If you’re reading this article, the likelihood is that you don’t need an introduction to fintech. You’ll already have an in-depth understanding of the financial technology sector and will recognize that its primary purpose is to make finances and financial transactions simpler and more streamlined.
This is the goal regardless of whether the service is aimed at optimizing financial processes for the individual or for businesses, with many fintech innovations benefitting both parties equally.
Two such inventions have proven especially revolutionary for the commercial world – payment gateways and cryptocurrencies – and these have particularly advantaged those involved in online transactions (ergo an increasing number of us).
Because of this, many industries have embraced them, with a huge surge in interest among primarily internet-based sectors. This includes the online gaming sphere, and specifically internet gambling.
We take a look at how the ongoing relationship between the two sectors has affected and will continue to impact the future of the online casino industry.
A most modern transaction
At its core, the online gambling industry is built around innovation. Offering a truly 21st-century take on an already popular pastime, it has always been the younger and cooler cousin of its offline counterpart. In order to stay that way, the industry is expected to have its finger continually on the pulse of invention.
Not only this, but a large part of its appeal lies in its flexibility: in being able to bring the product to the customer and deliver the thrills they’re searching for. This means that where the consumer can be accommodated, the aim is always to do so.
One example of this is the plethora of payment options made available to players, cryptocurrencies among them. With hundreds of transactions into and out of accounts every minute, most providers will bend over backwards to increase their accessibility and appeal in a vastly competitive market where users can choose the bestcasinosites, which means no one must be excluded.
While this embracing of cryptocurrencies is, at least in part, a reflection of such a desire to deliver optimal customer service, it is also due to the way in which fintech streamlines the online payment process. Making transactions instantaneous, the cycle of cashing in and out is never hindered by drawn-out transaction windows.
Keeping the wheel turning
As we mentioned in the previous paragraph, fintech is adept at streamlining the transaction process. While this seems solely to benefit the player, it can also be advantageous to the house. That’s because the quicker consumers are able to access their funds, the sooner they can play again.
This is particularly pertinent with regards to live casino games, such as live roulette. Streamed in real-time, these contests authentically replicate the atmosphere and adrenaline of their physical counterparts, but without the need to visit a land-based establishment to participate.
For those who wish to play, an entry fee may be required, so if players are having to wait on previous winnings, it delays – and on some occasions deters – them from getting involved in the action a second time around.
This is not only frustrating for the player but means a loss of fees for the house too. With cryptocurrencies and other forms of fintech payment methods like e-wallets, however, this could stop being an issue entirely.
With fintech having had a hugely beneficial impact on the online gambling sector, both for player and provider, it’s little wonder that it’s been so widely embraced. Its advantages are unquestionable, so the only uncertainty remaining is this: what exciting innovation will be next?