Two of the most vibrant sectors right now are Fintech and online gambling. Both have pioneering companies involved in them that are seeing tremendous growth. They are also two sectors that are ideally suited to working in partnership. That has been especially true since online gambling at internet casinos has become hugely popular globally. As online casinos run on technology while also handling players’ money, Fintech has helped them flourish over the years.
Much of this is due to the online gambling sector seeing many positive disruptions from Fintech companies with innovative ideas. But which ones are making the most impact?
New ways of making payments
When we look at how Fintech as a whole is disrupting the online gambling sector positively, it is wise to mention payment methods. It is arguably the most significant impact Fintech has on how online casinos or sportsbooks operate and how people interact with them. But what has Fintech done to improve this exactly?
Whether you want to place an online sports bet or play an online casino game, you need money to use first. Of course, this involves getting funds from your bank account and putting it in your online casino or sports betting account. In the past, this involved using a bank or wire transfer, which came with fees, inadequate security, and slow processing speeds. The Fintech sector has disrupted this by bringing platforms like Skrill and PayPal to the market. These platforms involve lower or zero fees, greater online security, and much faster processing speeds. As a result, they make playing online games or placing online bets much more convenient for people.
Also, pre-paid casino cards or online promo codes show how tech and finance combine to benefit online sites. The Mohegan Sun promo code is an excellent illustration of this as it allows players to enter a pre-set code when they sign-up to get the benefit. If this sounds a little complicated to grasp, check out the BonusSeeker site, where it is explained in more detail. The promo code links to the site’s background technology to award extra cash bonuses to enjoy.
Fintech has helped with financial safety on sites
The recent surge in Bitcoin’s price has made everyone super aware of cryptocurrency again. It has also made people think about the Blockchain tech that underpins the currency. But what is this tech all about? It is actually the code on which all cryptocurrencies are built, and it helps to keep them secure through data encryption.
It is not only cryptocurrency that makes effective use of Blockchain tech. Blockchain-based Fintech products make gambling at online sites safer, and they help sites look after your money better. Signing up with a reputable online site and trusting them with your cash and data is now something you can do with a lot more confidence – much of this is down to Fintech advances around Blockchain. By bringing a tech solution to the issue of financial safety, Blockchain in sportsbooks or casinos can help protect players’ money and allows sites to keep cyber-criminals at bay.
FinTech and mobile gambling
It is fair to say that mobile gaming and gaming are pretty big right now. Industry predictions show that mobile gaming could generate $100bn in revenue by 2023. Many people like to gamble via their mobile device and handle everything they need to do from that one place. This could be a painful process in the past, but modern Fintech innovations have changed that situation.
Now, platforms like Apple Pay or WeChat enable mobile players to make mobile payments fast when they need to top up their sportsbook or casino account. The ability to do so from their mobile device has made this way of gaming more pleasurable, less hassle, and as a result, it attracts more fans. The kind of apps which facilitate mobile payments are a classic example of how bringing financial services and tech together can improve our lives.
FinTech is changing online gambling
Finance and technology used to be two very different sectors in the past. That is no longer true as innovative companies fuse both together to improve our lives and make our money safer. The online gambling sector has undoubtedly been disrupted positively by Fintech advances. As the above shows, it has helped with everything from mobile gambling to extra online security and better individual payment methods.