No doubt, online gaming has gained a great momentum in this present age for a wide number of reasons. In fact, there has been a surge in online gaming, gambling, and the process how the gamers receive their payments.
However, there are clouds regarding the entire process. Lack of know-how on transaction, withdrawal of money, lack of trust and improper security measures have led to a slight decrease in the gaming participation.
If you are a newbie, keep scrolling this post. It will enhance your knowledge realm and help you gain in your next game.
Rise of Online Gaming
Earlier, there was a time when people used to visit the gaming outlets to participate in the games in-person. Even before the 2000, gaming outlets had prominence. People used to visit those outlets frequently to enjoy various types of games.
But now, the entire process is easier and handy than ever before. People can get their preferred games through online. Some of those are purchasable and some are for free of cost. And all the games are played using computers or even using a smartphone.
Thus, the online connectivity of gamers has increased substantially. And with the use of speedy internet, they now get linked with other global gamers virtually.
Rise of Online Casinos in the USA
There are many popular video games that require payment, but one of the most popular growing video gaming niches are online casinos. In particular, there has been a large growth of online casinos in the USA. The history of online casinos in the USA dates back to the 1990s. It was the time when people started to enjoy playing on online casinos.
Gradually, the online casinos received a remarkable popularity. As a direct outcome, the federal government had to formulate laws and acts to control the entire online casino industry.
The USA authorities formulated the Internet Gambling Act in 1995 to curb the domination of illegal practices in the online casinos. The Act did not directly impose a ban on online casinos. Instead, it made a scope for the online casino outlets to operate their business.
And through the Act, the online casinos received a sense of legitimacy and been going on. In fact, the Act worked as a spearhead for online casinos across the USA. Now, countless US citizens participate in online casinos. Everyday.
What the Law Says
There are less restrictions per the US laws on online casinos. However, there were some stir about the participation of people in online casinos. The federal justice department had a point of view over banning inter-state online casinos.
And this was a strike on the industry as many US citizens regardless of their states used to partake in such casinos. Ultimately, some of the online casinos stopped their operations and closed their outlets for some misinformation.
Later, interstate online casinos were legalized after 2000.
But the existing laws covering the online casinos are a bit complex. As per the Wire Act, it is prohibited to transfer any gambling-related information through wires across the states.
Besides, per the Unlawful Internet Gambling Enforcement Act (better known as UIGEA), the financial institutions like banks are instructed not to process online casino payments.
Further, the laws also differ based on state. As it is banned in some states, the gamers are unable to enjoy the benefits like making transactions, withdrawal of dollars, among others.
And the states which have legalized the online gambling or casinos, there are no such bars.
Various states have legalized the use of online casinos including New Jersey and Pennsylvania. Other states have considered legalizing the use of casinos like Florida, if you’re interested in learning more about online gambling in Florida and other U.S. states, you can read more here.
While playing games such as casino games, the gamers often need to pay for some premium services. Or they need to purchase their required tools to complete any existing level or to move to the next one.
In this way, they need to make transactions every now and then. Subsequently, the online casino gaming industry boomed and the market share is increasing each day. Online gaming experts are on the view that the online gaming market will expand surprisingly and the share amount could be more than 300 billion dollars in the next couple of years.
Hence, the transaction for online gaming requires a smooth, effective and speedy transaction processing mode. Otherwise, the gamers may get frustrated that ultimately will cast a detrimental impact on the overall market share.
Here lies the importance of online transactions for the online gamers.
Secure Online Payment Processing
Considering the emerging needs, there must be some secured ways to clear the online payments. And interestingly, the payment processing industry has paid sufficient attention in this particular case.
For instance, the application of digital wallets is citable. Through the wallets, they can efficiently make the payments within a few mouse clicks. Or by tapping their smartphones or tablets.
And the digital wallets are available in almost everywhere. The service from PayPal is remarkable. The use of debit and credit cards another shiny example.
Or there are some prepaid cards which you can use for such online transaction. You do not need to visit the bank and waste your valuable moments by standing in a queue to pay the amount.
Also, now the use of cryptos is also found to some places. In particular, to the online gaming industry, cryptocurrency is a great tool for transactions.
All the modes mentioned here are secure and they do not cause any issues to the users. They have secured a payment processing channel in exchange of a nominal service fees.
The most important fact is that they are available round-the-clock.