In this Internet age, everyone knows that gambling has transformed from gambling halls to mobile phones. Technology eases the way of gambling; people nowadays can gamble from anywhere at any time, just using their computers and mobile phones. Online gambling, which includes casinos, betting, poker, and all other forms of gambling, is being loved by the world, and the same can be witnessed by its growing market size. As per the IBISWorld report, the global online gambling industry will reach $279.3 billion by 2023.
Similarly, payment methods and processing have also seen a change from cash to highly vulnerable online payments. In order to accept online payments, a gambling website owner needs these two essential payment services: a gambling payment gateway and a gambling merchant account. A gambling payment gateway is a mechanism that enables online transactions by transferring payment details between the acquirer, issuer, card company and merchant account. On the other hand, a casino merchant account is a business bank account that allows merchants to accept, hold and withdraw funds from gamblers.