Gambling Payment Gateway Australia
The accumulation of smartphones, the accessibility to high-speed internet connections, and the rapid acceptance of online payment methods are especially increasing the Australian online gambling industry growth. Furthermore, the expanding integration of these gambling platforms with improved technologies such as blockchain, virtual reality (VR), and three-dimensional (3D0 animation, for real and alluring gambling experiences, is functioning as a development-generating factor. Regardless, the episode of the coronavirus disease (COVID-19) and the implementation of lockdown regulations have inspired customers to divert toward online gambling, which is supporting the market growth.
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Market Size of Online Gambling Industry in Australia
The Australian online gambling industry reached a revenue of US$ 4.0 Billion in 2021. Moving ahead, IMARC Group predicts the industry to arrive at US$ 6.6 Billion by 2027, displaying a CAGR of 8.1% during 2022-2027. Thinking about the complications of COVID-19, we are constantly following and assessing the direct as well as the indirect impact of the pandemic. These perceptions are comprised in the report as a primary market contributor.
By 2026, the online gambling market is predicted to increase up to $100 billion in Australia. Up to 85% of Australians have gambled at least once. New trends instruct that more women are being tempted into online gambling in Australia because up to 57% of women are gambling online.
What is a gambling payment gateway?
A gambling payment gateway Australia refers to a payment processing platform that functions with online gambling businesses. To clear this concept deeply, we must describe the payment gateway first. And then involved in what is online gambling to understand how the payment gateway functions for gambling businesses.
A gambling payment gateway is a technical solution for gambling businesses that assist to manage online transactions securely. Specifically, it is liable for the authorization of transactions. In other terms, it protects payment details and transmits them from the merchant’s website or application to the payment platform or acquiring bank, and accepts a revert (authorized or rejected) from them. And then transfers it back to the merchant’s network application.
Furthermore, online gambling is a sort of action that signifies risking funds for the possibility of winning more funds. For example, partaking in online lotteries, online casino gaming, such as roulette, or card games, such as poker or blackjack. It is regarded as a high-risk industry by most banks and payment service providers.
International online gambling is an extensive market, predicted to surpass $112 billion by 2025, with restrictions being the primary development barricade. And this is due to every country having certain laws and regulations on gambling businesses and payment processors delivering such types of payment services have to follow local regulations to run an online gambling business in new markets.
Why does an online gambling business require a gambling payment gateway?
Modern online gambling industries are formed with precise economies. These financial systems are made to reward customers for their efforts and legitimize their in-game advancement. To efficiently handle the requirements of the economy, online gambling businesses need online gambling merchant account services. And that can take online payments from customers in numerous ways.
For gambling businesses, the gambling payment gateway is essential to receive online payments from credit and debit cards and other online payment methods. Customers easily checkout by using their essential digital features and then the funds will transfer to the gambling business. Online gambling payment gateway platforms surround the whole procedure of payment processing in less duration.
The payment processing system delivers a way for merchants and online gamers to accept a financial reward for their efforts. The tokens bought within the game play an important role in managing server charges and other costs associated with the online gambling platform.
Benefits of a gambling payment gateway by WebPays
- Fast payouts
Online gamblers pay on your gambling platform to play and win amounts in different parts, and merchants forecast smooth and fast pay-ins and payouts. The ability to offer both merchants and online gamblers with them will provide you with a cost initiative before the aspirants.
- Multiple payment methods
Because of dealing around the globe in the gambling industry, merchants ask payment service providers to offer them various online payment methods. Hence, credit card processing and numerous eWallets such as ApplePay, PayPal, GiroPay, Sofort, etc. can be the right choice. Yet, it is also significant to process online transactions quickly in concentration. And also provide the most appropriate payment methods for them.
- Local Payment Methods
Since online gambling is an extensive online international business. But it is necessary for merchants to be qualified to accept payments in local currencies favoring local payment methods not losing their customer base. Hence, PSPs must ensure that they take local methods into payment processing solutions. This leads to both pay-ins and payouts faster.
Interesting fact: Online gambling is primarily dominant in emerging industries with undefined terms for the online gambling industry. Since merchants in these particular industries have no access to dominant online payment methods. And offering them the possibility to process payments performed via local payment methods is required significantly.
- Prepaid cards
Prepaid cards are the most selected payout methods and are essentially the replenishing ones. With new payment gateway services like WebPays delivering, online gamblers don’t even need a bank account to be qualified to pay for gambling and receive the funds they win. And it is in the acceptable requests of the PSP ready to function in the gambling payment processing industry. And to provide a fast and smooth payment gateway integration with the best gambling merchant account Australia.
- Multi-Currency Payments
If your online gambling business is functioning worldwide, then different customers will pay in different currencies as per their country’s preferred currency. It is significant to deliver multi-currency payment choices at your gambling payment platform. WebPays provides payment processing platforms with multi-currency transaction features. Moreover, that can also reduce currency conversion rates and expand your client base.
- Recurring billing structure
Different online gambling businesses offer a subscription system of payments to their online customers. And those payment service providers who want to offer their safe casino payment gateway platforms to online gambling businesses must acquire a recurring billing structure with a payment gateway platform.
A recurring billing structure has more chances of different risks for online gambling businesses. And that also makes it essential to offer not just regular billing but also a smart recurring structure. So that your online transactions can be manageable automatically in real time. It also allows accepting funds in installments from the customer’s account in case he doesn’t have enough funds to pay the complete amount at once.
- Fraud and chargeback prevention system
Since the online gambling industry is known for its complicated reputation. So, it is just awesome to get all the potential fraud and chargeback prevention features at one payment gateway platform.
Specifically, online merchants will get multiple benefits if your payment processing system has its own fraud prevention technique. But they will only be beneficial if you acquire payment processing solutions from WebPays. Moreover, it is well-known for the top-notch security system they offer.
- Integration with the most significant gambling payment platforms
There are numerous payment service providers delivering payment gateway platforms. But the more significant payment platforms such as WebPays you can integrate, the more beneficial.
Conclusion
After understanding the gambling market size in Australia and the benefits of a gambling payment gateway from WebPays. So it is easy to prefer the best payment gateway platform for your online gambling website. Getting all these benefits can be beneficial for your online business in many ways. To acquire our gambling payment gateway Australia, you can drop us a mail with your business requirements. We will examine them and suggest the most suitable one to deliver effortless payment processing to your global customers.