Revamping Payment Systems in Gambling
What do you think determines a casino’s revenue? Most suggest – games. Indeed, they’re important, but players must first pour cash into them.
If a user can’t deposit conveniently, he’ll simply look for a casino with better payment options. It’s a lost prospect. As a result, the casino’s revenue suffers.
This page will reveal the benefits of payment tools that impact casinos’ profits. It also explains global payment revamps. We start!
Payment Tools Destined for Change
In 2024, casinos are in a transition stage. Even though many introduce alluring new payment tools (we will expose them soon), they still have outdated ones. Let’s examine them.
Bank Transfers
Bank transfers are old school, but unlike many vintage items, they haven’t aged well. Depositing via bank might take up to 3 days, while withdrawing up to 7! It’s unacceptable in the modern, fast-paced world. On top of that, bank transfers charge astronomical fees.
From our partners:
According to Nerdwallet (a resource studying payments), such transfers charge up to $50 fees. Incoming payments are usually 50%+ cheaper than outgoing.
Are QR bank transfers any good? Their only benefit in 2024 is accessibility. Everyone has a bank account nowadays to use a bank transfer.
Credit/Debit Cards
These are a decent alternative to bank transfers. Thanks to their Visa or MasterCard services, they’ve drastically improved.
First, it regards processing time. Credit/debit card payments won’t take longer than 15 minutes to complete. And that’s if the system is loaded. In normal conditions, the cash arrives in 1–2 minutes.
Moreover, they’re relatively cheap. Such payments won’t cost more than 3% of the transfer sum.
You probably think cards are a fine payment tool. Indeed, many players still prefer them and aren’t planning to cut them out. But their processing time and fees are big compared to what’s next.
E-Wallets
Their payment conditions (fees and processing time) are the same as for credit/debit cards. Why choose them, then? E-wallets have bonus features that are unavailable for cards.
The biggest one is a cashback. For instance, Skrill returns up to 0.3% of payments at certain casinos. Moreover, there are welcome bonuses available. So, if a casino partners with an e-wallet, it might give you more cash if you deposit with it the first time.
Lucrative promos indicate e-wallets’ biggest flaw: they’re too niche. Not many gamblers use them, and their features alone aren’t good enough to change that.
Casino Payment Leader
This title goes to Google/Apple Pay. Indeed, it’s just another method to transfer cash from your bank account. But it’s incredibly convenient.
With Google/Apple Pay, you don’t have to fill out your bank number, CCV, and other details. You only confirm a payment via a few clicks. Then, you wait up to 15 minutes, pay 1–2% fees, and are ready to gamble for real cash.
That’s why most modern casinos have Google/Apple Pay. And if a casino doesn’t feature it, it probably misses a trend and a lot of cash.
Future of Casino Payments
Google/Apple Pay won’t dominate for long; crypto gains momentum too fast. Cryptoprocessing.com reports that from 2021 to 2022, the volume of crypto payments doubled (1.9x). Many of these transactions are from casinos. That’s why numerous sites, including PayID casino platforms, have introduced more crypto payment tools. Let’s see why gamblers prefer them.
Better Privacy
Crypto isn’t easy to track. Even though it is possible to get your IP address, it requires a few complicated steps. Some might say it doesn’t do anything. But crypto’s privacy is golden compared to e-wallets and credit/debit cards, which instantly expose your IP.
It’s a good perk if you want to leave less digital traces. And it surely will improve. Privacy is one of the crypto features, so making it 100% anonymous is a priority for web3 developers.
Instant Processing
Have you heard about mining? That’s when users share their computing power with crypto networks. This computing power goes into processing. As a result, paying with popular coins such as BTC or ETH is instantaneous.
Security
Cyber Threat Report by SonicWall indicates that in 2023, malware attacked payments 5.5 billion times. As a result, many users lost their cash and wallets. It’s unlikely to happen with crypto.
You can not only set protection layers like 2FA on your wallet but also have it as hardware. So, to steal your tokens, a criminal must steal your flash drive. In addition, all the payments are stored inside a blockchain, which is almost impossible to breach.
What Casinos Rely on Before Changing Payments
It’s a region. For instance, in Australia, most gamblers pay via:
- PayPal;
- eWay;
- Payoneer;
- Apple Pay, etc.
A casino operator must include these tools to gain the best revenue in a region. Sure, most casinos also add crypto. But that’s a niche choice that’s for the minor part of prospects.
Conclusion
So, what’s going on with gambling payments? The change has started. We are in a transitional phase when platforms still have outdated bank transfers but have already added crypto options.
Even though you can see how much worse bank transfers and cards are than modern crypto and Apply/Google Pay, many still use them. Will it change? Definitely! But while it goes on, the winner will be the one who features the biggest number of regionally-optimized payment tools.
From our partners:
