TMCnet Feature
August 11, 2020

Online Casinos Gear for Faster Payouts



At a time when everyone seems to be in a rush, the last thing you need is a lengthy delay on your casino withdrawals. Getting faster payouts has become increasingly crucial in the gambling industry.

It is no longer ideal for gamblers to wait for days so that online casinos can process their winnings—something which has been happening for years. But what is the technology behind the faster payouts? Let's take a look!

Faster account creation

The introduction of Pay N Play casinos has all but changed how we approach online gambling. You can now deposit your money, play at one of these industry-changing casinos, and withdraw the money you win within a matter of minutes.

With Pay N Play casinos, there are more options to create a new account. Normally, you would need to submit a lot of documents to verify your identity. However, Pay N Play casinos like Goslotty work in an entirely different manner for an automated account creation.



Trustly, (a Swedish payment provider) does all the background requirements by obtaining a player's relevant information from their bank account then forwarding it to the casino operator. The account is automatically created so players can play and withdraw winnings effortlessly.

In other cases, players can sign up without registering and begin making direct deposits from their bank accounts to the operators immediately. Some online casinos also utilize the automatic KYC check, allowing for verified accounts and quicker withdrawals of winnings. In these instances, documents such as ID proofs and bank statements only need to be submitted in the presence of conflicting information.

Cryptocurrencies

Cryptocurrencies and blockchains have been around for more than a decade, with Bitcoin being the most popular and widely used. Adoption in businesses and transactions have barely begun to flourish, however, but online casinos are slowly making the adjustment for faster payouts. Cryptocurrencies over several advantages over traditional fiat currencies, especially for online gamblers, because of several advantages.

Autonomy (News - Alert) is the primary benefit in using cryptocurrencies, with users being able to decide how their money is used without intermediaries like banks and governments. This autonomy allows for lower transactional fees and for better discretion of transactions. Furthermore, cryptocurrencies are accessible, requiring only an Internet connection. Some cryptocurrency wallets are even available as mobile apps, encouraging users to engage in online casinos on-the-go. For example, Bitcoin slots and other games are available for gambling pleasure – and with the value of Bitcoin on the rise, no wonder it is gaining popularity!

Smart contracts

Not only do online casinos have to offer a wide variety of games and offer convenience in paying and claiming winnings, they also have to be reputable and ethical for clients to trust them. Smart contract technology, which was initialized on the Ethereum cryptocurrency blockchain, ensures fair outcomes in games by eliminating the casino’s influence on results. Moreover, with smart contracts, payments between the players and casino operators are made through an immutable agreement that is fulfilled once conditions are met. This way, payouts are made almost immediately after winning, and there is virtually no risk of being scammed.  

Final word

Online casino gambling is projected to be a $10-billion industry by 2024. Given its market share, it is no surprise that operators are racing against each other to implement technological advances and bring in more clients. More than coming up with games optimized for virtual and augmented reality and that can be accessed via wearable devices (e.g. smart watches) and improving security systems, casino operators are also keen to invest in methods that will allow for swift and reliable transactions for both payments and payouts.

Adapting from in-house glitz to online pizzazz, casinos have staked their bets on rapid-paced technology. The question is: will you test your luck?



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