In this modern age, the way we pay for goods and services has significantly changed. And that’s mainly because of financial technology, also known as fintech. While the notion that cash is king is still relevant, cashless transactions have become a go-to favourite among many in the UK.
After all, they offer convenience, maximum accessibility, and unparalleled security, among many other features. That’s why it’s a no-brainer why fintech solutions have become super popular in the gambling industry.
Before, gamblers had to go through long bank queues and tedious processes to deposit and withdraw their casino wins. But thanks to the advent of the internet and fintech innovations, gambling has experienced an upheaval, where everything is online.
FinTech’s Role in Preventing Problem Gambling
Gambling has been a popular pastime way back before written history began. While things at that time were simpler because players used to bet for fun in their free time, now things have become more complex. After all, besides the entertaining aspect, we can’t deny that the primal allure of casinos is winning real money. And that’s where fintech innovations come in handy.
Remember when players had to hit the bank after hitting the jackpot? Well, those days are no more. Whether you’re playing at your favourite brick-and-mortar establishment or online casino, you’ll enjoy a wide range of digital payment solutions that can transfer your winnings to your bank account in 3 -5 business days. It gets even better for those who prefer e-wallets, mobile payment solutions, and cryptocurrencies as transactions are much faster.
That said, getting caught up in the glitz and glamour of online gameplay and throwing responsible gaming instincts out the window is easy. After all, depositing into your casino account is a mere click or tap away. Luckily, UK fintech giants have also come up with ways to boost responsible gambling while securing casino transactions to protect players and mitigate problem gambling risk.
Some of the measures in place include:
KYC (Know Your Customer) Processes
One primary concern among UK casino operators is ensuring that only players of legal age access their products. These concerns are further accentuated by a 2022 report on Young People and Gambling in the UK that revealed 55,000 children between 11 and 16 years have a gambling problem.
Fortunately, fintech payment solutions have inculcated robust age and identity verification processes to solve this. As such, players must submit personal data, and any minors are locked out immediately. High-level security protocols such as MFA, 2FA, data encryption, biometric authentication and so on keep your data safe.
Anti-Money Laundering Measures
When you think back to when online casinos first emerged, people thought of them as a criminal haven. Although that wasn’t necessarily true, these views originated from past tendencies of criminals who converted dirty money into chips, played a couple of rounds, and then withdrew it at casinos.
Today, this is a distant memory. Thanks to fintech’s strict compliance with anti-money laundering (AML) policies, it uses real-time financial analytics to easily detect and report fraudulent and suspicious behaviour.
Real-time Monitoring with AI/ML
Artificial intelligence with machine learning (AI/ML) has reshaped online gambling and, more specifically, responsible gambling initiatives. Today, UK fintech giants use AI/ML to personalise the gaming experience and monitor player behaviour for anomalous conduct.
These solutions also come with reporting mechanisms where suspicious behaviour goes directly to the authorities. That enhances transparency and accountability among users and operators.
Cooperation with Regulatory Authorities
To further help in the fight against problem gambling in the UK, fintech companies proactively collaborate with the Gambling Commission. That way, you can expect strict adherence to responsible gambling laws.
So, when you play at a licensed casino that uses fintech solutions, keep in mind that you’ve agreed to the standard responsible gambling policies.
Easy-to-Access Responsible Gambling Tools
As part of the partnership between fintech companies and the Gambling Commission, casinos using these solutions are responsible for providing their users with as many responsible gambling tools as possible. That includes allowing their customers to set deposit/withdrawal limits as well as exclusion periods.
Players on such sites can also access professional help in case they detect problem gambling symptoms. That’s thanks to easy accessibility to organisations like GamCare, GamStop, GambleAware, Gamblers Anonymous, etc.
The Future of Fintech in the UK Gambling Market
For several years, fintech has been tipped as the ‘next big thing’ in online gambling. But truth be told, it has been changing the gambling space incredibly, and it has been barely two decades. As regulations and player demands change, we can only expect more fintech innovations. More specifically, fintech companies have been embracing blockchain technologies and artificial intelligence as they craft the next chapter of gambling using fintech.