Albany, NY — SBWIRE — 05302018 — William Hill PLC, Playtech PLC, and Paddy Power Betfair PLC were the dominant players in the global online gambling and betting market for 2015. The market had also seen the names Amaya, ., and Ladbrokes Coral Group PLC marked as highly promising players expected to generate larger shares for themselves over the coming years.
According to a research report released by Transparency Market Research, the overall competitive landscape in the global online gambling and betting market is expected to become consolidated after experiencing a growth in the number of mergers and acquisitions. daftar poker The nature of the market leaves very little scope for service differentiation which is currently restricting the entry for new players. Furthermore, the policies and regulations surrounding online gambling and betting are also highly stringent in several regions, leaving little scope of growth for new entrants. The global online gambling and betting market is expected to reach US$96.89 bn by 2024. The market is projected to expand at a CAGR of 10.8% from 2016 to 2024, and is expected to reach US$42.63 bn by the end of 2016.
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“Through a single platform, Paysafe is able to ensure US iGaming operators receive connectivity to best‐in‐class payment service providers, and customizable, cutting edge reporting for seamless reconciliation. This ultimately means that their customers would be able to make deposits at all times, whether it is cash, credit or debit, prepaid, and or digital wallets.”
“Our established expertise in the iGaming, esports, provincial lotteries and online gambling sectors for over a decade has led us to continuously enhance and tailor our payment processing capabilities. And keeping that in mind, it is important as a provider to be ready to have an answer for every customer that walks through the door in to provide value and growth in the market.”
A nudge in the right direction
Even with the new MCC codes for legal online gaming transactions, a significant number of financial institutions have maintained their policy of declining online gaming transactions, legal or illegal.
Reason being, with only a handful of states offering legal online gaming, there isn’t a lot of pressure on credit cards and banks to change their policies.
Until banks start to bend and they might if enough states legalize online sports betting, online gaming sites will have to make the best of a tough situation.
One way they’ve done that is proactively steering customers towards credit cards with high success rates or alternative payment processing methods.
Most New Jersey online gambling sites not only list “popular” read as, rarely declined payment methods, they also suggest an alternative method if the first is declined.
“The operator can play an integral role in the payment choice as some platforms can be sophisticated enough to guide them with what payment methods are available from the start when entering into the system,” Erlick said. “It can also be a matter of consumer preference, as consumers will try out or have their preferred way of playing in mind from the start.”
Are digital wallets and prepaid cards the answer?
Additionally, as the market has matured, more and more alternative methods appear.
The usage of digital wallets like Paysafe’s Skrill or NETELLER have made great strides as an alternative payment processing option. But as Erlick notes, there’s still a lot of room for growth.