What are iGaming Payment Solutions?

iGaming payment solutions allow bettors to deposit funds and withdraw payouts. Simply put, a payment gateway facilitates financial transactions within online gambling platforms.

The process isn’t that straightforward, though. There are security measures and regulatory protocols to navigate through. Online casinos should partner with a secure and legal payment gateway.

It’s not just the legal aspect. Error-free processing of payments bodes well for brand image. It reaps customer-client benefits such as these:

• Risk mitigation: Prevent frauds and other chargebacks.
• Player retention: Reliable payment methods lead to brand trust. This will help you retain players for the long run. Remember, even the slightest payment issue could turn off players.
• Processing speed: Speed is beneficial for both players and operators. A convenient payment gateway could improve operational efficiency.

Offering payment options is fundamental when starting an online casino. Choose providers that integrate world-class security and processing features.

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Top iGaming Payment Solution Providers

For your easy reference, we analyzed the top payment platforms in iGaming. Here’s a quick list:

1. PayPal
2. Skrill
3. Neteller
4. Trustly
5. AstroPay
6. Genome
7. Neosurf
8. Interac
9. Jeton
10. MuchBetter

You might be thinking, “Where’s Visa and Mastercard”? We didn’t think of including traditional debit and credit cards. These are “required” payment methods, anyway.

Also, we didn’t include mobile payment processors like Google Pay and Apple Pay. Like Visa and Mastercard, these should be staple payment methods. Your online gambling business should always cater to these payments.

Key Features to Look For in iGaming Payment Solutions

An iGaming payment provider should offer multiple payment options. But that’s just the minimum requirement.

Here are key features to look for in choosing a payment processor:

• Security: This includes encryption and fraud prevention practices. Payment platforms should avoid data breaches, especially players’ information.
• Convenience: Can you accept global payments? This is essential for an online casino operating in different countries. You should accept payment from various locations and devices.
• Efficiency: Efficient transactions involve easy implementation and scalability. You should easily handle large transaction volumes.
• Customer support: Choose a payment processor that offers 24/7 support. There’s no telling when there’ll be a technical issue. Having a dedicated account manager helps mitigate these problems.

Online transactions should be easy, fast, and secure. This is a basic requirement when starting a sportsbook or gambling business.

Reviewing the Top 10 iGaming Payment Providers

Let’s analyze the top iGaming payment providers and dig into their unique features.

PayPal

PayPal has expanded its services to the online gambling industry. Online casinos can now accept online payments through PayPal. They also integrated a blocking software that automatically stops transactions.

Let’s dig deeper into PayPal’s iGaming features below.

Main features:

• Gamblan blocking software to easily stop transactions
• Unbeatable global coverage and accessibility
• Integrated pay-in and payout system

Pros:

• A highly-trusted platform that caters to over 429 million active accounts
• Offers browser accessibility and mobile app
• Near real-time online transaction
• Simple, easy-to-use interface and dashboard

Cons:

• Higher transaction fees as compared to competitors
• Still not available in all countries and regions

Customer support and reputation:

• 24/7 customer support for iGaming companies and players
• Highly-reliable platform with over 3 trillion transactions processed

Conclusion:

PayPal is a trusted payment gateway in the iGaming space. It has the ability to accept payments from hundreds of international markets.

Skrill

Skrill is a digital wallet that bettors can use on many markets. Many players love Skrill because they can earn loyalty points for each transaction.

Main features:

• VIP club that offers lower fees and higher limits
• Provides invite-only sports betting events
• Offers prepaid cards for instant access to funds

Pros:

• A loyalty program can attract more players
• Doesn’t reveal personal payment data to online sportsbooks and casinos
• Quick onboarding for both operators and bettors
• Offers browsing capability and mobile app

Cons:

• Transaction fees can be high for non-VIP users
• Still not available in all countries and regions

Customer support and reputation:

• Offers multi-channel customer support through email and live chat
• Provides a personal account manager for VIP users

Conclusion:

Skrill has established itself as a premier gambling payment gateway. Its unique VIP program is a game-changer in online gaming.

Neteller

Neteller is another payment gateway that offers a merchant account. It provides alternative payment methods like cryptocurrency.

Main features:

• Offers prepaid cards like Mastercard
• Provides marketing solutions to online casinos and sports betting brands
• Security measures like account surveillance and device fingerprinting
• Integrated payment gateway for easier fund management

Pros:

• Multicurrency support for increased global accessibility
• Easy onboarding for merchant accounts
• Zero fees on international money transfers

Cons:

• Withdrawal fees can be higher in certain locations
• Lengthy verification procedures for bettors

Customer support and reputation:

• Provides customer support through email, phone, live chat, and help center

Conclusion:

Neteller is trusted by many online casinos for its fast transaction processing. It also offers tight security protocols for both merchant accounts and users.

Trustly

Trustly caters to both physical and online casinos. In 2021, their payment gateway services were tapped by mobile-first online casino Karamba.

Main features:

• Open banking API providers for direct bank-to-operator transfers
• VIP program that offers high limits for players
• Risk Engine tool to lessen risk probabilities
• Pay N Play product for seamless onboarding and verification

Pros:

• Reduces casino credit card processing
• Real-time payment processing of deposits and withdrawals
• Global reach of more than 33 countries and 12,000 banks
• Cons:
• Limited payment methods
• A limited list of participating banks

Customer support and reputation:

• Doesn’t offer phone support; only offers email support

Conclusion:

Trustly’s Open Banking capability is renowned in the online casino niche. Plus, its seamless onboarding is widely known among iGaming businesses.

AstroPay

AstroPay is a multicurrency wallet in the iGaming industry. Its virtual card capability allows quicker transactions for players and operators.

Main features:

• Virtual cards for quicker online gambling payments
• Bank-grade security protocols
• AstroCoins loyalty program to redeem points

Pros:

• Virtual processing negates the need for card payments
• Offers mobile app for on-the-go payment processing
• 24/7 customer support for enhanced service
• Scalable platform for enterprise-level casino and sports betting brands

Cons:

• Relatively high fees for an emerging payment processor
• Location restrictions depending on your area

Customer support and reputation:

• Doesn’t offer phone support and live chat

Conclusion:

AstroPay’s virtual cards are highly regarded in the iGaming industry. Players also like its simple, intuitive User Interface (UI).

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Genome

Genome is an emerging payment gateway in online gambling. Licensed by the Bank of Lithuania, it offers excellent merchant account features. Its partnership with Gamingtec further enhanced its capabilities.

Main features:

• Technical integration with B2B software Gamingtec
• Partnership with Chilli Partners to streamline affiliate payouts
• All-in-one merchant account dashboard for analytics and reports

Pros:

• Offers alternative payment methods like cryptocurrency and e-wallets
• Multiple API integrations to increase iGaming revenue
• Compliant with regulatory requirements
• No-delay payment solution

Cons:

• Still an emerging payment gateway
• Focuses mainly on B2B accounts

Customer support and reputation:

• Offers multi-channel customer support
• Solid reputation among users but may need to ramp up promotions

Conclusion:

Relatively, Genome is less known when compared to its counterparts. But its strategic partnerships with Chilli Partners and Gamingtec could positively change that.

Neosurf

Neosurf is a unique provider of iGaming digital wallets. Their prepaid vouchers allow for more spending flexibility. This paves the way for a specialized online gambling payment gateway.

Main features:

• Prepaid voucher payment gateway for online gambling
• myNeosurf account for browser-based online gambling payments
• User-friendly platform for players

Pros:

• Voucher payment method that offers financial flexibility
• Multiple sales outlets across the world
• Instant processing on voucher deposits
• Doesn’t share card details with online gambling institutions

Cons:

• Focuses mainly on deposits, not withdrawals
• Additional fees could apply depending on the location

Customer support and reputation:

• Offers support through email and help center
• Still an emerging player in terms of reputation

Conclusion:

Neosurf has carved a unique niche in the online gambling business. We might see competitors imitating their voucher system in the future.

Interac

Interac is a Canadian-based online gambling payment gateway. It offers two kinds of transactions for a merchant account. This includes direct bank transfers, both for merchants and players.

Main features:

• Direct integration with bank cards or debit cards
• Interac e-Transfer for a more secure financial transaction
• Connected to more than 300 financial institutions

Pros:

• Allows players to transfer funds from a bank account to an iGaming account
• Faster deposits and transactions
• Relatively lower fees compared to international competitors

Cons:

• Focuses mainly on Canada-based online casino brands
• Availability relies heavily on bank partnerships

Customer support and reputation:

• Offers support through participating banks
• Solid reputation in Canada

Conclusion:

Interac has established a solid presence in Canada. It has expanded to other global territories. However, its international reach is still limited.

Jeton

Jeton combines the capabilities of a digital wallet and a prepaid card. This single integration is a trailblazer in the online gambling business.

Main features:

• E-wallet system that also offers prepaid cards
• Offers physical or virtual Visa debit card
• Compatible with payments through Apple Pay

Pros:

• Allows players to freeze cards or set spending limits
• Gambling payment gateway for online payment methods
• Multicurrency wallet for global transaction

Cons:

• Limited reach in several geographical regions
• Withdrawal fees are relatively higher

Customer support and reputation:

• Multi-channel support through email, live chat, and help center

Conclusion:

Jeton is capable of digital and prepaid transactions. Such transactions make it easier for players to fund their accounts.

MuchBetter

MuchBetter allows real-time deposits and withdrawals. Such solutions come with low wallet fees and personalized promos.

Main features:

• Powerful mobile app to manage multiple gaming accounts
• MuchBetter gateway for managing business payments on one platform
• Open banking capabilities with single API integration

Pros:

• Allows players to earn cash-redeemable coins
• Provides MuchBetter prepaid Mastercard to UK and EEA customers
• 24/7 customer support on all devices

Cons:

• Limited availability due to regional restrictions
• Transaction fees are relatively higher

Customer support and reputation:

• Multi-channel support through email and live chat

Conclusion:

MuchBetter offers one of the best mobile apps on this list. This bodes well for their reach, both from their brand standpoint and that of the merchants.

Comparing Different iGaming Payment Solutions

Word-of-mouth is one of the best marketing strategies across businesses. In fact, it’s an essential aspect of casino marketing strategy. You want to have an excellent reputation in the gambling industry.

That’s what an error-free payment system can give you. This will help your business to stay ahead in this industry.

Choosing the best payment gateway is paramount to your success. Here are comparison points for the providers we discussed earlier:

• Security: Trustly’s bank-grade security tops the chart. Consider solutions that provide encryption and anti-fraud measures.
• Speed: Neosurf’s instant voucher deposit is the standard. Each provider should have quick processing times at any time of the day.
• Fees: Interac typically has lower fees for Canadian-based players. Fees include transaction costs and conversion rates.
• User experience: MuchBetter and Neteller offer mobile-friendly platforms. Mobile responsiveness is a crucial aspect of user experience.
• Global reach: PayPal and Skrill are the best in this category. They have successfully expanded into many international markets.

As you can see, each provider offers unique strengths. There’s no platform that is “best in everything”. This leads us to the importance of making informed decisions.

When choosing a payment gateway, try consulting with experts. Take for example digital marketing agencies like Fortis Media. They’ve already seen it all when it comes to the iGaming business.

Whether it’s iGaming content marketing or payment processing, these experts have the know-how. Working with them will ensure that you choose the best payment method. You make the most out of your investment while focusing on other business aspects.

Future Trends in iGaming Payment Solutions

The iGaming industry is still an evolving niche. Payment platforms are constantly developing their product to keep up with the competition. Their product development typically revolves around these trends:

• Technological advancements: AI is continuously shaping up the industry. Plus, you have emerging factors like blockchain, cryptocurrency, and e-wallets. Players expect that iGaming brands can adapt to these advancements.
• Regulatory changes: New regulations are introduced from time to time. There’s always the probability of legalizing a new payment platform. This means that you’ll have more platforms to choose from.
• Market evolution: iGaming is inclining towards mobile payments. It’s not just for an online merchant account. Even brick-and-mortar casinos are moving to cashless payments.

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Conclusion

Payment processing is vital in providing an exceptional gaming experience. Money is a very sensitive issue in the iGaming niche. Everything should be seamless when cash is involved.

That’s why we can’t quantify the value of payment providers. They secure transactions and large volumes of financial data. Moreover, they make your operations more cost-effective and efficient.

Don’t rush into the selection process, though. Consult with iGaming-focused experts in choosing the best-suited provider. Consider business goals and scalability as essential decision factors.