Recently, the gaming industry gathered together in Toronto for the 2023 Canadian Gaming Summit. Through the various conversations and education sessions, one thing that really stood out: how quickly Ontario’s iGaming industry has grown. According to the year-one market report, 45 operators are live in the market. Multiple gaming suppliers and payment processors have begun providing their solutions and services to iGaming and sports betting merchants. In the midst of market growth, operators have realized the importance of teaming up with the right suppliers and, most importantly, payment partners to help them stand apart from the competition. So what are some aspects that operators must consider when choosing the right payment solutions for their platform?
Study The Market
One of the first things operators have to study is the market. Ontario, much like other regulated North American iGaming markets, is unique. People in the province have diverse choices when it comes to what sport they love to watch and place bets on, what particular casino games they like, and which payment method they prefer. But in the middle of all of these different choices, there will be a few commonalities that operators can use to their advantage. For example, one of the most preferred and well-known payment transfer methods in Canada is INTERAC® (Interac e-transfer). It is a payment solution that is widely used to send money to friends, businesses, and family as well as shop on e-commerce sites and much more. According to a survey, nine in 10 Canadians (88 percent) have used Interac e-Transfer. Additionally, the payment solution is a popular payment transfer method amongst the younger generation as well. Using these stats, studying the market, and looking closely at the familiarity Canadians have with Interac, iGaming and sports betting operators in Ontario need to offer an Interac solution.
Know The Solution Providers
Another important component in choosing the right payment solutions is understanding the solution providers themselves. What makes them different from the competition? How long have they been in the payments space? What solutions do they offer? These are all questions operators must ask themselves before choosing a payment partner(s). For example, at Paramount Commerce, we go beyond just providing payment solutions to our clients. When Ontario’s regulated iGaming market was set to launch, we provided regulatory tools to international iGaming and sports betting operators so they could successfully expand their platform into the Canadian province. Also, as we have been processing payments for iGaming and sports betting in Canada for 20 years, we have become industry insiders and have an inside track on changing regulations. This allows us to have fully compliant payment solutions, and also the ability to pass regulatory resources to our clients. And lastly, we love to innovate. While there might be several INTERAC solutions in the market, we have the best user experience with one flow, and two ways to deposit. Through our INTERAC solution, operators have access to a Tier 1 banking partner, over a million consumers, and industry-leading conversion. Operators have to understand what other benefits they get on top of any solutions they put on their cashier. A payment partner who has decades of experience in the Canadian market, good bank connections, is in discussions with regulators, and who will help you elevate your gaming presence in the province is a must.
Picking the right payment solution for an iGaming and sports betting platform can be tough. A wide variety of choices can lead to confusion, and we understand that it is not an easy process to go through. This is why it is important to know the market and the payment solution providers within that space. Through this you, as an operator, will pick up on what solutions consumers frequently use. And you’ll also be able to differentiate and understand the benefits between an ordinary payment provider versus an exceptional payment partner.
The Paramount Commerce team is attending the 2023 Collision Conference in Toronto. The event is happening from June 26th to June 29th at the Enercare Centre. So if you love chatting about fintech and innovation, come and say hi to our team. To schedule a meeting with us, please visit: https://www.paramountcommerce.com/contact