PAYMENTS
Gambling payment insights for 2024
Tim Andrews, chief solutions architect from next-generation reconciliation software specialists, Aurum Solutions, takes a closer look at how the world of gambling payments is changing and what this means for both players and operators.
PAYMENT EVOLUTION I
n the fast-paced world of gambling, staying ahead of the curve in terms of payment options is essential. Whether you’re a seasoned pro or a newcomer to the scene, understanding the evolving landscape of payment methods is crucial. As companies grow, the gambling industry faces increasing difficulty when managing their existing processes which relate to payments, including that of reconciliation. In this instance, they quickly find that reconciling monthly, and often at a bulk level, means that they cannot get timely and reliable figures for their player liability and cash flow. These issues mean that their processes can become outdated very quickly, unworthwhile and an unsustainable investment. In contrast, a fully automated, end-to-end transactional reconciliation process allows operators to keep their figures contemporary and continue to scale more easily. As we know gambling is big business; high cash-flow and hefty competition makes it a dynamic and profitable industry. But it is also one that is subject to extensive regulations and audit control which vary from country to country. It’s therefore vital that gambling organisations are able to account for all of their transactions. As more payment innovations get added into the mix - despite the additional opportunities they offer - managing payments and remaining compliant arguably becomes increasingly tricky. Below, some of the most widely discussed elements of payments innovations relating to gambling have their potential pitfalls spotlighted, and resolutions highlighted.
10 DECEMBER 2023 GIO
As the gambling industry has evolved, so too have the ways in which players can fund their gaming activities. Traditionally, debit and credit cards ruled the roost, but the digital age has brought forth a plethora of payment options. E-wallets, cryptocurrencies, and various other methods for example have entered the fray, offering players greater flexibility and security. Most notably Payment Gateways now offer operators the ability to open up multiple payment options to ever expanding demographics - all of which have different preferences - through just one simple API. Naturally, additional choice increases the audience which gambling operators can reach. However, additional variables to account for also means that keeping tabs on transactions becomes more complex. This downside is easily nullified though. Through a combination of APIs to extract, transform and load crucial data, and
automation to reconcile every variable instantaneously, the risk of human error due to extra complexity is avoided.
SECURITY AND TRUST
Security is paramount in the gambling world. Players want to feel confident that their financial transactions are protected, and operators need to ensure their payment systems are trustworthy. The shift towards digital and mobile payment methods has made it easier for both parties to meet these needs. Payment providers use robust encryption and authentication methods to safeguard transactions, bolstering player trust.
However, trust goes both ways. Whilst players might be protected by an ever-increasing armoury of security solutions, this does not mean that gambling providers don’t need the same level of safeguarding. Unfortunately, the gambling industry is often a target of money
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