September 24, 2022

E-wallets expected to surge in the market for bettors


In the not-too-distant past, it was almost unheard of for people to use digital means to bet at a casino. Cash was king, and the only way to bet was to get out some cash and hand it over to a member of staff at an in-person casino. But that has all changed – and the rise of online gambling has meant it’s possible to use tools like bank cards and e-wallets to bet. This blog post will explore what an e-wallet is – and look at its future in the casino gambling world, especially with regard to cryptocurrency and e-security.

What is an e-wallet?

Put simply, an e-wallet is a mechanism for paying for goods and services online through a computer, smartphone or tablet. It’s not a physical object, of course: technically speaking, it’s a piece of software that is set up to accept deposits of cash from a user’s bank card or bank account. The software can then communicate with online payment terminals and systems so that money can change hands. Some of the leading e-wallet software providers out there include Apple Pay, Samsung Pay and Alipay.

E-wallets are rapidly rising in popularity across all sectors. Apple Pay casino options, for example, have exploded in recent years – with many people finding that it makes the cash deposit process much easier. More broadly, one study from a leading organization concluded with the startling statistic that over 50% of all e-commerce transactions made around the world are, by next year, predicted to be made by a digital wallet. If this transpires, it will be testament to the fact that demand for e-wallets is swelling – and fast.

Fast and simple

Perhaps the main reason why so many people in the gambling world are turning to e-wallets as their payment method of choice is because it’s so simple and speedy to use one. You can fill your e-wallet with “credit” simply by making a bank transfer, and once it’s there, it can be spent with ease in just a few clicks. This removes the headache of having to insert bank details – such as long card numbers – every single time you want to purchase goods or services.

It’s also becoming increasingly possible to place cryptocurrencies into an e-wallet. This is ideal for those who want to gamble online but who don’t want to divulge their real identities: because cryptocurrencies are administrated according to a decentralized ledger rather than a core record, names, addresses and other details are often not associated with crypto transactions. This makes a crypto-friendly e-wallet the perfect option for the privacy-conscious gambler.

Security considerations

No payment method is perfect, of course, and some people in the online sports gambling sector have raised concerns that security around some e-wallets could be lax. And it’s certainly true that some of the world’s major e-wallet providers have experienced security breaches from time to time in recent years. Nowhere is totally safe, and it’s imprudent to expect otherwise.

But the truth is that security has improved drastically in this regard in the last few years. It’s now the case that e-wallet providers have instituted some of the most rigorous security measures that are available, including advanced two-factor authentication and secure socket layer connections. And security is also dependent to some extent on the legitimacy of the provider. By sticking to major e-wallet providers, you can mitigate the risk of falling victim to a scam artist or an e-wallet provider that doesn’t maintain the basic security infrastructure.

In short, e-wallets are fast becoming one of the main ways in which a bettor can pay for their wagers when gambling online. And it’s easy to see why: many e-wallet providers are “plug and play”, which means that they can be set up quickly and efficiently and simplify the task when you need to pay for something fast. And while there are some security considerations to take into account, it’s clearly very easy to navigate the world of e-wallets without too much risk of losing your money. In conclusion, and particularly considering the privacy benefits that the technology delivers, it’s clear to see why e-wallets are so popular among gamblers and others – and why that’s likely to remain the case for a long time to come.

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