Fintech & Online Casinos: News, Updates & Events
The online gambling industry has enjoyed a stellar year, with revenues in the sector continuing to rise at a rapid rate.
Technology has had a significant influence on things, providing the tools for operators to significantly improve every aspect of their businesses.
From the enhanced gameplay experience on slot machines to the adoption of fintech for payments, the online gambling industry has embraced modern tech.
The fintech element is particularly pertinent, as this has made it much easier for people to fund their online gambling accounts on sites such as Wink Slots.
Fintech provides a secure way for consumers to make digital payments and helps businesses process them more efficiently.
This has undoubtedly played a massive role in the increase in the number of people who prefer to gamble online rather than visit land-based venues.
With fintech expected to play an increasing role in online gambling, we take a closer look at some of the latest developments in the industry.
Open Banking set to Boom
Vasilije Lekovic, Director of Gaming at Trustly, believes that 2021 will be a hugely significant year for open banking payments in the United Kingdom.
While many European markets are already leveraging the tech to great effect, the UK has been relatively slow on the uptake.
However, Lekovic thinks that will change over the next 12 months as consumers latch onto the benefits of open banking payments.
“Thanks to PSD2 and domestic standardisation initiatives, all consumers in the UK can now use services like Trustly to easily make purchases directly from their bank account,” he said.
“Now, UK players can get in action faster and skip the process of entering long card numbers and extended KYC information.
“While card payments are still by far the most popular payment option in the UK, I think that will change quickly when people see how safe and easy Open Banking payments are.
“That’s especially true of young, ‘digital native’ players who demand a modern experience.”
OmegaLab Expands Fintech Offering
Software development company OmegaLab has confirmed that it is expanding its technology solutions for the fintech industry.
The Amsterdam-based firm has more than 15 years of experience working with the gambling industry to deliver a responsive player experience.
The expansion of its fintech services will see Omega Lab focus on developing new software, reducing time-to-market and establishing long-term partnerships with clients.
The company’s fintech solution can be tailored to each client’s needs and will include payment gateways, anti-fraud systems and client accounts.
OmegaLab CEO, Roman Magdalenko, said: “The fintech industry is thriving and we’re pleased to be able to provide standout technology solutions for the European market.
“OmegaLab prides itself on providing exceptional custom software solutions to help businesses reach the next level.
“We work incredibly closely with our partner’s internal teams to provide an end-to-end service for fintech.”
CMA Urges Government to Learn from Fintech
The UK government recently confirmed that the 2005 Gambling Act will undergo a rigorous review to determine whether it serves the technological demands of the industry.
However, a regulatory proposal from the Competition and Markets Authority (CMA) relating to the governance of ‘Big Tech’ may have an impact on the appraisal.
It is anticipated that a new digital watchdog will be created, which will establish stricter controls on any businesses who use tech.
CMA CEO, Andrea Coscelli, says that any regulatory changes made by the government concerning gambling should take their lead from developments in the fintech sector.
“Effective regulation means not being afraid to try using new tools and approaches,” he said. “Our work on open banking, for example, has demonstrated the potential that opening up access to data can have in driving innovation.
“We recently announced that users of products enabled by open banking topped two million – demonstrating clear demand for these services which have been enabled by this intervention.”
Micro Gaming Technologies (MGT) snapped up by Everi
Slots specialists Everi Holdings has continued to expand its operations after agreeing a $25m deal to acquire Micro Gaming Technologies (MGT).
Everi has added MGT’s products and technologies for casino operators to its portfolio of fintech products and services, thus strengthening their position in the sector.
This latest development follows on from the exciting link-up between Everi and Scientific Games Corporation to launch online gaming in New Jersey.
“The acquisition of the MGT assets will further strengthen our ability to provide our customers with a one-stop shop of comprehensive, integrated solutions that enable a seamless, convenient experience for casino patrons while delivering operational efficiencies for casino operators,” said Everi Executive Vice President and FinTech Business Leader, Darren Simmons.
“By combining our existing Everi player loyalty and marketing solutions with these assets from MGT, we will be better positioned to offer our customers the industry’s most extensive suite of loyalty and marketing technology.
“We have already begun the process of developing a roadmap for integrating the best functionality of MGT’s platform with the best of our existing loyalty and FinTech suite of products and services with an eye towards further strengthening our overall solution set.”
India to Stage Star-Studded Digital Event
The eyes of the gambling world will be on Asia on January 20/21 as operators, suppliers and affiliates take part in the prestigious SBC Digital India event.
India is rated as one of the most exciting growth market for the gambling industry, and this event will provide a platform for businesses to explore the opportunities.
SBC Digital India includes an excellent roster of sessions and speakers providing insights across casino gaming, sports betting and more.
The conference element of the event will see 75 senior executives discuss issues affecting the growth of the industry including regulation, technology and marketing activities.
The second day will be of particular interest from a fintech perspective, with the event featuring an evaluation of India’s growing prominence in this area.
Running alongside the conference is an interactive product display area featuring the latest innovations from major suppliers and a program of networking roundtables.