Evolution: Payments process

Posted under: Fintech
Date: 2023-10-26
Evolution: Payments process

In the early days of casinos, all establishments existed as brick-and-mortar betting shops. The internet hadn’t yet been invented, nor had debit or credit cards. With physical banknotes and coins, would-be players would approach the operator and convert this money into tokens or chips. When credit cards were adopted by customers in the mid-1970s, casinos started to offer this as a method for buying tokens. By the mid-1990s, casinos had introduced machines into their venues that would convert cash into tokens. The later casino industry brought in electronic fund transfers. When the internet really started to take off in the early to mid-2000s, online casinos accepted payments through websites like PayPal and allowed credit and debit cards to be used for transactions. In recent years, most physical and online casinos have embraced contactless payments. The latest development in online casino payments has come very recently, in the form of cryptocurrency.

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