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Real Money Slots Remain The Biggest Draw – But Is Fintech Going To Change That?

Online slots have firmly established their mark in the world of casino gaming since the beginning of this century. Such has been the incredible development within the sector that developers are no longer simply looking at slot-specific innovations to attract a new audience.

They’re branching into other areas, including different types of mobile devices, alternate payment options, and promotions that genuinely stand out in an increasingly saturated market. This is where fintech has been able to flex its muscles, particularly since the start of this decade, as US and Canadian markets have warmed to the idea of regulating the industry.

Now, as it stands, VISA, MasterCard, and PayPal still dominate large chunks of the casino gaming market. Although PayPal is undoubtedly one of the pioneering fintech innovations we’ve encountered over the last two decades, it has been around since the start of this century and was one of the first payment methods available in casino gaming.

So, for the sake of clarity, today, when we refer to fintech, we’re talking about Apple Pay, cryptocurrencies, and blockchain payments.

The Continued Allure Of Conventional Slots

Real money slot games have long been the go-to version of gambling for millions of bettors. Still, as is the case with so many industries, there’s a sizable portion of the market that is yearning for creative ideas and striving for fresh developments. Online slots real money games combine the appeal of conventional games with established payment systems and eliminate free spins, matched credits, and other on-site currencies that can be difficult to withdraw.

Therefore, they will always have an appeal, especially for people like me who have been around since the early days and prefer the familiarity of established payment options over newer, more complex marketing strategies.

It’d be foolish to think the market won’t change or won’t adapt to modern audiences. As you can see in the link below, casinos now use a raft of different social media platforms and marketing ideas to generate engagement via their channels. It’s about adapting rather than systemic change.

Fintech’s Impact On Our Day-to-Day

Despite the strong market for conventional options, there’s an increasing demand and overlap between fintech and our everyday lives. Instead of using cash down at the supermarket, we now use our smartphones and e-wallets as our main payment option.

In fact, recent studies in the UK showed that less than half of the population carries a wallet, which is a number that will continue to fall as a younger generation enters the market and adopts an entirely digital approach.

Ultimately, this changes the way casino gaming companies look at the market. They see that more people are using Apple Pay on their phones, and they look for ways to shepherd this market into the iGaming sphere.

Obviously, there has to be an approach to responsible gambling that can match some of the tools that are in place with conventional options, such as freezing bank cards or banning gambling deposits, but due to the sheer ease and speed of these new innovative fintech options, it feels inevitable that one day it will become the primary force in online casino gaming.

Shifting Dynamics – A Growing Inevitability

We only need to stop and take a look around at how the world works. People are glued to their phones and get more of their information from social media. A significant chunk of our banking is done digitally, either via mobile apps or laptops, and the entertainment we access, whether it is YouTube or Spotify, is tailored to watching and listening on the move.

The idea that slot gaming companies will not invest significant resources in developing their brand to accommodate this shift is naive.

Some traditional conventional sites that prefer real money options enjoy the fact that there are underlying, secure elements to it. Such as the credit card block we mentioned earlier, or the fact that banks can monitor transactions, freeze payments, and raise fraud cases as when it is necessary. Or, the most significant selling point, the fact they can withdraw their winnings directly rather than as matched credits or free spins.

That’s not to say that household brands like VISA or MasterCard will disappear, but they will integrate their model to adapt to this digital audience, simply out of necessity. Many have already begun this process. However, as cryptocurrency and blockchain become a larger part of traditional finance and investing, this shift will continue to shape a new world of slots.

Will Fintech Take Over Slot Gaming?

Fintech will continue to make up a larger share, and conventional payment options will have to be accommodated, but it’s unlikely that one will completely eclipse the other. We’ve seen the early signs of Apple Pay, mobile payment options, and borderless payment solutions like Bitcoin make significant changes over the last few years.

However, as more customers enter the market, particularly from North America, there are still millions looking for the continuity and familiarity of VISA and MasterCard payment options. As long as real money slots pay out in real-time with cash amounts, not on-site credits, there will always be a demand for them.