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For several years, one of the major frustrations for online casino players has been the process of withdrawing winnings from online sites. The procedure of cashing out has often been an unnecessarily painful one, due largely to bank restrictions, extended processing times, and verification.
However, thanks to improvements in technology and financial infrastructures, online casinos can promise faster payouts today than ever before. In fact, some players can have their funds returned in hours and even instantly, making the iGaming experience more seamless.
The rise of branded payment solutions
One of the main innovations for fast payouts from online casinos has included branded payment products like the Play+ Card supported by sites like BetMGM. This operator, which is a joint partnership between MGM Resorts International and British iGaming giant, Entain, is now live in four US states namely Michigan, New Jersey, Pennsylvania, and West Virginia. The brand is doing all it can to increase its market share, with its refer a friend promotion proving particularly popular by rewarding referrers and new customers alike.
In essence, the Play+ Card acts as an e-wallet, allowing consumers to have their winnings deposited in near real time. Unlike most other withdrawal options, which require funds to be transferred between multiple financial institutions, Play+ is an end-to-end payout product where casinos can move funds directly into. This eliminates payment delays altogether.
When funds are withdrawn into a player’s Play+ account, they then have the option to withdraw it as cash via an ATM using their physical Play+ card, pay for goods using their Play+ card or even spend their winnings online directly from their Play+ account.
Instant withdrawals are coming to debit card holders too
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It’s also becoming possible for those with conventional debit cards to receive withdrawals at almost instant speed too. Historically, bank account withdrawal options via wire transfer or ACH have taken several business days, making players wait for their winnings for a considerable time. However, the advent of real-time payment networks has made it possible to directly transfer funds between banks without long waits for processing.
Payment providers like Visa Direct and Mastercard MoneySend have helped online casinos to drastically cut payout speeds.
Aside from instant debit card settlements and branded e-wallets, iGaming is benefiting from other advancements in payment technology. This includes the use of artificial intelligence (AI) and automation when it comes to processing payments. iGaming operators are able to spot fraudulent transactions more readily, reducing the need for manual verification and speeding up the approvals process.
Open banking also has the potential to streamline iGaming transactions further still. That’s because online casinos can get direct and secure links with customers’ bank accounts, bypassing the need for brokers.
What’s the future for iGaming payouts?
As technology continues to advance, online casinos are likely to adopt more innovative ways to accelerate the payments process. The wider use of cryptocurrencies is one development that many foresee. Some operators already accept Bitcoin, Ethereum, and other altcoins, although this is in its infancy as far as mainstream usage is concerned.
Blockchain technology will help to underpin the transparency and anonymity of money transfers in iGaming, which should ensure crypto payments become an iGaming staple.
In addition, the extra layer of biometric verification and AI risk assessments will further enhance payout efficiencies for players and online casino sites. By seamlessly facilitating identity verification and reducing potential roadblocks in payment processing, these new technologies can ensure casinos ensure funds are not only withdrawn quickly but to the right identities too.
From instant debit card withdrawals and branded payment solutions, like the Play+ Card, to AI-driven financial processing, the online casino industry has continued to raise the bar toward better and faster payout times.
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