With an average industry growth of 2.1% between 2016 and 2021, there has been a dramatic shift from global casinos to online gambling. All well known online casino undergone a series of changes. With better software and convenience, they offer slightly higher payout and odds percentages than land-based casinos.
But, to truly understand the impact of online gambling, it’s important to examine how international payment systems have created an opportunity for better payouts. Here you will take a closer look at the effect of micro-transactions in online gambling. It has been matched with the latest statistics. Krystyna Przybylo wrote this article, and she has an awful lot of years of experience writing content. She decided to make a valuable piece that can help the gaming community. The data used here can provide a general overview of online gambling payment systems and their impact on the industry. Now, let’s dive into the article to learn more.
- Microtransactions have made online gaming an interesting experience.
- For a small amount of money exchanged online, casino players can acquire numerous bonuses, offers and rewards.
- International payments have allowed casinos to make significant profits, with the top 20% of online casinos making around 80% of the profits.
Micro-transactions in online games of chance
As many as 46% of social casino players in the United States spend money to improve their gaming experience. About 26% of these players, who had never gambled online before, said they had switched in online gambling.
According to statistics, with more and more people turning to online gambling, interest in the gambling market has exploded. With an estimated value of $92.9 billion by 2023, the size of the industry is expected to double from what it was in 2019.
There is no doubt that the Internet has ultimate supremacy. From shopping online to paying bills, there’s literally nothing you can’t do. Almost every trend is now done online, for the sake of efficiency and convenience.
It is therefore no wonder that many people play online casino games. They can enjoy the experience from the comfort of their home while reaping the benefits at the same time. This gaming opportunity is distraction-free. Background noise is kept to a minimum, so you can sit back and relax while enjoying any game.
When it comes to gambling, winning can be very rewarding. It is a driving force among the community who are eager to invest in their gaming experience. It is believed that micro-transactions in social casino games offer people the opportunity for immediate rewards.
According to 2020 reports, 85% of gamers use credit cards, while 11% have two active credit cards, which they use to make transactions. This business model incentivizes the user to purchase virtual benefits for small amounts of money.
It gives the player the ability to quickly and effectively expand their gameplay. That in itself is a reward, but there is more to it. Users who invest in micro-transactions have a better chance of getting additional features and credits – all of which are known to create deep impact.
What international payment methods are used?
Being able to deposit safely, easily and quickly in an online casino is one of the most crucial aspects of every casino player. There are a multitude of options available to you. Some are there to offer players a chance to withdraw their winnings. While others let them make deposits only.
The most viable options are:
- credit card
- prepaid cards
- debit cards
- Electronic wallets
- Bank transfers
Of 176 million US credit card users, 44.6% have a balance through the next month, which means they are guns. 31.6% are merchants, that is to say, they spend their financial expenses quickly. While 23.8% have no activity.
The average US consumer spends 25.3% of their credit card limit, with the generation born in the early 60s or 70s having the highest credit usage rates.
Recently, however, cryptocurrency has been gaining momentum. This digital payment method has created a new approach to compete with traditional payment systems. And players are more inspired to use crypto-gambling.
Crypto Gambling – Impactful payment method
The introduction of cryptocurrency a few years ago revolutionized the transfer of funds. Now payments are much more efficient. In 2020, the cryptocurrency with the largest circulation in numbers was Bitcoin with 66%. Ethereum 8%, Monero 5%, Ripple 4% and Litecoin 1% follow.
These blockchain technologies have impacted many successful industries, and the gaming industry is no exception. Today, online gambling has two main currencies ETH (Ethereum) and BTC (bitcoin). They are used for both withdrawals and deposits at online casinos.
Currently, players prefer ETH over BTC. But these two transaction processes offer a range of different benefits. Due to the transparency, decentralization and confidentiality of their data, people from different age groups have opted for this payment method.
Online gambling casinos have quickly embraced crypto operators, allowing users to transact with whatever method they like to use. This has attracted millions of new customers worldwide. Some overseas players like to choose a specific payment method based on their current location.
For example, Japanese players choose ETH because their local authorities do not support it. Therefore, for the Far East, ETH crypto is often the go-to choice. To this end, the prospects of crypto-gambling are many.
They are a solid method of processing payments when playing online casino games. People use them to play without worrying about their privacy. Companies that use this payment method offer users complete anonymity. Hence, allowing them to progress through the game. Not only that, but players have access to like-minded peers who share their interest in the game. They create interactions that are both social and meaningful.
Blockchain technology guarantees security. Every transaction that the user makes in the game remains secure and decentralized. This means that it cannot be linked to any bank in the world. People have decided to use this possibility to earn substantial gains, given that they have the skills and the chance to acquire many rewards.
Additionally, people can split a bitcoin payment into smaller pieces. They can use it to make smaller bets and control their budget. This can provide individuals with the ability to enjoy their games without worrying about going over budget.
Finally, the best bonuses. Casinos usually offer players who use cryptocurrencies a chance to get bonuses. These bonuses can be quite handy in the long run.
All in all, we can see that a lot has changed over the years, and now online casinos are becoming more and more popular. People can use many payment systems to make minimum payments and improve their gameplay. Now that you know the ins and outs of the gaming industry, you can get a better idea of its direction for the foreseeable future.