Since the advent of fintech companies at the start of the 21st century, the industry has evolved so much that it’s not just crucial to the delivery of financial services; it’s impacting all manner of industries as the appetite for innovation shows no signs of slowing down.
Although some industries may still resist the lure of the latest financial revolution, they’ll find it harder to do as many others already consider it part of their offer to consumers now and see it as vital to their future.
One of those industries embracing fintech is video gaming. Game developers are integrating the latest financial technologies into some of their offerings, as blockchain technology is already visible to gamers. Although it’s still in relative infancy, and although it’s not yet widespread, the impact of its inclusion is sufficient enough to raise the question, which we’ve posed on Fintech News before: are blockchain games the future?
But, whilst that is one example in mainstream video gaming, the online casino industry has long been an advocate of leveraging fintech for a better future. It shouldn’t be a surprise to see this, too, as it’s an industry with a proven record of grasping technology and utilising it for commercial benefit.
Modern online casinos make use of technology much quicker than many mainstream industries. For instance, they utilise modern 5G mobile connectivity, allowing players the freedom to access their favourite titles, meaning players are no longer tethered to their internet connections at home. It’s demonstrated by the live casino games hosted on Gala Bingo, which include Blackjack and Roulette that can now be accessed on smartphones and tablets. These titles are so advanced they feature live dealers and need the latest, stable connection technology to ensure players get the experience they desire. Also, modern casinos ensure the safety of the player’s information by using SSL encryption to protect sensitive information from those looking to commit fraudulent activity. These are just some of the most prominent examples of the progressive use of tech in casino gaming which shows the industry to be forward-thinking, aligning with the principles applicable to fintech.
So how has fintech helped the genre of online casino gaming?
As we’ve already mentioned, protecting players’ information is key; it’s arguably the most critical aspect of fintech. Thanks to advances in fintech, players don’t have to share their details with a third party and can keep all their bank details private. Transactions are made quicker than ever, with hardly any processing time, almost rendering traditional payment methods useless and ensuring a stress-free experience.
According to Statista, as many as 1.9 billion people worldwide now use online or mobile banking, which meant the way that people carried out mobile transactions needed an update. That matched the innovation of the casinos and has led to them now accepting things such as pre-paid cards, new online payment services, and e-wallets.
Growth in players and the future
It could be said that these innovations have helped to bring more people to the virtual casinos, with the classic methods of using cash now being seen as outdated. It’s led to experts at the FSG Journal suggesting it’s only a matter of time before Europe goes cashless. Fintech has helped businesses offer newer services, leading to a better and more complete experience. Will this all-encompassing service include more digital currencies? Arguably it’s inevitable as already you don’t always have to play with real money thanks to fintech. Some gaming and casino providers are allowing players in some instances to deposit Bitcoin as a funding method for their favourite pastime.
Blockchain technology continues to be a disruptive force in businesses, particularly in those industries closely linked to the World Wide Web. So maybe it’s not the case if other industries will widely adopt fintech, more of when we’ll see it become commonplace in industry sectors across the world. And, it could be argued that the next step is thanks to it’s impact, and success, in the casino gaming industry.