

When gambling for real money online, there are a lot of payment terms to get used to. Here we don’t just mean the terms & conditions attached to bonuses and real money play, but the actual terminology used by the casinos. When it comes to payments, some words can be different but hold the same meaning, while other, similar words can mean the polar opposite to each other. So it is definitely easy to get confused! But no need to worry anymore, as we are here to make it all much clearer in this payment terms guide.

Common Payment Terms & Their Meaning

Keep reading as we uncover common payment terms used at online casinos and explain what they all mean. We have thrown in a mix of terms, payment methods and more to help you understand everything related to your real money gambling.

A

Apple Pay: A payment method accepted for deposits and withdrawals at some casinos. The method uses Apple Wallet, available on iOS devices. Check our guide all about Apple Pay casinos for more information.

B

Bankroll: The amount of money you have in your account, that you use to play.

Bank transfer: A payment option used to transfer funds between your personal bank account and the casino. Bank transfers can be done by adding your/the casinos bank details directly. Some casinos also make use of third-party providers such as Trustly.

Boku: A mobile payment method accepted for deposits at some casinos. The method is linked to your phone bill. Check our guide all about Boku casinos for more information.

C

Cashier: This is the section in your casino account where you can see your balance and make payment actions. It is often called “cashier”, but can also be seen as “banking” or simply a direct button for “deposit/withdrawal” in the menu.

Cashout: Another word for withdrawal, referring to the act of withdrawing money from your casino account to your payment method. This way, you can get back money you have previously deposited or get funds that you have won paid to your payment method.

Credit card: A payment method previously accepted for deposits at some casinos. Since April 2020, credit cards are not legal to use as a payment method for UK players.

Crypto: A category of digital currencies such as Bitcoin. Some casinos accept cryptocurrency as one of (or the only) currencies to choose from, or specific payment methods for crypto exchanges.

D

Deposit: The act of adding money to your casino account. Money is transferred from your chosen payment method to your account balance. This makes it possible to gamble with real money.

Debit card: A payment method accepted for deposits and withdrawals at most casinos. Cards such as Visa and Mastercard (debit) are widely used and accepted at many online casinos.

E

Ewallet: A payment method category of electronic wallets. Players create an account and can then make deposits and withdrawals directly from/to that electronic wallet account. Payment methods such as Skrill, PayPal and Neteller fall into this category.

F

Fast withdrawal: Some casinos advertise that they offer fast withdrawals/cashouts. This generally means that the transfer is processed instantly or at least within 24 hours. While the casino might be quick at processing the request, the actual transfer can take longer depending on the chosen payment method.

Fee: Some casinos will add a fee to deposit and/or withdrawals. This can be anything from a set value of £1 or so per transaction to a percentage of the transfer. Some payment methods also add fees to certain transactions.

G

Google Pay: A payment method accepted for deposits and withdrawals at some casinos. The method uses Google Wallet, available on Android devices.

K

KYC: Short for “know your customer” – a process used to confirm a player’s identity to avoid money laundering etc. Following guidelines from the UKGC, the casino will ask you to submit proof of your identification. Normally you can make deposits, but not withdrawals, before completing the KYC-process.

M

Mastercard: A payments provider offering payment cards around the world. While Mastercard credit cards are no longer accepted for UK players, it is still possible to use prepaid/debit cards issued by Mastercard.

Maximum deposit: A limit of the highest amount you can deposit into your casino account in one go. The limit might vary depending on different payment methods and other terms.

Maximum withdrawal: A limit of the highest amount you can cash out from your casino account in one go. The limit might vary depending on different payment methods and other terms.

Minimum deposit: A limit of the smallest amount you can deposit into your casino account in one go. Normally it is £10 or £20, but the limit might vary depending on different payment methods and other terms.

Minimum withdrawal: A limit of the smallest amount you can cash out from your casino account in one go. The limit might vary depending on different payment methods and other terms.

N

Neteller: An ewallet payment method accepted for deposits and withdrawals at some casinos. The method uses your Neteller account to send money to/from the casino. Check our guide all about Neteller casinos for more information.

P

Payment method: The overall term used for methods offered for deposits and withdrawals at a casino.

Paypal: An ewallet payment method accepted for deposits and withdrawals at some casinos. The method uses your PayPal account to send money to/from the casino. Check our guide all about PayPal casinos for more information.

Paysafecard: A payment method accepted for deposits at some casinos. The method uses codes from a coupon to ensure anonymous payments of set amounts. Check our guide all about Paysafecard casinos for more information.

Pay via phone: A category of payment methods that are all linked to your phone/mobile. Normally the methods can only be used for deposits. Money is then deposited from your phone bill. Check our guide all about Pay via phone casinos for more information.

Processing time: The time spent by the casino to process a deposit or withdrawal. Deposits are normally processed automatically and instantly. As cashouts require more thorough checks, they therefore can take longer.

Prepaid card: A payment method using codes from a coupon or card to pay a set amount. The most commonly accepted one is Paysafecard, but there are other alternatives out there too.

S

Skrill: An ewallet payment method accepted for deposits and withdrawals at some casinos. The method uses your electronic Skrill account to send money to/from the casino.

T

Trustly: A payment method accepted for deposits and withdrawals at some casinos. The method works as a “middle man” that transfers funds from your bank account to the casino and back. Check our guide all about Trustly casinos for more information.

W

Withdrawal: The act of withdrawing money from your casino account. Money is transferred from your account balance to your chosen payment method. This makes it possible to get back money you previously have deposited or funds won at the casino.

Wire transfer: Another word for bank transfer. A payment option used to transfer funds between your personal bank account and the casino.

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Knowing the terms above, we hope that you will find it easier to complete payments at online casinos. To find the best casinos to play at, don’t forget to check our recommendations. We list the best casinos and sportsbooks for UK players in different categories. They all accept a variety of payment methods, so you can choose your favourite. Good luck!