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Casino Payment System: Trends and User Preferences in 2024

Updated 25 june 2024

Simple and fast money transfers contribute to the prosperity of iGaming projects. To operate successfully and increase capital, the entertainment business needs secure and modern settlement methods.

Casino payment systems

Experts of the CASEXE studio will tell you about popular financial services in 2024 and ways to choose the most reliable products based on industry requirements, as well as the audience’s preferences.

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What Is a Payment System and How It Works

This is the link between operators and their clients. Such a tool performs a wide range of tasks related to user authorisation, transaction processing, and confidential data protection.

Its main goal is to ensure uninterrupted, fast, and reliable transfers. Customers should not have any difficulties with the deposition and withdrawal of prizes, and entrepreneurs have to make sure that these processes are completely safe.

Features of Settlements in Online Casinos

Several factors distinguish iGaming startups from other commercial projects:

  1. High-risk category. Business owners should focus on payment providers that specialise in the entertainment sector. Their proprietary solutions are distinguished by excellent security, good performance, loyalty to micro-transfers, and a well-thought-out verification system.
  2. Regional bans and restrictions. Transactions in digital casinos are classified by the (MCC) 7995 merchant code. If the transfer comes from a country where virtual gambling is prohibited, the system automatically blocks it. Operators also need to take into account local requirements on the deposit amount, the size of incentives, withdrawal limits, acceptance of funds via credit cards, etc.
  3. High activity of the violators. The iGaming industry suffers from cyber threats, bonus abuse, multi-accounting, and other offences. To protect their enterprises, business owners need to provide high-quality antifraud monitoring, modern data encryption tools, and protection against cyber attacks.
  4. Large volume of transactions. It includes active round-the-clock settlements, micro-transfers, and chargebacks. They must be processed in a timely manner so that online casinos work smoothly and stably.

Popular Payment Options

In 2024, the audience prefers:

  • Internet acquiring via Visa, MasterCard, and UnionPay cards;
  • direct banking operations;
  • electronic financial systems;
  • mobile and voucher transfers;
  • cryptocurrency transactions.

Payment gateways are becoming more and more popular in the iGaming industry. They combine several settlement methods and are distinguished by a user-friendly interface, as well as a loyal commission level.

It is much more profitable for entrepreneurs to install a single financial solution than to buy such software from different vendors. Thus, operators reduce the time for signing an agreement, carrying out preparatory work, and installing the necessary program components.

How to Choose a Reliable Online Casino Transaction System

Reliable settlement methods

Let us consider the key purchase criteria that are relevant for business owners from different countries.

High-Quality Usability of the Payment Page

It should be easy and comfortable for clients to replenish their accounts and withdraw money. Otherwise, the gambling establishment risks losing some of its customers who did not dare confirm the transfer through a dubious option.

Characteristics of good usability:

  • complete information about the amount and purpose of settlements;
  • data on protective measures taken;
  • availability of flexible configurations and individual settings;
  • a laconic user interface, which has the same design as the website’s main pages;
  • fast and secure https connection;
  • convenient form with a minimum of steps that need to be taken to confirm the transaction.

Minimum Commissions

The size of deductions is affected by the following factors:

  • international transaction fee;
  • part that should be paid to the acquiring financial institution;
  • interbank commission interchange.

The gambling industry is classified as a high-risk niche. For this reason, increased deductions are applied to all transactions. However, it is possible to reduce tariffs by connecting a financial gateway. Providers of such solutions offer low fees for setting up and processing transfers.

Their amount is also affected by the country in which the project owner works, the type of client’s card (debit, credit, or prepaid), and many other factors.

High Speed of Operations

The faster the settlement method functions, the wider the audience that an online casino will be able to attract and retain. In 2024, players give preference to instant transactions.

The 1-Tap feature (one-touch payments) is offered by Visa, MasterCard, and other top providers. High speed of transfers is achieved thanks to the authorisation of data input. Confidential information is encrypted and converted into a unique token.

Cryptocurrency has the most winning position. Its use guarantees instant receipt of funds in the customer’s wallet without any additional checks.

Excellent Safety

In the case of transfers made using digital assets, the security function is performed by encryption algorithms. Personal details are converted into a unique hash code that is even theoretically impossible to forge or delete.

Providers of fiat transactions use the following international security protocols:

  • PCI DSS Directive. It is mandatory for all organisations that offer financial services. Each company is assigned 1 of 4 levels based on the volume of operations processed per year. After that, the vendor is subject to a mandatory annual audit confirming the high quality of the provided services.
  • SSL protocol. Secure Sockets Layer is a cryptographic standard that guarantees a more secure connection between a client’s device (PC, tablet, or smartphone) and the online casino server. It is based on asymmetric encryption.
  • 3D Secure technology. This is an additional method of customer authentication based on personal data, geolocation, or biometrics. Such standards are used by Visa, MasterCard, and other global firms.

Operators should pay attention to modern anti-fraud systems. They solve a wide range of problems. This includes a ban on accepting money from geolocations where gambling is prohibited, minimisation of chargebacks, identification of fraud with multiple accounts, and much more.

Stable and Reliable Support

In the entertainment industry, prompt and competent client support is extremely important.

Hundreds of players turn to specialists every day with a variety of issues:

  • deposition and withdrawal of funds;
  • personal identification;
  • refund of payments;
  • reduction of commissions;
  • participation in the loyalty program, etc.

The technical service should work 24/7. It would be good if it is synchronised with the online casino support department. In this case, standard questions will be addressed to iGaming project specialists, and more complex aspects (for example, loss and blocking of a bank card) will be addressed to representatives of the payment gateway.

In-Depth Analytics

This is a detailed reporting system on the key parameters of the operation of a gaming site:

  • the volume of processed transactions;
  • the number of chargebacks;
  • the size of commissions, etc.

Entrepreneurs can request the analysis of limits, currencies, locations, settlement methods, and other parameters.

European Casino Market

European gambling market

The region is distinguished by a large selection of payment tools, high public interest in entertainment for money, and strict regulation.

  • In most countries (Great Britain, France, Spain, and Germany), the replenishment of accounts using credit cards is automatically blocked. Operators must ensure the solvency and stable financial condition of players. The placement of bets with borrowed funds is strictly prohibited.
  • The Swedish regulator has introduced additional restrictions on the size of deposits and bonuses for one user. This is how the government is fighting the increased level of ludomania in the state.
  • The authorities of Croatia and Germany oblige business owners to conduct additional AML scanning of transfers. All transactions over €2,000 are subject to verification.

Great Britain

The United Kingdom is the region's leader in terms of the volume of transfers in the market, the level of income, and the implementation of advanced security methods. Many non-profit organisations dealing with problems related to gambling addiction are based here: GamCare, BeGambleAware, and many others.

All types of casino entertainment are allowed in the country. Betting on horse races and in sports pubs has become a cultural heritage.

The British prefer online casino products, and sportsbook options take second place.

Open Internet banking is the most popular method of replenishing an account on a gaming site. The solution combines dozens of offers from leading banks of the UK in one UX interface. Customers review the available calculation methods and choose what suits them best.

The online casino audience uses electronic payment services, such as:

Germany

The Glücksspielbehörde (GGL) regulator has strict requirements for operators:

  • The provider must ensure that the payment account is opened in the player's name and with an EU licensed bank.
  • Entrepreneurs are prohibited from accepting money from anonymous clients who have not passed two-factor identification on the website.
  • The use of cryptocurrency remains questionable. On the one hand, the government has legalised this settlement method and on the other, there are still no mechanisms for applying digital money in the iGaming industry.

Today, local players trust the following options:

  • Electronic wallets. Fast transactions are carried out using PayPal, Neteller, ecoPayz, and Klarna.
  • Banking products. This is Internet acquiring via Visa/MasterCard cards, as well as wire and direct bank transfers.

Portugal

The leading position is occupied by the Multibanco network. It unites more than 12 thousand land-based terminals and 12 financial institutions throughout the country. Players can make deposits using cash or the MBNet proprietary service.

The Portuguese trusted local systems more than other Europeans. Almost 40% of all transfers are carried out through the MBNet app, followed by Skrill and Neosurf e-wallets, as well as direct banking transactions.

Gambling Payments in Latin America

The region is extremely uneven, both in its approach to the legalisation of entertainment for money and in the preferences of clients.

In Mexico, Argentina, Uruguay, Costa Rica, and other jurisdictions, online and offline casino solutions are allowed. There are many international providers working in the market, and the government receives stable budget revenues.

Currently, the attention of global corporations is directed toward Brazil. The local authorities announced the launch of an iGaming market, which will attract multimillion-dollar investments. The region’s value lies in the huge interest of the residents in entertainment products and a well-developed IT infrastructure.

Let us consider the features of payment policy in LatAm:

Incorporation of Digital Technology

Argentina, Chile, Brazil, and Colombia have advanced e-commerce and, as a result, a strong financial market. Open banking, one-touch transfers, confirmation of transactions using multi-signature/biometrics, and other modern solutions flourish here.

Experts predict that Latin America will take third place among the regions with the largest number of mobile wallet owners. Near Field Communication (NFC) is gaining popularity. The technology guarantees instant transfers at a high-security level.

In many countries, individuals and companies prefer to pay in cash. Only 58% of entrepreneurs from Mexico and 54% from Peru have electronic accounts.

Popular Settlement Methods

The main solutions for casinos in 2024 are:

  • payment via credit cards (48%);
  • PIX instant transfer platform (16%);
  • transactions through debit cards (10%);
  • electronic systems (9%);
  • cash deposits (9%);
  • direct bank transfers (5%).

One of the leaders in the LatAM payment market is the PIX platform. It ranks first in terms of volume of operations in Brazil and is popular in Colombia, Chile, etc.

The solution brings together products from the leading financial institutions in Brazil and has the unconditional support of the country's Central Bank.

Access to the PIX wallet is provided through 4 key systems:

  • register of individuals (CPF);
  • e-mail address;
  • mobile phone number;
  • unique key generated by the system (obtained by the program without disclosing personal data).

High growth rates are predicted for:

  • bank transfers (38% CAGR);
  • payment in instalments (35%);
  • debit cards (30%);
  • PIX (26%);
  • digital wallets (20%).

Entrepreneurs planning to enter the LatAm market should take a closer look at settlement methods, which are popular in the region. It is also necessary to consider the specifics of local legislation. For example, payment in instalments will almost certainly be banned in the iGaming sector in the near future.

Financial Policy in Asia

Payment policy in Asia

Here, there are different approaches to the regulation of entertainment for money.

Thus, the Middle East prohibits gambling in any form since it is against the Islamic religion. Southeast Asia, on the other hand, is the most desirable market in the world since all casino solutions are allowed here, and modern technologies are introduced.

India

73% of the local population visits online platforms at least once a week, although the placement of bets is officially allowed in only 3 states.

The country has a well-developed IT sector. It was here that the trend for using Open Banking appeared (commercial offerings of several financial institutions were combined into a unified product).

Players prefer local payment options:

  • PhonePe. It is a mobile application for fast and secure one-touch transfers. An account is created based on a phone number. Sensitive data does not need to be entered each time a user confirms a transaction.
  • BHIM UPI. It is based on UPI and collects dozens of banking functions and accounts. Clients can choose the service that suits them best.
  • PayTM. The popular electronic application unites more than 25 million registered accounts. Customers can compensate utility bills, make purchases on e-commerce sites, and make deposits.

Philippines

The jurisdiction is considered one of the most attractive ones for launching iGaming projects. All types of casino entertainment are allowed here, and entrepreneurs can manage websites in 2 domain zones at once, .com and ph.

Analysts predict that the volume of card payments in the country will increase by 7.5% every year. Players use prepaid, credit, and debit cards from other international brands.

The government strongly supports the digitalisation of the economy. Thus, in 2022, there were 5 banks in the state that obtained licences to provide services on the Internet.

Currently, UNObank, UnionDigital Bank, GoTyme, Overseas Filipino Bank Inc., and Tonik Bank are developing their unique contactless financial applications.

The Main Things about Settlement Methods in the Gambling Niche

Fast, secure, and convenient transfers are the key to the prosperity of online casinos.

Key features of such tools:

  • A reliable payment system is distinguished by high-quality usability, minimal commissions, and high speed. The security of the service, impeccable technical support, and the availability of in-depth analytics are also important.
  • The European market is dominated by bank transfers and e-wallet transactions. The industry faces several restrictions from local regulators. This includes a ban on the use of credit funds, limits on bonuses, and the sizes of deposits.
  • Latin America is moving towards digitalisation of the economy. Local gamblers prefer transfers via debit/credit cards, electronic systems, as well as cash.
  • The Asian government has relied on the development of local settlement methods. In India, these are the innovative platforms PhonePe, BHIM UPI, and PayTM.

You can buy a modern payment system from the CASEXE studio. We provide convenient and safe products that will increase the liquidity of iGaming projects and attract new visitors to digital sites.

From us, it is also possible to order the following useful services:

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Author: Matt Grant
iGaming business expert
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