We have compiled a list of each country’s most common payment methods for online sportsbooks and casinos to help their customers find the best options. This article overviews the most popular payment methods across all markets, including Europe, Latin America, Africa, and Southeast Asia.
Players must make their first deposit before depositing EUR10 on the 10/1 winner or placing bets on Roulette. Online casinos and sports books must be familiar with the payment landscape to supply players from other countries with the payment options they require.
Visa and Mastercard recognition cards are widely accepted around the globe. This allows users to pay with their card, phone, or watch using a card and a Mastercard and Visa. They are more than just a one-size fits all solution in the iGaming sector.
Because of the potential for money laundering, terrorist financing, organized crime, and money laundering, gambling is often categorized as a high-risk sector. Merchant Category Codes (MCCs), four-digit numbers, are used by credit card issuers to identify the industry the merchant is part of. The MCC for private operations is different from government-run gambling operations. It is 7995. A credit card holder not allowed to gamble in certain regions will be denied access to a gambling site. The card provider will block the payment by recognizing the MCC code 7995.
Besides gambling bans in certain jurisdictions, players might be prevented from depositing with their cards due to strict regulations or an irregular financial system. There are many other services that players have access to, including:
- Electronic or bank transfers
- Instant transfers
- payment gateways
- Electronic wallets
CRYPTOCURRENCIES
Online casino and sportsbook operators need to be familiar with the payment methods that are most popular in their respective markets. This will allow them to optimize their payment processing.
Europe
Visa and Mastercard are the most used payment methods in Europe. However, different regions have their local options, especially in countries that ban credit cards for gambling transactions.
Germany’s regulations for online gambling prohibit the use of credit cards. German players instead use Sofort as the top payment provider in Germany. Sofort is a secure payment provider that requires minimal steps. It’s also prevalent in Belgium, Austria, and the Netherlands.
The UK is Europe’s largest e-commerce market, with nearly 100% of its 67million citizens accessing the internet. The country has a large gambling market due to its love for betting on football and other games. The UK Gambling Commission’s 2021 report shows that online gambling participation has increased to nearly 18%, excluding those who play the national lottery.
As a result of regulations to prevent problem gambling, credit cards used for gambling payments have been banned in the United Kingdom as of April 2020.UK gamers frequently use debit cards to access services like PayPal and open banking. This fast-developing financial technology utilizes APIs and open-source technology to improve security and transparency.
Multibanco’s interbank network is the dominant payment network in Portugal. More than 12,700 ATMs across the country from 27 banks participate in the network. Multibanco’s online payment system, MB Net, guarantees security because it generates a virtual card that keeps the card information secret. Card payments, PayPal, and other payment systems are also popular in the country.
Europe:
- Visa
- MasterCard
- Comfort
- PayPal
- Multibank
- open banking
Latin America
Credit cards are a popular choice in Europe and the UK but are not the most popular in Latin America.
A 2020 MasterCard report found that only 55% of Latin American adults own a bank account, and only 19% have credit cards. Internet users prefer to pay online via bank transfers. They are directed to their bank’s page for payment, or they can choose their bank from the list. In most cases, payment authorization happens immediately.
Payment processors in some Latin American countries are double-important because banks and other financial institutions distrust the gaming industry and refuse transactions for casinos and sportsbooks.
Boleto Bancario is the most widely used local payment system in Brazil. It is an official payment system regulated by Brazil’s Central Bank. Boleto Bancario allows users to pay cash at any bank branch or authorized provider. You can also pay using any of the 48,000 ATMs nationwide. Similar systems are also widespread in Mexico and other Latin American countries.
Latin America
- Transfers to banks
- Bank Ticket
India
Online gambling is growing in India. 73% of the respondents to a YouGov survey in 2021 stated that they prefer playing online over traditional casinos.
Indian financial players have an integrated network of financial institutions they can rely upon. Unified Payment Interface (UPI) integrates multiple accounts and banking functions into a single mobile application; the Bharat Interface for Money app uses UPI for fast and easy transactions. The National Payments Corporation of India provides the infrastructure for India’s banking system.
PhonePe is the most used payment method in India. It allows users to make secure and fast payments using BHIM UPI credit cards, debit cards, or e-wallets.PayTM, with over 25 million users registered in India, is also very popular. The service allows for electronic commerce and financial transactions via mobile payments.
India:
- PhonePe
- BHIM UPI
- PayTM
Africa
As with the rest of Africa’s economic growth, the iGaming market in Africa is also developing. In Africa, formal bank accounts and credit cards are rare. Mobile banking is a growing trend in Africa, with African gamers using it more than the global average.
M-Pesa is a mobile money transfer service for 58% of Kenyan adults with a mobile account. M-Pesa can also be found in Tanzania and is the preferred choice for sports betting.
The country’s many payment gateways facilitate Nigeria’s growing sports betting market.
Interswitch, a Lagos-based payment processor, connects many Nigerian banks.GTBank, one the largest banks in Nigeria, has created the GTPay payment gateway that allows seamless payments for debit cards issued from banks participating in Interswitch.
Flutterwave RAVE, one of the most popular payment gateways in the nation, is proliferating. Online payment solutions make it easy and safe to collect payments online for individuals and businesses.
Africa:
- M-Weighs
- GT Pay
- RAVE
Canada
Interac is a famous Canadian payment system. It has had a long history, which has allowed it to be established. Interac was established in 1984, and its wire transfer service was launched in 1996. The service has been used by nearly 60% of the nation’s 40 million citizens.PayPal has just 6 million Canadian users, compared to PayPal’s almost 6 million. Gigadat is a solution provider that uses Interac to make online casino payments.
Canada:
- Interaction
- Gigadat
Southeast Asia
Asia has some of the most desirable gaming markets and most significant economies in the world.
Online casino players and punters in the region prefer e-wallets over bank transfers, credit cards, debit cards, and debit cards.2C2P, a payment processor, was established in 2003. It accepts payments from all customers and even those without credit cards.
Thaiepay provides payment solutions for eCommerce in Thailand. It allows operators to accept Visa and MasterCard payments and American Express cards.PaysBuy is another popular processor in the country that makes it simple to take and make payments online.PaysBuy works similarly to PayPal. Sellers can accept Visa, MasterCard, and other local payments on their websites. Also, cryptocurrency payments are prevalent in Southeast Asia.
Asia:
- 2C2P
- Thaipay
- Paysbuy
- Cryptocurrency
The blockchain revolution has been ongoing for some time. Players are attracted to anonymity and decentralization. Many online casinos now accept cryptocurrency transactions. Players expect to pay in cryptocurrencies like Bitcoin and Litecoin.
Online sportsbooks and casinos must consider local regulations and the resources available to players when they enter a new market. Your platform may not allow players to make deposits or withdraws using their preferred method.
Slotegrator’s Moneygrator solution allows you to integrate various payment methods into your online sportsbook or casino. This will ensure that players have the best possible betting experience. Contact us today to learn more about how Moneygrator can be integrated into your platform.
