Sports betting has become more popular thanks to the advent of online betting platforms. Online betting platforms made it easier for users to bet on their favourite sports from their mobile or desktop devices. Today the betting sector is one of the most profitable sectors on a global scale, and it’s expected that it will reach a revenue of $100 Billion by 2026.
One trend that had a positive impact on the development of the betting sector was the development of advanced payment systems.
We will take a look at the main tech trends in sports betting payments:
E-wallet
One of the reasons why betting sites became more popular is due to the integration of e-wallets which are by far the most popular payment option on online betting platforms. The users typically can make instant deposits and withdrawals. As a result, there are numerous e-wallets on the market. Some popular examples include PayPal, Skrill, Neteller, Apple Pay, Google Pay, and Samsung Pay, among other options. In fact, it’s estimated that approximately 2.8 billion e-wallets are used on a global scale, while in India, 269.2 million users had e-wallets in 2020.
The main advantage of using an e-wallet is that they are considered secure, very convenient as you can add different types of credit cards on one platform, and you can seamlessly access your funds from your desktop and mobile device. Furthermore, some e-wallets that have a mobile version are also accepted in brick-and-mortar stores.
It’s worth mentioning that fast withdrawals are one of the main factors that promote the popularity of certain betting sites. Namely, some sites offer faster withdrawals for VIP members, an array of e-wallets, fast, secure payment options, among other factors that make it easier for the funds of the users to reach their accounts. Here you can find more information about top betting sites with instant withdrawal, main payment options, features, and more.
Cryptocurrencies
Virtual currencies have become a very popular payment option in recent years in online businesses as well as brick-and-mortar businesses. The popularity of crypto exploded with the latest bull cycle, and that started in 2020. Hence, many famous brands nowadays accept crypto payments, including Bloomberg, OkCupid, PayPal, Tesla, and many other companies.
The advantages of crypto payments didn’t go unnoticed in the betting sector, especially among reputable online betting sites. Not only do cryptocurrencies represent safe payment options, but there are also associated with low transaction fees regardless of the location of the user, fast deposits, and withdrawals due to short processing times. So, you can actually find different betting sites that offer this option to their users that will allow them to wager online with their crypto funds, access crypto bonuses, and make withdrawals.
In other words, using crypto can solve many issues, especially for online platforms. They cater to global audiences from different corners of the world as it will decrease their costs and make it easier for the users to make purchases online.
Mobile Devices
Mobile technology had a huge influence on online betting platforms and, in general, on every sector that operates online. Not only do they make it more acceptable and convenient for users to access their accounts on the move and make wagers directly from their smartphones, but they also could easily access mobile payment methods like mobile wallets and bet on a mobile-optimized betting site.
In fact, today, most bets are made via smartphone on betting sites. It’s also worth mentioning for this integration to be complete, it is necessary for the betting sites to be optimized for mobile use; there are betting platforms that also have a separate mobile betting app that is available for download for the users.
In addition, the mobile wallets allowed users to add different credit cards and access their accounts on the move, which means they can easily register on an online betting platform and make deposits and withdrawals. Some famous examples of mobile wallets are Apple Pay, Samsung Pay, and Android Pay.
Conclusion
The tech innovations boosted the expansion of the betting sector because they made beating online more convenient access on mobile devices and promoted the integration of safe digital payment methods on the platforms.
Also, with the introduction of crypto payments on betting sites, it became clear that the betting sector will experience huge growth as it connects with another audience of crypto users. So safe to say, thanks to the technological innovations in the sector, the future of online betting is very bright.
