Online casino gaming, known within the industry as iGaming, is a mammoth, $100 billion a year industry. Since online gambling platforms have to process millions of dollars in cross-border payments on a daily basis, the payments architecture offered by individual platforms is often one of the most important infrastructure considerations.
The most competitive casinos will invest vast resources into offering expansive and secure payment options so that customers can make seamless in-app deposits and withdrawals. If you’re interested in digital payments, you need to be watching the iGaming sector. Here are some crucial trends that stand out.
Automatic spending limits
One of the leading trends among some major casino platforms concerns so-called “player control tools”. These are digital tools that users can access to structure their gaming and ensure more responsible spending. For example, anyone playing slot games at Betfair casino can access their on-site GAMSTOP tool, which allows any user to place strict pre-set limits on their account. Once this limit is met, the player will not be able to use their payment apps to make any additional deposits in their casino account. This is a simple way to keep players in control of their online spending.
Pay By Phone
Another novel payment method that has been widely adopted by many casino platforms is known as pay-by-phone. This technology exists in a variety of other areas, such as with e-meters for parking. To make a payment, all you need to do is send a text message to a particular number. The money will be charged to your phone bill or account balance, and then it will appear in your casino account. For some who value data privacy and discretion, this is an immensely popular digital payment option.
Once upon a time, anyone looking to withdraw their winnings from an online casino account could expect to wait days for the funds to actually be credited to their bank account. However, this is changing fast. An increasing number of iGaming platforms have leveled up their payments architecture so that they can promise users instant withdrawals on all winnings. Since speedy payment processing is such an important factor among online gamblers, the ability to offer instant withdrawals can substantially boost the market appeal of a particular platform.
More so than many other sectors of the digital entertainment industry, online casinos are transnational. A casino based in, say, Malta, might serve thousands of daily users in the UK, Canada, Germany, Finland, and Sweden. As such, it is important to ensure that all of those customers can make speedy transactions on the platform in their local currency, without being slapped with hefty fees or lengthy transaction processing times. This is why many leading platforms are investing in their payments architecture to offer full multi-currency payments so that all markets served can expect the same level of payment functionality.
These are the digital payment trends that are currently driving forward the global iGaming sector. If previous trends are anything to go by, some of these could soon be appearing in other industries too.