So, you have a great idea for an online gambling business. You have applied for licenses, set up a website, begun recruiting staff and accessed other iGaming ecosystem services. Now for the final piece of the puzzle: iGaming payment solutions.
Unfortunately, this has long been one of the trickiest parts of launching an iGaming company, and the process of accessing payment services is often very complex. iGaming entrepreneurs often struggle to open accounts with regular high street banks, and traditional payment processors are wary of supporting a sector they still view as ‘high risk’.
The good news is that things are getting easier, and there’s now a growing ecosystem of specialist businesses that are attuned to the needs of the sector. There’s no single ‘plug and play’ company that will do everything for you, but it’s possible to stitch together the services you need to be able to accept payments in multiple currencies, release customer winnings fast, process funds and ensure everything’s done safely and securely.
In this article, you’ll find an extensive list of reputable, trusted companies who provide payment services to the iGaming sector.
Stitching together your iGaming payment setup
The importance of rapidly processing payments in a way that’s convenient for your customers cannot be overstated. Even the best gambling website or sportsbook will fail if gamers must deal with a slow, complex or unsecure payment system.
Every iGaming business is unique, and so the payment services you need will depend on the size of your company, the type of gaming you offer, your physical location, your customers’ payment preferences, where they’re based, and several other factors.
Some iGaming firms may only need a few of these services (e.g., a bank account and a payment solution), while others might need a more complex suite of services. Either way, you can stitch together the solutions your company needs to get the right setup for you.
In this article, we’ve listed key players in different areas:
- iGaming financial institutions and banks
- Payment solutions for iGaming
- Merchant accounts
- Credit card processors
- Managed services
- iGaming payment fraud prevention
- iGaming wallets
- iGaming IBAN specialists
- Open banking providers
iGaming financial institutions and banks
Financial institutions and banks that work with the iGaming industry allow you to securely hold player deposits and withdrawals. Ideally, they should support multiple currencies due to the nature of online gaming, where players can access games online from anywhere. They also need to offer robust security and safety checks.
Xace is a provider of payment accounts that holds licenses in major jurisdictions around the world and is regulated by the UK’s Financial Conduct Authority. They are an authorised payment institution, which means they offer similar services to banks but hold their clients’ money in segregated and secure accounts (rather than lending it out, as banks do). Xace specifically focuses on providing accounts to the iGaming industry, and their expert teams have decades of experience in the gambling and finance industries.
Payment solutions for iGaming
Depending on where they’re from and what they’re used to, iGaming customers will expect to make deposits on your online casino in a variety of ways. Some players prefer using prepayment cards, others use bank transfers, credit cards, crypto wallets, and many other options. iGaming payment solution providers offer services to allow people to send and receive money in multiple ways, in many different currencies. The following businesses provide global payment solutions, and have experience with the iGaming sector.
Operating in over 50 countries, PayU is a global payment platform that offers a single connection to accept online payments from around the world. From a single hub, their solution allows your customers to make payments on your iGaming website in a huge range of methods.
Learn more: PayU’s website
Focusing on the European market, Mollie is an online payment solution used by over 210,000 businesses. They offer a single portal you can integrate onto your website, so you can then accept all major payment methods.
Learn more: Mollie’s website
A global solution that’s specifically focused on iGaming payments, XacePay allows your online casino or sportsbook to receive payments from over 280 payment providers worldwide, as well as offering methods to receive crypto deposits too.
Learn more: XacePay’s website
Operating since 1998, WebMoney is a long-established and well-trusted global online payment solution. Your iGaming website can easily integrate the Web Merchant interface, which then securely facilitates a wide range of payment modes.
Learn more: WebMoney’s website
Operating since 2006, Adyen is a global payment solutions provider. Their technology allows you to accept payments to your iGaming website in multiple ways. It’s also easy to simply add new payment methods to your website from their easy-to-use payment dashboard.
Learn more: Adyen’s website
A merchant account is an essential tool for receiving payments from visitors to your iGaming website. Merchant accounts are a kind of ‘middleman’, receiving payments from the customer’s bank, then depositing money into your business bank account. Here are some of the most trusted merchant accounts that cater to the iGaming industry.
Payed is a global leader in payment processing for ‘high risk’ businesses that operate in sectors like iGaming and eSports. Their merchant accounts allow you to receive payments using debit and credit cards in multiple currencies from around the world.
Learn more: Payed’s website.
Stripe is one of the best-known online payment services, and their solution combines a merchant account with a payment gateway.
Learn more: Stripe’s website
Based in the US and with a footprint in Europe, Corepay is a merchant account provider that focuses specifically on ‘high risk’ industries, including iGaming. They offer various additional services, including fraud protection, chargeback alerts and more.
Learn more: Corepay’s website.
Probably the best-known provider of online payment solutions globally, PayPal offer merchant accounts to a wide range of industries. While iGaming isn’t their specialism, they do offer services to the sector, and are a well-known, trusted brand. In addition to a merchant account, you can also access tons of other related services for running an online business, sending and receiving payments, and managing fraud.
Learn more: PayPal’s website.
Specialised in the iGaming sector, FinXP are a Europe-focused provider of high-risk merchant accounts and offer corporate IBAN accounts for the industry.
Learn more: FinXP’s website.
Credit card processors
A credit card processor is a valuable service that connects your iGaming website’s payment gateway with the card issuer, and verifies whether or not the customer can make a payment. If you’re expecting customers to pay in multiple different ways, then you might find it more useful to use an iGaming payment solution provider (see above). But if you operate in a country where most people just use credit/debit cards to pay online, then a credit card processor may be all you need.
Dedicated to supporting the online gambling industry, AptPay provides a secure, trusted solution for iGaming website card payments. Their easy-to-integrate payment API connects with MasterCard and Visa, and allows you to easily receive payments from customers who use these methods.
Learn more: AptPay’s website
GumBallPay is a global card payment processor that is specialised in supporting the iGaming industry, and their solution allows MasterCard, Visa and JCB cardholders to securely make deposits when playing on your website.
Learn more: GumBallPay’s website
iGaming payment fraud prevention
Fraud prevention should be top of mind for any iGaming website owner – particularly given the risks of chargebacks in the sector. The following iGaming payment fraud prevention solutions help tackle fraud risks when you have a global customer base paying in multiple ways with different currencies.
One of the biggest fraud detection platforms on the market, Forter uses AI technology to identify fraudulent behaviour, while also ensuring legitimate players don’t have their accounts unnecessarily frozen.
Learn more: Forter’s website
Riskified promise to improve their customers’ revenue by approving legitimate transactions themselves, while also taking on liability for fraud when it does happen. They also offer a centralised chargeback dashboard, so you can manage them all in one place.
Learn more: Riskified’s website
Kount use AI to help identify fraud and reduce chargebacks. Their services also include several other identity and risk management solutions too, including identity verification, AML/KYC tools, and regulatory compliance support.
Learn more: Kount’s website
Providing a central platform for trust and safety, Sift offers iGaming businesses with a solution for payment protection, account defence and dispute management.
Learn more: Sift’s website
iGaming IBAN specialists
And International Bank Account Number (IBAN) is a global - though primarily European - method for accepting cross-border payments. By providing an IBAN, customers can deposit funds with your iGaming website. The benefit of an IBAN is that it allows for an alternative way for people to send you money, without you necessarily needing a specialised bank account. There are dozens of IBAN providers out there, but the following businesses have a particular focus on the iGaming industry.
Xace provides regulated business accounts with IBANs for the iGaming industry, allowing you to seamlessly receive cross border payments in global currencies. In addition to an iGaming IBAN, Xace also let you create virtual debit cards, open multiple sub accounts, benefit from FX services and generate reports.
Learn more: Xace's website
With almost two decades’ experience, Mifinity is a UK-based and FCA regulated provider of virtual IBANs. They serve various sectors, including the iGaming industry, and their virtual IBANs allow you to receive payments using SEPA bank transfers.
Learn more: Mifinity's website
FinXP’s IBAN4U provides a dedicated payment account for the iGaming industry. Aimed at firms doing business in the EU, the solution makes it easy to receive money from customers across borders (as well as for paying staff in the EU).
Learn more: FinXP's website
With a focus on ‘high risk’ sectors such as the iGaming industry, Kua Pay’s online gaming IBAN allows you to receive payments from customers in multiple currencies.
Learn more: Kua Pay’s website
Open Banking for iGaming payments
Launched in 2018 in Europe (and the UK), Open Banking provides a secure way for banks and financial services businesses to securely share information with trusted third parties. For iGaming customers, it allows them to make deposits while using your iGaming website, without needing to use an e-wallet or share their card details.
Saltedge provides an open banking API that allows iGaming businesses to connect with some 5,000+ global banks. That gives gamers a seamless and secure way to transfer funds to your online casino or sportsbook.
Learn more: Saltedge’s website
A well-established player in the Open Banking market, TrueLayer provides iGaming websites and their customers with a smooth, secure process for making payouts and receiving deposits.
Learn more: Truelayer's website
Plaid provides a smooth and seamless way for your customers to connect their personal bank accounts with your iGaming website. As well as open banking, Plaid also offers valuable player verification process and affordability checks.
Learn more: Plaid's website
Already used by 70,000 businesses, GoCardless is a leading player in Open Banking, and their APIs are designed to support iGaming businesses too.
Learn more: GoCardless’s website
Tailor your perfect iGaming payments setup
Every iGaming business is different, and so the exact payment setup you’ll need will vary depending on a whole host of factors. By stitching together services from the different providers listed in this article, you’ll be able to create the right mix for your needs.
At Xace, we have decades of combined experience in online payments and iGaming. We’ve built a broad, deep, reliable and secure suite of iGaming payment services that can meet the needs of most online casino and betting firms. From business accounts to payments, IBAN and payment solutions, we can provide you with a complete solution that helps your customers make deposits and receive payouts quickly, easily and securely.
Ready to get started? Open an account to start receiving iGaming payments today.