The fintech (Financial Technology) sector has played a significant role in revolutionising the iGaming industry. iGaming is a term used to describe a sector of the digital entertainment industry that encompasses real money betting sites like online casinos, sportsbooks, bingo & lottery sites, and dedicated poker sites.
On this page, we will be taking a closer look at how fintech has impacted the global multi-billion-dollar iGaming industry and which key areas it has improved the most while pushing the boundaries of what is possible in this ever-changing industry.
What does fintech mean?
Fintech has been described as the integration of artificial intelligence, cloud computing, big data, and blockchain technology with digital financial services.
This sector is helping to completely revolutionise the reliability, security and efficiency of online payments, and some of the most notable fintech companies specialising in improving online payments that most of you will have already heard of by now are PayPal, Bitcoin, Trustly, Interac, Skrill, and Neteller.
Which areas of the iGaming industry has fintech transformed the most?
Today’s fintech solutions are helping to transform your average iGaming site, whether it’s a UK online casino, bingo, lottery or sports betting site, in more ways than one.
Fintech is helping fuel this industry’s exponential year-on-year growth in the following ways:
- Online payments (purchases, deposits, and withdrawals) are now safer, quicker, cheaper, and far more convenient and reliable than ever
- Blockchain technology has made online payment even more secure and anonymous, providing higher levels of transparency and helping to foster a sense of trust in this industry, but also safeguarding the essence of online freedom and anonymity
- Market-leading fintech solutions that facilitate payments between consumers and online businesses protect people with online refunds
- Artificial intelligence (AI) and machine learning are helping to personalise the iGaming experience, reduce fraudulent activity, eliminate underage gambling, and enhance cybersecurity on our favourite sites
- AI-powered tools and the big data gathering and analysis of huge volumes of real-time and historical data sets provide operators with comprehensive information and insights to improve their services and offer sports bettors more accurate odds
- Embedded finance means that online gamers can now make in-game purchases, which enables operators to generate more revenue
How else is fintech impacting iGaming?
Fintech companies like PayPal and countless others have made online transactions quicker and more convenient, and they have eliminated the need for users to make purchases using less secure and more cumbersome traditional payment methods like Visa, Mastercard and bank transfers.
Besides fintech solutions speeding up average transaction processing times and making payments safer and easier to conduct at the virtual checkout, advanced AI-powered tools, such as fraud detection algorithms, can also detect and prevent fraudulent transactions from taking place.
Data analytics monitors how people interact with websites and games, focusing on patterns in play & spending to identify players who are deemed at risk.
By offering a range of sophisticated, safer gambling tools, players these days can manage their bankroll better than ever by taking advantage of session time reminders, deposit limits, win/loss limits, spending caps, transaction history, and so on.
Fintech solutions have also developed more dynamic, responsive, and intuitive design interfaces, which makes it much easier for players to manage their online gaming and financial accounts.
Final thoughts
To sum up, fintech and the many technologies and solutions that have stemmed from this sector over the past two decades have helped iGaming operators and regulators streamline the experience for users and make it safer for everyone involved.
The key focus centres around customers having access to lower costing, safer, quicker payment methods, which helps operators boost customer retention, enhances trust in the industry, and enables continued growth.
It improves the overall experience for online gamers and makes today’s safest websites far more accessible and appealing than ever.
