The massive technological development in the last few decades drastically impacted industries globally. COVID-19 played a crucial role in teaching people how to do things differently. As business and technology are intertwined, people have come up with exciting solutions to new problems.
The gambling industry is one of the biggest ambassadors for change. As land-based casinos shut shop, online casinos emerged to cater to punters. This sudden demand created the need for new online payment methods. Let’s walk you through some of the most revolutionary payment technologies today.
The Future of Online Gambling Technology
Punters today aren’t solely reliant on traditional payment modes like bank transfers, debit/credit cards, and mobile wallets. They can use payforit for sports betting and casino gambling. Traditional payment methods are cumbersome and are often a gambler’s source of frustration.
Most payment gateways charge players for their services. Moreover, they are slow and can often take between 24 and 48 hours to process a transaction. Cryptocurrencies emerged as the unlikely hero to save the day. The popularity of blockchain currencies skyrocketed in the past few years, and the trend won’t likely die anytime soon.
Although the crypto market has cooled significantly since its inception, demand is still strong. Several online casinos offer crypto betting, and their numbers will grow in the coming days. However, that doesn’t spell the end for fiat currencies. There is no replacement for traditional payment methods yet. And punters can continue betting with their preferred online transaction modes.
Most Popular Payment Methods in Gambling
These are the top payment methods currently used at online casinos.
Debit and credit cards are popular payment methods at online casinos. They are convenient, reliable, and safe. Mastercard and Visa are the two popular payment providers that allow gambling transactions. Unlike other digital payment modes, cards offer a higher transaction limit and are accepted at every major online casino.
Bank transfer is one of the most popular transaction methods at online casinos. They are convenient, secure, and reliable and allow larger transactions. Like debit cards, bank transfers are tied to your bank account. Hence, they offer several similar benefits. However, bank transfers are often slow and can take up to a few business days to process casino transactions.
Mobile wallets have been around for ages, although their application in online gambling skyrocketed in the last few years. Several reputed mobile wallets simplify the process, much like debit and credit cards. Since mobile wallets are directly connected to your bank account, you can pay by phone. Most casinos support mobile wallets, and the transactions are secure.
Prepaid cards are quite popular for online transactions in some parts of the world. And punters often use reputable prepaid cards for gambling. Like mobile wallets, prepaid cards can be used for all online transactions. However, you must recharge the prepaid card account to use the balance. Most people find them safer as you can choose to limit your account balance. Moreover, these are convenient for instant casino deposits.
Cryptocurrencies are quickly emerging as one of the most popular transaction methods for online gambling. Unlike fiat currencies, crypto uses blockchain to record transactions. Since there is no centralised database, crypto transactions are quicker, cheaper, and seamless. The blockchain nature of cryptocurrencies makes it challenging to track past transactions. Hence, they are popular with punters for tax evasion. However, as governments slowly begin formulating ways to regulate the crypto market, the rules will get stricter. And as we know, regulated industries are better for everyone in the long run. Hence, the future of cryptocurrencies looks promising.
The Benefits of Using Cryptocurrencies for Gambling
There are several benefits of using cryptocurrencies for online gambling. Let’s walk you through the top perks.
Users incur a processing fee when using standard payment gateways like bank transfers, credit, and debit cards. Since crypto uses decentralised networks, no central governing authority is in charge. Hence, users must only pay miners for recording new transactions, which is much cheaper than government-approved processing charges.
Cryptocurrencies can change hands within minutes. Hence, these transactions are instantaneous, which is a boon for punters. You don’t have to wait 24 hours to withdraw winnings into your account using crypto tokens. Hence, they are quite popular with punters.
Crypto transactions are recorded when both parties (buyer and seller) accept the transactions. Once transcribed, the records are permanently etched on the decentralised server. Hence, unlike fiat currencies, you cannot tamper with crypto transactions, making them a safer bet for online transactions.
Online gambling is here to stay. As new technology continues to emerge, online payment methods will change over the years. Cryptocurrencies are expected to impact digital gambling transactions in the future significantly. And the scope for use is unlimited. If you are yet to use digital currencies, this is a great time to start. Several reliable crypto wallets are available globally. Pick a wallet that you like and start transacting today.
Picture Courtesy: Rawpixel.com