Gambling online has been one of the most in-demand pastimes currently, and every year, its revenue escalates. According to analysts, the online casino market will rise by about 12% of the Compound Annual Growth Rate (CAGR) yearly for the forecasted period of 2022-2030. Its revenue reached a market value of around US $ 58.2 billion in 2021 and is predicted to rise up to US $145.6 billion in 2030; its rapid rise is because of various driving factors such as the rising use of devices such as personal gadgets, including smartwatches, especially the smartphone.
These convenient gadgets, along with the increasing internet market and the capability to wager the players, propelled the booming market of the betting site industry.
Players of online casinos constantly upgrade smartphones and invest in new technology such as Augmented and Virtual Reality, 5G gadgets, blockchain influence, and many others to have a better overall betting experience.
The numerous bonus program that an online casino offers plays a big role in boosting market growth, especially the rising sports events, which mark the demand for online bookmakers.
Banking options of online casinos are competitive because this industry deals with huge amounts of money.
There are various casino payment methods that are guaranteed safe.
1. Credit Cards
Undoubtedly credit cards are the major, trusted payment option for the majority of betting sites. Major credit cards like Visa and Mastercard are the leading cards most trusted by online casinos of today.
2. Open Banking Method
This type of payment system is applicable to limited countries, and the majority are in Europe. A special Bank ID is required, like Trustly, to connect with any betting sites which accept this mode of payment.
Another one is Brite. Brite AB is another second-generation fintech payment solution from Stockholm, Sweden. It operated under Swedish Financial Supervisory Authority (Finansinspektionen) and got a license here as well. The people behind Brite AB are the same group who developed Trustly and Klarna Applications; hence it assures the consumers that this payment solution is more convenient and affordable compared to others. Because of this, online casinos introduced Brite Kasinot or Brite Casinos to give players a more convenient way of seamless wagering.
3. Digital Wallet
Typically called E-wallet, this type of payment method is commonly used by many consumers in purchasing goods, government payables, bill payments, and bank transfers. E-wallets are very convenient and easy to use. E-wallets aid the consumer’s finances by linking to relevant institutions and important business sectors. Consumers just download the application, and they can start with any transactions here. E-wallets can be accessed on smartphones which makes life more convenient.
E-wallets also work for entertainment, like online betting, and work perfectly with any gadgets, especially smartphones.
These are the following trusted digital wallets:
Pioneer to all digital wallets, Paypal has been around since 1998 but became famous after eBay bought it in 2002 from an American company. Paypal is widely known for its reliability and dependability.
Next to Paypal, this e-wallet is considered one of the best payment options according to some users. It assures easy deposits and faster payouts, as well as guarantees its security in terms of money transactions.
Skrill is formerly known as Moneybookers. Skrill has a reputation for its dependability and ensures quick and easy transactions for the user. This digital wallet has a linked debit card and offers a cheaper service fee.
Bank Transfer method
Another famous payment method that assures safety and convenience to users is the Bank Transfer Method. This allows the player to transfer their money to other banks anywhere in the world. Once applied, the user applies for this payment option, and they will be provided with a reference number and details of the bank account where the user can make a payment. This method is very advantageous to users who don’t have credit cards. Bank transfer examples are iDeal, InstaDebit, Wire Transfer, and Echeck.
Cryptocurrency is popular because it assures safety, and the user is completely anonymous because it uses numbers instead of names. It uses Blockchain technology, so it is impossible for any questionable sites to penetrate.
Bitcoin is the pioneer and is trusted by many big establishments. Other famous altcoins are Ethereum, Litecoin, Tether, and Ripple.
The majority of betting sites work together with financial technology for an easier, faster, and more efficient transaction. Although some sites may offer different payment choices, it is advised to check the above recommendations.