The advent of FinTech companies at the beginning of the 21st century is mired with so much technological evolutions that it has become more critical to just deliver financial services but also provide the necessary tools and products to encourage innovation that shows no sign of slowing down.
A FinTech revolution is currently happening within the financial industry, and many businesses are considering integrating FinTech products into their processes and systems, which are vital components to securing a future treading on financial success.
The video games industry is actually among the industries that are embracing FinTech as a solution to provide the growing demand of gamers who are looking for quality games as prices rise with inflation. Today, video games are usually integrated with some of the latest financial technologies such as blockchain technologies, which are already visible to gamers alike with play-to-earn mechanics increasingly becoming popular among newer generations of gamers. Although there is still a stigma due to how new these developments are, these preconceptions are slowly dissipating, and people are growing to accept the coming wave of technological change and financial innovations.
But the video games industry is just one industry example among many because another prominent example is the online gambling sector, which has advocated already before the use of FinTech in their platforms. It’s unsurprising given how effective and powerful FinTech has become in just a few years.
Online casinos are much more adept in using the power of FinTech than most mainstream industries such as their use of modern 5G mobile connectivity that allows players to have the freedom to access their favourite titles. This means they are no longer tethered or limited to their internet connections at home. For example, users can play European roulette games with ease due to the FinTech integration systems that enhance the overall connectivity, user experience, and gameplay mechanics of online casinos.
That’s why in this article, we’ll explore some impacts that FinTech is providing for the online gambling industry.
Data Protection and Privacy
One of the most crucial aspects of FinTech is its ability to protect user data and privacy, with information being secured so that players don’t need to share their details with anyone and can keep track of all their bank data privately. This also means that transactions are quicker with seamless processing time, making old payment methods obsolete in the blink of an eye.
Freedom of Choice
Roughly 2 billion people worldwide use mobile or online banking today, meaning that online casinos can now leverage the innovation of mobile banking which has led to accepting new ways of payment services, e-wallets, and pre-paid cards.
Because of this ease of accessible, the freedom of choice is plain as more and more options are given to users through FinTech solutions.
Future Growth
The FinTech industry is looking at trillions of dollars by 2030, becoming a multi-trillion-dollar behemoth by then as so much is riding on the fact that this technology provides safe and fast solutions to people with financial issues and challenges. These innovations have made old methods of virtual casinos outdated, and that’s why they’re looking for more ways to integrate FinTech seamlessly into their platforms, including the use of blockchain technologies.
Regulatory Borders
Because of the speed at which these nascent technologies are growing, even regulators are being pressured to accept and approve the use of FinTech in virtual casinos and the gambling scene because of how much money takes part in these transactions. It may be entirely possible that bigger transformations and evolutions in the online gambling space may occur soon as innovations brought up by FinTech only improve the overall quality of the gambling experience.
Perceived Value
No one would’ve imagined even that the world’s richest person would make a dog-themed coin that has a $10 billion market cap even though it has no fundamental value. Although there might be a disconnect between real value and hype-driven attention in the crypto sphere, in terms of FinTech, there seems to be a perceived value of it being a solutions-driven financial service that addresses the most challenging issues faced by banks, individuals, and companies. Following that line of thinking, online casinos can use the power of hype cycles to increase their player growth and revenues with the use of FinTech solutions, forever improving the perceived value of online gambling casinos.
Conclusion
It certainly seems that FinTech has impacted the way online gambling is done nowadays due to how amazing technology has evolved throughout the 21st century. From its humble beginnings to a now behemoth of an industry that is set to be making trillions by 2030, the FinTech industry still is at its infancy, and it will only go up from here on out.
That is because the FinTech revolution is not slowing down any time soon, and just like any revolution, there are tremendous changes that will be brought up to any affected industries within its wake, and that includes the online gambling industry maximizing its gains using FinTech methods. Even just 10 years ago, it would’ve been unfathomable that mobile payments are now prevalent in our society that FinTech solutions are growing to be accepted as frontier technologies that will reshape the way society operates.
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