What are the most popular payment methods in iGaming?

Modern iGaming providers try to create such digital products that are as simple and convenient to use as possible. Therefore, virtual credit cards are gradually replacing conventional credit cards, followed by blockchain and crypto-payments. What kind of payment solutions are used in the current iGaming market, what new solutions are expected to appear in the near future?

Popular payment solutions

Operators of betting platforms and modern online casinos try to do everything possible to improve the convenience of users. Therefore, on their online resources regularly appear new, previously unavailable payment methods. When choosing them, the needs and desires of players are taken into account.

1. Credit and debit bank cards. This method of payment has been used for many years and remains in high demand to this day. It is very easy to make a payment with a card issued by one of the banks. The bank card can be quickly replenished and linked to your account. In many states, bank cards remain one of the most popular ways to make online payments today;
2. E-wallets. This method of payment has also managed to gain popularity for quite a long time. With its help, you can make fast, safe money transfers with a minimum number of restrictions. E-wallets are more anonymous than bank cards, but they do not provide full anonymity, unlike their cryptocurrency counterparts. Another advantage of using them is the ability to bind several different currencies to one wallet at once. You do not need to open any additional accounts for this purpose;
3. Direct debit. Using this method of payment acceptance allows modern iGaming companies to withdraw money from the player's account automatically, saving him from the need to make regular manual deposits;
4. Mobile payment systems. With the help of Google Pay, Apple Pay and other similar systems it is convenient to pay for mobile applications and games. When making the first payment, the user specifies the data of his bank account or a card belonging to him, after which this information is stored in the memory of the service and does not need to be entered again;
5. Bank transfers. This method of payment is convenient and safe, but much slower than the others;
6. BNPL services. With the help of these online services, you can pay for services and goods in installments by making small first payments;
7. Cryptocurrencies and blockchain. This method of payment began to be used later than the others, but has already become quite popular. Let us consider it in more detail.

The crypto trend

The use of cryptocurrency wallets allows players to pay for services anonymously. This way of making payments online is becoming more and more popular every year. Only from 2021 to 2022, the number of payments made using cryptocurrencies has doubled. Basically, players prefer to use verified cryptocurrencies. The first place in the ranking of the most popular of them is traditionally occupied by bitcoin.

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Large payments players make very rarely. Most of them do not exceed five hundred dollars. The most popular are amounts of 10–50 dollars.

For players choosing the method of payment, the main criteria of choice are the speed of receipt of funds to the account and the size of the commission. Therefore, recently the most popular method of payment using Lightning Network. In this case, the size of the commission is no more than one dollar. The process of withdrawing money or making a deposit lasts only a few seconds.

Conclusion

As crypto technology improves, it is becoming more and more deeply embedded in iGaming. This payment method is used to make deposits to gaming accounts and withdraw money won by users.

What innovations await us in the future? Will cryptocurrencies manage to become more popular than traditionally used bank cards? In time, it will be known. In the meantime, we should take a closer look at the Lightning protocol, which allows us to bring cryptocurrency payments to a fundamentally new, higher level.