Tuesday, May 21, 2024
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    Mobile Payments Driving Gaming Craze on Mobile Devices

    How Mobile Payment Tools Inspire a Spike in Mobile Gaming Users

    The ongoing adoption of mobile and digital payments has made deposits and withdrawals at online casinos easier for online punters. Online payments also offer a safe and secure means of transaction which boosts their adoption in the gambling industry. The conveniently simple payment methods automatically boost gambler participation. The comfort remote payment options like MasterCard, and Visa are offering secured credit and debit options for online gambling. Whereas, e-wallets like Neteller, PayPal, and Skrill also allow transactions in about 26 currencies omitting the transaction fees. Thus, online payment availability at casinos will fuel the number of online gamblers globally. While PayPal still remains a crowd favorite, sites such as betting.co.uk, have been listing out the top casinos that support PayPal as a transaction tool.

    Possibility of Instant Gambling Transactions

    A major drawback that online casinos had earlier was that they did not facilitate instant online transactions. For withdrawals, punters had to wait for over a week at times which built-in frustration. However, with recent technological advancements, this problem ceases to exist. Due to safety issues, online casinos have always had to check, review and also approve every deposit and withdrawal which took time. However, with Paysafecard casinos, a punter can now facilitate deposits and withdrawals within a few hours. E-wallets are a quicker method of a transaction at casinos. The market size for global online gambling stood at $66.72 billion in 2020. The impact of Covid19 has also resulted in the growth of the virtual gambling sector leading to significant growth of 11.2% during 2021. From 2021-2028, the market size is expected to grow from $74.17 billion during 2021 to $158.20 by 2028, with a CAGR of 11.4%. While the European digital bank market is expected to overshoot a whopping US$2bn by 2026.

    Crypto Betting

    Cryptocurrencies have grabbed the attendance of all punters over a short span of time. In a few years, it has the potential of becoming one of the most significant methods of payment in the global gambling world. The other payment options will always keep improving, but the use of cryptocurrencies for betting is soon to witness a steep surge. Multiple iGaming software operators promote these digital currencies. Some casinos also allow combining traditional payments with digital payment methods. Even with cryptocurrencies, some casinos might offer Bitcoins, while others might offer Ethereum or Dogecoin.

    No Extra Charges for Online Payments

    Many online casinos refrain from imposing additional fees on their punters. However, some do inflict a minor amount on withdrawals. These charges are fixed at times but it is based on a percentage of transactions made by a punter. Thus, if more transactions are made, more charges are imposed. In the future, casinos might not charge extra fees depending on the player base. Right now, punters can choose from multiple payment options among multiple betting platforms and choose to gamble at casinos that do not impose these charges.

    Concluding Thoughts

    The payment sector in online casinos might look way different in the future and would be in favor of the punters. Global gambling statistics show that around 26% of the population are gamblers which adds up to 1.6 billion people worldwide. 4.2 billion punters gamble at least once a year. A UK-based study also concludes that 17% of the population bet online which results in a £5.3 billion revenue. Online casinos now use 256-bit SSL Technology for ensuring the security of customer data. In the future, the number of gamblers globally will shoot even higher, the reason being that payments would have a lesser processing time, and fees and be even more secure.

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