The world we live in these days is vastly different to the world which we knew a little over a decade ago. At the forefront of these changes has been technology. Technology has advanced at an alarming rate over the years, and nowadays, we find ourselves surrounded by tech which years ago we would expect to find in a Sci-Fi Blockbuster from Hollywood. Technology in a business environment has been largely beneficial, and with online betting businesses now utilizing technology more and more, being an online casino user is now more exciting than ever. Over the years, fintech has been utilized more and more in the world of online betting and gambling, but precisely how has new fintech impacted betting? Here’s a better look.
What is fintech?
Before we can go a word further, we need to first make sure that we’re all clear with what fintech actually is. Fintech stands for ‘Financial Technology’. Fintech can be utilized in a whole variety of different business environments and it is basically any form of technology that happens to be related to financial services. These days, card readers are as common as cash, yet they’re a perfect example of what is now considered borderline primitive fintech. These days, when people reference fintech, they’re largely referring to things such as mobile payment apps, and cryptocurrencies such as Bitcoin. Primarily, Fintech is used to streamline businesses and make them more efficient when it comes to making and receiving payments. As you might expect, in the world of online betting, fintech can be incredibly useful, with a lot of companies accepting well known methods like Paypal.
How has fintech impacted betting?
So, we now know what fintech is, broadly speaking at least, so now let’s look at how it is impacting the world of online betting.
Privacy – One great example of fintech is PayPal, which we’re sure everyone has heard of. PayPal and similar payment gateways are useful for consumers because users of online casinos never have to worry about their bank details or personal details being passed onto a third party.
Speed – We’re living in an age where everyone seems to be in a rush, and time is of the essence. Rather than putting a card into a machine and pressing 4 digits (5 including ‘Enter’) we now have contactless card payments. In gambling though, the beauty of fintech and payment gateways is that funds can be deposited directly into their wallet of their account, and vice versa, so there is no processing times. Years ago, if you won, you’d have to wait days for your winnings to be processed and to reach your account. Now, it’s virtually instant.
Cryptocurrency more widely accepted – Many years ago, Bitcoin and other cryptocurrencies were very rare. Now, they’re being accepted more widely as a valid payment method. The online betting industry will imminently start utilizing cryptocurrency as a valid payment method. Winners may even have the option of receiving their winnings in the form of crypto, although nothing is set in stone just yet.