Online Gambling Boom
The last few years have seen an enormous surge of interest in gambling online including at online casinos and sports betting. In fact, while the gambling industry as a whole made an incredible $44 billion in 2021 alone, the most explosive growth has been seen in the sports and online betting sectors. So, while this 2022 may capitalize on the return of casino-goers to physical locations that we saw during the second half of last year, there is no doubting the health and upwards trajectory of the online gambling scene. This is of course great news for online casino operators, but it’s also fantastic for players as the positive trends continue to drive innovation and expansion, which always translate into improved and more varied experience for bettors online.
Predicted eWallet market growth
On top of this, eWallet and digital payment providers will enjoy market growth in this area. Of the many companies offering such services, perhaps the most well-recognized is PayPal, which has also rapidly become the most popular payment option for online casino and sports betting players. Indeed, PayPal is such a famous brand and impactful actor in global markets that even just rumours that it may be looking to acquire image-sharing site Pinterest caused its stocks to surge late last year. When it comes to users of online casinos and betting websites, PayPal provides more than just the payment option – it’s also an eWallet used by millions.
What are eWallets?
eWalllets are essentially digital accounts that allow users to access, transfer, and pay using their funds online or even in person. They are broadly analogous to the kind of access to funds that one enjoys with one’s regular bank accounts. One of the key differences with eWallets is that they frequently feature the ability to track amounts of more than one currency at a time, sometimes even including cryptocurrencies. PayPal, for example, allows users to keep amounts of multiple currencies in their accounts.
How do eWallets work?
eWallets function in much the same way that regular banks operate their accounts. Their online platforms enable the transfer of funds between individual users, merchants, and their clients. One of the primary benefits of an eWallet is that there is no need for any physical item – your funds are accessible 24/7 by digital means without needing to swipe a card. On top of this boon, the fact that many eWallets allow users to keep and exchange between different currencies means that using services and shops around the world is far easier and cheaper.
Types of eWallets
eWallets can be divided into different kinds, such as closed, semi-closed or open. These define the degree to which they can be used for services beyond those offered by the eWallet provider. If you refund a game on a digital storefront like Steam, for example, you can have your money returned to your Steam wallet, which is considered a closed eWallet because it can only be used in the Steam Store. Semi-closed eWallets are open to use beyond the provider, with merchants or companies that have reached an agreement with the provider. Open eWallets are typically partnered with banks and allow usage in most stores as well as via ATMs and so on.
So how can PayPal get you faster payouts?
Given everything discussed above, the question is how eWallets like PayPal provide faster payouts via online casinos and sports betting sites. The answer is that they are fast and convenient methods to transfer your funds to whatever site you wish. There’s a reason a service like PayPal is so universally recognized – because its transfers usually don’t need lengthy verification processes and other delays – security is dealt with online allowing you quick and easy access to the funds you make gambling online.
The best PayPal slots sites even include neatly integrated functionality that removes any unnecessary hoops between you winning big and you getting your money into your account. When you’ve just won a lucky spin or hit that big jackpot, the last thing you want is a load of codes to enter and then a long process involved in completing your payout!