iGaming Privacy: The Pros and Cons of Using Anonymous Payment Methods

Online gaming, also known as iGaming, has become a thriving industry, thanks to the efforts of thousands of gaming enthusiasts worldwide. Many people love spending their leisure time playing casino games, betting on sports and joining poker tournaments online. But with this huge popularity of gaming online also comes the unavoidable question of security. How safe is your money and personal information when you are gambling online? In this blog, we will take a closer look at the pros and cons involved in the use of anonymous payment methods in iGaming.

Should You Use Anonymous Payment Methods in iGaming? A Comparison of Pros and Cons

The use of anonymous payment methods is one of the dominant trends in iGaming today, because it does not require you to share your details like name, address, etc. Some of the common anonymous payment options include cryptocurrencies, like Bitcoin, Ethereum or Litecoin, prepaid cards bought with cash and e-wallets. These methods of payment allow you to hide your real identity while enjoying games online. The increased privacy afforded by anonymous payment options allows people the extra leverage and fraud and hacking. Here are some of the pros and cons involved in using anonymous payment methods in iGaming –

The Pros of using anonymous payment methods –

1. Better privacy- When you use anonymous payment methods, your details will remain hidden from the website. If you are using prepaid cards for payment, you do not need to provide your bank information. This reduces the chances of identity theft.
2. More security- If hackers successfully break into the database of an online casino, there is a chance that they will find your bank account or card number if you are not using anonymous payment methods. However, if these details are not provided by you when making payments, then the chances of your bank details falling into the wrong hands are greatly minimised. This gives many players peace of mind so that they can enjoy their iGaming experience without any added worries.
3. Faster transactions- Many payments made using cryptocurrency are quick. For this, players do not have to wait for days on end for the bank to process and approve their withdrawal. Some websites even payout the winnings from cryptocurrency within hours.

The cons of using anonymous payment methods

While there are some advantages of using anonymous payment methods in iGaming, there are some risks involved as well –

1. Lack of protection: When you use a bank card or PayPal to make payments during online gaming transactions, you may get some buyer protection in case something goes wrong. On the other hand, if you are using cryptocurrency or a prepaid card, it is almost impossible to reverse the transaction. This means, if the website you are making the payment through is scamming, you may not be able to recover your funds if you are using anonymous payment methods.
2. Fraud risks: Some suspicious operators are often found to target users of cryptocurrency in the iGaming scene. These fake sites usually promise big bonuses to potential buyers. They may accept your payments made through cryptocurrency, and then disappear altogether. This means your money goes to them, while you receive none of the things promised in return from the operator. If you are not careful, you may lose a lot of money to these scammers.
3. Regulatory problems: Many countries are now formulating several rules to limit or put a ban altogether on anonymous modes of payment in the iGaming industry. This is because governments are trying to be more proactive to stop money laundering and a host of illegal activities that are associated with the online gaming scene. If a country puts a complete ban on gambling using cryptocurrency, your money that is converted into crypto may get stuck, or worse, the site may shut down.
4. Complex for beginners: If you are new to the online gaming scene, it is best to avoid anonymous payment methods. Buying cryptocurrency, setting up a wallet and handling the keys to the wallet feels overwhelming for beginners. If you lose your crypto password, there is a chance that you can lose your money forever.

Conclusion

Anonymous payments in iGaming can prove to be a double-edged sword. On the one hand, they offer players greater freedom, privacy, and security in case hackers break into the website. On the other hand, they may be complex for beginners to deal with, and potentially put your funds in the hands of scamming websites. In this blog, we have taken a closer look at the pros and cons involved in using anonymous payment methods in iGaming. For players, the final words of advice would be to conduct thorough research and choose trusted sites before investing your funds in iGaming.