Future Payment Solutions For Gaming Markets

July 21, 2017, Scott  

In June 2017, the European Casino Association partnered with Passport Technology in a move that may change the way the land-based and online gaming industry functions. Passport Technology supports financial markets across the globe, and is firmly entrenched in gambling market, too. In turn, the ECA is an integral cog in the casino industry, and by partnering with Passport Technology; they have opened up a whole new world of payment solution possibilities.

Although Canada does not fall under the reach of the ECA, it is partnerships like this that shine a spotlight on the payment industry and illustrate how innovations and mergers can improve the online arena. With poker sites' popularity being at an all-time high, and pros like Daniel Negreanu hailing from Canada, players are always on the lookout for safer, easier and faster ways to make payments. As Passport Technology releases new and innovative cash payment systems and the ECA includes them in their numerous industry events, other major payment solutions’ brands will sit up and take notice.

A Rise in New Payment Methods

Gone are the days of credit cards being the only way to transact online, and even eWallets are starting to feel a little outdated. Instead, cryptocurrencies like Bitcoin and Ethereum have been making waves, and are offering a new way to pay. Although these cryptocurrencies are decentralized, they have been proving their worth and reliability, and online casinos and poker sites are increasingly opting to accept them.

While Passport Technology is supplying bespoke casino cash access systems to the land-based sector, cryptocurrencies are offering an alternative way to pay online, with a whole new currency. The anonymity of cash and cryptocurrencies are easy to parallel, and this is another major draw card for players. Those who may not have wanted to play online previously because of having to disclose personal or financial information now have an alternative, and this should drive interest in playing poker and other casino games for real money.

A Move to Digitization

There has been an increasing move to digitization, and this has been seen not only in the gaming payment sector, but also in the games themselves.

Poker was one of the first games to go online in the 1990s, with the first official site going live in 1998. As technology has improved, so too has gaming software, and with brands like Evolution Gaming now offering Live Dealer Texas Hold’em and other favorites, the future may well include live tournaments played in the same way. Real time, video streaming poker games are available, and such digitized entertainment demands payment methods that match.

Provincial Influence

In Canada, online poker play is regulated per province and the rules that govern this type of gaming are relatively simple. Although they differ from province to province there is nowhere there where online poker is illegal, and getting arrested for playing is not a possibility.

Add to this that the Kahnawake Gaming Commission plays a large role in casinos, regulations and gambling in general; it’s clear that online poker is here to stay. As Canadians are able to play at offshore poker sites, too, the availability of multiple payment methods is also particularly attractive, as the more options, the more people able to join in.

Blazing Ahead with Payments and Poker

In the future, Canadians who enjoy poker are going to be able to use a number of different methods to buy-in. The modernization of infrastructure by companies such as Passport Technology are having an impact, as are Bitcoin, tap-to-pay cashless money transfers and mobile banking apps. There’s also the emergence of biometric payment systems, retina scanning and voice-activated payments, all of which are making transferring money seamless and simple.

With casino-orientated partnerships being formed with alternative payment solution brands, the stage is now set for other major industry movers and shakers to join in, and to bring what they have to offer to the table.