Casino Payment Gateway Solutions: Everything You Should Know

With a market size of $53.7 billion in 2019 and a projected compound annual growth rate (CAGR) of 11.5%, the online gambling market is becoming increasingly popular.

Due to advancements in technology, gamblers no longer have to physically visit a casino to play games.

Because of the same reason, online casinos are rising in popularity on the globe.

While trust, credibility, and security are among the top factors gamers consider when choosing a solution to use, it's also important to explore online casino payment gateways as they have a significant effect on the user experience.

Bear with us as we find out in this article!

What Is a Casino Payment Gateway?

Let's start first with the basics.

A payment gateway is a service merchants use to connect their service with their customers in terms of transactions.

When the payment system is set up, the customer chooses his preferred payment method, fills out a form, and executes the transaction.

The payment gateway then processes the transaction and transfers it on the merchant's account where they can withdraw the funds.

An online casino payment gateway works in a similar way, but with some small differences.

First, gamers have to use the payment gateway solution to fund their accounts and withdraw money.

Unless the merchant charges the customer for online casino deposits and withdrawals, the payment gateway only transfers funds to the casino when a gamer loses money or pays a fee (e.g., for participating in a game).

Also – unlike most industries – online gambling activities like casinos are considered high-risk operations.

Therefore – as most traditional service providers will reject their applications – it's essentials for online gambling platforms to open a merchant account at a dedicated casino payment gateway solution.

However, some of the online casino payment gateway services will charge extra fees for accepting merchants in high-risk industries.

Fortunately, there is a solution.

To provide an excellent customer experience with cost-efficient fees, licensed and regulated online casinos can easily open a merchant account at the award-winning fintech e-wallet solution STICPAY.

Casino Deposit and Withdrawal Methods

Whether you are a merchant or a consumer, it's crucial to know what payment methods users can utilize at online casino services to deposit and withdraw funds.

Below, we have collected the four most popular payment methods for casinos:

• Credit and debit cards: The fastest and most convenient payment method for online casino customers. You fund your account with your credit card and your balance usually gets instantly credited.
• Bank transfers: Bank transfers are very cheap and safe, but they could take several days (especially international wires) to arrive in your account.
• Cryptocurrency: Cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) offer low-cost and near-instant transactions for online casino users.
• E-wallets: E-wallet solutions like STICPAY combine multiple payment methods under a highly secure and convenient service to fund and withdraw money from online casinos.

Casino Wire Transfer Withdrawal

While you can use your credit card to fund your account, in most cases, you can't use it to withdraw money from online casino services.

Therefore, wire transfers are the standard for casino withdrawals.

However, unless the service provider offers local bank transfers, you have to initiate international bank wires that usually takes several days to complete.

To avoid waiting for your funds, we recommend checking out STICPAY as the e-wallet solution incorporates local bank transfers that you can use in several countries to speed up your online casino wire transfer withdrawal.

Casino Payments in Southeast Asia

Southeast Asia has been famous for its thriving casino industry.

However, with the advance of technology, online casinos have become increasingly popular in the region.

STICPAY considers as its goal to support the gaming industry in Southeast Asia by offering cost-efficient and fast local bank wires in multiple countries within the region and beyond.

Have you liked us on Facebook yet? Are you following us on Twitter and Instagram? Join STICPAY on LinkedIn!