Open gaming is becoming increasingly popular in the online casino market amid complex regulatory requirements and increasing restrictions in the gambling market. As gambling markets in Europe reach new maturity levels, online casino operators are in a constant battle to remain compliant without compromising the player experience. Additionally, the existing payment systems like Trustly don’t support white labeling and only process bank payments through debit and credit cards.
Instead of the players experiencing streamlined transactions through the casino operator’s brand, third parties handle the payments, and that fragments the user experience. Open banking provides players with an efficient and secure way to fund their betting accounts or withdraw their winnings.
What is Open Banking, and how is it used in online casinos?
Traditionally, players need to use their credit/debit cards to deposit or withdraw money from their betting accounts. However, open banking eliminates the need for third parties and allows players to link their bank accounts directly with their gaming accounts for seamless transactions. That gives players a convenient and secure way of processing payments.
Using open banking to process casino payments gives players several benefits. This innovative system gives you a more secure way to transact with operators like Betway, as you don’t need to share your banking information with the operator. Instead, the casino operator only receives a confirmation of the transaction from your bank. That reduces the risk of identity theft and fraud.
Open banking also provides you with a more convenient payment method. You can link your bank account with your gambling account, meaning there’s no need to manually enter your banking details each time you need to make a payment.
How open banking is transforming online casino payments
With operators like the Betway casino increasingly embracing innovative technologies to enhance the player experience, open banking is set to transform how bettors process their payments. Here’s how open banking is changing online casino transactions in 2025:
- Instant transactions
Open banking allows players to instantly deposit or withdraw money to and from their betting accounts without using their credit/ debit card details. The casino operator can instantly pay out the winnings to any account without worrying about processing delays or meeting the KYC requirements.
- Accelerate AML and KYC requirements
Online casino operators can connect their betting sites or apps directly to your bank account through open banking. That means the operator can receive confirmation of account ownership data, which is crucial for the KYC process. They can also accurately analyze the transaction history to identify fraudsters. That’s particularly useful in the European markets where age restrictions and regulations differ from one region to the other.
- Responsible gambling
Understanding the gambling expenditure in relation to the player’s overall financial situation gives casino operators a clear picture of potential vulnerability. Open banking helps the operators to analyze the player’s financial obligations like loan repayment and rent payment, making it easy to identify at-risk players and put appropriate spending caps.
- Cost effectiveness
By eliminating the middleman, open banking eliminates the hefty transaction fees that these third parties charge to process payments. That means the online casino operator can pass these savings to their players through bonuses and minimized transaction fees.
