The Growth of iGaming in Canada
The regulated iGaming space has grown exponentially in 2022 for Canada.
With the iGO (iGaming Ontario) and AGCO (Alcohol Gaming Commission of Ontario) partnering to bring legalized gaming to Ontario, many sports books and online casinos have launched for Ontarians to play on.
Since the beginning of the year, iGaming has already reported more than $6bn in wagering for Ontario, with the growth in projections increasing monthly.
Challenges in the iGaming Industry
With this massive growth also come notable challenges for the industry.
Addressing Financial Security Concerns
“It is well-known that the online iGaming industry, often perceived as high risk, suffers from a certain amount of bad press regarding AML and other financial insecurity so the importance of properly structured payment solutions is paramount.”
Having players sign up for the platform, connect bank accounts for deposits and disbursements is a task, which requires quite a bit of due diligence.
Tackling KYC and Geo-tagging
KYC (Know Your Customer) for onboarding, Geo-tagging a player’s location to make sure they are based in Ontario, securely allowing for deposits to accounts and then the offset of disbursing funds to bank accounts for the winnings.
These processes sometimes need multiple vendors for a platform to solve, but nonetheless, they are the core competencies.
Trends in the iGaming Industry
As we look at some of the core competencies of the iGaming industry, we note that one of the biggest trends is faster payouts.
“The ability to provide a fast, if not instant, deposit and payout solution is tipping the scales of power into the hands of the players, forcing iGaming operators to accept the trend and innovate or lose customers (and profit).”
The gaming industry and its patrons have been plagued with long wait times to add and disburse funds from a site.
It can sometimes take up to five business days for a patron to deposit their winnings into their bank accounts for under $1,000.
Winning money and the exhilaration is all but worthless if a player cannot access their funds in due time.
Getting to a space in real-time is something a lot of platforms have worked on getting to, and finally, there are processors and gateways that can support this.
A real-time gateway not only provides services for disbursements but also fund deposits.
Balancing Speed with Security
The biggest concern today is not just moving money instantly, but also doing it safely. There are plenty of money laundering and compliance risks in place when it comes to instant payouts to players.
The Role of Real-time Payments
Even though several platforms today mention they do near real-time payments, there is still a latency of within 24 hours.
Once a transaction has been initiated, it must still verify the account holder, check against sanction lists, and make sure this player is not laundering funds, AptPay does just that.
“Getting paid faster allows gamers to better control their cash flow, enabling them to access their winnings instantly and spend on additional experiences.”
They are not only processing payments, but also doing check against sanction lists, adverse media, and account verifications.
A holistic solution like the AptPay Payments Hub allows platforms to deliver a better experience for players with onboarding, funds deposits and disbursements.
If you have any queries or you’d like to explore the possibility of a custom payment service, please reach out to us via our contact page.