Connect with us
NSoft

Latest News

How the UKGC Ban on Credit Cards Affected Payment Provider Industry and Consumer Habits

Published

on

UK-gambling-ban How the UKGC Ban on Credit Cards Affected Payment Provider  Industry and Consumer Habits
UK-gambling-ban-1 How the UKGC Ban on Credit Cards Affected Payment Provider  Industry and Consumer HabitsReading Time: 3 minutes

 

The UK Gambling Commission ban on the use of credit cards has challenged consumers and businesses, seeking to adapt to the new requirements. 

On April 14th, the new UKGC ban came into effect, prohibiting the use of credit cards to top-up online gambling accounts: the measure was instituted in an effort to mitigate financial risks for consumers and prevent them from gambling with the money they do not possess. The new regulation challenged some of the prevalent consumer habits and pushed payment vendors to expand the scope of their services.

Agnė Selemonaitė, Deputy CEO at ConnectPay, shared her insights on the impact it had for both sides of the market.
Impact for payment service providers

According to Ms. Selemonaitė, current changes the industry is going through will affect not only the bettors’ spending habits, but also payment gateway providers, aiming to supply the market with flexible, as well as compliant, solutions.

“Our focus has always been on being proactive towards any new developments in the market. That’s why even amidst lockdown we pivoted towards integrating more payment methods into our Merchant API to provide gambling vendors with more options to facilitate payments,” explained A. Selemonaitė.

According to Selemonaitė, more and more gambling sites are getting into partnerships with payment service providers, seeking to streamline settlements for their regular bettors and provide a greater on-site experience. As ConnectPay aims to continue growing its payments selection, Selemonaitė encourages operators to look into how leveraging diverse solutions could help better match their clients expectations.

As the opinions on the policy are two-fold, A. Selemonaitė noted that every decision, with the goal of mitigating risks for consumers, should be a welcomed initiative. That said, it is important that alternative solutions rolled out into the market would meet both vendor and consumer needs, but with added safety, while being compliant with the new measures. “In order for business to welcome new measures, regulators need to stay focused on setting up such an environment that fosters the development of a holistic system and doesn’t hinder scaling opportunities,” she added.
What are the alternatives for consumers?

The operators’ commitment to enable clients to continue enjoying their favorite pastime while spending within reason led betters to get accustomed with various other payment options.

Visa and Mastercard debit cards

Using a debit card is almost identical to using a credit card, with the main difference that with the prior, the funds are taken directly from the checking bank account, rather than being charged to a line of credit to be paid for later. This ensures that the bettors themselves verify payments, and help protect the account from scammers’ malicious intent.

Prepaid cards

Many providers, such as ConnectPay, issue prepaid cards, which, unlike debit, are not linked to a bank account to draw money from. Instead, the customer is spending money that has been loaded onto the card beforehand. Prepaid cards are limited by default, therefore one can only access the amount of funds that have already been vouched for.

E-wallets

Although the credit card ban extends to e-wallets, they can still be used for gambling-related payments with the exception that the service does not support credit lending. Similar to prepaid cards, e-wallets require money to be loaded prior to any transaction. It is an appealing alternative as it offers faster payouts and enables switching back and forth between different gambling sites with ease.

Cryptocurrency

Another method to deposit money is using a cryptocurrency, such as bitcoin. It provides total anonymity, as no personal details are shared with the site, making it one of the most secure alternatives. Although many do not understand the inner workings of the crypto industry, it remains a viable option for all tech-savvy betters.

Even though some may still be unconvinced about the necessity of the new legislation, it is shaping up to be a sound solution, which could lead to heightened industry transparency, as well as provide consumers with more payment options to choose from. However, its true impact on the industry will show only after some time.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: How the UKGC Ban on Credit Cards Affected Payment Provider Industry and Consumer Habits

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Latest News

RTSmunity strengthen their position on the european market with forBET partnership

Published

on

forbet RTSmunity strengthen their position on the european market with forBET partnership
forbet-1 RTSmunity strengthen their position on the european market with forBET partnershipReading Time: < 1 minute

 

RTSmunity, esports odds and trading provider, continue their expansion on european betting market with new partnership. The new cooperation with polish sportsbook operator forBET comes in a time where many major sports are facing problems, and esports are working as a stable stream of revenue. Customers of forBET will now be able to experience the top esports offer, improved in every measurable aspect – number of markets, uptime, odds.

The partnership between RTSmunity and forBET confirms the strategy that RTSmunity outlined earlier this year, which is continuous expansion on the european market, combined with new partnerships in the US and LatAm region. With many sportsbook operators looking to esports in a new new perspective, forBET demonstrated ability to be fast and agile company, by quickly enhancing their esports betting offer through RTSmunity odds feed.

Pavol Krasnovský, CEO of RTSmunity, said: We are very happy to start a new partnership with forBET. They have been able to succeed in very competitive betting market in Poland, and bringing their esports offer to the top level is the obvious step forward. We are very confident in our solution, and we have demonstrated that we are able to make esports a growing stream of revenue for sportsbook operators.

Petr Pacinek, General Director of forBET, said: The cooperation we have just started is a clear signal of the way we have chosen – continuous improvement of our offer, in order to support growth of our market share. Esports betting is still a developing industry, but already very competitive, and you can’t succeed without having the best offer. That’s why we have chosen RTSmunity to be our new partner, and we count on them to bring us to the top.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: RTSmunity strengthen their position on the european market with forBET partnership

Continue Reading

Latest News

Promising new partnership between Endorphina and Universal Soft for the LatAm Market

Published

on

endorphina-universal-soft Promising new partnership between Endorphina and Universal Soft for the LatAm Market
endorphina-universal-soft-1 Promising new partnership between Endorphina and Universal Soft for the LatAm MarketReading Time: < 1 minute

 

The trendy slots provider Endorphina does not plan to stop with the incoming of partnerships this summer. We’ve just heard the news that Endorphina has kicked off a new partnership with Universal Soft, one of the most prestigious and well-known companies operating in the Latin American market and is focused mainly on horse racing and betting.

This partnership strikes itself to be promising for both parties. For Endorphina, this is their second partnership with a notable company within the LatAm market, so Endorphina will greatly expand to reach more players in this region. Universal Soft can also look forward to providing their clients with a diversify portfolio of colourful and trendy new games.

Henry Daniel Tapia Fernández, CEO of Universal Soft shares about the partnership:
“We are delighted to have partnered with Endorphina. A team full of professionals with a portfolio of high quality and reliable games. Endorphina’s games are becoming essential for every online platform and We are confident their games and gamification tools will exceed our customer’s needs in Latin America.”

Sales Manager at Endorphina, Zdenek Llosa, also shares:
“This marks itself as another great step for Endorphina’s expansion within the Latin American region, and we cannot be happier to have reached an agreement with Universal Soft. Their retail experience and strong understanding of the local market will be essential for our distribution and we are looking forward to having our latest releases like Chance Machine 100, The Rise of AI, Cash Tank and player’s preference Football Superstar to be soon available in their platform.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Promising new partnership between Endorphina and Universal Soft for the LatAm Market

Continue Reading

Latest News

Optimove Announces General Availability of Self-Optimizing Journeys

Published

on

optimove Optimove Announces General Availability of Self-Optimizing Journeys
optimove-1 Optimove Announces General Availability of Self-Optimizing JourneysReading Time: 2 minutes

 

Optimove, the Science-First Relationship Marketing Hub, announced the general availability of its Self-Optimizing Journeys, an AI-powered solution that autonomously determines the next-best-action for each individual customer.

With Self-Optimizing Journeys, marketers no longer face the burdensome task of determining which communications to prioritize or which sequence of communications result in the best customer journey. Self-Optimizing Journeys identify all the campaigns each customer is eligible for and evaluate all journey possibilities, response probabilities, and potential impact on customer lifetime value, to determine and serve the next-best-action for each customer.

“Self-Optimizing Journeys represent the first time marketers can stop worrying about manually plotting and prioritizing customer journeys to focus on what they do best—crafting personalized messages for each customer interaction,” said Shai Frank, VP Product at Optimove. “With today’s announcement, Optimove ensures individualized journeys that autonomously adapt based on each customer’s characteristics and behaviors, effectively allowing customers to ‘plot their own journey’.”

Optimove’s Self-Optimizing Journeys had been released to over 80 companies as a Beta since Q4, 2019. The following are results from the Self-Optimizing Journeys Beta:

  • 37.4x higher uplift per customer, compared to manually prioritized campaigns
  • 46% increase in total uplift, compared to manually prioritized campaigns
  • 55% of Beta users showed high adoption rates and orchestrated over 30% of their campaigns with Self-Optimizing Journeys
  • 450,454 weekly average autonomous decisions made

“Optimove’s Self-Optimizing Journeys help us make sure that our users always receive relevant and engaging campaigns,” said Yoav Banai, VP Customer Engagement at Deezer, the global online music streaming service. “Since implementing it, we’ve seen higher engagement levels and better overall performance for our campaigns. At the same time, our team has been able to save time on campaign execution.”

Marketers can either select a subset of their campaigns, or all of them to be orchestrated by the Self-Optimizing Journey algorithm. 88% of companies who took part of the Beta, orchestrated over 50% of their campaigns with Self-Optimizing Journeys, whilst the rest were manually prioritized.

For demonstrations and additional information on Optimove’s Self-Optimizing Journeys click here.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Optimove Announces General Availability of Self-Optimizing Journeys

Continue Reading

Trending

European Gaming Media and Events is a leading media and boutique event organizer in the European Union with a monthly reach of +50,000 readers. The official company (PROSHIRT SRL), has been listed for 4 years in a row among the top 3 Advertising and market research agencies in the local Top Business Romania Microcompanies based on the Financial Reports.

Contact us: sales@europeangaming.eu

Editorial / PR Submissions: editor@europeangaming.eu

Copyright © 2015 - 2020 European Gaming Media and Events. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.