Payments in the eSports Industry

The rapid growth of eSports has taken many by surprise, and the industry has had to adapt quickly to facilitate this. It took time for video game enthusiasts to be taken seriously, but with player and viewer numbers growing and increasing revenue, eSports is big business.

The industry is now so popular that as well as commanding impressive viewing figures, many fans can now bet on competitions. This is proving beneficial to sportsbooks and online casinos that offer these markets. Much like casinos that offer the fastest payouts to Kiwi players, the payment systems in eSports need to be efficient. Gambling expert Victor Arum explains that fast-paying casinos are proving popular among New Zealand customers who want quick access to their winnings, a variety of secure payment options, minimal fees, and clear terms and conditions. This is also true for the eSports industry.

As the eSports industry continues to grow transactions between businesses and participants are often conducted digitally. This allows competitors around the world to interact without different banking system issues and processes holding things up.

Cryptocurrencies have proven to be extremely efficient for people from countries with less reliable banking systems. It also means that there are less issues with currency exchange rates.

Much like the online betting industry, the rise of crypto is helping to facilitate far more efficient transactions. Many bettors looking for casinos not on GamStop have explored offshore options and using crypto is a much quicker option for deposits and payouts.

Similarly, digital payments are beneficial to the growth of the global eSports industry by providing speed and access, as well as improved transparency and security. Digital payments are also a scalable solution for a growing industry that requires systems that can handle large quantities of payments from audiences around the world.

There are many ways that companies are sending money and eSports players are receiving it. The wide selection of digital payment platforms allows greater freedom and protection for all involved. Platforms like PayPal, Payoneer, and Skrill are some examples of how the industry can transfer sums quickly and easily.

Large payments will typically be paid by bank transfer, this is most common when paying tournament winnings and salaries. Alternatively, players who do not have access to a bank account can be paid via prepaid cards that can be used to withdraw cash or make purchases.

Cryptocurrency has a number of benefits including speed of transaction, enhanced security and transparency, and reduced fees. Using a decentralised currency is a great option for international payments.

Technology around eSports is constantly improving in order to facilitate its growth and provide state-of-the-art facilities to players, stakeholders, and fans.

Digital payment services and fintech companies are exploring avenues to offer their services as they recognise the potential the industry has. This will help it to improve even further in the future, with more and more countries embracing this new type of competitor and competition and educational programmes even being offered.