In person or online, the U.S. gambling market is evolving rapidly, with new technologies and more participants coming to the gaming table. In response to increasing demand for ease and convenience in this complex and growing industry, First Data, the global leader in payment technology and services solutions, has launched PayLucky Solutions for legalized online and offline gambling and gaming.
The forums for this activity are wide and ever expanding, including land-based casinos, Native-American gaming, racetrack betting (pari-mutuel), lotteries and poker, among others.
The global market for this industry, which First Data is preparing to enter, represents a large and fast-moving flow of money. According to H2 Gambling Capital, global online gambling revenue reached $36.7 billion in 2013. By 2017, the U.S. is expected to represent more than 15 percent of revenue in this market with $2.6 billion of the U.S. player revenues generated by onshore regulated activity.
While the growth has been impressive, the industry has been continually challenged with the need to manage an array of providers offering multiple payment options for operators and their players to participate. In response, PayLucky Solutions offer an innovative package of comprehensive payment services, all in one place and all from one source: First Data.
"First Data exists to help our clients grow their businesses and what the gaming industry needs to grow, and serve their customers better, is a dynamic one-stop-shop for the widest variety of payment options that include debit, credit, check, mobile, loyalty and prepaid processing" said Jonathon O'Connor, general manager, Online Gambling and Alternative Markets. "PayLucky takes the complexity out of managing multiple providers and creates a streamlined experience for the U.S. gambling market with built-in risk management protections for all parties."
Here's how First Data leverages its more than 40 years in the payments industry to deliver on what gambling and gaming operators want for their business and customers:
- Give players instant funding access - by removing the typically long wait for payment verification and giving financially qualified players the ability to immediately play
- Make payment acceptance risk-free - by protecting operators with qualified players to decrease payment risk and guarantee player funding using TeleCheck® Warranty ACH service, which uses third party validation and provides proprietary analysis on individual spending habits
- Enable players to get their winnings fast - by ensuring players can quickly access their funds through several options including an open loop or closed loop prepaid card, ACH deposit to a checking account or paper check
- Drive innovation - by providing new payment options for gambling deposits and VIP programs so that qualified players can participate at higher levels; and by linking loyalty programs to payments through secure mobile app or wallet solutions
"First Data offers a consultative approach focused on helping our clients achieve success in their various market segments with our comprehensive payments solutions coupled with a broad knowledge base and experience with regulations governing this industry," O'Connor added.