5 Surprising Facts You Didn’t Know about Fast Payout Casinos

When it comes to casinos, there are so many innovations happening all the time. Lots of casinos are trying to stand out from the crowd, and one way for them to do so is to incorporate additional payment methods.

Combine this with the fact that the payment industry is changing all the time, and you’ll understand why casinos are consistently becoming speedier in a bid to appeal to players. Below are five facts about the current state of payments in the casino industry and the way payouts are changing. Fast payouts casinos have become something customers expect when they are in the mood for iGaming, just as we expect from e-commerce.

There are Around 5,000 Casino Brands Online

It helps to get your head around how huge this industry is. There are thought to be around 5,000 casino brands operating online, with this number growing all the time. Among a few giants, there are now also a lot of smaller brands cropping up, some of them owned by the same groups of companies and industry giants.

The number is not expected to drop any time soon. Though there’s fierce industry competition, there are also millions of players, and many of them have accounts at multiple casinos. Perhaps they are looking for different games, or maybe they just want to maximise their options.

5,000 online casino brands will likely look like a relatively small number in the years to come. In the UK alone, over half of these are currently operating with a licence and the Gambling Commission keeps a record of these 2,725 brands.

Most Casinos Now Offer Instant Deposits

Consumers are looking for speed, and it doesn’t get quicker than instant. Consumers have come to expect payments to be fast, and in the casino industry, depositing into an account is often instant, with many different payment methods available.

There are, however, other payment options, and these may not be instant. For example, a payment sent via bank transfer may be possible at some casinos, but it can take time for the money to clear, which means even if the casino is efficient, the payment won’t be made straight away.

Debit cards are often instantly processed, and methods including e-wallets and crypto transactions are also often instant.

Debit Cards are Still Popular

Most casino brands have seen a real shift from the legacy payment options to what they now use. Even though there were ways to pay and deposit 20 years ago, they were inefficient and slow. However, debit cards were used, and these are still popular today.

Joonas Karhu, the CEO of casino brand Bojoko, explained that more transactions than ever are taking place with modern methods such as e-wallets. “Following the surge in digital payment preferences, several specific methods have emerged as favourites.”

“The most popular options include e-wallets, pay-by-phone methods, and, most notably, open banking services.”

However, debit cards still prove to be a popular option. A 2020 study showed that around 80% of transactions still used debit cards. The landscape may have shifted since then, but not so much that debit cards have become insignificant. Many other studies report 50% of transactions or more still using this method.

Speed and Convenience are Top Priorities for Digital Payments

Consumers were questioned as part of a YouGov survey on digital payments, and it gave a very interesting insight into some of the reasons people choose to switch to digital payments. It also shows what people value when looking to make payments and choose brands online.

Consumers were asked, “What factors motivate you to use digital payment methods (e.g. PayPal, Venmo, Amazon Pay, Google Pay, Apple Pay, Alipay, etc.)?”

Convenience (ability to pay anywhere, anytime) was the top answer, with 56% of people saying they valued this factor.

Speed (transactions are processed faster than traditional methods) was the second most popular reason, with 46% of people valuing this for online payments.

Security (it feels safer than carrying cash or using cards) came third on the list.

It is important to remember that these studies were not narrowed down to casinos, but the information may be even more relevant for playing at casino brands. Fifty-six per cent of people already want convenient payments. Speed is also part of the equation, and when a player wants to make a payment. People who are looking to play casino games will be making these transactions with the intention to play straight away—at least, this is usually the case. Nobody wants to make a deposit and then have to wait for ages before they can access the game.

Open Banking has Changed Payment Methods

Open banking has made the process of payments quicker in a lot of scenarios. This is a way for trusted organisations to securely process your data and make payments in a way that is faster, and even more safe and secure.

Open banking has been widely adopted, and these payments offer faster settlements as transactions move directly between bank accounts without routing through card networks. This immediate transfer process reduces waiting times and allows to funds to nearly instantaneously reach the recipient’s account, making casino deposits lightning fast.

Open banking also has safety functions and features. Customers choose their bank from a list and confirm purchases with Face ID or other biometric verification, getting rid of the need to manually enter long card numbers, expiration dates, or CVV codes. This streamlined process leads to a success rate of around 97% for open banking transactions, compared to 70% for traditional card payments.

Additionally, open banking provides a safer payment method for both consumers and businesses. Since card data isn’t stored, the risk of card-related fraud is much lower. Casino players are able to take advantage of these improvements when they are making a payment.