Online gambling has taken the world by storm. In less than three decades, web casinos have become a multi-billion-dollar business. Though they’ve indeed been around since the 1990s, it is only recently that they’ve managed to push through to the forefront of the gambling industry. Their rise in success has begged many to ask, “why?”
Why Are Online Casinos Popular?
The most obvious answer to the question is convenience. Online casinos offer the same games you will likely find at any land-based establishment. However, they come with one major advantage. You can access them from any electronic device, whether a desktop, laptop, or even smartphone. The inherent convenience of having games available to you no matter what is a major reason for the success of online casinos.
There are, of course, other factors that boost iGaming’s popularity. Another major reason is that they offer numerous payment methods. Though online casinos that take credit cards are still the most successful, gamblers can also wager using cryptocurrency, e-wallets, e-checks, and even direct wire transfers.
Since credit cards seem to be one of the most popular payment methods in 2023, we thought we would go over some notable statistics regarding credit cards and gambling.
Credit Card Deposits are not that Popular
As we said, online casinos that accept credit cards remain incredibly successful. This leads many to believe that most people make deposits using credit cards. However, if we look at the statistics, we will find that about 5% of all deposits were done using a credit card. Most gamblers prefer using e-wallets to make their deposits.
But if credit card-based deposits make up such a small amount of overall deposits, why are credit cards still so popular? One of the reasons for this might be that credit card acceptance lends legitimacy to online casinos in the eyes of many people. And while that isn’t necessarily true, it would be fair to say that most reputable casinos accept credit cards.
Men Tend to Use Credit Cards More
For most of human history, men have been the primary gamblers. And the fact remains true today. Most online gamblers tend to be men. And though women are hopping aboard the bandwagon with increasing frequency, most gamblers remain men. This means, it shouldn’t surprise us to learn that most credit card gamblers are men.
According to a study done in 2020, more than 65% of all credit card gamblers were men. While the number has likely increased in the last three years, we can’t say exactly by how much. However, we know that gamblers who use other forms of credit are also majority male (over 52%).
The National Lottery is Most Popular
Regarding credit card gambling, the most popular game is the national lottery. A study found that most credit card-based deposits were spent on tickets for the lotto. Reasons for this vary. However, one notable reason might be the gambling legislation passed worldwide.
Recently, many European countries have been pushing for gambling legislation, which means gamblers are uncertain whether they can gamble. However, as the national lotto is one of the safest, most reputable, and most importantly, a legal forms of gambling, many people are drawn towards it.
According to surveys, 44% of lottery participants claim they play at least once a year. Men participate more often than women, though the numbers are closer for the lottery than any other gambling game.
Credit Card Gambling Depends on Age
Credit card usage largely depends on age. For example, Millennials and Gen Zers prefer using debit cards, e-wallets, and even crypto, not just when gambling but in everyday life. On the other hand, older generations like Gen Xers and Baby Boomers prefer gambling using credit cards.
We can see this fact reflected in credit card ownership. Whereas Millennials and Gen Zers tend to own 3 and 2-3 credit cards per person, the number is much higher for Xers and Boomers. According to the latest finds, Boomers and Xers own approximately 4 – 5 credit cards per person.
· Is online gambling growing in popularity?
For the most part, yes. A lot of countries are legalizing online gambling and websites are now safer than ever.
· What are the benefits of online gambling?
The major advantage is convenience. They also come with many bonuses and wide gaming libraries, which many gamblers would enjoy.
· Is credit card gambling popular?
Credit cards are the most commonly-accepted method to make a deposit.
· Do men gamble more than women?
Yes. Men make up a higher population of gamblers than women do.
· Does credit card use depend on age?
Yes, it does. Older generations tend to favor credit card-based deposits.