Advancements in digital financial technology (fintech) have revolutionised how people pay for goods and services in the 21st century.
While cash is still accepted worldwide, fintech options have become the ‘go-to’ method of payment for most people in developed nations.
Numerous industries have been transformed by the convenience and accessibility provided by fintech, with the gambling sector undoubtedly one of the most noteworthy.
Before the launch of the internet, sports bettors and casino players were limited to visiting land-based venues to fuel their gambling passion. However, fintech innovations sparked a seismic shift in the way the industry operates, moving it firmly into a digital environment.
Fintech Streamlines Online Payment Processes
When online gambling sites first arrived on the scene, making deposits and withdrawals were tasks that would test the patience of a saint.
Credit and debit cards largely dominated the payments landscape, but limitations in their capabilities made for an underwhelming user experience. Lengthy processing times and excessive transaction fees were commonplace, but developments in fintech slowly transformed how online payments were made.
The emergence of e-Wallets such as PayPal proved to be a game-changer in the online gambling sector, helping operators offer customers much swifter payment methods.
Instant deposits became the norm, while transaction fees were phased out as gambling operators sought to offer better service to their customers.
Withdrawal times also improved, with most leading gambling sites taking no longer than 2/3 working days to facilitate payouts to sports bettors and casino players. With fintech becoming increasingly sophisticated in recent times, some operators now offer same day withdrawals.
Fintech has also allowed gambling operators in the UK and Ireland to successfully leverage advancements in smartphone technology to their advantage.
This is evidenced by the top betting apps in Ireland, which offer customers a wide range of mobile payment solutions to facilitate deposits and withdrawals. This heightened level of accessibility and convenience has helped to fire the online gambling industry into another stratosphere.
Security Fears Allayed with Fintech Solutions
One of the primary concerns for anyone who purchases goods or services online is keeping their personal financial information safe and secure.
These worries were accentuated during the online gambling industry’s formative years, with some rogue operators failing to live up to expectations in this regard. However, fintech has allayed those fears by creating a more secure landscape for digital transactions to take place.
Data encryption and secure socket layers (SSL) technology ensures that online gamblers can make digital payments safe in the knowledge their personal data is kept secure.
Other fintech elements such as biometric identification and multi-factor authentication further enhance the security aspects on online gambling sites. With operators subject to regular checks as part of their licensing and regulatory requirements, the sector is now viewed as being far more trustworthy.
The heightened levels of security are also beneficial to gambling firms, as they help to ensure that deposits and withdrawals can only be made by verified users. This significantly reduces the chances of payment fraud occurring, this creating a safer environment for operator and customer alike.
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UK & Irish Operators Can Now Broaden Their Global Horizons
Fintech has allowed UK and Irish gambling operators to widen the scope of their operations, with many of them establishing a strong presences in markets overseas.
Online gambling was previously restricted by geographical borders, with sportsbooks and casinos prevented from operating outside their jurisdiction. Fintech has provided a platform for significant changes in this regard.
Popular digital payment options such as PayPal allow for cross-border payments to be made, thus making it much easier for UK and Irish gambling firms to operate internationally.
Many of the most reputable brands have successfully leveraged fintech innovations to spread their wings into North America, Europe and numerous other regions worldwide. For some operators, this has helped them become multi-billion-pound organisations.
With fintech solutions continuing to evolve, many more UK and Irish gambling operators are broadening their horizons and establishing a foothold in overseas jurisdictions.
The Future of Fintech in the UK & Ireland Gambling Industry
Blockchain technology has been widely tipped to be the ‘next big thing’ in fintech, although some gambling operators and customers remain sceptical.
It is traditionally associated with cryptocurrencies, which remain a controversial subject due to question marks over the lack of regulation in the sector. The volatile nature of the cryptocurrency market is also a cause for concern for the online gambling sector.
However, many monetary experts believe it is only a matter of time before traditional financial institutions will be forced to fully embrace the decentralised nature of blockchain technology.
This will likely create a landscape where cryptocurrency payments become commonplace in the gambling industry, particularly in jurisdictions where tougher regulation is introduced.
Lower operational costs will benefit gambling operators, while customers will be able to enjoy same day payouts rather than waiting a few days for their withdrawal to be processed.
Blockchain will not be the only technological innovation to impact the online gambling industry in the UK and Ireland over the next few years.
Emerging fintech companies such as Revolut and Trustly are on track to grab a larger market share as gambling operators switch on to the benefits of using their services.
The firms have developed fintech solutions which are tailored to the online gambling sector, and they may well force more established payment brands out of the sector over the next few years.
