How the Online Gambling Industry Boosts Fintech
The online gambling industry is one of the fastest-growing industries in the world. In 2021, the worldwide online gambling and betting industry was worth $61.5 billion. By 2028, it may increase by 86% to $114.4 billion.
Financial technology (Fintech) is also experiencing an innovative boom period.
Commercial banks in the U.S. declined by more than 10,000 over the past decade. Banking customers prefer online and mobile options for improved security.
By 2030, the market size of digital-only banks may rise by 2,000%.
Let’s take a closer look at how the online gambling industry boosts fintech.
Digital Wallets (e-Wallets)
Where the fintech industry lacks customers, online gambling makes up for it. The top digital wallets—e-wallets—at online casinos include Skrill, NETELLER, and PayPal.
These options remain popular for gamblers for a few simple reasons. They’re reliable with better security than traditional banking methods. They offer lower fees, efficient transactions, and personal data stays protected.
For many online casinos, deposits and withdrawals via e-wallets are the fastest options.
Registering for an e-wallet is free and easy. There’s no end date, and users can make transfers in various currencies.
With e-wallets, online casinos offer the latest SSL (Secure Sockets Layer) encryption software.
These fintech services might not have grown in popularity if not for gambling online.
One of the latest fintech innovations comes in the form of cryptocurrency. Digital currencies use blockchain technology to create a public ledger.
Users may transfer their fiat currencies into digital tokens. In iGaming, this industry continues to soar with new cryptocurrencies. (More than 8,000 crypto coins came into being in 2021.)
Much like e-wallets, cryptocurrencies function outside the traditional banking system. That leads to a reduction in commission and fees, benefiting casinos and players.
Offshore betting sites allow deposits and withdrawals in crypto. Some companies tailor their bonuses by marketing to these players.
For high-rollers, using crypto at online casinos means higher limits. An online casino is a business. They welcome gamblers making large deposits.
More people in the crypto space also increase the value of Bitcoin and Ethereum. That’s an extra incentive for players to use crypto.
Their winnings may gain a profit in the long term.
What Are the Benefits of Online Gambling?
The surge in online gambling continues to spur innovation in fintech. Gamblers can play their favorite online casino games from anywhere in the world.
All they need is an internet connection and a computer or mobile device. Then they’ll have access to online casinos whenever they want it.
This boost in customer appeal led to the development of a Play+ card. Legal online casinos now accept this method as a payment option.
Customers create an account that’s valid at many online casinos. Withdraws made to the card may get processed immediately.
Then players use their cards for making in-store or online purchases. They can also grab cash at ATMs on the PULSE or NYCE networks.
Developing an ecosystem like this helps to create hundreds of thousands of jobs. Fintech and the online gambling industry work together to boost each other.
There are now more real money casinos online than ever before.
Online Gambling Statistics
Popularity in online gambling isn’t relegated to the U.S.
Most of the planet is experiencing a growth period. Some regions like Africa and South America may outpace North America and Europe.
Gambling hotspots also include Macau, the U.K., Australia, and Canada.
The global online gambling market may reach a market value of $172 billion by 2030. That’s a much higher forecast than other reports.
According to Wales247, there are 2,000 online casinos in existence. The top companies generate billions in revenue.
Almost 96% of online gamblers play from home. More than half of online players gamble from a mobile device. Over one in 10 gambles during their commute.
That’s not including metaverse gambling. In the future, players may use augmented reality (AR) and virtual reality (VR) headsets.
Gambling at metaverse casinos offers an untapped market for fintech companies.
As technology improves, the online gambling industry continues to thrive. This metamorphosis uplifts the fintech industry to brand new heights.
The COVID-19 lockdowns may have forever transformed the gambling industry. While businesses closed, online casinos remained open 24/7.
Growth in the fintech industry owes to this sea change. As the world’s top gambling companies profit billions, their customers use fintech.
These two industries remain linked as markets mature. In some regions, online gambling is still new.
This might start one of the biggest evolutionary periods for gambling and finance.
With fast and secure financial transactions, there’s hardly been a better time to gamble.