Experts of the 2WinPower company will talk about the rules for choosing a good financial system for a casino platform. You will also learn what nuances are essential to find the best solutions and run a profitable entertainment business.

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How Settlement Services Work

Casino payment service: general info

They are an intermediary between operators and their clients. Such programs perform a wide range of tasks: acceptance of deposits, accrual of prize money, transfer of bonuses, and customer data protection.

Entrepreneurs can also receive the following useful B2B options:

  • lending at low interest rates;
  • storage of funds in accounts;
  • increase the project liquidity, and much more.

The YouGov online publication claims that 63% of players prefer the digital placement of bets to its land-based equivalent. In this regard, the role of payment systems in the entertainment industry is also becoming more important. Operators need to provide a positive user experience and guarantee high speed of transactions, as well as their safety.

There are 2 types of financial services in the market:

  1. Traditional systems. In this case, transfers are carried out with the participation of a fourth party. Most often, it is a global gateway with a well-developed telecommunications network. For example, Visa and MasterCard process payments all over the world. They also issue prepaid plastic or electronic cards, conduct anti-fraud monitoring, and launch proprietary loyalty programs. The services charge an additional commission from 0.2 to 3% of the transaction amount.
  2. Blockchain solutions. Transfers are made in a decentralised environment. The process does not depend on state policies and requirements of regulatory authorities. For the payment, it is possible to use Bitcoins, Litecoins, Ethereums, and other promising tokens. Such services are characterised by high speed and security.

The Role of Financial Systems in the iGaming Sector

Paysafe, the leading provider of settlement options, presented the following statistics:

  • 36% of players consider the time that it takes for a transaction to be complete the most important factor;
  • 35% of clients name payment security as a key criterion for choosing a virtual casino;
  • 32% of users prefer the simplicity and accessibility of money transfers.

The quality of the financial system plays a primary role in attracting gamblers and building a loyal audience. Even if operators manage to get clients interested, it will be very difficult to retain them without such a service.

Let us consider why it is important to install reliable settlement options:

  1. Convenience for customers. A well-configured system allows people to quickly replenish their accounts and withdraw received prizes.
  2. Global reach. It is no secret that each country has its payment rules, requirements for entrepreneurs, and conditions for transferring funds. Integration of a high-quality service allows business owners to quickly cope with assigned tasks and understand the legal nuances of any jurisdiction. Thanks to this, iGaming brands can quickly become global.
  3. Security and trust. Players take risks when they place bets in online casinos, so they do not need any additional complications. Reliability and security of transfers are essential in building friendly relations between a company and its clients. The audience trusts only those websites that work honestly, transparently, and safely.
  4. Compliance and regulation. Already at the stage of obtaining a licence, operators need to determine the KYC, AML, and FATF methods that will be used on their digital platforms. A high-quality financial service contains a list of all necessary tools that can guarantee the legality of an entertainment portal.
  5. Protection against fraud. The iGaming industry suffers from cybercriminals more than other sectors of the economy. To prevent unlawful activities on the resource, entrepreneurs need a good payment gateway. It contains tools for end-to-end transaction verification, settings for chargeback analysis, and other useful options.

Types of Financial Services for Virtual Casinos

Online casino payment systems: features

To remain competitive, it is important for business owners to provide various settlement methods on their websites. Gamblers should always have the choice of which tool to use to quickly deposit money and cash out rewards.

Card Transfers

This is one of the most in-demand solutions in the European and Asian markets.

To replenish an account, it is necessary to:

  • enter the number on the front of their credit or debit card;
  • add the expiration date;
  • provide the security code on the reverse side.

The time for transferring funds depends on the chosen system but the money is usually transferred in about 2 or 5 minutes. Players from Europe prefer Visa and MasterCard services. In North America, the largest turnover is recorded by American Express, and in Asia, a leading position is occupied by UnionPay.

Many clients prefer to use a separate card for gambling. This approach allows them to better control all income and expenses associated with the placement of bets.

Card transactions are an area where supervision by the state is becoming stricter every year. For example, in the United Kingdom, players have already been forbidden to replenish accounts via credit cards. Similar restrictions have been introduced in Germany, Sweden, and other countries where entertainment for money is considered legal.

Electronic Wallets

This method is chosen by those customers who are more concerned about security. Instead of connecting their bank account to the iGaming platform, they use anonymous eWallet systems.

Such products are extremely popular in Europe, America, and Asia. Each region has its preferences and proven payment gateways. Thus, casino visitors from Eastern Europe trust Qiwi and WebMoney services.

Among in-demand solutions in the European market, we can name:

  • Skrill;
  • EcoPayz;
  • Neteller;
  • Inovapay;
  • MuchBetter;
  • Trustly.

PayPal is the most well-known e-wallet in the world with more than 305 million verified accounts. The solution is characterised by high safety, ease of use, as well as round-the-clock and trouble-free operation.

Prepaid Cards and Vouchers

This settlement method is perfect for those who value the confidentiality of information. Players buy prepaid cards and use their numbers to make transactions.

These products are issued in different denominations, from $10 to $100 and more. It is possible to buy them on the manufacturer’s website or at retail points of sale (kiosks or gas stations).

The most popular providers are:

  • AstroPay;
  • Paysafecard;
  • Boleto;
  • Neosurf.

Mobile Payments

About 70% of gamblers use personal devices to place bets, which is much more convenient and simple.

The fee is added to the monthly cell phone plan. Players do not need to provide their bank details and pass an additional identity check. Thanks to this, mobile transfers have a stable demand in the market, especially among customers who prefer micro stakes.

Common settlement methods via gadgets:

  1. Google Pay. To quickly and safely make a deposit, clients need to link their account in this browser to a bank card. Data synchronisation takes place automatically, so with each new transfer, it is necessary only to confirm the transaction. The solution is suitable for devices with Android OS.
  2. Apple Pay. The system works like the previous one and is used by owners of gadgets based on iOS. During the transfer, an additional layer of Apple Touch Code verification is launched. Money is instantly credited to online casino accounts and withdrawn just as quickly.
  3. Mobile payments. In this case, the intermediaries are special services that are designed for fast operations with the use of personal devices of the exact category. Among the most popular providers, we can name Zimpler, Venmo, Tele2, and many others.

Direct Bank Transfers

Money is deposited directly to a bank account, so gamblers do not need a credit or debit card. The replenishment process may vary depending on the financial institution. Typically, users need to enter the transaction sum and confirm it.

Extremely well-known bank systems are:

  • INPAY;
  • AstroPay Direct;
  • Sofortuberweisung;
  • SEPA Express;
  • Interac.

Factors That Affect the Audience’s Preferences

Payment systems in gambling: advantages

Variability of settlement methods is not the only advantage of modern online casinos. When choosing an iGaming platform, players take into account many factors, such as including security, speed, and ease of use.

Flexible Approach

It is good if an entertainment resource offers several options for depositing funds with low commissions, a convenient UX interface, and reliable security methods. Moreover, many companies choose to include their clients in loyalty programs. In this case, people receive several bonuses both from the portal and the financial service.

The widest set of solutions is provided by payment gateways. These are universal aggregators, which offer a variety of products. Bank and mobile transfers, as well as eWallet and cryptocurrency transactions, are combined in the user interface.

The variety of settlement methods shows gamblers how enormous the capabilities of digital casinos are. Cooperation with an aggregator implies the lowest interest rates and high security, which has a positive impact on customer choice.

Professional Technical Support

Players contact these specialists for a variety of issues but most often, they are related to problems with transfers. Let us say, someone fills out the payment form incorrectly, and another person needs to go through additional identification of the login device. The support team constantly faces such tasks, so its role in the operation of an iGaming site is difficult to overestimate.

An excellent solution would be to assign 2 or 3 managers to work only with payments. Entrepreneurs can also turn to a financial service for help. Top companies always provide remote employees to work with large casino brands.

Trend Following

To retain clients, it is essential to offer them new financial options. Modern products are aimed at increasing the speed and security of transfers, providing automatic identity verification, and making deposits in a few touches.

The addition of crypto settlements to the entertainment portal would be an excellent idea. Transfers in digital tokens are characterised by anonymity, the absence of commissions, and complete safety.

Cryptocurrency payments are legalised in many countries. The leaders in the number of licences issued to those brands that wanted to launch blockchain casinos are Malta and Curacao.

The Main Things about Modern Financial Systems in the iGaming Niche

They can be described as an intermediary between operators and players.

Key features of such solutions:

  • They perform a wide range of tasks. This includes deposition/withdrawal of prizes, accrual of bonuses, security control, increasing the liquidity of the gambling business, and much more.
  • Card transfers are extremely popular among customers. Casinos also often use e-wallets, vouchers, mobile settlements, and direct bank transactions.
  • Among the factors that affect the choice of a financial service are a flexible approach and professional technical support. Particular attention should be paid to the variability of payment options, speed of operations, and the size of commissions.

You can order a turnkey casino and other ready-made solutions from the 2WinPower studio. We also offer several useful services:

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