Electronic payment processing is vital for the gaming industry: it is impossible to accept client funds or make a payment without it. What payment options exist for the gaming industry? How do they process payments? Let’s pay attention to expert opinions.
Difficulties of Payment Processing in Gambling
Most experts agree that gambling is traditionally a high-risk sphere for banks and payment systems due to a large number of transactions, high risk of returns, and fraud (for instance, transactions with stolen cards). Therefore, it is not so easy to open a merchant for an online casino.
The operator of a merchant account has to spend a lot of resources to ensure transactions for the casino website. Not every financial institution is ready for this. Bans on gambling in many countries also matter. To eliminate the risk of damaging the reputation and sanctions from payment systems, many banks refuse to work with gambling projects.
Therefore, an online casino payout system should provide conditions for cooperation. In most cases, these are specialized operators or payment aggregators. Among the other selection factors are:
- Bank card processing VISA, MasterCard, American Express, etc.;
- The ability to offer customers local payout methods;
- Support for e-payments and cryptocurrency;
- The ability to accept fees by subscription;
- Fraud prevention system;
- Easy integration with major gaming platforms.
How Money Is Credited to an Online Casino
Most often, the payment system for casinos provides merchants with a personal account. It offers all the necessary functionality for setting up a payment page, tracking transactions, exchanging, and withdrawing money. Payment processes are automated: the merchant only receives notifications of completed transactions. Processing applications for withdrawing funds from game deposits can be manual or automated: it depends on the functionality of the account and the gambling software used on the site.
The process of interaction between gambling sites and users usually implies opening the so-called game deposits. If the acquiring for an Internet casino is provided by a specialized payment aggregator, the interaction scheme looks as simple as possible:
- The gambler registers on the website.
- They select a convenient charging method on the account deposit page.
- The customer deposits the required amount of funds. It is credited to the merchant account of the gambling project. The equivalent amount is displayed on the user’s game deposit.
- For games and bets, the user can use the funds from the game deposit. The winnings are also credited to it.
- The player can withdraw funds from the deposit in accordance with the rules of the site.
Payment systems prefer to work only with licensed gambling companies. You can get a license in one of the jurisdictions like Malta, Curacao, Costa Rica, and others. So, if you intend to play at an online casino for real money – make sure it has a valid license, and then – proceed to deposit. Good luck!