2023 Roundup: Open Banking as the Jackpot for Modern Gambling

Table of Contents

High stakes in the gambling sector The online gambling industry is booming, with a projected market size of $107.3B by 2024, and expected to reach $138.1B by 2028. While this growth brings exciting opportunities, it also raises critical concerns about player safety and responsible gambling practices. Traditional onboarding processes and payment methods often fall short, posing challenges for both players and gambling operators. The industry itself is classified as high-risk, requiring stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) checks, often hindering smooth operations and profitability. Fortunately, a revolutionary technology is stepping up to address some of these concerns: Open Banking.Open banking operates on two key principles: data sharing and payments. With player consent, it allows authorised third-party providers, like gambling platforms, to access real-time financial data directly from bank accounts. It enables gambling operators to seamlessly and securely initiate transactions directly from customer accounts using account-to-account payment methods, offering a streamlined experience for players and a cost-efficient solution for operators. Shuffling the deck with open banking This unlocks a whole new realm of opportunities in the gambling and online gaming scene. And let’s talk about 2023 – what a year it was for Open Banking! We saw an […]

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