Online gambling – online gambling – depends on high-quality and secure payment systems. This applies to both deposits into player accounts and payouts of winnings. Payment and payout methods are evolving rapidly. This applies to both traditional banks and other players.
We will take a closer look at recent developments and how they have affected the online casino industry.
Blocking in Norwegian banks and credit cards
The issue of payment solutions in online casinos is particularly relevant for Norwegian users, as transfers to and from Norwegian banks are being rejected. This is somewhat surprising, as there is no ban on Norwegian players using these offers. However, the Norwegian authorities have warned about this. The dangers of money laundering and the risk of developing gambling addiction are cited.
Therefore, Norwegian players are advised to use payment solutions other than Norwegian bank transfers and credit cards to use online casinos.
Cryptocurrency
Perhaps the biggest technical innovation in payment methods in the last decade, and the one with the greatest potential, are cryptocurrencies built on blockchain technology. This is a means of ensuring greater payment security and anonymity.
Unfortunately, cryptocurrency has so far been used more for investment purposes than as a means of payment. Exchange rates vary greatly depending on market expectations for a particular currency. Since it is a decentralized instrument that is not controlled by national banks, it also does not have the approval of governing bodies.
However, purchasing cryptocurrency on dedicated cryptocurrency exchanges is not a problem. Many online casinos on the platform - https://norwaykryptocasino.com/ have specifically agreed to pay in cryptocurrency. Once you receive your cryptocurrency, there are no transaction fees charged, as you would at your bank.
Digital Wallets
So far, digital wallets, or e-wallets, have been the preferred way to transfer money to international casinos. They are also widely used by freelancers working for international clients.
Some of the advantages of e-wallets are that they allow you to deposit and withdraw funds quickly. They support multiple currencies. Security is also constantly improving.
You first top up your wallet with money and then pay your deposit to the casino using them. Popular digital wallets are Skrill and Neteller. The casino’s customer support team will usually be able to provide you with information about which wallets they have chosen.
Mobile Payment Solutions
A big development in general, which is also beneficial for online casinos, is mobile payments. This means that you don’t have to sit in front of a screen to pay. Systems like Google Pay and Apple Pay make this even easier.
This allows you to pay on the go. If you are traveling and want to kill time playing multiple games, you can make deposits using the same mobile device you use to make a payment. Also check: What time of day do Norwegians play at online casinos?
Enhanced security measures
Online gambling involves financial transactions. Therefore, security is a top priority. Enhanced security measures such as encryption, biometric verification and two-factor authentication are just some of the solutions that payment service providers have implemented. This ensures the security of money transfers and protects against fraud. The fact that players can be sure that their money will arrive promotes trust between the player and the operator and ensures further growth.
Faster bank transfers
Today, everything happens faster on the Internet than it did a few years ago. This also applies to money transfers. Many people now work for companies with their own platforms, such as Uber or food delivery apps, and demand fast and convenient money transfers. Where previously an international money transaction could take several days, today it can be done almost instantly. This applies to both traditional banks and other payment systems.
Of course, this also simplifies online gaming. You don’t have to make a deposit today to be able to play the next day.
And what about regulations and technology?
The development of new technologies cannot be seen in isolation from the regulatory frameworks that exist in individual countries in particular and in the EU/EEA in general.
We see that countries with clear and favorable regulation of online gambling, such as the UK, show the greatest growth.
The regulations may provide instructions on which payment systems can be used and how the operator must manage the playing funds. Existing payment systems will of course try to adapt to such requirements, as will the operators.