Betting on Innovation: How Trustly Took the Toughest Gamble
Make no mistake about it - gambling and payments innovation stand at the very pinnacle of business. These industries are not just about cards, chips, or digital transactions; they are about the relentless pursuit of efficiency, security, scale and most of all - how to deal with risk.
Many payments firms took one look at the iGaming industry 10 years ago and decided to sit this one out, citing risk as an excuse. Trustly, Paysafe and companies like MiFinity did the opposite. Instead of shying away, they leaned in— solving the hardest problems first, mastering instant deposits and withdrawals in one of the most challenging spaces imaginable. That expertise didn’t just set them apart in gaming; it became the foundation for expansion into other markets, bringing the same frictionless, bank-powered payments to industries worldwide.
But innovation alone doesn’t build market leaders—people do. The best companies in gambling payments don’t just have technology; they have the brightest minds, the risk-takers, the problem-solvers who thrive in an industry that never stands still. That’s what separates the leading global innovators from the rest. While others recycle the same old strategies, these companies push boundaries, making bold bets on the future—and winning.
This edition of GamblingIQ is titled 'Advancing the Game', and for good reason. Open banking technology and embedded finance are reshaping the gambling industry, and the best way to grasp its impact is through the stories of innovation unfolding in real time. The stars aren’t just aligning for this tech sector — they’re lighting the path forward.
GamblingIQ issue 07 sets the agenda in the ultra competive world of iGaming Payments
2030, A Payments Odessy: Operator survey compares the iGaming solutions & old reliables of the future
Why gambling operators from around the world are increasingly embracing Open Banking driven payments
Trustly and the Next Generation of iGaming Payments. Exclusive interview with company CRO Jussi Lindberg
Success Stories and How the Players Pay with Zak Cutler, President of Global Gaming, Paysafe
interview with MiFinity CEO Paul Kavanagh on how to
of consumers & merchant brands
GLOBAL PAYMENT TRENDS
^ 2030, A Payments Odessy: Experts survey compares emerging iGaming solutions & old reliables
Survey Question: By 2030, what will be the preferred payment method for depositing into an online betting account?
* Data compiled from survey responses of
Even traditional labels like “Local Payment Methods” (LPMs) are being redefined. Take Canada’s Interac e-Transfer and the US’s Venmo for example: historically pigeonholed as LPMs because they don’t use open banking APIs. Considered as 'real-time payments', Interac rides conventional rails while Venmo is more of a digital wallet. However, Interac for example is now collaborating with the Canadian government to update its open banking framework by 2026, a move set to upgrade its status from LPM to bona fide open banking solution. Looking ahead, debit cards will probably stick around up until 2030, because incredibly, in places like the US, Mexico, Philippines, credit cards still carve out a solid iGaming niche. Adopting a UK-style credit card gambling ban remains unthinkable for many regions. Meanwhile, direct bank transfers are on the up in Europe, where open banking infrastructure powers uninterrupted, secure, real-time transactions. As open banking continues its global takeover, expect even more disruptive payment innovations that redefine how money moves in the digital age. Future Proof? GamblingIQ’s Survey Analysis Breaks Down Players’ Future Favourite Payment Types
IT is no secret that open banking enablers are pushing an alternative to cards in the gambling industry. Merchants, burdened by eye-watering card processing fees, are hungry for lower costs—yet, as the GamblingIQ survey reveals, ditching cards in iGaming won’t be quick or easy. Despite forecasts from seasoned gambling executives highlighting the rise of instant open banking transactions and digital wallets; debit cards are firmly entrenched in the industry. Regulatory measures have certainly dampened credit card usage, but shifts in payment adoption remain volatile. Factors like tech growth, regulation changes, and evolving customer preferences will inevitably shape the market. Cryptocurrencies, for instance, could easily overtake their currently predicted 5% market share if regulatory steps make them mainstream. Open banking isn’t just tweaking the rules—it’s rewriting them.
100 senior gambling operator executives and Heads of Gaming at vendor companies across the UK, Ireland, USA, Canada, Australia, South Africa, Gibraltar and Curacao in January 2025.
// 2030: The Future of iGaming Transactions – Faster, Smarter, More Secure, and Built for a Global Player Base //
GAMBLING IQ CHARTS THE NEXT WAVE OF iGAMING PAYMENTS INNOVATIONS
^ DEBIT CARD: Despite the survey results, by 2030, GamblingIQ believes physical debit cards will be nearly obsolete in most countries, replaced by tokenised digital versions embedded in mobile wallets and blockchain ecosystems. Contactless biometrics and decentralised IDs will authenticate transactions instantly. Fees will plummet as blockchain and CBDCs bypass traditional banking rails, eliminating intermediaries. Smart contracts will automate low-cost, instant settlements, ensuring frictionless, fee-minimised gaming.
^ DIGITAL WALLET: Digital wallets will dominate gambling payments, enabling instant deposits, AI-driven spending controls, and multi-currency support. Direct bank integration will enhance security, reducing fraud and chargebacks. Built-in responsible gaming tools, personalised limits, and automated compliance will streamline transactions. Smart wallets will predict player behaviour, while blockchain will add transparency, ensuring trust between gambling operators and players. Integration with the metaverse and immersive gaming platforms will further expand their role.
^ INSTANT BANK TRANSFER: This will be the backbone of iGaming payments, offering speed, security, and cost efficiency. With direct API integrations between banks and operators, transactions will be processed in real time, eliminating delays and reducing reliance on cards. Enhanced fraud detection powered by AI and biometrics will prevent identity theft and unauthorised access. Open banking frameworks will enable seamless cross-border transfers, making deposits and withdrawals faster than ever. Players will benefit from lower fees, while operators will see reduced chargebacks and improved cash flow. As regulators demand stricter compliance, instant bank transfers will provide a transparent, traceable solution. Blockchain integration and tokenisation will further enhance security, ensuring immutable transaction records. Realtime payment networks will expand globally, enabling round-the-clock instant transfers with suspicious activity flagged before fraud occurs.
^ CREDIT CARD: Credit cards in iGaming will be rare, as regulators impose stricter limits to curb problem gambling. AI-driven risk assessment will personalise credit limits, while blockchain integration will enhance transparency and compliance. Instant, tokenised transactions will replace traditional processing, reducing fraud. Fees will drop as direct CBDC-based lending emerges. Responsible gaming tools will restrict risky borrowing, making credit cards a niche option in gambling.
^ E-CASH / VOUCHERS: By 2030, e-cash and vouchers will remain essential for gambling, catering to privacy-conscious players and markets with limited banking access. Digital vouchers will enable instant, cash-based deposits, integrating seamlessly with mobile wallets and kiosks. Enhanced security features, AI fraud detection, and blockchain tracking will ensure compliance, while prepaid solutions will support responsible gaming and underbanked users globally. Operators will offer personalised voucher incentives, driving engagement while maintaining regulatory oversight.
^ CRYPTO PAYMENTS: Cryptocurrency payments will be a mainstream option in iGaming, offering instant, borderless transactions with enhanced security and transparency. Blockchain technology will power ultra-fast settlements, eliminating intermediaries and reducing costs for operators and players alike. Smart contracts will automate payouts, ensuring fair play and dispute-free transactions. Stablecoins will dominate, providing price stability while maintaining the advantages of crypto, and central bank digital currencies (CBDCs) may also be widely accepted. Advanced encryption and AI-driven fraud detection will bolster security, preventing illicit activity. Regulatory frameworks will be clearer, ensuring compliance while preserving anonymity where allowed. With deeper integration into gaming platforms, crypto wallets will offer seamless deposits, withdrawals, and loyalty rewards, making digital currencies a preferred payment method.
Banking on the Future
^ Why gambling operators are increasingly embracing Open Banking driven payments
Open banking is transforming payment processing in the gambling industry, enabling quick and secure transactions. In 2025, gamers enjoy near-instant top-ups and withdrawals via direct bank-to-bank transfers, bypassing the need for cumbersome card details. Fintechs now leverage advanced licenses—building on the foundations of PSD2 and evolving regulatory frameworks—to access customer data securely and facilitate , faster, no-friction payments. This streamlined process not only speeds up transactions but also enhances security and minimises fraud risks. Additionally, open banking supports sophisticated account-to-account (A2A) payment solutions, delivering a user-friendly experience that meets the demands of today’s digital gambling environment.
Enhanced Security - Total Fraud Protection
* Data compiled from interviews with leading gambling operator & global payments executives in February & March 2025
Open banking in iGaming offers both scalability and advanced security measures through the use of encryption, tokenisation, and multi-factor authentication. These methodologies ensure that sensitive data, like card details and personal information, are never exposed during transactions, minimising the risk of data breaches. Additionally, technologies like Secure Socket Layer (SSL) and Transport Layer Security (TLS) are employed to create secure communication channels between players and operators. Compliance with regulatory frameworks such as PSD2 (Payment Services Directive 2) further bolsters the protection of players' financial data. This layered security architecture helps stop potential fraud attempts and limits operators' exposure to financial risk. In addition, robust encryption algorithms such as AES-256 secure sensitive payment data during transmission and at rest, while tokenisation replaces actual account details with unique, non-sensitive identifiers. Multi-factor authentication protocols, including biometric verification and OTP (one-time passwords), further mitigate unauthorised access.
Open banking became a legal requirement across Europe in 2018 under the Payment Services Directive 2 (PSD2), launching secure data exchange via application programming interfaces (APIs). These APIs function like digital pipelines, seamlessly enabling financial institutions to share information reliably and efficiently. Within the gambling sector, they’ve enabled speedier, safer transactions, truly hassle-free deposits and withdrawals, plus more personalised and engaging gaming experiences worldwide.
Personalised Player Experience:
VIP Invitations, Tailored Promotions & Multiple Site Integration
By leveraging advanced open banking APIs, gambling companies can securely access players’ financial data to deliver hyper-personalised gaming experiences. The integration of real-time data feeds and sophisticated machine learning algorithms enables operators to analyse transactional patterns—such as deposit frequency, withdrawal amounts, and spending habits—with remarkable precision. This granular insight allows for accurate segmentation of players based on risk profiles, spending behaviours, and engagement levels. Consequently, operators can craft tailored promotions, dynamic bonuses, and personalised wagering recommendations. Additionally, exclusive benefits such as high-stakes game points and VIP table invitations further enhance the gaming experience for high-value customers. Robust data protocols, including strong customer authentication measures, ensure that sensitive information remains fully protected. Ultimately, these data-driven strategies not only drive increased player engagement and loyalty but also help operators to optimise revenue generation, ensuring a secure and rewarding environment for all gaming participants.
Regulatory Compliance Made Easier: Streamlined KYC, AML Processes & RG All in One
The technology transforms compliance in the gambling sector by providing secure, permissioned, direct access to players’ financial data. This streamlined access facilitates robust Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, reducing administrative burdens. Moreover, in gambling, compliance extends to social responsibility measures and affordability checks to protect vulnerable players. With real-time open banking surveillance, operators can continuously monitor spending patterns and financial stability, promptly flagging accounts that may be at risk of irresponsible gambling. This proactive oversight helps prevent the imposition of fines and regulatory penalties associated with non-compliance, while also ensuring that players are not exposed to excessive betting risks. By integrating these advanced systems, gambling operators not only maintain strict adherence to regulatory standards but also demonstrate a strong commitment to responsible gaming, thereby fostering a safer and more sustainable environment for all participants.
5
Lower Transaction Costs:
Reduced or Zero fees through direct Open Banking payments
In the gambling sector, open banking not only streamlines payment processes but also drives significant cost reductions. By enabling direct bank-to-bank transfers, iGaming operators can bypass the expensive fees associated with traditional payment methods like credit cards and e-wallets. For example, while conventional methods might charge 2-3% per transaction, open banking fees can be as low as 0.5-1%. On a typical £100 deposit, this can translate into savings of up to £1.50 per transaction. Over thousands of transactions, these savings accumulate substantially, allowing operators to reinvest in the gaming experience or offer more competitive bonuses to players. Ultimately, open banking creates a more cost-effective, transparent, and sustainable payment ecosystem for the iGaming industry, benefiting both operators and their customers.
TakesTrustly The Lead
MEET Jussi Lindberg, Chief Revenue Officer at Trustly, a man who knows payments inside out. With over a decade in the industry, he’s held leadership roles at PayPal, eBay, and Adyen, helping H&M, Bolt, and Netflix navigate global transactions. Now, at Trustly, he’s focused on Pay by Bank—a technology that's transforming iGaming, financial services, subscription companies and billers. “The real advantage of instant bank payments isn’t just speed,” Lindberg says. “They’re a lot cheaper, frictionless, and with lower fraud rates for merchants compared to card payments—all crucial in iGaming. But more than that, they deliver high-quality customers.” Trustly’s real-time transaction data lets operators analyse spending habits and account balances, giving them better credit insights, as well as stronger fraud protection, in line with guidelines for responsible gaming; a game-changer for merchants looking to optimise transactions. Founded in 2008, Trustly pioneered pay-by-bank payments, and iGaming has played a major role in shaping its evolution and innovation. “It’s worked in Trustly’s favour,” Lindberg notes. “It’s helped us expand and crack other verticals. If you look at companies like eBay or Meta, what we do for them is similar—faster onboarding, instant payouts for sellers, and seamless account assessment. Whether it’s an online casino withdrawal or a marketplace sale, the process is fundamentally the same.”
' We are seeing savings of up to 50 per cent against debit cards, which gives operators more money to spend on enhanced loyalty programmes '
Trustly’s success comes down to three core areas. First, instant payouts and later instant payments— the company’s original expertise. Then, direct debits and recurring payments. "And when you combine those two," Jussi says, "you get to the point where the customers ask for the data, the account verification details and account activity, and that's where Pay N Play® is very strong. You can verify the customer, but also let them login, drive down fraud, and then you can layer on top other elements like account assessment - all in one step”. For Lindberg, the trajectory is clear: cheaper and faster payments, better data, and a future where seamless & verified users and transactions are the new standard: "We are seeing savings of up to 50% against debit cards in some cases, which gives operators more money to spend on enhanced loyalty programmes, improving business operations which then helps customer frequency, and in the end that is positive for bottom line revenue and customer lifetime value".
Pay N Play® 3.0
Login, Deposit, Play in 20 Seconds
Powered by Trustly Azura Engine
12,000 connected banks globally
9,000 merchants, 33+ countries
Boosting transaction value by 10%
BY leveraging Trustly's Azura data engine and a new, innovative proprietary identification feature, the enhanced Pay N Play® enables returning players to log in within 10 seconds and combines logins and deposits into a single flow, allowing them to start playing in under 20 seconds. For operators, this advancement offers an opportunity to boost conversion rates and enhance player experiences, all without necessitating additional development for those already utilising Trustly. Here, Jussi Lindberg outlines 6 ways Pay N Play technology can meet the demands of major sporting events like The Cheltenham Festival or Super Bowl:
1. Strengthened Payment Infrastructure: Powered by the Azura Engine, Pay N Play® ensures uninterrupted service during peak betting periods, preventing player attrition;
2. Secure Pay-by-Bank Option: Offering secure payment methods such as Account-to-Account enhances user trust and reduces fraud;
3. Year-Round Player Engagement: Encouraging consistent activity helps verify user identities, leading to higher transaction approval rates during major events;
4. Instant Fund Access: Immediate access to funds is crucial for time-sensitive bets, enhancing the overall gaming experience;
5. Enhanced Security Measures: Implementing advanced security protocols fosters trust and encourages more transactions;
6. Operational Efficiency: Guaranteed approved transactions, reduced admin burdens like payment disputes, KYC compliance, player verification & affordability, Responsible Gaming.
Azura - the 1.2 Billion Data Point Engine
Azura, launched by Trustly in 2023, is a next-generation data engine redefining instant bank payments. Powered by a 1.2 billion data point framework, the engine leverages AI, advanced machine learning models, real-time data analytics, and proprietary identity resolution tech to optimise player transactions with unprecedented precision. By intelligently recognising returning users and dynamically retrieving their last used bank account, Azura eliminates friction in the deposit process, significantly reducing drop-off rates and boosting conversion. Its adaptive algorithm continuously refines its matching accuracy, ensuring one-click deposits that enhance both speed and security. It also integrates a sophisticated behavioural pattern recognition system, enabling operators to deliver hyper-personalised payment experiences. Azura operates with sub-second decisioning, ensuring deposits clear faster, while maintaining fraud prevention with real-time risk scoring.
Debit Card v. A2A Savings for Operators
Pay by Bank with Trustly is a guaranteed payment method, fundamentally a debit product at its core. However, due to its secure consumer authentication directly with the bank, there is no acquirer, no network, and no issuer processor involved. This streamlined structure enables higher approval rates than those of traditional debit and credit cards. Plus, the Pay-by-Bank solution is priced significantly lower than existing debit card transactions—offering merchants a cost reduction of up to 50% compared to standard debit card processing fees. Bottom Line: Higher approval rates, lower transaction costs, and savings for personalised bonus and loyalty schemes. Pay-by-Bank with Trustly can also offer savings of up to 4 or 5 times credit card costs.
Trustly was established in 2008 as Glue Finance, and has evolved into a global leader in A2A payments. By 2010, Trustly reported a remarkable 200% revenue growth, reflecting rapid adoption of its services. In 2011, investment group Alfvén & Didrikson acquired a 25% stake, providing capital to fuel further expansion. The company's growth trajectory continued with a $24.6 million investment from Bridgepoint Capital in 2014. In 2018, Nordic Capital acquired a majority stake, underscoring Trustly's value and potential in the fintech sector.
Expansion and Partnerships
Trustly's strategic partnerships have been pivotal in its expansion. In 2014, collaborations with Groupon and PayPal enabled the company to reach 10 million transactions, enhancing its market presence. By 2020, Trustly had processed $1.77 billion in transactions, connected with approximately 2,500 merchants and 1,400 banks, and reached over 55 million consumers. The company's acquisition of PayWithMyBank in 2019 facilitated its entry into the U.S. market, further extending its global reach.
Technological Innovations
In 2023, the company launched the Azura engine, a powerful data platform designed to enhance payment processing capabilities. Within six months, Azura amassed five million enrolled consumers, demonstrating a commitment to leveraging technology for superior payment solutions.
Market Insights
$100 Billion
Total Transaction Value (TVL) processed during 2024 - 50% increase on 2023
112 Million
The number of customers who have transacted with Trustly products globally
50%
In the US, guaranteed payments against non-sufficient funds, fraud & chargebacks grew by 50% in 2024
900
Number of people employed globally
Recent Performance
Trustly's financial performance has been robust. In 2024, the company reported revenues of SEK 2,350 million, with underlying year-over-year growth of 19%. The U.S. market contributed significantly, experiencing a 50% year-over-year growth and accounting for over half of the group's revenues. In 2023, Trustly processed a total transaction value of $58 billion, a 79% increase from the previous year, and handled 274 million transactions, marking a 30% year-over-year rise. The company's services now cater to over 9,000 merchants globally, connecting them with 650 million
customers through a network of 12,000 banks across more than 30 countries. Looking ahead, Trustly is on track to process $100 billion in total payment value annually by the end of this year, reflecting a substantial shift in the payments industry as merchants worldwide explore alternatives to traditional card payments. To date, over 112 million consumers have utilised its products globally, underscoring the growing appeal of Pay by Bank options at checkout.
Going Public?
According to Jussi Lindberg, CRO, Trustly, analysts have been speculating on whether the company is going public for many years: "But from where we are standing right now, we're having amazing transactional growth in the US and Europe, and we want to keep improving in all areas, not just iGaming, so there is no decision on going public just yet".
Big US Collaborations
Trustly, Inc. – previously ‘PayWithMyBank', the United States arm of the company – had a strong performance in 2024 driven by key strategic partnerships, including collaborations with BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT, and Light & Wonder. The company also deepened its alliance with Cross River Bank, adding FedNow to its existing support for the Real-Time Payments (RTP) network—where Trustly, Inc. has processed over $17 billion in total payment volume.
Around the World
With Trustly
Trustly powers transactions for more than 9,000 merchants globally, and works with several of the biggest iGaming companies all over the world
Trustly’s Expanding Role in Instant Payments for Gaming Operators in Europe and North America
In North America, Trustly has expanded rapidly, securing partnerships with Bet365, FanDuel (Flutter), DraftKings, Hard Rock Casino, BetMGM, Caesars, and Bally’s. With FanDuel and DraftKings dominating the U.S. sports betting market—FanDuel alone holds over 40% of market share—Trustly’s ability to facilitate fast, frictionless payments has become a crucial advantage for operators looking to enhance player experience and manage cash flow efficiently. A key driver of Trustly’s expansion in North America has been its sophisticated risk engine, which enables payments to be guaranteed at scale, mitigating risks associated with non-sufficient funds, fraud, and chargebacks. Over the past year, the volume of such guaranteed transactions has surged by 50%, reinforcing its appeal to merchants and financial institutions alike. Trustly has cemented itself as a key payments provider throughout Europe. The company's client list includes industry giants such as Bet365, Flutter Entertainment (Paddy Power, Betfair), Kindred Group (Unibet), LeoVegas (now part of MGM International), Evoke (William Hill, 888), and Betsson. These operators generate billions in
33 %
annual revenue—Flutter alone posted a $14.05 billion turnover in 2024. Net income for the 4th quarter was $156 million - highlighting the scale and level at which Trustly is operating. Flutter also invested $100 million in safer gambling initiatives and had a remarkable average of 13.9 million monthly players in 2024.
VOTE OF CONFIDENCE
Trustly has announced that it is the first third-party provider to enable instant payouts via RIX-INST, Sweden’s real-time payment system. This milestone allows the company to offer Swedish consumers the benefits of instant payments in its home market
Hard Rock Bet, one of the fastest growing iGaming platforms integrates with Trustly. Hard Rock Digital now gains access to Trustly’s VIP program, which uses a proprietary risk engine to approve up to $1million deposits.
Partnering with Trustly for cashless, in-person deposits to casino floors through Light & Wonder's RAPIDPLAY™. No payment card, player card, signup, or app download needed. Leverages Trustly's expertise in guaranteed payments in online sports betting and iGaming.
Trustly partners with Coinbase to be an essential part of its expansion to the Canadian market, providing secure account-to-account (A2A) payments utilising Open Banking tech, ETF, or Interac rails.
Trustly is majority-owned by venture capital firm Nordic Capital, which owns a 51.1% stake. Alfven & Didrikson is its second-biggest backer, with a 11.1% stake, while BlackRock holds 8.9%. Aberdeen Standard Investments and Neuberger Berman own 0.7% and 0.9% stakes in Trustly, respectively. Trustly management & employees own 27.4%.
Annual TPV Growth in North America
01. Hard Rock Digital
Open Banking Revolution ?
Legal View in 2025
EU: PSD3 builds on PSD2, enhancing security, consumer rights, and access to payment systems, with full implementation expected by 2026. In the UK, the OBIE has transitioned to a new entity, while the FCA and PSR oversee developments like Variable Recurring Payments (VRPs). In the US, CFPB’s new open banking rule under Section 1033 mandates data access and sharing, rolling out in phases until 2026. In Canada, "consumer-driven banking" aims for a full rollout by early 2026, to be overseen by the Financial Consumer Agency of Canada (FCAC) Initially, participation will be mandatory for large banks, opt-in for smaller entites.
PISPs & AISPs
Account Info Service Providers act on behalf of the bank to access customer information. They are authorised to view bank account information, but cannot initiate payments or transfers. Credit bureaus, for example, may use AISPs to check a customer’s credit history and creditworthiness. PISPs, meanwhile, act on a consumer’s behalf to initiate payments. A PISP allows you to carry out online payments without the need for card details.
New Gambling Laws
Open Banking has been cited in the UK, Australia, and Canada as a potential solution to help operators monitor affordability and set limits. The tech can also support Know Your Customer (KYC) requirements, verifying account ownership to help protect from fraud and crime. Responsible gambling is a key theme in all new laws.
HOW IT WORKS
BANKING operates on the principle of Application Programming Interfaces (APIs), sets of protocols and tools that enable different software applications to communicate with each other.
The Technology Explained
Authentication and Authorisation Flow: Open banking relies on OAuth 2.0 and OpenID Connect protocols for authentication and authorisation. When a user initiates a transaction or data retrieval, the gambling appl generates an OAuth 2.0 authorisation request, including scope, and client ID. The bank's authorisation server validates the request and prompts the user for consent. Upon consent, the server issues an authorisation code. Data Parsing and Validation then takes place. Upon receiving data from the bank's API, the app parses the responses, typically in JSON or XML format. It performs data validation and sanitisation to ensure the integrity and security of the received information.
Advantages for Operators
• Enhanced User-Friendliness: Simplifying the payment process for customers not only fosters brand loyalty but also reduces abandoned carts.
• Heightened Security: Bank transfers necessitate the use of security measures such as Strong Customer Authentication (SCA) to minimise fraud risks. Consequently, this diminishes operator liability and exposure to risks.
• Enhanced Efficiency: In contrast to other forms of bank payments that may take several days to settle, Payment Initiation Service Provider (PISP) open banking payments are both collected and settled on the same day.
• Decreased Chargebacks: Card payments are associated with the potential for chargebacks, wherein a customer disputes a payment. PISP open banking payments circumvent this issue because the buyer initiates the payment and submits the request, reducing the likelihood of chargebacks.
• Cost-Effectiveness: When compared to traditional payment gateways and banking services, PISP providers offer pricing models that are more transparent and cost-effective. Card transactions often involve a myriad of small fees, not to mention the risk of fraud or chargeback-related expenses.
Advantages for
Players
• Real-Time Transactions: Open banking allows for real-time payments and instant fund transfers. Gamblers can start playing immediately.
• Improved Visibility: Open banking provides gamblers with access to their bank account data within the gaming platform offering greater visibility.
• Privacy: Open banking transactions do not involve sharing sensitive financial information with gambling operators. Users authenticate payments through their banks, keeping their personal and financial details confidential.
• Compliance with Responsible Gambling Measures: Open banking can be integrated with responsible gambling tools such as spending limits.
Success Stories
With Zak Cutler, President of Global Gaming, Paysafe
IT all started, as these things often do, with a college kid and a side project. Zak Cutler, still in his teens, was raising Angel and VC money to build online poker software that would enable college students and alumni to compete against rival collegiate institutions in online poker tournaments. His work caught the attention of the leadership team from an MIT founded Cambridge Interactive Development Corp (CIDC), a firm with an unremarkable name, but serious clout. After all, it powered Everest Poker, one of the biggest online poker brands in the world at the time as a Tier 1 EU licensed iGaming Operator. Sensing promise, (or simply appreciating cheap labour), CIDC’s leadership brought Cutler on as an intern at Everest Poker and he left his role as founder of the online college poker software firm he was trying to get off the ground.
By April 2010, 60% of Everest Poker and its software system had been acquired and the CEO—apparently not one to sit on his winnings—became one of the first investors in DraftKings, where he also took on the role as first CFO. The rest, as they say, is history—though in gaming, history isn’t just written; it’s constantly reshuffled, restructured, and reimagined. Cutler was no exception. His next stop was Las Vegas, where he worked in the digital social and real-money gambling division with Craig Billings, who would later take the reins at Wynn Resorts, replacing Steve Wynn.
With over 25 years of online payment experience, an annualised transactional volume of $152 billion in 2024, and 3,300 employees in 12+ countries, Paysafe connects businesses and consumers across 260 payment types in 48 currencies globally. GamblingIQ understands that about one third of its business is related to iGaming.
4th Quarter Revenue of $420.1 million, increase of 1%; released in March 2025. Total Payment Volume of $40.0 billion, increased 12%. Net income of $33.5 million, or $0.54 per diluted share, compared to net loss of $12.1 million, or ($0.20) per diluted share.
Then destiny (and his old CIDC friend and CFO of DraftKings) came calling, and Cutler returned to the world of sports betting. At DraftKings (where Paysafe was a vendor), he oversaw payments, compliance, and international expansion—which is to say, all the unglamorous but wildly necessary functions that keep a gambling empire from collapsing under the weight of its own success.
Jackpocket followed, a company built on a simple but profitable idea: buying lottery tickets from your phone. Here, Zak was one of the first executive hires back when they were still a Series A funded early stage startup, and as VP of Strategy and Product, he helped launch the platform in ten U.S. jurisdictions and pushed it to a #7 ranking in the App Store’s entertainment category, bringing in millions of new players. He also worked with celebrities, sports teams, and media brands like Barstool Sports to turn Jackpocket into a household name. The story gets better - one year ago in 2024, DraftKings reached an agreement to acquire Jackpocket for $750 million.
And now? Cutler is President of Global Gaming at Paysafe, a financial juggernaut that turned over a cool $1.7 billion last year; and his gaming division alone accounts for about one third of that. Because in gaming, money doesn’t just talk—it moves. And nobody, it seems, moves it better than Zak Cutler. We'll leave him with the last word: "I have an ironic relationship with Paysafe in the sense that I had actually been a client of theirs for about 15 years. I negotiated hard on their pricing, and now I'm on the other end of that. But from an enterprise vendor perspective, Paysafe has been around a long time, and our standards are sky high, so when we launch a new product like Pay by Bank, we get it right".
Dec 10th, 2015, Zak Cutler, (left), then Dir. of Product Management for DraftKings, addresses Massachusetts Gaming Commission
Zak Cutler
Paysafe brings Pay by Bank to iGaming with Instant Deposits & Payouts
Paysafe is strengthening its position in iGaming payments as its much-anticipated Pay by Bank solution moves beyond the controlled beta phase. Zak Cutler, President of Global Gaming at Paysafe, reports that the direct bank transfer system has been gaining traction after trials with leading US gaming brands. Designed to simplify deposits and withdrawals, the new feature integrates with Paysafe’s existing Gateway, providing online sportsbooks and casinos with access to a broad suite of traditional and alternative payment methods—all through a single integration. By reducing transactional friction, Paysafe aims to enhance player retention while offering operators a more efficient and secure payment ecosystem.
"For players, Pay by Bank means instant deposits and withdrawals, no extra hoops to jump through," Cutler told GamblingIQ. "First-time users can link their checking or savings account in seconds, while returning bettors can fund their accounts or cash out winnings with a single click. No cards, no middlemen, just direct bank-tosportsbook transactions." It’s also a win for operators. With indemnified transactions, sportsbooks aren’t on the hook if a deposit defaults, reducing financial risk while improving player retention. And with 27% of bettors preferring direct bank transfers, according to Paysafe research, the company sees Pay by Bank as a key move to boost conversion rates. "At its core, this isn’t just about speed," Cutler added. "It’s about security and choice. Paysafe’s data shows that transactional efficiency and financial
security are top priorities for players, and Pay by Bank checks both boxes. Whether it’s funding a last-minute bet or cashing out after a big win, the process is now faster, easier, and built for the way modern players want to game," Cutler said. "We're working with some major US gaming brands, and we have a ton of learnings from the beta, and we are now sure that everything's capable of handling things at the enterprise level that we already operate. Look, we were not first to market with this product, but what I found is there's a massive benefit coming in the second wave with such a product," he added.
How the Players' Pay
For online sportsbooks, the difference between fleeting engagement and longterm loyalty may be measured in seconds. New research from Paysafe underscores the central role of transactional efficiency in player retention. According to the study, 82% of global online bettors are likely to stay with a sportsbook that delivers a frictionless payment experience. The research, which this year includes Latin America for the first time, finds that speed of payout is now the most important factor in sportsbook selection. Globally, 34% of bettors prioritise fast withdrawals over brand trust (33%) or promotional offers (24%). In markets such as Romania (42%), the United States (41%), and Argentina (37%), the expectation for near-instant withdrawals is even higher. The preference for diverse payment methods is also
reshaping the industry. While debit cards remain the most popular option (42%), digital wallets are gaining traction, with 38% of global players now favouring them. In Argentina, that figure rises to 52%, and in the populous U.S. states of New York (48%) and Florida (46%), digital wallets are now a dominant choice. Meanwhile, other alternative payment methods (APMs) such as eCash continue to thrive—particularly in cash-reliant economies such as Colombia (30%) and Peru (25%).
Security remains a key concern. 41% of bettors cite transaction security as a priority, with heightened sensitivity in Argentina (51%) and Peru (48%). While confidence in payment security has increased for two-thirds of players, fraud remains a deterrent for lapsed bettors. Looking ahead, 73% of players expect real-time payments to become the industry standard within two years. The message for operators is clear: speed, security, and flexibility in payments will determine the winners in an increasingly competitive market. "Operators will only maximise conversions and minimise churn if they localise their cashiers and respond to player demand for an exhaustive range of payment options that balance transactional speed with security," said Zak Cutler.
Pictured from left, Zak Cutler, President Global Gaming
Bruce Lowthers, CEO and Executive Director
Rob Gatto, Chief Revenue Officer
Infinite Possibilities! Paul Kavanagh
market share in 2025
FOR online payments, disruption is the currency of innovation, and longevity is a rare commodity. Yet MiFinity, the Irish-headquartered company founded in 2002 and through a management buyout in 2017 by Paul Kavanagh and Kieron Nolan, has not only endured but flourished. What is still a self-funded venture, has now emerged as a global payments powerhouse, deftly integrating digital wallets, eCash vouchers, cryptocurrency, instant open banking transfers, and traditional finance into a seamless omnichannel ecosystem. The company’s ascent is marked by both consistency and reinvention. While MiFinity’s two-decade presence in the industry alone might merit its position among the top five global payment innovators, its true distinction lies in its ability to adapt into a pivotal payment ecosystem integrator. In 2024, MiFinity achieved significant recognition, winning six global industry awards, and was also ranked 8th in the UK Fast Growth 50 table, celebrating the UK’s fastest-growing financial service companies. According to Paul Kavanagh, the launch of the MiFinity eWallet in 2018 set the stage for an explosive growth trajectory, culminating in 2025 with a user base surpassing 1 million and availability across 1,100 merchant brands—including gaming heavyweights like Betway, Kindred, GGPoker, Betsson, iBet, and Quantum Gaming. "Our licensing footprint extends across 223 countries & territories, underscoring our global reach and regulatory credibility," Kavanagh says. "Asia has become our latest frontier, a region where its agile payment solutions cater to the surging demand for multi-currency transactions and instant payouts."
MiFinity’s recent growth is attributed to its ability to integrate diverse payment methods while leveraging customer insights to refine user experience. “We’ve ushered in a new era of financial agility for iGaming,” Kavanagh says. “By prioritising speed, security, and seamless transactions, we’re not just meeting demand for multi-currency solutions - we’re anticipating the future of digital betting. Operators and players alike need instant, flexible payment options, and our technology delivers just that, all while aligning with evolving regulatory frameworks.” MiFinity’s latest innovations include fully customised merchant campaigns, designed to drive both customer acquisition and retention. “Our campaigns enable merchants to create hyper-personalised campaigns based on real transaction data. Customers receive relevant, tailored promotions, while merchants engage with their most active users in a way that feels organic and valuable. It’s a winwin.” Beyond customer engagement, MiFinity is investing heavily in infrastructure. The new iFrame promises enhanced functionality and improved conversion rates, reinforcing the company’s commitment to refining the digital payment experience. In addition, its introduction of Apple Pay and soon Google Pay brings further diversity to it's customers. “Every enhancement we make is focused on one thing: simplifying and securing the payment journey,” Kavanagh says. “Our customers are also our merchants' customers, so a frictionless experience benefits everyone - from operators to end users.” The results speak for themselves. Research from Gambling IQ confirms MiFinity as one of the fastest-growing payment services in the iGaming sector. It has secured the trust of regulators worldwide - an achievement that sets it apart in an industry where compliance isn’t just an expectation, but a competitive advantage.
Celtic Charm: Led by entrepreneurs Paul Kavanagh & Kieron Nolan, MiFINITY is poised to take further
MiFinity global network of merchant brands now spans every continent 1,100 + Brands
223
The number of countries and territories covered by MiFinity’s growing licensing footprint
^ Expertise:
Paul Kavanagh (pictured left), CEO of MiFinity, is a true global expert on iGaming payments. Operators mix & match building blocks within the proprietary MiFinity engine to design ideal end-toend KYC, AML, & payments flow, increasing conversions, revenue, & combatting fraud.
+ 23 Years
MiFinity was founded in 2002 and managed in 2017 by Irishmen Paul Kavanagh & Kieron Nolan
MiFinity eWallet and Instant Bank Transfer now servicing 128 Countries
MiFinity’s Next Move: Powering Payments Across Asia
With new local payment options and a growing global footprint, MiFinity is now making its mark in Asia
+ Having launched Rabbit Line Pay in Thailand, LinkAja in Indonesia, along with A2A direct bank transfers, with further integrations planned throughout 2025, MiFinity is deepening its presence in Asia.
+ As the digital economy surges across the region, MiFinity is positioning itself as a key enabler of seamless, secure, and efficient payments. By offering localised payment solutions, the company helps merchants increase conversion rates, improve customer satisfaction - building trust within new markets.
Paul Kavanagh, CEO, MiFinity: "Asia represents a key growth market for us, and we are committed to providing merchants with the best possible solutions to reach their customers in this region. By integrating popular local payment methods and expanding our currency support, we are making it easier for businesses to offer trusted and frictionless payment experiences. Our investment in Asia underscores our dedication to all of our merchants, in addition to our highly engaged eWallet users."
+ With over 350 million digital wallet users in Southeast Asia alone, eWallet transactions are expected to account for a growing share of online payments. Even with Thailand's recent gambling law setback, iGaming is expected to spread across the region.
+ Integrating effortlessly into the cashier system of iGaming companies, the new MiFinity iFrame empowers customers to fund their accounts directly from their eWallet without navigating away from the site. This advanced architecture not only facilitates instant fund transfers for non-customers signing up for a MiFinity eWallet at the cashier, but also elevates user experience and increases conversions.
The number of integrations made with iGaming Operators 1,100 +
The MiFinity expansion into Asia assists its local and global merchants, including iGaming operators across casino, lottery, and sports betting. Its innovative solutions help enhance player protection, optimise marketing, prevent fraud, and streamline payments options.
Credit on the Table
Despite a well-executed ban on gambling with credit and strong industry consultation, Australia continues to record some of the highest per capita gambling losses in the world.
Australians still lose AUS$31.5bn (USD$19.5 bn) to the gambling industry annually, even with the effective credit ban. For comparison, the federal government in Australia spends about AUS$28 billion on the aged care sector each year.
A six-month transition period was put into effect in Australia, allowing licensed operators to prepare for the changes. This has now concluded, with those who breach the rules facing a fine of up to AU$234,750 (£121,809/€144,025/US$154,978).
Responsible Wagering Australia and its members have supported the credit card ban from the start, working closely with the Government and the financial services sector since 2021 to implement the ban, demonstrating that genuine industry consultation is essential for such legal changes.
Responsible Wagering Australia (RWA) is the independent peak body for Australian-licensed wagering service providers (WSPs). Members include Australia’s leading WSPs — bet365, Betfair, Sportsbet, Pointsbet and Unibet. Established in 2016, RWA is overseen by a Board of Directors and supported by a small executive staff. RWA and its members are at the forefront of promoting socially responsible wagering and advocating for increased standards in the sector. The organisation's members are bound by a Code of Conduct and must maintain the highest standards of integrity.
Responsible Gambling
" Banning the use of credit for online gambling is a straightforward and sensible measure to ensure people are only betting with money they actually However, for this measure to be truly effective, it should apply to all forms of gambling, including lotteries and keno, which are currently exempt "
Kai Cantwell
CEO, Responsible Wagering Australia
Australia: A Model for Measured Reform
Before Australia’s nationwide ban on credit card gambling deposits took effect, the numbers told a compelling story. Fewer than 1 in 10 punters among Responsible Wagering Australia’s (RWA) member operators relied solely on credit cards for deposits—a sign that the industry had already been proactively shifting away from credit-based gambling to reduce financial risks for vulnerable consumers.
But for the reform to have its intended impact, industry leaders argue, it must be applied consistently across all forms of gambling. "Lotteries and keno remain exempt," says Kai Cantwell. "This creates a loophole that could push at-risk gamblers towards less-regulated betting options, where they may face a higher risk of harm. Without uniform consumer protections, the measure’s effectiveness is weakened."
Australia’s approach, however, offers lessons for other jurisdictions. "The government allowed for a well-planned transition period, giving the industry time to adjust while ensuring that consumers were properly informed. The result? A smoother rollout and widespread compliance," Cantwell says.
RWA and its members backed the ban from the outset, collaborating with the Commonwealth Government and the financial sector since 2021 to ensure a seamless implementation. Their message is clear: genuine industry consultation is crucial when introducing regulatory changes. The success of this reform, they argue, is a testament to what can be achieved when policymakers and operators work together—a model that other countries considering similar restrictions would do well to follow.
Responsible Gambling
Betting on
Plastic
Canada
Credit cards can be used for gambling, but each transaction will count as a cash advance, which comes with a fee. However, no credit score calculations for gambling.
Massachusetts
Lawmakers have banned the use of credit cards for gambling deposits as part of a broader effort to reduce gambling-related harm. Operators who accept credit card payments may face significant penalties, including large fines and potential suspension of their licenses.
Tennessee
Pursuant to the Tennessee Sports Gaming Act, and the Sports Wagering Advisory Council (SWAC) Rules, sports wagering accounts in Tennessee may not be funded using credit cards or any loans. Iowa, New Hampshire, and Rhode Island are the other States to impose a ban on gambling with credit.
New York
The city's Gaming Commission does not outright ban credit card gambling, but it limits credit card deposits to USD$2,500 per year.
THE UK credit card ban on gambling was introduced in April 2020 to add another layer of protection for consumers and add friction to the process of gambling with borrowed money. Some countries are taking notice, but across the majority of the USA, credit card deposits are still a valid and accepted payment method at licensed online gambling sites. In fact, only five hold a credit card ban for all gaming
USA Countrywide
Even with credit cards (CCs) banned in some U.S. states overall usage of CCs is higher than the global benchmark –27% vs. 24% globally, but below Canada (Ontario) with 32%, France (39%), Italy (30%) and Spain (also 30%). It is not surprising to see a quarter of American players (24%) preferring direct bank transfer. Again, this trends higher in.
Australia
Gambling with credit was banned Down Under in June 2024. Operators who breach the rules face a hefty fine of up to AU$234,750 (US$154,978). Other recent RG initiatives include launching BetStop, the national self-exclusion register. The platform currently has 23,000 active registrations, 79% of whom are under the age of 40. - 39% asked for a lifetime ban.
Dolumque
In 2014, gambling regulators in the Caribbean nation of Curaçao made the decision to license crypto gambling. Following this, platforms evolved from simple websites offering one or two games into comprehensive crypto/fiat gaming hubs. Today, numerous cryptocurrency casinos attract significant traffic, with celebrities like Canadian rapper Drake wagering over US$1 billion in crypto last year alone. However, in most countries, Bitcoin is still not considered a ‘real’, legal currency.
The Legality of Crypto iGaming
We explore the regulatory landscape around digital assets
Cryptocurrency Gambling Laws in Global Jurisdictions
THE concept of a crypto-casino can be approached from two perspectives: Firstly, it is an online casino where users can deposit and withdraw funds using one or more cryptocurrencies, either alongside fiat money or independently. Secondly, it could also be an online gambling platform that operates on blockchain technology. Some consider any online casino supporting cryptocurrency payments as a crypto-casino, while others emphasise the use of blockchain as a fundamental aspect. The latter enables automated payments through smart contracts.
When examining crypto gambling laws, two key factors also come into play: the legality of cryptocurrencies themselves, which varies across jurisdictions, and the legality of gambling, which differs from one jurisdiction to another. For instance, China's 2021 ban on crypto assets officially makes crypto gambling illegal for Chinese residents, while online gambling is prohibited in several Asian countries but regulated in the UK and most European nations with stringent rules. The challenge arises from the fact that existing gambling laws often don't address crypto assets specifically. As a result, crypto casinos often operate in a legal grey area in many countries.
Moreover, top Bitcoin casinos typically lack a Know Your Customer (KYC) procedure, making enforcement difficult, especially when combined with VPN usage. For instance, the UK Gambling Commission expects crypto deposits to adhere to the same rules as traditional payments, including KYC checks and social gambling responsibilities. However, the Commission's jurisdiction only extends to licensed casino sites, underscoring the complexity of regulating crypto casinos. Furthermore, major decentralised gambling platforms typically hold a Curaçao e-gaming license, issued by the Governor of Curaçao. These platforms often lack a KYC process unless players deposit, gamble, and withdraw crypto assets. Regulated crypto casinos may also support debit/credit card payments processed by external providers, triggering a KYC process to ensure AML compliance.
^ MALTA: In January 2023, the Malta Gaming Authority (the ‘MGA’) published its new policy on the use of Distributed Ledger Technology (‘DLT’) and acceptance of cryptocurrency by its Authorised Persons (the ‘Policy’). Malta is popular among operators, but obtaining a license from the Malta Gambling Authority (MGA) is a complex and lengthy process (it takes 3-4 months to complete this task). BetConstruct was recently approved by the MGA to start accepting player deposits using cryptocurrencies, virtual assets.
^ UK: Crypto gambling is not prohibited, but must comply with the strict requirements of the UKGC (United Kingdom Gambling Commission) in order to obtain a license, the authorised capital of the company must be 500,000 pounds. Regardless of whether crypto or fiat money is being used by UK players, antimoney laundering rules remain consistent. In light of this, most crypto casinos do not accept UK IP addresses. However, we found that many UK players use a VPN to bypass georestrictions. Considering that crypto casinos offer anonymous accounts, there’s no way of them knowing that players are from the UK, so this needs regulation.
^ CANADA: Online casinos based in Canada must be regulated at a provincial level. However, no laws prevent Canadians from using an offshore casino site. This is the avenue that most Canadians take. In terms of crypto, the industry is perfectly legal throughout Canada. With this in mind, Canadians have two options when gambling cryptocurrencies. First, they can use an online casino that’s regulated in their respective province. Alternatively, they can use a crypto casino based outside of Canada. Whether intentional or not, this means Canadians have access to the best Bitcoin gambling sites from around the world.
^ COSTA RICA: Despite the fact that there is no legislation regulating gambling in Costa Rica, there are more than 400 bookmakers and online casinos in the country. The Ministry of Trade, Industry and Economy of Costa Rica is famous for its tolerant attitude towards such projects, but only as long as the company does not offer gambling in the country and transactions related to them are not processed by local banks. To be able to run a gambling business from Costa Rica, one only needs a Data Processing License, which includes crypto betting.
^ USA: Crypto in general is perfectly legal in the US, and online sports betting is legal in over 30 US states. Crucially, regulations become ‘grey’ when factoring in offshore casinos. For example, BetOnline – which is based in Panama, has been serving US clients since 1991. It supports all US states apart from New Jersey and accepts crypto assets and fiat money payments. In contrast, many crypto-only casinos explicitly state in their terms and conditions that US players are banned. This is the case even though crypto is the only payment type accepted. However, these casinos do not have KYC policies, meaning many US players still use them.
^ AUSTRALIA: Strict laws exist. According to the Victorian Responsible Gambling Foundation, casino games, slots ('pokies'), and 'scratchies' are prohibited when using an online casino site. Interestingly, online sports betting is legal when using a licensed provider. However, ‘in-play’ betting specifically is prohibited. Cryptocurrencies, however, are legal throughout Australia. So where does this leave crypto casinos? Well, the Australian House of Representatives recently approved a new bill prohibiting credit cards and cryptocurrency when gambling. Once enacted, crypto casinos will likely block Australian IP addresses.
^ CURACAO: Upgraded its AML policies last month, the Curaçao Gaming Control Board (GCB) is charged with licensing and supervision of the online gaming sector on behalf of the Minister of Finance on the small south Caribbean island. The GCB is the main licensing authority and AML/CFT supervisor for the gaming industry in Curaçao. More than 600 operators operate with a Curacao license, about 70% of well-known gambling projects, including crypto giant Stake.com. There is a relatively short processing time of the initial request (up to 6 weeks) and the possibility of obtaining a universal permit that is suitable for different types of games. A 2% company tax exists here for entities until 2026.
// Bitcoin provides near-instant deposits & withdrawals coupled with heighted privacy and security, but security issues abound //
MEET THE LEADING CRYPTO PLAYERS
We reveal the biggest names in crypto 'Gamefi' and gambling
In 2012, Satoshi Dice emerged online, widely regarded as the internet's first crypto gambling platform, introducing unregulated "provably fair" dice games with "verifiable rolls". By 2014, authorities in the Caribbean nation of Curaçao chose to regulate crypto gambling, leading these platforms to evolve from basic websites with limited games into comprehensive fiat gaming centers with a variety of offerings. Previously, crypto casinos primarily focused on offering just one or two straightforward provably fair games such as dice, Plinko, crash, limbo, and mines. These days, it's quite common to come across a crypto casino boasting a lobby housing over 5,000 games. This trend is largely due to the fact that most of these platforms have received approval or licensing from one of the four main Curacao master licence holders: Curaçao e-Gaming, Gaming Curaçao, CIL, and Antillephone. While these four entities have been established for quite some time, their technical specifications are considerably less stringent compared to standards set by regulatory bodies such as the UK's Gambling Commission or the Swedish Gambling Authority. Essentially, they are open to approving almost anyone who seeks their endorsement. This leniency allows their licensees to offer extensive game collections, surpassing those typically found in the traditional fiat-based sector of the industry. Despite Bitcoin's widespread popularity in the crypto market, it's not the fastest deposit/ withdrawal option due to its large user base. Tron and Ripple are two alternative blockchain networks whose currencies are often accepted at crypto casinos, processing transactions in mere seconds. Therefore, in terms of transfer speeds, there's no competition between fiat and virtual money gambling sites. The same applies to payout limits.
Part of the SoftConstruct conglomerate, BetConstruct holds a license from Malta for crypto. White-label partners of the supplier, such as Vbet.net (Vivaro Limited), enable their players to make deposits using cryptocurrencies, thereby targeting crypto users. Additionally, BetConstruct recently unveiled Fasttoken, which saw participation from over 80+ iGaming content developers.
VBet provides betting markets across over 120 sports and holds licenses for operation in Great Britain, Malta, France, and Sweden, with pending applications in other jurisdictions. VBet is a subsidiary of Vivaro Limited, advertises heavily how players can easily convert their fiat currencies into FTN token and participate in the ecosystem.
USA & AUS have the largest gambling losses per adult worldwide (US$950)
7Bit Casino ROLLBIT
Rollbit.com allows users to gamble crypto at 1000x leverage. It had its biggest month in September 2023 when it clocked US$38m in revenues and burned more than 1.2% of the circulating supply of its RLB tokens in line with long-term plans for a “buy and burn” system. Token price is now trading at 8 cents.
You can get up to 5 BTC over your first four deposits. The first deposit alone gives you a 100% match up to 1.5 BTC and 100 free spins. The next two deposits offer a 50% match up to 1.25 BTC each, and the fourth deposit gives you another 100% match up to 1 BTC. 7Bit also keeps its promotions fresh.
50% REVENUE SHARE PROGRAMMES
Crypto casinos offer 'benefits' such as anonymous betting, bonuses, fairer odds due to blockchain and affiliate offers.
Penguin Affiliate
*
It's not uncommon for crypto casinos to promote affiliate programmes offering up to a 50% revenue share. One example is the Bitcoin Penguin Affiliate Programme, which asserts to provide affiliate partners with a lifetime revenue share of up to 50%, without any hidden commissions, paid out monthly. The Bitcoin Penguin casino is live since 2019 and is powered by SoftSwiss. It accepts BTC, LTC, Doge, Bitcoin Cash & Tether.
World's Biggest Crypto iGaming
Revenue Share STAKE
Stake.com stands out as the foremost crypto casino globally. Operated by Medium Rare, the company maintains offices in Serbia, Cyprus, and Australia, with its headquarters situated in Curaçao. The Stake brand predominantly operates as an online sportsbook and collaborates with the UFC, as well as English Premier League teams Everton FC and Watford FC (a Championship side).
MetaSpins
High RTP games from Pragmatic Play, Play'n Go and Evolution Gaming. 100% up to 1 BTC + 500 free spins crypto bonus. Metaspins has also introduced a unique concept called MetaLotto, boasting a US$20,000 jackpot for their community of users. They've built a strong community across Discord, Telegram, X.
Original Innovator
Omer Sattar arrived in Las Vegas in March 2005 for what was supposed to be a six-month stint. Two decades later, he’s still there. His first stop was Global Cash Access (now Everi Holdings), the undisputed heavyweight of casino cash services. Exactly six months into his Vegas residency, the company made its debut on the New York Stock Exchange, pulling in $240 million. “That was my introduction to payments, financial services, and the gambling industry,” Sattar recalls. “And I never left. So here we are, 20 years later.” After his tenure at Global Cash Access, Sattar and the CEO Kirk Sanford did what many with a windfall and a sense of adventure might do: they took a left turn. Real estate, North Dakota, oil booms—none of it was remotely in their wheelhouse. “We were going to build housing for oil workers in North Dakota,” Sattar says, almost laughing at the absurdity in hindsight. It was 2008, and oil prices were soaring. Then the bottom fell out. Bear Stearns collapsed. Lehman Brothers followed. Just as quickly as they had arrived, they were on their way back to Las Vegas, a little wiser, a little humbled. “We learned a little bit about real estate,” Sattar says. “So we thought, what can we do in Vegas?” The answer was single-family homes. They envisioned a portfolio of 500 rental properties, a passive-income dream. Reality, however, was less accommodating. “We got to maybe 10, 15 homes before we realised—this is really difficult,” Sattar recalls. That was the moment of reckoning.
- Dumb Luck -
Omer Sattar
CEO, Sightline
“The only thing we really knew was gaming and payments,” Sattar admits. So they pivoted back to their main domain, launching Sightline. The name came from his partner, Kirk, who designed the original logo—a bright red and black target. “For years, people thought we were selling guns,” Sattar chuckles. “We’d get walk-ins asking what kind of firearms we sold. We didn’t realise red and black were considered aggressive in financial services. There’s a reason banks use blue—it’s a trustworthy colour.” But their vision was clear from day one: Global Cash Access had dispensed cash in casinos. Could they do the opposite? Could they bring digital payments into a cash-heavy industry? “That’s been the vision from the very first day. And here we are, almost 16 years later.” Looking back, they were too early in 2009 and 2010 when they were first discussing the cashless concept. The iPhone had only been introduced in 2007, and apps were still a novelty. Venmo and Zelle didn’t exist. PayPal was a shadow of what it would become. There was no Spotify, no Apple Pay. The infrastructure for digital payments was still in its infancy. “We were just too early,” Sattar admits. “The ecosystem hadn’t caught up yet.” Still, they caught breaks early on. “Entrepreneurs love to tell stories in hindsight about how they always knew exactly where their business was headed. But at least 50 percent of success is just dumb luck". The other half, he says, is the usual formula: hard work, grit, and persistence.
By December 23rd, 2011, the Department of Justice had wholly rejected its long-held interpretation of the 1961 Federal Wire Act, which increased the likelihood of legal Internet casino gambling in the US. Sightline had already been working on integrating cashless solutions into casinos, recognising that the future of gaming would involve digital payments. The key challenge was figuring out how to move money in and out of a slot machine’s credit meter electronically. "If you go to a brick-and-mortar casino, you might have hardware on the floor made by 20 different companies, but you have one casino management system managing all of those devices," Sattar says. At the time, four major companies dominated the casino management system market: Bally Technologies (now Light & Wonder), IGT, Aristocrat, and Konami. Bally held the largest market share, making it the most critical integration point for Sightline’s cashless vision. Then came the big break - Bally became not only a partner but also an investor in Sightline, helping the company develop its cashless gaming solutions. The timing couldn’t have been better—just as New Jersey prepared to legalise online gaming, one of Bally’s major clients, Golden Nugget, expressed interest in launching an online casino. Bally recommended Sightline for payment processing, setting in motion a series of events that would cement Sightline’s role in the emerging digital gaming industry. The partnerships with Bally's and Golden Nugget led to another pivotal moment.
- Betfair, TVG & Horse Racing -
Betfair was looking to enter the New Jersey market, and acquired a skin from Golden Nugget, asking them in the process who handled their payments. Golden Nugget’s response? Sightline. Betfair also owned TVG, one of the largest horse racing betting platforms in the US, (after Twin Spires and Churchill Downs). Once Sightline proved successful with Betfair, they expanded to TVG, bringing their payments solution to the horse racing market. From there, the company's reach continued to grow. Horse racing was already legal in Nevada, and so was sports betting. Seeing Sightline’s success with TVG, operators like Station Casinos and William Hill realised the same system could work for sports betting. By 2014, Sightline was processing payments for sports betting in Nevada, years before the repeal of PASPA in 2018. "We had a lot of luck along the way," Sattar says. "Even during the COVID-19 pandemic. In March 2020, when casinos shut down and sports betting came to a halt, we thought that might be the end. But we had spent years preparing, building, and integrating our digital payment systems. So when the casinos started to open back up, the calls started coming in—it was full speed ahead. Operators wanted to reopen with cashless options, and soon after that we launched the first cashless casinos. Since then, we've been expanding nonstop and it's taken on a life of its own."
For almost 16 years, Sightline has fueled the rise of the $30 billion U.S. digital gaming and omnichannel payments environment across all verticals. The company now has more than 1.5 million Play+ accounts, 3 million mobile loyalty platform downloads, and 70+ partners across the sports betting, lottery, racing, and online and brick-andmortar casino markets.
16 Years in the Game
Pioneer Timeline
New Jersey, 2013
Nevada, 2014
In 2013, Sightline pioneered digital payments in New Jersey's nascent online gambling market. The first version of the Play+ platform set a precedent for integrating modern financial tech into gaming. The company made the first mobile sports betting payment transactions in Nevada in 2014. This innovative solution provided a cashless, mobile-centric method for funding sports wagers.
Cashless Casino, 2021
In 2021, Resorts World Las Vegas, the first new casino resort to open in that city in 12 years, made the first cashless transaction in the city. And the Sightline super-app for casino gaming was in play.
Jackpots
&
Firewalls Espresso
How a shared Las Vegas office transformed Embedded Finance in Gambling - and why GeoComply & Sightline are leading the transformation
Exactly two years ago, Sightline & GeoComply—one of the leading fraud prevention and cybersecurity companies globally—officially opened their 10,000-square-foot-plus shared office space at the UNLV Harry Reid Research and Technology Park in the southwest Las Vegas Valley. And the result? The future of embedded finance and security in iGaming. Unlike open banking, which enables third-party apps to access bank data via APIs, embedded finance goes further, integrating financial tools directly into sportsbooks and casinos. This means players never have to leave the gaming platform, ensuring faster payments, and real-time affordability checks - no friction, no delays, no middlemen.
The challenge, however, wasn’t just about speed—it was about cost. In sports betting, the rapid churn of money, as players deposit, wager, withdraw, and redeposit, has historically driven up expenses for operators. Sightline CEO Omer Sattar explains the problem: "You deposit $100, place a $20 wager, and cash out $80. Twenty minutes later, you deposit another $100 for a $20 bet. To the customer, there are no fees, it's frictionless, but the impact to the operator is financially massive." This behaviour has inflated payment costs as a percentage of revenue to an industry average of 9%, compared to just 2% for traditional merchants. Even efficient operators like DraftKings and FanDuel face costs of 5.5% to 6%, while some operators even exceed 20%. "This churn of money is a giant issue,” Sattar says, crediting major operators like MGM, Caesars, Rush Street, DraftKings, and FanDuel for identifying it as early as 2019. David Briggs, co-founder of GeoComply, also recognised the opportunity and encouraged Sightline to develop a solution. His push, combined with industry demand, ultimately led to the embedded finance partnership between the companies.
By October 2022, Sightline and GeoComply began addressing the challenge from their Las Vegas offices. Sattar simplifies it: "Embedded finance means that a non-financial company takes a core banking service and embeds it into their user flow. There are versions of embedded banking that have been built by Target, Walmart, by Starbucks, by major companies. Well, we set out to build a version of embedded banking which is bespoke for sports betting, iGaming, and daily fantasy, any kind of digital gaming. And that's what we've now achieved. And we're super excited about it - we think we're going to save the industry billions of dollars of expenses that they pay. It really has the potential to transform digital gaming profitability at scale. And we couldn't have done it without Sam and GeoComply."
In 2012, iGaming Attorney Sam Basile began working with GeoComply founders David Briggs and Anna Sainsbury as the company's first external gaming and commercial counsel. Now serving as VP of Business Development, North America, Basile explains how GeoComply's IDComply product enhances embedded finance products through streamlined customer identity re-verification, a crucial aspect of embedded banking. “IDComply streamlines the KYC process with a multi-layered verification system that seamlessly checks multiple data sources, escalating to ID photo verification only when necessary. This smart, data-driven approach has boosted first-time KYC pass rates from the lowto-mid 80% range to over 90%, while delivering an impressive 99.5% success rate for customers re-verifying to register for embedded banking. By reducing friction in the onboarding process, we help operators welcome new customers more efficiently, getting them into the ecosystem and ready to wager faster. In 2025, GeoComply is expanding IDComply’s capabilities to embedded banking, ensuring both regulatory compliance and a smooth, hassle-free registration experience,” says Basile.
Pennsylvania Regulations
iGaming Payments with GeoLocation Checks
Pennsylvania is modernising its online gambling regulations to stay ahead of evolving digital threats, protecting both consumers and regulated operators. Their new rules require geolocation verification for not only placing bets, but also for player registration, deposits, and withdrawals. These enhanced data insights will help casinos and sportsbooks detect account takeovers and payment fraud, while ensuring compliance with US Federal laws against money laundering, OFAC sanctions transactions and counter-terrorist financing. The integration of Sightline's payment technology with GeoComply's real-time geolocation and embedded fraud tools is making enhanced security possible. As cashless gaming and embedded finance solutions become more prevalent in the gaming industry, and collaborations like we are seeing with Sightline & GeoComply will shape the future of gaming payments, enabling faster, safer, and fully compliant transactions across different states and casinos. Sam Basile emphasises that using enhanced geolocation tools beyond wager placement to also verify money movement in and out of accounts will be crucial in preventing fraudulent financial schemes in the online gambling space.
GeoComply has appointed Kip Levin as its new CEO, bringing a leader with deep roots in gaming and technology to the forefront of the company’s next phase. Levin previously ran Betfair/TVG during the time Sightline Payments secured its early break—an industry milestone that now comes full circle a decade later as Sightline and GeoComply work together on an innovative embedded finance solution for iGaming. Most recently, Levin served as CEO of Flutter Entertainment’s U.S. business and president of FanDuel, following more than a decade at Ticketmaster overseeing product development and mobile expansion. His experience in scaling technology-driven businesses positions him to drive GeoComply’s continued growth. Co-founder Anna Sainsbury will transition to executive chairman, focusing on long-term strategy, while fellow co-founder David Briggs will shift his focus to product and innovation.
Photo: Kip Levin, CEO, GeoComply
Advancing the Game
TOP 10 PAYMENTS INNOVATORS IN iGAMING
Who delivers and retains the best customers? Who do Gambling Operators like to work with? Discover the best payments innovators in the ultra competitive iGaming sector, who transform the industry with cost-effective, secure, and scalable transactions.
iGaming isn't just leading the charge for innovations in payment technology - it’s also serving as a testing ground for other industries. With its unique blend of high volume transactions and strict regulations, the iGaming sector has become the perfect proving ground for payment solutions that could later be adopted in other sectors. When GamblingIQ first unveiled its groundbreaking report on Open Banking, the potential was crystal clear: this innovative technology was not only about enabling smooth deposits and withdrawals but also offered a tangible solution for problem gambling by providing direct, secure access to funds.
It’s no secret that open banking enablers are championing alternatives to traditional card payments. With merchants burdened by exorbitant processing fees, the demand for more cost-effective solutions is surging. Yet, as our exclusive survey reveals, replacing cards in iGaming will not be swift or simple. Seasoned gambling industry executives forecast a significant rise in instant open banking transactions and digital wallet adoption, while debit cards remain deeply entrenched.
Regulatory measures have curtailed credit card usage, but shifts in payment adoption remain volatile - shaped by rapid technological growth, evolving customer preferences, and regulatory changes. Cryptocurrencies, for instance, could easily surpass their predicted 5% market share if mainstream regulations become more supportive.
Overall, GamblingIQ believes that open banking is not merely fine-tuning payment systems - it’s rewriting the rules entirely. And understanding who leads the charge in the new payments world is critical. The innovators listed here are driving the change that will help the industry eventually adopt groundbreaking payment systems. From real-time transactions to more secure, efficient payment methods, improved consumer protection, and the all-important improved player experiences, expect further advances in how money is moved through both digital and physical betting environments. These Top 10 innovators have been evaluated using criteria such as real-time capability, pricing transparency, scalability, and Operator feedback.
Johan Tjärnberg Group CEO Trustly
FACTS & FIGURES
IQ Comment
People! Trustly's strength lies in its exceptional team—a factor that has won the confidence of gambling operators globally. The company has played a pivotal role in Sweden's open banking revolution, establishing new benchmarks in payment innovation. In the US, its transaction volumes are set to surge. Although a planned USD$9 billion flotation was deferred in 2021, industry chatter now points to an IPO late in 2026. Trustly isn’t merely following market trends; it is creating them.
Trustly
Trustly connects over 9,000 merchants to more than 12,000 banks globally, establishing a unique network that reaches upwards of 650 million consumers across 33 markets. In 2024, this network processed a total transaction value of $100 billion. Over its 15-year journey as an open banking pioneer, the Swedish firm has emerged as the leading provider of account-to-account payments in iGaming. Headquartered in Stockholm, Trustly recently launched Azura, an advanced data engine that offers a highly personalised payment experience. By owning and managing its entire infrastructure, the company achieves unparalleled uptime and reliability. Key strategic moves include the €70 million acquisition of French fintech SlimPay, a partnership with BNY Mellon to launch Bankify, version 3.0 of its industry-defining Pay N Play® onboarding flow, and a major deal with crypto giant Coinbase in Canada.
SkrillPaysafe NETELLER
FACTS & FIGURES
Paysafe brings over two decades of specialised payments experience supporting the global iGaming and sports-betting sectors and provides operators with a comprehensive suite of traditional and alternative payment methods through a single, streamlined API integration. Paysafe is also a leader in digital and affiliate marketing technology and services for iGaming operators through its Income Access business unit. Since the opening-up of the U.S. iGaming market in May 2018, Paysafe has consistently stated its ambitions to be the payments leader in the fast-growing sector, building on its leadership in Canada and Europe. As of March 2025, the company supports 75% of operators in the USA with payments or marketing solutions across 34 jurisdictions. In Canada, Paysafe also has a leading position and partners with the majority of regulated iLottery and gaming brands.
IQ Comment
It will be interesting to see the results of Paysafe's instant Pay by Bank solution as it exits controlled Beta. Few companies can claim to have redefined payments in iGaming quite like Paysafe. With over two decades of specialised expertise, the company has built a reputation as the go-to payment provider for sportsbooks and gaming operators worldwide. The experience and leadership of Zak Cutler, President of Global Gaming, seems to be a key driving factor to success. Like Trustly, they have a world-class no-nonsense communications team that is both diligent, honest, and quick to respond - probably a reflection of the company as a whole.
Bruce Lowthers CEO, Paysafe
03 MiFinity
FACTS & FIGURES
A self-funded venture turned payments giant, MiFinity has seamlessly integrated digital wallets, eCash vouchers, cryptocurrency, and instant Open Banking transfers into a unified omnichannel ecosystem. With a footprint spanning 223 countries and territories, the company has cemented itself as a trusted partner for over 1,100 merchant brands, including iGaming industry titans like Betway, Kindred, GGPoker, Betsson, and Quantum Gaming. Originally founded in 2002 and managed buyout in 2017 by Irish entrepreneurs Paul Kavanagh and Kieron Nolan, the company is now a critical partner for gaming operators seeking secure, multi-currency, and compliant payment solutions. The new MiFinity iFrame, designed to streamline user experience, enables seamless transactions without redirecting players away from gaming platforms. Meanwhile, an expanding suite of in-app promotions and personalised marketing tools enhance player retention and conversion rates. With over 1,100 integrations with iGaming operators, and an aggressive push into Asia’s booming digital economy, MiFinity remains at the forefront of payments innovation - delivering secure, scalable, and efficient solutions for the global iGaming sector.
IQ Comment
Not to be underestimated. MiFinity boasts a talented and experienced multi-national team. In a sector where agility is key, MiFinity has mastered the art of payment innovation - building a global footprint while staying ahead of regulatory shifts and evolving consumer demands. Having launched Rabbit Line Pay in Thailand, LinkAja in Indonesia, along with A2A direct bank transfers, with further integrations planned throughout 2025, MiFinity is deepening its presence in Asia. With a growing merchant base, the company is proving that adaptability and precision are the cornerstones of lasting success.
Sightline
FACTS & FIGURES
Omer Sattar CEO Sightline
Sightline Payments is transforming the gaming industry with cutting-edge financial technology solutions. As a leading provider of digital payment technology, Sightline empowers gaming operators with seamless, secure, and omnichannel payment experiences. With a deep understanding of consumer behaviour, regulatory requirements, and gaming operations, Sightline delivers innovative, compliant, and scalable payment solutions that enhance both operator efficiency and patron experience. Trusted by more than 70 partners across 44+ states, we are redefining how payments drive the future of gaming.
IQ Comment
Omer Sattar’s track record in iGaming payments makes Sightline a formidable force as it eyes expansion with a new embedded finance innovation in conjunction with GeoComply. A veteran of the industry, Sattar has long understood the complexities of frictionless transactions in highly regulated environments—an expertise that has propelled Sightline to dominance in the U.S. market. With backing from the likes of J.P. Morgan and a fresh recapitalisation, the Las Vegas-based outfit has the firepower to further disrupt gaming payments, bringing its omnichannel approach to operators navigating tightening affordability & compliance checks.
' Sightline is trusted by more than 70 partners across 44+ US states '
OKTO
FACTS & FIGURES
Filippos Antonopoulos Founder & CEO
OKTO drives digital payments for online and retail businesses worldwide. Its unified payment platform securely processes transactions in the digital and real-world sectors, crafting immersive payment experiences for merchants and consumers alike. With a team of 200+ payment experts and technologists, OKTO orchestrates digital payments across the Americas, Europe, and Asia through a blend of local expertise, sector knowledge, and international capabilities. The company's embedded omnichannel approach supports customers across diverse regulatory landscapes, ensuring low friction and high protection. OKTO operates in over 20 countries, serving more than 100 leading merchants. With over €11 billion in processed volume by over 25 million consumers worldwide, it is continuously driving digital transformation in payments.
IQ Comment
Another company with an excellent CEO and tech team. In an industry where speed, security, and user experience are paramount, OKTO’s omnichannel approach provides businesses with a competitive edge, ensuring frictionless payments across multiple regions and regulatory environments. With over €11 billion in processed volume and 25 million consumers worldwide, OKTO’s reach and impact are undeniable. As payment innovation continues to evolve, particularly in high-stakes industries like gaming and betting, OKTO’s focus on security, compliance, and seamless user experience underscores its role in shaping the future of digital transactions.
Zach Perret Co-Founder & CEO Plaid
Plaid
Few companies have dealt with fintech’s highs and lows quite like Plaid. Founded in 2013 by Zach Perret and William Hockey, the company built the digital infrastructure that links financial accounts across platforms, powering everything from Robinhood to Chase. When fintech was soaring, so was Plaid—culminating in a $5.3 billion merger deal with Visa in early 2020. But regulatory scrutiny arrived swiftly, with the Justice Department intervening to block the acquisition. By early 2021, the deal was dead. Like many in the sector, Plaid faced a tough reset—its valuation took a hit, layoffs followed, and the broader fintech landscape cooled. But Plaid wasn’t down for long. Its revenue surged by more than 25% in 2024, with nearly half of all US consumers interacting with its technology in some capacity. If the company deepens its appetite for the iGaming market, it could become a serious player in the space by 2026, building on its success with PokerStars in Europe.
https://plaid.com/en-gb/use-cases/igaming/
07 Rapyd
Arik Shtilman, CEO and co-founder of Rapyd, (pictured left), has redefined global payments by building a seamless platform for cross-border transactions. After selling a multimillion-dollar cloud computing company, he identified a critical gap in international payments and moved swiftly to bridge it. Through strategic acquisitions—including PayU for £485m (US$616.4m)—Rapyd has expanded into more than 100 countries, integrating over 1,200 payment methods. With offices in Tel Aviv, Dubai, London, Iceland, San Francisco, Miami, Hong Kong, and Singapore, the company now offers end-to-end coverage across cards, e-wallets, bank transfers, and cash payments. A key player in the iGaming payments space, Rapyd's progress will certainly be interesting to watch through 2026.
www.rapyd.net/solutions/industries/gaming/
THE FINAL THREE
The companies who can define future payments innovations in iGaming
worldpay
Long story short: After being acquired by FIS (Fidelity National Information Services, Inc.) in 2019 for $43 billion - worldpay was no longer a publicly traded entity. However, in 2023, FIS spun off worldpay into a separate private company, selling a majority stake (55%) to private equity firm GTCR for $18.5 billion. Lots of disruption, but as an independent company, CEO Charles Drucker has said worldpay intends to be faster, nimbler and innovative.
https://www.worldpay.com/en/industries/gaming
worldline
Worldline [Euronext: WLN] generated 4.6 billion euro revenue in 2024. The company helps businesses of all shapes and sizes to accelerate their growth journey – quickly, simply, and securely. With advanced payments technology, local expertise and solutions customised for hundreds of markets and industries, it powers the growth of over one million businesses around the world.
www.worldline.com
Pagsmile
Founded in 2012 by Liu Di in China, and operating in Brasil since 2015, the São Paulo-based company offers over 150 payment methods and processes more than US$88m per month. Through a well-tested API, Pagsmile can really take advantage of the new iGaming laws in Latin America and Brasil through its specialisation in localised payment solutions. As of January 2025, the company operates with a team of 120 employees.
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