It is a well-known fact that businesses in the online gaming sector compete fiercely in a market where no stone is unturned. Since iGaming platforms are built around quick, simple, and secure payment methods, these platforms have been at the forefront of innovation in this area.
In the article that follows, we take a closer look at some of the most intriguing advancements in the iGaming industry’s payment processing that clear the way for the future, as well as some potential obstacles. We also discuss a few traits that would enable your iGaming business to spread across international boundaries and into various countries.
Newest industry-disruptive developments
The online gaming market has grown rapidly in recent years. By 2023, online gamblers are expected to wager close to a trillion dollars, and that number is expected to rise even further, according to a Juniper study. Let’s examine some of the most intriguing and ground-breaking developments currently happening in the iGaming payments sector using these evaluation figures.
Taking cryptocurrency payments
Gaming and gambling enthusiasts find it more convenient and secure to transact in cryptocurrencies as a result of their growing popularity. As a result, businesses are continuously adjusting and giving their customers access to integrated crypto payment options for deposits and withdrawals. Especially for businesses in the iGaming sector, cryptocurrencies are highly sought-after due to their benefits of real-time, automated processes without the hassle of conversion based on exchange rates or prolonged transfer times.
Player-centered strategy and data security
The new companies entering the market are adopting an improved player-centric strategy based on simplified deposits, better acquisitions, automated payouts, and decreased failures.
Ensuring the availability of various payment options
Alternative payment methods have become increasingly well-liked in recent years and, in some cases, have replaced more conventional ones. PayPal, Apple Pay, and other examples come to mind. They offer customers a quicker and more individualized purchasing experience, and in 2022, they accounted for nearly 60% of all e-commerce transactions worldwide.
The most recent technological advancements and trends in the payment processing for the iGaming sector are generally positive. Additionally, there is a stronger shift toward improving the user experience. Even though these developments are making more progress, a few things need to be kept in mind.
Problems with “iGaming” Payment Processing
It is crucial to remember that industry developments must be focused on addressing current or future challenges. In this section, we examine some of the obvious problems that must be fixed before we can significantly advance the development of iGaming payments.
Due to significant losses, players on an iGaming platform could very well issue chargebacks. Online gaming and gambling businesses should be ready for angry customers as well because it’s a natural risk. The act of incorrectly requesting a chargeback for a valid transaction is known as “friendly fraud. Thus, it is crucial to work with a payment processor who is aware of the requirements of the sector.
Cybercriminals are a risk when playing video games online. One out of every twenty new online gambling accounts, according to ThreatMetrix’s Gaming and Gambling Cyber Crime Report, is fraudulent. It is crucial to set up your gaming merchant account with the appropriate fraud prevention tools.
Norm for cryptocurrencies
Despite the fact that not all online casinos software or gaming platforms can support cryptocurrency, as was already mentioned, it is undoubtedly growing in popularity among players. Additionally, because cryptocurrency transactions are entirely anonymous, it is impossible to track the payment in any case. It will be very difficult to adjust to such disruptive changes.
A significant problem in payment processing for the iGaming industry can be the legal limitations in different jurisdictions and the growing number of compliance requirements. Given the risky nature of the business itself, with high volume turnover, age restrictions, and a plethora of laws, it takes a lot of work to comply with every compliance requirement. There can be no compromise in this area. For the platforms serving the iGaming industry.
Extending your company into new jurisdictions
The iGaming sector’s long-term success depends on your company’s ability to grow internationally. As a result, processing payments and growth will complement one another and promote growth. Therefore, it’s crucial to first comprehend cross-border payments before learning how to develop your gaming website’s growth.
Getting the necessary gaming or gambling license and adhering to the relevant regulations is the last step in starting your business in a new jurisdiction. Payment processing in the iGaming sector appears to have a bright future, and an aspirational business will undoubtedly want to participate in it. Even though there are obstacles in the way, it is possible to overcome them with the proper attitude, knowledge, strategy, and assistance.