Many countries of the world have already legalized the gambling business. Including that part of it that exists on the Internet – online gambling. The turnover of this industry, according to the Brandessence Market research and Consulting report, in 2019 amounted to $4.5 trillion, and by 2026 it can grow to $7.7 trillion. Financially, this industry is served by banks, as well as special payment services. There are more and more of the latter every year.
Collect & Pay will tell you about the advantages of such systems, why it is important for every online business to choose a reliable payment service, as well as about the trends that are observed in the market for accepting payments in online gambling.
Features of the Internet acquiring market
Any online business involves the ability to accept card payments on the Internet. Companies that sell goods or services online have to use Internet acquiring. It has its own specifics compared to the usual “ground” payment acceptance using PoS terminals. And one of its differences is that this service can be offered by both banks and special payment services. Moreover, the latter are becoming more and more noticeable in the market.
Their advantage is that they usually work with several partner banks at once and support the cascade processing function, unlike banks. This means that if one of the banks is suddenly unavailable or rejects the transaction, it is instantly redirected to the others. And so on until the operation is successfully completed.
In the E-commerce segment, there are providers of specific services, in particular, niche categories such as gambling, betting, dating, nutra (health and beauty products), as well as investment and crypto projects.
Separately, it is worth highlighting “iGaming” – this is a narrow area of gambling, covering only online entertainment. The term includes, for example, virtual casino gambling and poker in online poker rooms. During the Covid-19 pandemic, the popularity of online casinos has grown significantly, and so far this trend continues.
Mobile gambling gradually captures the market of Internet games. This is due to the growth in the share of mobile Internet and new data transmission technologies 4G and 5G. Making payments from gadgets is getting easier. The variety of their options impresses everyone who is attracted to gambling. And there are many of them today. For people, this is an affordable way to relax, relieve emotional stress, and distract from problems.
The right payment service is the key to a successful online business
One of the biggest risks for any Internet project is to spin up a business, get long-awaited traffic and then suddenly stop payments due to significant delays or blockages. At best, this can be fraught with an outflow of customers, at worst, with the closure of the project. Therefore, reliable payment acceptance is a cornerstone for any online business.
Collect & Pay has established itself as a reliable and secure payment acceptance service. Our rich work experience and excellent expertise in places where others meet, allow you to use affordable service and an individual approach.
Our advantage is that we know what to expect when making payments in the iGaming industry. We understand what potential problems may arise here. Our task is to provide the client with a stable and reliable financial service, relieving him of the risk of an outflow of players due to payments that do not go through, are delayed, etc.
Collect & Pay processes payments almost all over the world. Accordingly, the geography of its clients is unlimited. So far, the list is based on the countries of Asia, Europe and North and South America, but the company is actively growing and entering the markets of other continents. This is also helped by clients who themselves are considering the possibility of entering global markets, and Collect & Pay provides the necessary financial service for this. The main thing is that the recipient of its services works in the legal field. The list of goods / services presented on the client’s website should not include those that contradict the requirements of the legislation of the countries where they are provided.
In its work, Collect & Pay is guided by the following principles:
- Fast and high-quality processing of payments in traditional electronic money and digital currency almost all over the world;
- High passability of payments;
- Experience in iGaming and niche categories, which helps to effectively solve the typical problems of these businesses with payments;
- An individual approach that allows us to offer each client the most favorable conditions for him;
- Flexible working conditions, no bureaucracy.
- Particular attention is also paid to the security of payments.
Collect & Pay uses securely protected API tools and applies modern encryption standards.
Market trends for accepting payments in iGaming
Here are 5 key trends:
The market for cashless payments in the gambling segment is growing exponentially. Now its growth, according to various estimates, is + 35% annually. And this is far from the limit.
The entire turnover will be taken over by services that find effective solutions, as chargebacks, complaints and fines force banks to turn off accepted payment methods and be more selective about customers. But the found solution is not a guarantee of success. The market situation is changing very quickly, and companies need to constantly adapt to it.
Work of clients with several services at once
Large players who use the services of payment services always work with several payment services at the same time in order to secure their business as much as possible.
For payment services, an affiliate program with the world of betting and gambling is becoming more and more attractive. The understanding of the nature of this business is growing, the fear of facing fraud and money laundering is becoming a thing of the past. The reason is that the iGaming market around the world is becoming more and more clear rules and regulations, which allows you to avoid unpleasant risks.
Tightening the rules of the game
Paradoxically, against the backdrop of legalization, the screws are being tightened.
Accepting payments is becoming more difficult, and even those niches that previously had no problems are starting to encounter them more often. For example, payments for forex projects became difficult 2 years ago, and now similar processes are taking place in gambling. We can expect similar trends in other business categories.
Collect & Pay is a reliable and secure online service for accepting payments almost all over the world, which can help you set up efficient payments online.
Contact us to open an account – firstname.lastname@example.org
Disclaimer: This financial promotion is intended for retail clients. Please note that this information is of a general nature only and is not intended to address the specific circumstances of any particular entity. Also please be aware that this information is not necessarily comprehensive, complete, accurate or up to date. Collect & Pay is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information published by Collect & Pay relates to your unique circumstances. Licence #AFSA-G-LA-2020-0005 with expiry date of 23.04.2022. Please learn more about the regulatory status of Collect & Pay : www.collectnpay.com.
All of the statistical numbers were taken from the open internet sources.