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How has Fintech Helped Revolutionise iGaming?

Jan 27, 2024

Pixabay Mohamed hassan Electronic wallet - How has Fintech Helped Revolutionise iGaming?

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The Financial Technology (FinTech) sector has played a major role in shaping the efficiency, security, and reliability of payments in the iGaming industry.

It has also been instrumental in revolutionizing several other key areas. Let's dive straight in to learn more about how FinTech has played a major role in taking the iGaming industry to the next level.

What is the iGaming industry?

The term' iGaming industry' is given to a broad range of socially accepted and legally permitted online gambling activities at fully licensed and regulated websites. Examples include online casino websites, dedicated poker sites, lottery and bingo sites, and sports betting sites (aka online bookmakers or sportsbooks).

These sites can usually be accessed from any modern Wi-Fi/internet-connected smartphone, tablet, laptop, or desktop computer, provided the player is of legal age in their jurisdiction. For example, in the Canadian provinces, you will find that it's 19, and in several US states where certain forms of real money gambling are legal, it's 21. However, in many other parts of the world, it's just 18.

What is the FinTech industry?

The term 'FinTech industry' is the integration of various technologies such as AI (Artificial Intelligence), blockchain, cloud computing and big data with digital financial services offered by licensed and regulated companies whose online services, products, and features are also accessible from various devices.

Examples of Fintech companies are major today's payment processing companies like PayPal, Visa, Mastercard, Neteller, Skrill, Revolut, Interac, Trustly, and Paysafecard, to name a few.

How has the FinTech industry helped shape the iGaming industry?

The FinTech industry has helped revolutionize the iGaming industry in more ways than one. For example, today's leading payment gateways have made online payments between players and the websites they visit much faster and more secure.

Cloud computing/gaming has meant that online casino operators can offer more games than ever, which is why you can often find well over 2,000 games at today's most popular online casinos.

Artificial intelligence (AI) tools and systems also help improve the player's experience. For example, AI can help operators give players better game suggestions and tailor the experience on an individual level with more relevant bonuses and promotional offers.

AI is also being used to analyze behaviours and patterns in playing activities to detect and prevent any gambling problems from occurring and prevent any fraudulent activity from occurring.

How have iGaming players benefited from developments in the FinTech industry?

The FinTech industry has played a huge role in how fair and transparent the iGaming industry is today, and the three main benefits are faster transactions, enhanced online security, and personalized bonuses and promotions.

The FinTech industry will no doubt continue to shape the iGaming industry for many years to come.

See:  Fintech Innovations Never Sleep at CES 2024

Transaction fees attached to deposits and withdrawals have dramatically come down, and players' sensitive data, such as banking information, the transactions processed on iGaming sites, and any personal information they store on the site, are in safe hands at all times and out of reach of cybercriminals.

Final note

Today, players have more reliable payment methods to choose from than ever. They can now top up their accounts and cash out their winnings with just a few simple taps or clicks using credit & debit cards, bank transfers, eWallets (also known as digital wallets, web wallets or electric wallets), prepaid cards, and even cryptocurrency across a blockchain network.


NCFA Jan 2018 resize - How has Fintech Helped Revolutionise iGaming?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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