The online casino industry is a multi-billion-pound market. Combined with the video gaming market, online gaming is valued at in excess of £200 billion. There’s a lot of money involved, and the industry relies on safe and secure methods of moving it around. But just as importantly, they have to be fast!
Even if you’ve never been inside a real casino, you’ll be familiar with the games on offer thanks to popular culture, like movies and videos. But this online gaming industry doesn’t just include the typical online casino sites, but also includes more relaxed forms of games, like the ever-increasing online bingo sector, with Foxy Bingo being a leading online bingo site that has seen impressive growth.
At the start of it all, traditional electronic payment processors like Visa and MasterCard were about the only option for depositing and withdrawing from your account at a gambling site. But for a number of reasons, including speed and security, these were not ideal. A new solution was needed, one that could quickly transfer money between accounts while protecting users’ sensitive data from hackers and other suspicious online actors. Enter PayPal!
The company was originally launched as Confinity, way back at the birth of the Internet as we know it, in 1998. It merged with Elon Musk’s X.com the following year and became the company we know as PayPal today. Fast-forward to today, and PayPal is the giant of the online payments world, with over £650 billion worth of transactions in 2020. The reason is speed and capacity.
Credit card deposit and withdrawals can take up to five working days to go through, and now they are not even legal payment options for online gambling in some jurisdictions, including the UK. Withdrawals made via a PayPal usually take hours or less. And PayPal is fully optimised for mobile devices, giving the company an advantage in the fastest-growing area of the iGaming industry; mobile gaming.
Of course, speed means nothing if your accounts are left vulnerable to data theft. PayPal ensures that all transactions are protected by utilising 128-bit SSL encryption technology. It also runs checks on your server to make sure SSL 3.0 or higher is supported before any transactions are approved. This means that your money is safe at all levels.
Finally, PayPal generates enough transactions to allow it to make minimal charges for transactions. There are no fees for using PayPal as a payment method levied by online casinos. And if you have a big enough win to notice the percentage it takes in commission, you won’t care anyway.
Of course, there is now a considerable range of e-wallet payment options, including Skrill and Google Pay, which offer the same advantages as PayPal. But it is this company that cracked the whole Internet payment problem. And because it’s the original, it is still regarded as the best, so the familiar blue logo is still the go-to option for online gamblers around the world. It’s a shame that Musk hasn’t had as much success with his other, recently acquired, famous blue logo!