At year’s end, it is time to recap what we have seen in 2023 and make predictions for online betting and gambling trends in 2024.
From the legal point of view, the following year will probably see further adoption of iGaming-friendly legislation. Rumor has it that several states are going to follow suit of New Jersey, Pennsylvania, and other similar states, to cash in on iGaming and online betting.
But what about the payment conditions in the current and future wagering- and gambling-friendly federal states?
Let us dig a bit deeper into iGaming payment advancements awaiting us in 2024.
Fast Bets through Electronic Wallets
Electronic wallets, which also go by the name of eWallets, are handy digital financial applications that will be used even more widely by players in 2024 for the following reasons:
The money sent from a player’s PayPal or Skrill account to their casino profile is typically transferred faster than a bank transfer. The processing fees are low or non-existent, while the player’s account data remains private, thanks to advanced encryption and security features. Also, iGamers can connect their eWallets with their bank cards and accounts to enhance their playing experience. For instance, if you play on platforms that accept prepaid cards, you have a variety of options to choose from when it comes to funding your online casino account and enjoying gaming without deposit hiccups.
Mobile Payments for iGames
Google Pay, Apple Pay, and Samsung Pay are already the three most popular mobile wallets worldwide. Once you enter your payment details, either from bank cards and accounts or from eWallets, you can make all the payments to your iGaming accounts from these wallets.
Now that all your payment information is kept in one place, your operational speed is much higher. It means you do not have to manually enter the payment details to each gambling site but manipulate your details with one single move.
What is more, mobile payments are highly secure, thanks to cutting-edge security protocols and data encryption. To top it off, the biometric features – e.g., fingerprints, face recognition – that players can provide for smartphone transactions additionally protect their personal and financial information.
Credit Cards Go Forth
Fintech payments seem to be taking the floor in 2024, but this will not remove bank cards from the scene.
On the contrary, credit cards are still a preferred online payment method in many countries and industries, online casinos included. The payment card as a product is still the same, but it keeps getting new, advanced features.
Instead of manual entries, p(l)ayers can rely on tokenized card payments; it both speeds up the payment process and ups security. When tokenized, payment information cannot be tampered with or accessed by unauthorized third parties; it only gets deciphered on the other end of the transaction.
Also, credit card issuers have introduced biometric authentication for online purchases, which adds to the general sense of security online. Innovative additions and AI tools are also emerging to improve card payment monitoring and risk mitigation.
Finally, virtual credit cards – digital counterparts of your tangible credit cards, with a one-time, dispensable card number – are yet another payer-friendly security detail to factor in when talking about iGaming payment fads in 2024.
Players’ Profiles and Bank Accounts
Who says that iGaming as an industry embraces only ground-breaking fintech trends? If you are a distinguished iGamer who wants to transfer a substantial amount of money to their online casino profile account, you will probably opt for a wire transfer.
As you connect your bank account to your casino profile – and verify it is you by submitting the relevant personal details to both parties – you can count on relatively fast settlement (think hours, not days).
Once you have established this wire transfer procedure, it is possible to schedule future transfers in advance and automate your profile deposits. For instance, you know you will start your playing session on Friday afternoon after work and place a bet or two while watching NFL on TV. You want your wagering account to be deposited before that. No problem: arrange everything beforehand and start placing live bets as you switch on the TV.
Thanks to the integrative nature of iGaming platforms and e-banking apps, you can continuously monitor both your accounts in real-time.
The only drawback of such transfers is a lower level of security, in comparison to eWallets and mobile payments.
Last, but not least: crypto payments, carried out via the decentralized blockchain technology, will keep disrupting the iGaming payment market in 2024 and beyond.
We have already seen the growth of crypto wallets – the special type of eWallets specialized for transactions in cryptocurrency – which is going to continue throughout the following year, with new, more advanced features.
We can also expect more regulations from the US government when it comes to cryptocurrencies. The non-existence of central financial institutions that would control this technology – what most crypto users perceive as the major benefit – will not change, but certain limiting acts are planned for adoption. These will mostly aim at reducing potential fraud and specifying who is liable in case of asset loss or theft.
All these advancements will make iGamers store their deposits in cryptocurrencies even more than before.