Technology over recent years has changed drastically, which has led to many industries needing to adapt what they offer their customers and how they offer it. The online betting industry is no exception, with customers’ expectations changing and online casino platforms having to adapt in order to keep up. Business and technology often go hand in hand, so it is no surprise that the way we spend money changing has come with the evolution of technology and in fact, this is something that is likely to continue too. For example, nowadays, when betting with PayPal has become commonplace for casinos to offer this and many predict that in a few years it will be just as commonplace to use Cryptocurrency in the same way.
A Change in the Way People Spend
Whilst online casinos may not be anything new, the way that people use them is always changing. It’s obvious that spending cash online isn’t possible, but in the past, the main options were to simply use your bank card. Whilst this might not seem problematic at first glance there are different issues that this can cause. For example, someone might simply not feel comfortable with sharing their banking details with an online casino platform. There is also the possibility of not being able to carry out gambling transactions where casinos are frowned upon. These issues have led consumers to look for alternative ways to be able to spend their hard-earned money online.
Spending Money Online
For many years now PayPal has been seen as an ideal way to spend money online for many people. Low or zero transaction fees for consumers definitely helps this – and of course the fact that you can spend without having to share your own bank details with the platform you are spending on. PayPal apps and even PayPal debit cards have been designed to ensure that spending money via PayPal is as easy and accessible as possible – and it really works.
When you spend via PayPal money can be taken from your PayPal balance if you have money stored with them, or direct from your bank account. One slight downfall is that if money is taken from a bank account then this transaction shows on a bank statement and there are times when gambling transactions appearing in this way is not ideal. This is one of the reasons why Cryptocurrency has started to become a more popular way to spend money online.
Using Cryptocurrency to Spend Money Online
Whilst there are always going to be differing opinions when it comes to the lack of a paper trail when spending with Cryptocurrency, one set of people that are going to be happy with this are gamblers. When you spend money at an online casino using Cryptocurrency it doesn’t appear on bank statements in the traditional way, which is ideal for many people. Those looking to apply for finance at any time in the future have a good reason for wanting to avoid gambling transactions from appearing on their bank statements. There are still parts of the world where gambling is not allowed, however, loopholes allow people to bet online via platforms that are based elsewhere – and Cryptocurrency can be a great way of accessing these platforms and being able to spend on them.
One of the main factors in a change in spending at online casinos is the fact that consumers wanted faster transactions. In the past, it wasn’t unusual to wait 3-5 working days for deposits to be made onto online casinos and withdrawing winnings nearly always resulted in a long wait before winners could access their winnings. This is something that consumers were unhappy about and as such, sought out ways that these transaction times could be improved upon.
PayPal came first with much faster transaction times, where consumers could use casinos that allowed instant withdrawals to PayPal accounts. Nowadays transactions using traditional debit and credit cards are just as quick, but the ease of using PayPal still makes it the preferred method for many.
What Will We See in the Future?
It is hard to predict exactly what we’ll see in the future because no one can really say what direction technology and its changes is going to take us. However, most people will agree that transactions that make life easier for consumers will continue to be popular. For example, it is likely that we’ll see more casinos offering a range of currency options when it comes to deposits and withdrawals. Whilst many do offer a range of local currencies it is likely that this will be expanded on and we’ll see more casinos offer this and a larger variety of currencies being on offer.
Gambling regulations in different countries will affect what is allowed and what might change in the future. For example, we know that in the UK there is a whitepaper currently being discussed and this will likely involve some new regulations being put into place for UK gamblers. Whilst this won’t directly affect how people spend money at online casinos, it could have a shift in the way online casinos work in general which could affect things.
There is also a long ongoing discussion surrounding Cryptocurrency and whether it should be regulated. Whilst most sit on the side of the fence that calls for no regulation, it is likely that at some stage in the future we’ll see some sort of regulation put in place. This could actually encourage more people to dabble in Cryptocurrency ownership as they feel safer investing their money in a currency that is regulated. If that does happen then the likelihood is that people will then become more comfortable in spending digital currency on gambling platforms – and so we could see more online casinos start to offer cryptocurrency as a way to spend on their platform.
The truth is that digital transactions are on the increase as we continue to shift our spending online in many different ways, so how that pans out in the future remains to be seen.