The pace of development across the world of iGaming and gaming never seems to stop accelerating. If we pause to think about it, there have probably been more changes and innovations in the past five years than in the five decades prior to that. Technology is the obvious driver, with the millennial generations, the children of the internet if you will, seeming relentlessly determined to stamp an indelible mark, reshaping entire industries and evolving them in their own, post-modern image.
The entire world of finance is changing
In what appears to be just a handful of years, the consumer face of banking has changed almost beyond recognition. At least one entire generation now only uses cash to unlock trolleys in supermarkets or pay for car parking machines that are still waiting to be upgraded. When it comes to paying for almost all goods and services, or travelling abroad, or pretty much any other transactions, everything is digital. And the thing is, removing hard cash from the equation is also infinitely faster and more secure. It is therefore absolutely unsurprising that online casinos now accept numerous digital payment methods, with the aim of making deposits and withdrawals as quick and easy as possible for their players.
Digital wallets are here to stay
The total user-friendliness of digital wallets means that they are here to stay, at least until somebody invents something even better! Bank cards were a great innovation in their day, but compared the likes of Neteller and Skrill, they are slow, cumbersome and unsecure. Digital wallets do not require users to access their bank accounts each time they use them, as a valid email address and access to a source of funds is all that is required, with no sharing of personal bank details. Advanced encryption safeguards user data and users trust the technology.
Is cryptocurrency part of this future?
While traditionalists may think of cryptocurrency as a bubble that will burst at any moment, the current reality is that hundreds of online casinos and sports betting sites now use crypto and blockchain technology to power transactions. Crypto provides total anonymity and almost instant speed, and blockchain technology is decentralised, removed from all bank and government control. And whilst most traditional banking options and currencies are still available on most sites, a growing proportion of players and operators are preferring the speed, simplicity and security of cryptocurrencies. Not only that, but without a chain of merchants and handlers, there are no fees to pay.
Answering the security question
Fear of the unknown often leads to instinctive objection. Because blockchain and crypto are comparatively ‘new’ developments, many dismiss them as risky and/or unsafe. Nobody hides from the fact that there are risks in value fluctuation with crypto, but the fact is that direct person-to-person (P2P) crypto transactions have already been proven to be safer and more secure, and safety is the ultimate measurement tool.
With billions of dollars-worth of crypto in play across the online gaming industry, operators must keep an open mind about its place within their futures, and ensure they are fully educated on all the latest developments.
This novelty is not wearing off
Much as we all enjoy the satisfying feeling of a roll of bills, once upon a time in the late 1700s, some genius invented the casino chip, and the gambling industry was changed forever, and for the better. Digital money, electronic payments, blockchain technology are in many ways similar innovations and, arguably, every bit as radical. They are not going away; they will continue to evolve and improve and the day will come when we reminisce over brandy and cigars about the days when we used cash and cards to place our bets.
