How iGaming Depends on Open Banking
iGaming is a huge industry for obvious reasons. Betting or gambling has always been big business, but for as long as time immemorial and then some, people have had to show up in person and lay down wagers. With the advent of the internet, and especially smartphones, you can now place your bet through online betting portals from virtually anywhere in the world.
Though, even with the ease of the internet and the convenience of smartphones, that wouldn’t be enough to support the current boom we’re seeing in iGaming. None of this is possible without a system that can help support legitimate and safe financial transactions. That system, in the world of iGaming, is called open banking.
Open banking is essentially where third-party payment organizations and financial service providers are granted access to a person’s banking and other financial data. This allows for easy transactions and, of course, payouts by online casinos. Without open banking, iGaming would be sluggish and far from convenient. I think you’d hardly see it as an alternative to in-person gambling.
Without getting too technical, online casino banking is possible thanks to advanced technology and new and changing regulations that have removed some of the strangleholds on casinos and other online betting platforms. It’s this latter point which has allowed many of the adopted processes we’re seeing today. And, as long as they don’t get extra restrictive in future legislation, this is the point that will allow iGaming to continue to thrive.
A recent report expects the global iGaming (online gambling) market to hit a staggering $92.9 billion in 2023 alone. That’s huge and something we’re going to see very soon. It’s impossible to even predict how massive the iGaming market will be by 2030.
With casino legislation being constantly relaxed, especially here in the United States, thanks to governments seeing the tax income benefit of such legislation, we can only see it continue to go up exponentially.
Open banking is in its infancy and with regulations not choking it out but guiding it and with tech companies constantly refining and innovating, this will continue to be the basis for convenient and fast online betting transactions.