Over the last five years, the global iGaming industry has experienced an unprecedented era of rapid and continued growth with the online gambling market now expected to reach $97.7 billion dollars in revenue generated by the end of this year, well over double that of 2019. This highly profitable industry has become one of the most innovative and forward thinking in the digital space, with many experts predicting the sector to continue its upward trajectory. Despite obvious successes however, the industry still faces several significant challenges ahead that stay on the right path. One such challenge involves the issue of online payment methods and transactions. With a lack of distinct regulations surrounding alternative payment methods online and the ever-present threat of cybercriminals, the need for safe, secure and more efficient payment methods is more important than ever.
In July of this year, a major step in the right direction was taken with leading software provider Atlaslive joining forces with NextOnPro, an innovative crypto payment provider. This exciting partnership aims to tackle issues facing the industry with regards to payment methods, ensuring more streamlined processes for both customers and companies.
Who are the companies involved?
NextOnPro
NextOnPro are at the forefront of modern transaction technology, providing their clients, of which there are over 1.5 million, a plethora of advanced and efficient payment methods. With over 30 available payment methods utilizing hundreds of different currencies, including Ethereum and Bitcoin, NextOnPro promises a unique payment routing system with intelligent fraud monitoring to ensure businesses have a secure solution customized to their needs.
Atlaslive
Atlaslive are a B2B software development company who focus on providing high quality solutions to leading iGaming platforms, working behind the scenes to produce some of the industry’s leading online sportsbooks and casinos. Developing their own in-house centralized platform, the company offer their partners seamless automation powered by versatile digital tools, minimizing the requirement for manual input. With their recent partnership with NextOnPro, AtlasLive have added streamlined payments and anti-fraud tools to their already crammed toolbox.
What Are The Reasons For This Partnership?
In what has been seen as a strategic move for both parties, the collaboration will see two experts in their field combine to produce something greater than the sum of their parts. Maxim Glibin, CTO of NextOnPro stated regarding the partnership, “We are excited to collaborate with Atlaslive to deliver cutting-edge payment solutions that cater to the unique demands of the iGaming industry…together, we aim to set new benchmarks in payment technology, empowering iGaming operators to offer seamless and secure payment experiences to their customers globally.”
Commenting on the gambling sector Atlaslive COO, Lidiia Vakulenko, said, “With the rapid evolution of the iGaming industry, ensuring seamless, secure and efficient payment solutions is crucial” further adding that, “Our partnership with NextOnPro enables us to offer our partners unparalleled payment capabilities that meet the highest standards of reliability and compliance.”
With both parties appearing equally excited to begin working together, many others in the industry will be keeping track of progress with eager eyes, hoping that the synergy between the two could prove beneficial to the industry as a whole.
Potential Impacts
Faster Payments
While currently speculative, improvements in online payment solutions could have overwhelming positive effects on the industry for players and companies alike. One obvious improvement resulting from more efficient transaction methods will be faster payments on online platforms. While instant withdrawal casinos are available, there is still only one platform on the Canadian market that guarantees instant payouts, with many of the fastest withdrawal casinos such as Lukki and Zet still taking up to two days to payout on winnings. The normalization of instant withdrawal could be revolutionary for the industry, greatly improving player satisfaction and in turn ensuring customer retention remains high.
Improved Security
Another key area for concern for many players is the cybersecurity threat that exists when making payments online, particularly when using digital currencies with little regulations surrounding their use. As the finances involved with the iGaming sector become greater and greater, it has become clear that cyber threats in the industry are rising. A 2020 survey in the UK found that around 55% UK gambling businesses suffered some form of cyber-attack over the 12-month period, highlighting the threat that the industry faces. With Canada now establishing itself as the seventh largest gambling industry in the world, it is highly likely a similar level of threat is at hand. Ensuring online transactions are carried out using secure crypto payments backed by decentralized blockchain technology will allow money to be transferred safely, making it certain that transactions are not tampered with. Therefore, utilizing the expertise of modern financial companies such as NextOnPro should help to build trust within the iGaming community, making players feel more relaxed when they add cash to their online accounts.
International Expansion
For iGaming operators, offering diverse and localized payment options will also allow them to expand into new markets where traditional payment methods may not be prevalent. This will up new revenue streams and help operators tap into emerging markets, such as the burgeoning iGaming scene in Canada. Furthermore, as online environments continue to bring players from across the world closer together, more efficient payment methods will facilitate improved cross-border transactions. Ultimately, this could enable players from different countries to participate without facing currency conversion issues or high transaction fees. Considering the recent news that Ontario now wants to allow its online players to play with non-Canadians, the requirement for better international transactions has come to the fore.
This recent partnership between Atlaslive and NextOnPro is just one of many collaborations in recent months between leading iGaming companies and digital payment providers. These partnerships indicate a shift in the sector, with industry leaders now understanding that the next stage of online gambling’s evolution lies in ensuring streamlined and secure payment methods for players. While the industry continues to learn the notes it needs to play the song, this latest partnership has certainly struck a chord.
