Fintech facilitating huge growth in online gambling
Companies / Gambling Jul 09, 2020 - 12:55 PM GMTBy: Submissions
Advancements in technology have transformed the online gambling industry, allowing it to become one of the most lucrative business sectors in the world.
Experts have estimated that global revenues may top $60 billion in 2020, with future forecasts predicting substantial growth over the next few years.
The boom in online gambling has been driven by numerous factors including the increasing utilisation of fintech for processing payments.
With consumers eager to fund their accounts as seamlessly as possible, gambling operators have proactively sought to leverage fintech to their advantage.
A Background to Fintech
Online gambling firms require players to sign-up for an account and make a deposit if they want to play games or place bets on their websites.
For instance, players wishing to play slots on winkslots.com are asked to enter a few personal details and deposit funds in order to play real money games.
The second part of that process uses fintech to facilitate the payment, which may be via a debit/credit card, e-Wallet, bank transfer, cryptocurrency or other methods.
The technology has made it far easier for consumers to make online payments, a factor that has undoubtedly contributed to huge growth within the gambling industry.
Fintech and the Gambling Industry
Fintech has been designed to provide a safe and secure link for consumers and businesses to complete automated online financial transactions.
The days of searching frantically for payment cards or login details are now long gone, with Fintech helping to make the entire process far more straightforward for consumers and businesses alike.
It has had a huge impact in the gambling industry, helping gambling operators offer visitors to their online casinos and sportsbooks a much wider range of payment options.
In addition to providing an enhanced experience for consumers, fintech also helps businesses with regards to formulating reports, monitoring activity and much more.
New Jersey Figures Highlight Fintech’s Impact
The decision by the Supreme Court back in 2018 to introduce revised gambling legislation has had a major impact on the industry in the United States.
New Jersey is a great example of this point, with the state repeatedly setting new records for online revenues during the course of last year.
Companies in the sector generated revenues of more than $482 million in 2019 and with more operators joining the party this year the future undoubtedly looks extremely positive.
Fintech has played its part in this boom, allowing gambling firms to make their payment processes much smoother than was once the case.
Fintech & Online Gambling – The Final Word
The gambling industry is growing at a rapid rate and its upward trajectory looks set to continue for the foreseeable future.
Innovations such as virtual reality and augmented reality promise to take things up to whole new level, creating the possibility that companies in the sector will be inundated with even more new customers.
That will ramp up the need for fintech to be utilised by all gambling firms to handle the increased amount of payment transactions performed on their sites.
By Michael Black
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