How payment methods for online casinos has changed in the past decade

Financial operations have always been one of the key elements of the online and land based gaming industry, and in our current days, the two are driving innovation together.

If you have been an active player in the early 2000s, you must remember how depositing and withdrawing from an online casino or sportsbook has changed.

While there are now more effective and hassle free KYC processes when it comes to depositing, the withdraw process has been also made more user friendly.

I remember that back in 2014-2015, you had to wait around 48 hours to receive your withdraws from certain operators.

The impact of payment options on player onboarding, retention and safeguards has been heavily researched by payment providers and with the help of operators the process has been mind as seamless as possible.

Every player wants “to be paid” as fast as possible when they play and win. And why not, we live in a time when everything is moving fast. Many studies have shown that it is one of the worst experiences when a player has to wait days to get their winnings payout to them.

This is why Same Day Payouts and Instant Withdrawals have been implemented in many online casinos.

Here comes the fun part of things, instant withdrawal through Bitcoin.

There is no doubt that Bitcoin is now here to stay and some online gaming operators have long been using the cryptocurrency as an asset in their operations to drive more players.

Bitcoin has revolutionized the way online casino players can make deposits and withdrawals at online casinos, as it was a bit of a hassle as many e-wallets and financial institutions didn’t want to process payment coming from gambling sites because of legal reasons.

Cryptocurrencies has also become a game changer in the UK gambling sector. In 2020, the UK Gambling Commission has banned the use of credit cards by players as well as accepted by operators in the online gambling sector. This decision gave a boost for the use of cryptocurrencies by operator.

The use and integration of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in online gambling websites has vastly improved the process for operators and gaming experience for players. Thanks to their unique and user-friendly characteristics, cryptocurrency provide payment transactions that are better and even safer compared to credit cards.

Other than fast withdrawals, players get to appreciate the small fees required for every withdrawal transaction. Their cashouts then go straight to their designated wallet addresses, which also highlight anonymity and security.

Fintech companies have received a huge boost during the lockdowns and it’s safe to say that each region is now slowly beginning to have a favorite payment provider. Whenever we are talking about the USA, Europe or Asia.

Just as an example, Quickbit is very popular in Norway, thanks to their mission of making the use of cryptocurrency simple, fast and available to anyone.

Each Fintech company has contributed to a better future and it seems that we are just a couple of years from living in a cashless society.b