Casino Payment Methods. What to Expect in 2020?
Posted at: 16 January 2020
Online gambling is a billion-dollar worth industry and despite authorities' efforts to prohibit residents from playing, the truth is that online gambling cannot be eradicated and instead of adopting an uncompromising stance against it, Governments should consider methods for protecting the population against frauds and misuses.
Speaking of frauds, the most common complaints are related to unpaid winnings, unfairly confiscated winnings, and some ridiculous hidden taxes for deposits and withdrawals.
Casino payments have been a sensitive topic in all European countries no matter if the local gambling market is regulated or not. More often than not, players residing in a restricted jurisdiction end up playing at offshore casinos that offer 0 protection. Therefore, they have no one to complain to when they fall victim to a misuse.
Apparently, the casino deposit/ withdrawal issues need to be handled and here's what we expect in 2020.
Credit Card Deposits Ban in the UK
The United Kingdom is one of the few European countries that have legalised online gambling. Operators willing to serve UK players need to pay some solid fees for obtaining a UKGC license. These funds go to the country's coffers, and it would not be excessive to say that the UK made the gambling industry a solid source of revenue.
However, along with the benefits it reaps, the country is facing some serious criticism because of the ever-growing number of problem gamblers. One of the measures the UKGC has taken to remedy the situation is the enforcement of a legal age requirement. Players cannot try an online game even in demo mode unless they confirm they are at least 18 years old.
The UKGC also makes the headlines with the hefty fines it hits violators with. It is also closely monitoring the TV commercials content and online content. Unfortunately, as CorrectCasinos has reported recently, offshore casinos still find loopholes and use them for their benefit.
Now, the authorities are considering a ban on credit card deposits in an attempt to prevent players from depositing funds they don't actually have. Although such a ban somehow makes sense, the wide variety of payment methods gives players the freedom to make deposit in a matter of minutes. Also, if credit card deposits are prohibited, then, why players would be allowed to deposit via phone and have their deposit added to their next phone bill. Isn't it a sort of gambling on credit?
More Crypto Casinos
For one reason or another, players shy away from crypto casinos. They are yet to build themselves a good reputation. As a matter of fact, they are often deemed rogue as crypto transactions cannot be traced. In addition, the whole idea behind cryptocurrencies is a bit vague for a casual player, and understandably, they stick to the well-known payment methods. Still, cryptocurrencies are here to stay, and no wonder they become a major online casino payment method in the years to come.
Norwegian Banks Block Payments
Norway is one of the countries where online gambling legislation is in limbo, but Norwegian players are warmly accepted at international casinos. Norwegian authorities have recently tightened the regulations and Norwegian banks no longer process transactions to and from unlicensed casino sites. Likewise, the Netherlands, which is going to open the market for international operators, is currently chasing all unlicensed casinos allowing Dutch players to use iDeal.
Increased Payment Security
If you have activated a 3D authentication, you need to enter a confirmation code, sent to you via SMS, to make an online payment. However, some banks require such a confirmation code only for transactions of over £30 or so. Therefore, anyone who has access to your debit card and makes a £10 deposit would not have any troubles doing it. That's why biometric authentication is expected to be the next big thing in the industry. To confirm a payment you will have to use your fingerprint.
Flexibility for Mobile Casino Deposits
When it comes to flexibility, e-wallets are the fastest way to make a deposit or a withdrawal. However, Apple Pay and G Pay may take over although we have our reasons to believe that it is easier said than done, Given Google's commitment to stay a “non-gambling company”.
Smartwatches – in the second decade of the 21st century players no longer need to be tied to the desktop to enjoy their favorite games. Mobile casinos are now an integral part of the whole gambling process and the next thing we should expect is an upgrade of the Quick deposit option. The latter is a functionality, available at some casinos. When you run low on funds, you can make a new deposit without even leaving the game. The amount will be deducted from the payment method you last used for depositing. As players' demands for convenience and flexibility are constantly increasing deposits via smartwatches are expected to become more common.
To sum up, the changes we have to look forward to are increased security, focus on flexibility, and a clampdown on unlicensed operators.
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