Boku is one of those payment methods that people are becoming increasingly aware of due to its use at more and more casinos every year.
The mobile payment method is popular with players and casinos alike, but what exactly is it? And how does it work?
With so many different options for payments now available, what is it about Boku that seems to set it apart in the eyes of many?Read More
Boku is a different kind of payment method, it is not an eWallet, or a payment card, in fact, your Boku account will not ever have any money in it, it acts more as a middle man.
What Boku does, is allows you to use your monthly phone bill or phone credit to make online transactions.
Since Boku’s inception back in 2009, this idea has appealed to many, but with the rise of mobile gaming over recent years, the payment method has flown in terms of popularity.
The provider was founded by Mark Britto, Ron Hirson, and Erich Ringewald, with their current key staff including CEO Jon Prideaux, CRO Adam Lee, COO Mike Cahill, and CFO Stuart Neill.
This team of talented individuals with years of experience have a sense of intricacy that one doesn’t often see in the sector, and that has resulted in Boku rising rapidly in popularity across many online industries.
Online Casino Growth
The online casino industry has grown at a remarkable rate, with the revenue gained from the market expected to almost double by the end of 2020, from where it was at the end of 2016, which in turn was considerably higher than the revenue gained ten years before.
Boku is one of very few companies within the industry that may be growing at a faster rate than online gambling as a whole, with the number of online casinos offering Boku as a payment method increasing rapidly over recent years.
So, what are the advantages of Boku as a payment method that have led to its popularity?
As one would expect from something that’s experienced such rapid growth, there are a lot of strengths to this payment method.
Firstly, and most importantly to many, there are no transaction fees attached to Boku payments, which makes a huge difference. Fees do happen, but they are taken from the other side, so it is the casino itself that handles the transaction charge, leaving you with no troublesome extra charges to deal with.
The other big advantage is transaction times, in as much as there aren’t any, any payments you make with Boku are instant, and you can therefore start playing with any deposited money immediately.
As Boku operates through your phone bill, you don’t need to give any personal information when setting up your Boku account, which offers peace of mind as much as anything else, as you don’t have to share ay sensitive data with Boku, and therefore with the casino you are depositing at. While most payment methods are 100% safe by this point, there is still natural concern, and Boku takes a lot of that away.
Of course, while there are several helpful advantages, there are also disadvantages to Boku transactions too.
The most glaring issue with Boku is that it is exclusively a depositing method, you cannot withdraw money using Boku, due to it being connected to your phone bill. While it would be useful to be able to pay off your phone bill with your casino winnings, that is not possible with Boku, nor is it likely to become so.
Boku is also not a popular payment method amongst the high rollers due to having a daily deposit limit of just €30, meaning that those who like to play with high stakes either have to wait several days, or use a different method.
However, with the general concern about problem gambling growing by the day as the industry gets bigger, having a deposit limit is actually helpful to some, so why this may be seen as a disadvantage for certain players, many may appreciate having the limit in place.
The most obvious downside to Boku is that you can only spend from your phone is you have money on your phone, or a monthly phone bill. Pay as You Go customers would have to ensure they had credit before depositing, while losing your phone or contract for any reason would also result in you being unable to deposit with Boku.
Safety and Security
There is nothing more important in the eyes of the majority of online casino players than knowing that they and their money will be safe at all times when playing at their favourite casino sites.
While many methods are secure, the lack of personal information needed to pay with Boku means that the security here is more tangible in the eyes of most players.
With nothing but your phone number being given, the only information that an online casino has when you play with Boku is the information you have already given them.
Debit and Credit Card Payments
If you are uncomfortable depositing at casinos using your phone bill, which can mount up in a hurry if you are not careful.
To avoid this issue, you can link your Boku account to your credit or debit card, but this does take away the added comfort of giving limited information when making transactions, and you still won’t be able to withdraw your money this way, so it makes more sense just to make your transactions using your card, or with an eWallet, as opposed to Boku.
Boku is not for everybody, this is clear, the lack of withdrawal ability and the daily limits can turn some players off, but for those looking for a safe and reliable way to deposit small amounts at their favourite online casinos, there are not many choices on the market at this point that can hold a candle to what Boku can offer.