How PayPal helped create a £200 billion online casino gaming industry
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Online games such as online casinos where you can play; poker, Texas hold’em, slot machines, virtual roulette, etc. Basically, all of its forms have become a multi-billion pound industry with the help of big players in the industry like: bet365, LeoVegas, Bet888 and so on. Indeed, if you only look at online video games, they are now worth over £140 billion. Then, once you add online casino games and online betting sites, the total value of the industry exceeds £200 billion. There is money in igaming, that’s for sure. However, for businesses to make money, they have to process it.
The evolution of online payments has helped the game grow
We know companies like Sony, Microsoft, LeoVegas, Steam, and Betway are all great at gaming. However, what they aren’t necessarily expert on is payouts. This is why payment processors have become an integral part of online gaming and in turn the success of the industry over the past two decades. Indeed, if gamers are to pay for content, they need safe and efficient ways to do so.
Pre-internet processors such as Visa and MasterCard have adapted to ever-changing payment methods. However, they are not as efficient as the companies that were forged in the internet fires. PayPal is a company that stands out from all others in this regard. Launched in 1998 as Confinity, the company merged with Elon Musk’s X.com a year later to become the PayPal we know today. The goal was to offer online payment processing that was not slowed down by the checks and balances used by traditional banking institutions.
Musk et al found a way to do this safely. Fast forward to today and PayPal has become the default payment processor for gamers around the world. Why? The main reasons are speed and capacity. PayPal processed over £650 billion in transactions in 2020.
When you deposit money with an online casino you can find casinos that offer deposit bonuses or free spins, they will all tend to give you something more and more of what you have already deposited. Sometimes you can get a welcome offer of a 200% bonus up to $500. But take into account that there may be an expiration date on the online casino bonus offers, a maximum bet in the game or a minimum deposit in order to take advantage of the online casino offer.
Online gambling relies on fast and secure transactions
The average processing time for Visa withdrawals at an online casino is three to five days. Withdrawals made through a PayPal online casino, such as LeoVegas, can be processed within hours. Additionally, since PayPal is optimized for mobile devices, online casino players have easier access to their funds. Yes, when you scroll through the top rated PayPal casino sites, some are not available in some parts of Europe due to local restrictions. However, in general, PayPal has become the go-to option for online casinos and gamblers who want quick withdrawals of their poker or roulette winnings.
Another reason why PayPal has become popular in online gambling and betting is the way it secures every transaction. Online casino players are often tech-savvy individuals who understand the value of security when depositing money into their online casino or gambling account. PayPal protects transactions using 128-bit SSL encryption technology. It also checks your server to make sure it supports SSL 3.0 or higher before approving a transaction. Therefore, at all levels, your money is safe.
For the online casino itself, it is also very important to ensure security when it comes to responsible gambling. User security is a top priority for many online casinos, and encryption technology is just one of many criteria as part of online casinos’ responsible gaming efforts. Fair play, for example, is how you as a user want to be treated fairly when playing games online. Here there are several factors to look out for, one of them is how slot machines work.
Finally, PayPal keeps costs to a minimum. In fact, they are so low in most cases that, for example, online casino companies won’t charge you for using the service. And, once you factor in the ability to send free money to friends and family, it’s easy to see how PayPal’s user base grows exponentially. One player sends money to another so they can shop online and it has a domino effect. This, combined with this company’s other strengths, is why online gambling, as an industry, owes much of its success to modern companies like PayPal.
Finally, it is important for us to say that even though it is easy to deposit money with an online casino as mentioned in this article, you should never try to play to get out of a bad financial situation or try to recover lost money. Gambling at online casinos to get out of financial trouble is a very slippery slope and you should always avoid it. Casino games should only be played for fun and for that reason alone. Online gambling has changed human gambling behavior a lot, which means that it is much easier to develop an online gambling addiction these days. This is because online casinos are easy to register for and, as mentioned in this article, it is easy to deposit money. Before the Internet, you had to go to a traditional brick and mortar casino in order to interact with other players when playing traditional casino games such as Texas Hold ‘Em, blackjack and so on. .