A third of gamers do not make an initial deposit on amusement portals just because they do not find a convenient settlement tool. A variety of payment methods, on the contrary, attracts a new audience to a site, especially if financial solutions consider the needs of customers to the maximum.
Casino Market explains how the payment market works in the world. We describe the features of local transfer methods, as well as their impact on gamblers' preferences and profits of operators.
The Peculiarities of Settlements in Online Casinos
The more payment methods are presented on a site, the larger the audience will be able to attract and retain.
In 2024, gamers prefer to replenish their accounts and withdraw prize money using the following:
- credit cards;
- bank transfers;
- cryptocurrencies;
- electronic wallets.
The Regulation of Mutual Settlements in Gambling
Visa and Mastercard credit cards are the most popular payment methods in the world. They are used not only in the gambling industry but also in other sectors of the economy — finance, tourism, online commerce, and the service sector.
In the gambling segment, Visa and Mastercard products are not universal solutions. Since 2020, some jurisdictions (for example, the United Kingdom) have banned online casinos from accepting credit funds from gamers or have set limits on operations (for example, Sweden). The purpose of the restrictions is to protect the most vulnerable categories from addiction.
Controlling credit transfers motivates the audience to use alternative payment options. Operators must be ready to add new financial solutions. These are transfers in digital money, instant transactions using QR codes, etc.
What to Consider when Choosing a Payment Method
The peculiarities of settlements in the gambling industry are as follows:
| Thorough check of payments | Gambling belongs to the category of high-risk industries. Here, entrepreneurs are more likely than others to face:
iGaming site owners use four-digit Merchant Category Codes (MCCs). Online casino transactions are classified under code 7995. They are automatically subject to more stringent scrutiny following AML (anti-money laundering) and FATF (terrorism financing) policies |
| Commitment to innovation | The gambling area is open to the introduction of technological advances. The audience positively perceives one-touch payments (1-Tap), QR transfers, cryptocurrency payments, and other modern solutions. Priority areas in the development of financial software are high-speed settlement processing, maximum audience coverage, and the introduction of universal security tools |
| Localisation | The gambling field covers a wide geography. Gamers in each region have their preferences regarding deposit and withdrawal methods. The entrepreneur needs to consider the local interests of the audience and offer as many local payment solutions as possible in the online casino |
| The ease of use | The task of the operator is to develop a practical user interface. A visitor to an iGaming site should easily find a button for making a deposit, familiarise themselves with the available settlement methods, and replenish a gambling account. Top providers of financial software offer special forms for making payments. It is good if they can be adapted to the design of an online casino. Thanks to this, a site will look harmonious and holistic |
European Gambling Market
This region is not homogeneous. Visa and Mastercard are in first place in terms of popularity if they are not limited by the state. The second place is occupied by local payment solutions.
In Europe, Skrill, Neteller and PayPal e-wallets are sought after. They are often used to replenish an account and cash out bonuses. The demand for transfers using virtual funds depends on the level of commission in a particular country, as well as the availability of VIP programs and partner services for players.
Great Britain
The United Kingdom is one of the leaders in the region in the number of attracted gamers and the profit generated in online casinos. It is also home to many organisations that fight against addiction and the negative impact of gambling on users.
In April 2020, the UK Gambling Commission banned the use of credit cards for payments on gambling sites. The reasons for the changes were the growing number of addicts in the country, as well as pressure from the government and independent foundations dealing with this problem.
The PayPal system is the most popular solution among the 67 million people in the UK. Gamers use the branded debit cards and participate in loyalty programs and seasonal promotions of the company.
In the United Kingdom, open banking is in demand. The interest in it is growing from year to year. The technology involves combining financial products from different providers in a single UX interface. The solution is valuable due to easy API-based integration and enhanced security.
Germany
The work of online casinos and bookmakers was legalised in 2021 but with strict restrictions.
The key requirements of the Gemeinsame Glücksspielbehörde der Länder (GGL) regulator are as follows:
- a ban on replenishing a gambling account using credit cards;
- limits on the maximum amount of deposits per month.
German players prefer alternative payment methods. One of the most popular solutions on the market is the Sofort online money transfer system. Transactions are characterised by low commissions and high security. The minimum transaction amount is only €1. This is convenient and beneficial for beginners.
The Sofort product is also popular among players from Belgium, Austria, and the Netherlands.
France
The National Gambling Authority (ANJ), like other regulators in Western Europe, puts forward strict requirements for online casino licence holders. It is impossible to accept deposits from credit cards in the country, advertising time is limited, and sponsorship for operators is prohibited.
Internet payments are performed using electronic wallets, cryptocurrencies, and coupons.
The French company Neosurf is the leader in the number of voucher transfers. Its solutions have been appreciated by representatives of many industries, including the iGaming field. Players buy coupons with unique 10-digit codes. Thanks to them, users can anonymously fund online casino accounts.
Portugal
The Multibanco interbank system dominates the Portuguese market thanks to:
- wide coverage (over 27 thousand ATMs and more than 30 stationary branches in the network);
- fast transfers with a minimum commission;
- increased security.
To make a deposit, you need to register in the MB Net Internet service from Multibanco. Verification can be performed online or at one of the bank branches.
Payment Policy in Latin America
The region is characterised by the heterogeneity of the gambling market. While in some countries (for example, Colombia or Argentina), gaming brings multimillion-dollar profits, in others (such as Bolivia), the field is completely prohibited.
There is also a third category of countries, the most interesting one for investors. These are the states in which the industry is at the start-up stage: Mexico and Brazil are the richest jurisdictions in the region with a high population density.
The banking sector is one of the locomotives of the Latin American economy. However, only 45% of the population uses financial products. For this reason, casino payments using Visa and Mastercard credit cards are far from the first place in terms of popularity.
Gamers prefer to deposit using mobile operations, vouchers, and direct bank transfers. The public has more confidence in local settlement methods than in the products of international corporations.
Consider some common payment solutions in Latin America:
| Brazil | Boleto Bancario is the most popular financial service in the country. It is used in a wide variety of business areas. It is possible to pay in cash through a network of land-based terminals or online transfers through a proprietary mobile application. Boleto Bancário is considered the most convenient and safe payment method. Transaction processing is regulated by the Brazilian Federation of Banks. This enhances the credibility of the product. Local e-wallets are also in demand in the country: PagSecuro, MercadoPago, Hipercard, and others |
| Mexico | The second LatAm economy is characterised by the variability of payment solutions. People use credit cards, vouchers, eWallet, and mobile transfers. Operators should pay attention to Todito Cash, a Mexican online payment system. It combines reliability, moderate commissions, high speed of the process, and the absence of restrictions on the purpose of transactions. Oxxo provides settlements using unique vouchers. Transfers are performed through the infrastructure of partner companies: Payment Page and Gate |
| Argentina | All types of gambling are allowed in the country. The financial system of the jurisdiction is also diverse: there are both practical local solutions (for example, Pago Facil and RapiPago) and well-known international products (Visa, Mastercard, Neteller, etc.) |
Online Transfers in Asia
The Asia-Pacific market is the largest in the world for digital trade and services (which includes the iGaming sector). It accounts for 53% of the global turnover. Well-known international FinTech brands are represented here. Excellent conditions have been created for launching financial start-ups and promoting local settlement methods.
The features of the payment market in Asia are as follows:
- The diversity of the region. The preferences in transaction services vary greatly between developed and emerging countries. The first category trusts Internet banking more; the second one prefers cash settlements or local settlement products.
- The emphasis on innovation. Asians are shifting to alternative methods that the digital world offers them. These are operations in cryptocurrency, as well as various electronic wallets, one-touch transfers, mass transactions, and other technological innovations.
- The development of local products. The most famous start-up that quickly transformed into an international brand is BHIM UPI. The platform was created with the support of the National Bank of India, as well as several state and commercial financial institutions in the country. It combines many settlement methods into a single payment form.
- The transfers through social networks. 30% of transactions in Indonesia and Thailand are performed using Facebook and Line messengers. A similar practice is observed in South Korea and other countries in the region.
China
Online gambling is officially banned in the country. Despite this, locals are happy to spin slot reels in foreign online casinos. Tourist routes to Thailand and the Philippines are popular among punters. They can relax and spend time in the land-based gaming halls there.
In China, local payment services are in demand. The two main direct competitors are Alipay and Tencent. The first project was created by the retail giant Alibaba. The second service was launched by the most visited messenger in the country, WeChat.
India
Online casino activities are officially allowed only in three states. Gamers enjoy playing offshore gambling sites, spending tens of millions of dollars a year on bets.
The government plans to legalise iGaming in the country soon. It is already working on the necessary laws. Now India is a promising region for launching a gambling start-up.
Indians use:
- well-known solutions (Visa, Mastercard, UnionPay, etc.);
- local products (PhonePe, BHIM UPI, PayTM, and others).
India is one of the world's FinTech leaders. Promising start-ups appear in the country with an enviable frequency. A huge number of projects enter the international arena without any problems and achieve unprecedented popularity.
The Philippines
Smartphone penetration is high here, which explains the popularity of Samsung Pay, Google Pay, and Apple Pay among locals. According to a recent study by Visa, the country is the most interested in NFC contactless settlements in Southeast Asia.
All types of gambling are allowed in the Philippines, and two regulators have been created at once.
Licenced operators can open online casinos with .ph and .com domain addresses. This gives an added advantage to entrepreneurs. Businessmen need to take care of the different payment preferences of the audience and add as many transfer methods as possible.
Casino Financial Systems in North America
Online gambling is rapidly gaining popularity on the continent. The impetus for the development of the industry was the decision of the US Supreme Court to lift the ban on online gaming in 2018. The Canadian government is also taking steps towards legalising the field, understanding the future of the area.
At the beginning of 2024, the operation of iGaming sites was allowed only in a few US states. These are Delaware, Michigan, New Jersey, West Virginia, and Pennsylvania. In Canada, online casino activities are legal in the province of Ontario and the Kahnawake Indian Reservation (Quebec).
In the US, as well as on the continent as a whole, Visa, Mastercard, and American Express bank cards are very popular: 75% of transactions are carried out with their help.
The most popular virtual wallets are as follows:
- PayPal — 79% of North Americans use this payment method;
- Google Wallet — 40%;
- Interac — 35% (the most popular payment method in Canada).
Cryptocurrency in Gambling
Digital money is an alternative to traditional payment methods that is gaining popularity every year.
Southeast Asia is the leader in crypto payments. It accounts for more than 50% of all transactions in the world. Blockchain is actively used in many sectors of the digital economy, and a third of all registered applications serve the gambling field.
Contrary to the general recognition in Southeast Asia, the pioneer in the field of cryptocurrency legalisation is Europe. However, there is no general approach to regulating blockchain transfers. Each country interprets operations with digital money in its way.
Malta is a promising state for launching crypto casinos. The jurisdiction has developed transparent legislation regarding the trading of digital assets and was the first to offer a comprehensive AML assessment for token emitters.
Cryptocurrency is officially equated to a settlement method in such countries:
- France;
- Italy;
- Spain;
- Germany;
- the United Kingdom, etc.
In the US, digital money is classified as securities. It can be traded like futures, stocks, bonds, and other assets.
The Main Things about Popular Settlement Methods in Gambling
The right payment system is the key to the success of an iGaming project.
- The peculiarities of settlements in the entertainment industry include a thorough check of transfers, the desire for innovation, an emphasis on localisation, and ease of use. Transactions with Visa and Mastercard credit cards are restricted in many countries. For this reason, gamers prefer alternative payment methods, such as e-wallets or cryptocurrencies.
- The list of demanded settlement solutions in the European market includes PayPal, Sofort, Multibanco, and Neosurf. Open banking is gaining popularity in the region, bringing together the financial products of several providers into a single unified platform.
- The Asian payment market is characterised by diversity, an emphasis on innovation, the development of local products, and the popularity of transfers through social networks. Players use Alipay, Tencent, UnionPay, PhonePe, BHIM UPI, PayTM, Samsung Pay, Google Pay, and other products.
- In North America, Internet banking is the leader in terms of transaction volume. Users prefer Visa, Mastercard, and American Express debit and credit cards.
Casino Market offers a fast and secure connection of leading payment services. You can order financial software from us as a standalone solution or together with a ready-to-launch turnkey online casino.
The Casino Market studio offers the following services:
- the installation of a White Label platform;
- the development of an online casino;
- the creation of HTML5 slots based on individual sketches;
- the promotion of iGaming projects;
- the implementation of business plans;
- assistance in obtaining a licence, and others.
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