Casino payment methods are one of the most intriguing elements of the gambling industry. They are moulded by consumer demand and are constantly at the forefront of innovation. Casino platforms that get ahead of the curve and offer a broader range of payment options gain a prime market position.
In the modern age, how many of these payment methods have the potential to establish themselves alongside the conventional payment options that have been on the market for 20 years? How is consumer demand driving the implementation of these different online casino payment methods?
Smartphones as payment devices
As smartphones became e-wallets and devices we could use to tap and go in the supermarket, online casinos looked to capitalize on this shift toward mobile payments. By the early 2010s, they became integral to casino payment options. There was also a rise in pay by mobile casinos, which have gone on to become the fastest-growing payment option in the global casino industry.
Pay by mobile casinos refers to a payment system whereby you use your phone as your preferred payment choice. It allows you to make a deposit that acts as a debit on your phone bill or phone credit.
Any online casino where you can quickly link your mobile payment option is becoming the norm throughout the international market. However, the best pay by mobile casino sites will provide an easy-to-pay approach to ensure they bring in as many customers as possible.
Experts rank many different factors before ultimately deciding on what they believe is the best pay by mobile casino. However, some key criteria include ease of withdrawals and deposits, payment speed and withdrawal limits — all of which can vary from site to site.
Cryptocurrencies
Bitcoin, Ethereum, XRP, Solana — whatever cryptocurrency is your digital asset of choice you’ll have noticed that the number of casinos offering this payment option has increased dramatically since the beginning of this decade. Bitcoin (BTC) hit a six-figure price of over $106,000 per coin, which is astonishing considering that the asset only emerged in 2009.
Cryptocurrency payment options provide a range of benefits. From a user perspective, the cryptography that verifies each payment on the blockchain and eliminates the need for a third-party bank to oversee the transaction at either end has enhanced the convenience of these payments while maintaining the security of traditional, conventional payment systems.
Other considerations with cryptocurrency include high blockchain fees during peak usage, volatility periods and blockchain confirmations, which can sometimes take a few hours.
However, the fact that casino gamers can connect their wallet directly to the casino and play without having to worry about the issues that arise from conventional payment systems is viewed as a strong advantage. Cross-border fees and delays are eliminated, blockchain is very secure and each transaction is publicly viewable, making them easy to verify and open by nature.
Fintech and digital payment solutions have followed the broader trend of casinos moving their entire business model online. Social media is now the hub for those seeking information about holidays, “Instagrammable locations”, or food and health tips.
It’s also become the main way we access our money, pay our bills and invest, so a digital payment option that solely exists because of the internet was bound to gain traction. It’ll be interesting to see how influential cryptocurrency becomes in online casinos.
Conventional payment options
In the earliest days of online casino gaming, which predated the rise of cryptocurrency or pay by mobile solutions by years, conventional payment options were the foundation for online casinos’ rise as the globally dominant force in the casino industry.
Some of these payment options have adjusted to the current digital landscape. VISA cards and MasterCard can now be added to e-wallets like Apple Pay and Google Pay, so casino gamers can quickly deposit with a button.
Likewise, some early e-wallet systems that found success in the online casino world, including Neteller, Skrill and PayPal, also adapted to the rise of modern payment technologies. However, casino gamers who do not want to use e-wallets or would rather enter their card details manually still make up a considerable portion of the online casino market.
This includes standard VISA cards, MasterCard, Maestro and gamers who prefer older methods such as bank transfers. While fewer casinos offer bank transfers or cheques, and those that do usually charge a fee, gamers prefer these conventional options.
Adapting to a changing market
If there’s one thing that the casino industry has collectively showcased, it’s its ability to adapt to changing consumer demand and integrate the latest technology. While cryptocurrency casinos might not have exploded as rapidly as e-wallet transactions in the early 2000s or Apple Pay in the mid-2010s, millions still use cryptocurrency daily for other transactions or as part of their investment portfolio.
As long as the market demand for these payment options continues to soar and provides casino companies with insight into consumer demand, we can expect casino platforms to follow suit and for the fabric of their websites and apps to be shaped by it.
If the number of people seeking crypto options exponentially rises, we will likely see this reflected in the broader market over the next decade. Expect to see the same thing if Apple Pay becomes the dominant force.
Some casinos take a punt on what they think the next big payment option will be, but ultimately, it all boils down to consumer demand and adapting to the changing market driven by the customer base.
Conclusion
The casino world supports a variety of online payment methods, which continue to innovate in response to consumer demand. Despite the rise of e-wallets and cryptocurrency, conventional methods will always have a place in the industry.
Cheques and bank transfers could be phased out or take up a tiny part of the industry in years to come; millions of customers still use dozens of different deposit and withdrawal options daily, so it’s doubtful they’ll ever be completely phased out.
While it is likely that this will become a more digital-driven era of casino gaming over the next few years, the range of payment options will continue to swell as casino companies attempt to maximise their potential customer base and profits. One thing is for sure — there isn’t a lack of choice.
