The key to success in the iGaming segment is to provide the audience with the most convenient and simple ways to interact with entertainment products. It is for the purpose of quick and safe purchases that classic plastic credit cards are actively being replaced by virtual analogues. They, in turn, are being replaced by blockchain services.
Experts from the Casino Market company talk about modern settlement methods in the gambling segment and the most promising fintech trends that can radically change the industry.
Traditional Payment Systems Underlying Online Betting
Financial instruments presented on virtual entertainment portals are constantly changing, following user preferences.
However, there are several basic services that have become true classics for the niche:
- Debit and credit cards. This method remains one of the most accessible and popular in many regions, from Brazil to Mexico, the UK, Turkey, India, and Japan.
- Electronic wallets. Such options provide greater anonymity compared to banking products. Besides, the transaction speed is higher, and the aggregators’ fees are more attractive to wide groups of users. One of the best examples of these solutions is the PayPal system.
- Direct debit algorithms. This is a convenient personalised service that allows casino sites to automatically withdraw funds from a player's bank account without the need for constant verification and confirmation of operations.
- Mobile payment systems, such as Google Pay and Apple Pay. This most practical tool is considered one of the best in the market. Users need to link the details of a bank account or card to their profiles and then carry out money transfers through a personal gadget.
Popular Alternatives to Classic Settlements
The gambling sector is a rapidly growing commercial vertical. It is unique due to the openness to any innovations and technological experiments. The most promising and successful ideas quickly become an integral part of the iGaming environment.
The category includes the following products and services:
Blockchain Technology and Cryptocurrency Wallets
Decentralised products are a unique global trend that guarantees each customer secure and transparent financial transactions. Statistics show that the tool has become extremely sought-after in all commercial areas.
According to a study by Harvard Business Review, about 38% of companies from the US and Europe have already implemented blockchain algorithms in their business schemes by the end of 2024. It is expected that in 6 years, decentralised services will generate more than $3.1 trillion in revenue and manage 20% of the international economic infrastructure.
In the entertainment segment, the trend is even more obvious. By the end of 2023, the total number of bets in cryptocurrency exceeded $6.3 billion. The volume of investments in this field is growing almost exponentially.
The mass transition of operators to settlements in virtual assets is associated with several significant advantages:
- Ability to work without intermediaries. Thanks to the structure of decentralised services, it is possible not to involve additional participants, such as banks or other financial organisations. All transactions are made directly between the establishment and the gambler.
- High level of security. The blockchain is based on innovative cryptographic algorithms that reliably protect digital platforms against system failures, hacker attacks, bonus manipulation, and leakage of confidential data. Any attempt to interfere with the system will be immediately detected.
- Record performance indicators. The technology can be used not only to ensure money transfers but also to increase the speed of launching gaming sessions, record the exact results of tournaments, and take other actions. Due to the distributed load and the absence of a central controlling node, all operations are performed almost instantly.
- Scalability. The blockchain environment can be compared to a modular constructor. System blocks can be easily combined, creating any structures. The level of transactional burden remains at the same level. This helps optimise the basic technology and form completely new concepts on its basis.
Buy Now Pay Later Program
BNPL services are an interesting trend that appeared in the 2020s and has begun to rapidly gain popularity. In 2024 alone, the industry's turnover grew by a record 46%.
This is a convenient format for purchasing goods that allows users to pay for the purchase in equal instalments without commissions, hidden interest, or a loan agreement with the bank.
For the gambling segment, the BNPL scheme is a new tendency that has only just begun to gather momentum. Operators have assessed the performance of other markets and quickly identified the advantages of such a tool in their niche.
Benefits of connecting the program to an online casino:
- Increased brand loyalty. Clients receive a fast and safe alternative to loans and instalments. This is especially relevant against the backdrop of the constant tightening of financial regulation in the industry and the ban on the placement of bets with credit cards in many jurisdictions.
- Growth of conversion indicators. BNPL services are used by different demographic groups. With the help of such solutions, it is possible to divide the cost of bids and other purchases on the website into several equal parts, which makes the sessions more financially comfortable.
- Involvement of a younger audience. According to Insider Intelligence, 75% of millennials and zoomers who live in the United States use BNPL products. In the UK, more than 42% of youngsters aged 16–24 practice payments in instalments.
- A profitable alternative to bonuses and discount programs. Entrepreneurs can replace the promotional offer with the above-mentioned settlements. As a rule, the implementation of such tools is cheaper than launching regular incentives and other retention mechanics.
- Increase in the turnover of enterprises. Companies receive the entire amount in their accounts at once. All risks related to the withdrawal of funds from gamblers are assumed by the service provider.
Advantages of BNPL for casino visitors:
- non-existence of interest rate;
- the ability to make purchases without waiting for bank approval;
- a fully automated process with a convenient system for configuring a payment schedule;
- no impact on the user's credit rating.
Global Fintech Tendencies Relevant to the iGaming Niche
The market is open to innovation and is constantly transforming.
Operators should focus on the following promising trends:
Implementation of Financial AI Assistants
Artificial intelligence technologies are gaining popularity in a wide variety of industries.
In the cash segment, chatbots can perform several tasks:
- interaction with customers at the initial stage;
- information about accounts and assistance in creating convenient schedules for regular payments;
- detection and prevention of fraudulent activities thanks to AI biometric authentication systems;
- marked improvement in KYC file verification.
The presence of such an aide on the website with slot machines is guaranteed to strengthen the supplier’s reputation and significantly increase audience loyalty.
Open Banking
This is a global digital network that unites financial institutions to provide clients with more convenient, safe, and profitable services.
Today, many firms are implementing API algorithms in their products, guaranteeing fast and secure access to third-party systems.
Connection to such platforms will allow gambling business owners to provide the audience with seamless and well-protected access to various banking systems through a single panel. This will boost revenues and expand the customer base for all participants in the payment structure.
Banking of Things
The program is based on IoT technology and is designed to automate data collection. The information obtained can be used to optimise any financial processes, from opening a new account to lending to regular players.
For example, such services can be installed in slots or table games in casinos and read data from digital wallets, mobile phones, and smartwatches in real time. This will allow entrepreneurs to promptly identify a lack of resources in consumers’ accounts or signs of fraud.
The Main Things about Cryptocurrencies, BNPL, and Other Tools
Constant experiments with financial products allow the owners of entertainment projects to create the most comfortable and safe conditions for betting. The industry is one of the first to implement the most promising technologies. It adapts to the audience’s needs in the shortest possible time.
According to Casino Market, top payment methods include:
- Electronic wallets. A practical and most popular alternative to traditional banking operations. A striking example of such a service is the PayPal platform. It is represented in 202 countries and works with 25 national currencies.
- Mobile solutions, for example, Google Pay and Apple Pay. These convenient programs allow entrepreneurs to make any type of transaction in a matter of minutes. They have almost completely replaced traditional plastic cards.
- BNPL products. An innovative alternative to bank loans and installments, aimed at different categories of users. This scheme allows gamblers to place bets even in conditions of strict government regulation. Casino owners receive a rapid increase in conversion and audience loyalty.
You can learn more about the most convenient and effective tools for stable work in the entertainment niche from the Casino Market studio.
We follow industry trends and offer a large selection of proven and safe services for a successful independent start.
From us, it is possible to order the following useful solutions:
- customisable scripts;
- lottery software;
- bingo platforms;
- franchises;
- White Label programs;
- social casinos;
- free demo versions of gaming sites, and much more.
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