The evolution of iGaming payment methods
iGaming and online slots are not much of a new concept, they have been around for quite some time but have evolved since their initial debuts. The industry went from having barely any content and games to having tens of thousands of games and hundreds of studios developing them. Another major factor that has evolved is payment methods, which have become much quicker and easier since the initial beginning.
Back in the day, card payments took several days to process and deposit in your account, sometimes even weeks. Things have improved though, and we will be taking a look at some of the most recent and most modern payment methods used for online slots and iGaming.
Crypto is not a relatively new payment method, however it has undergone some incredible improvements as of late. Many strictly crypto casinos have launched in the last couple of years as it becomes a more and more popular method of payment in the iGaming world.
Bitcoin is the most widespread cryptocurrency and is used by most players who choose to conduct transactions using crypto wallets. Crypto payments are safer and much faster when it comes to withdrawing or depositing money on gambling sites. Since they rely on a blockchain technology, it is virtually almost impossible to trace them, hence separating these transactions from your regular spending.
Many different e-wallets have surfaced over the years, and they are a popular choice among players right now. At first, the only ones available were the likes of PayPal and Skrill, which are both successful and booming options even until now, however newer wallets such as Klarna and Trustly are also finding huge success among players.
A lot of these newer brands are also providing lower fees in order to compete with their larger rivals, which can really be useful to players. And just like crypto wallets, all of these transactions are entirely separate from bank accounts but aren’t anonymous.
About a year ago, credit cards were banned for online gambling use in the United Kingdom in an effort to reduce the amount of players exhibiting risk-inducing problem gambling behaviour. This is when Paysafecards were created and introduced into the market. What they are is essentially throw-away cards that are purchased either in shops or online, which provide players with a code that the can enter and make deposits accordingly. However, players can’t withdraw using a Paysafecard, which means that all withdrawn money should go into a bank account.
The future of iGaming payment methods
Cryptocurrencies and crypto wallets will surely become the number 1 choice for players in the next few years, as Bitcoin and Ethereum grow stronger and increase in value, which in turn boosts people’s interests in them. As such, more and more e-wallets will also surely be launching, in an effort to snatch the top spot and become the most widely used and trusted payment source.
All else aside, the number of options is growing and does not seem to be stopping anytime soon, which is great news and means that payments for iGaming sites and online slots will only be getting faster and more reliable as time goes on.