Sunday, June 16, 2024

A Look at Revolut’s Rise in the UK iGaming Sector

Revolut, a global financial super app, has made significant strides in the UK iGaming sector, becoming a preferred payment option for operators and players. 

Founded in London in 2015, Revolut has rapidly expanded its user base, now boasting over 6.8 million customers in the UK. The company has surpassed 30 million retail customers globally, adding over five million new users since November 2022. This growth is supported by Revolut’s ability to process over 400 million transactions monthly, up from 350 million in late 2022.

Revolut’s popularity in the iGaming industry can be traced to its zero-fee peer-to-peer transactions and the ease with which users can manage their funds. During the first three months of 2023, approximately 85 million peer-to-peer transactions were made between Revolut customers without any transfer fees. This fee-free model particularly appeals to iGaming enthusiasts who frequently transfer funds between accounts.

“We have seen a notable increase in Revolut usage across British online casinos, especially after the ban on credit cards. Many users feel Revolut offers added safety since it isn’t directly connected to their primary bank account. They can easily use it solely for gambling, transferring funds to their Revolut account just before making a deposit and leaving little or no balance there.”, says Christoffer Ødegården, Head of Casino at Bojoko.com.

Bojoko.com is one of Britain’s leading casino comparison sites. It actively tracks the number of Revolut casinos available in the UK market and the players who sign up through its platform, which gives it a crucial understanding of market trends and player preferences. At present, they have reviewed 44 UKGC-licensed casinos with Revolut as a deposit and withdrawal option, and Ødegården expects the market will make further adjustments to accommodate players who prefer Revolut.

“There are more Revolut users in the UK than in any other country, and when you have a tool like Revolut at your fingertips, it makes sense that you want to use it. I’m almost surprised by the percentage of UK casinos that let players deposit and withdraw with Revolut, as it is currently just about a quarter of the casinos we have reviewed. This will change, and more casinos will offer Revolut. The alternative is losing out on these players.”, says Ødegården.

The rapid growth of Revolut in the UK is part of a broader trend, with the company adding 1.2 million new customers since reaching 25 million users in November 2022. This growth is not limited to the UK, as countries like Romania, Poland, Spain, and France have also seen significant increases in Revolut users.

In the context of iGaming, Revolut’s security features and robust customer support further bolster its position as a trusted payment method. Players can confidently make transactions, knowing their funds and personal information are secure. Additionally, Revolut’s instant transaction capabilities mean players can deposit and withdraw funds without the typical delays associated with traditional banking methods.

Christoffer Ødegården notes that Revolut’s integration into iGaming platforms has been seamless, allowing operators to offer a reliable and efficient payment solution. He also states that several factors contributed to Revolut’s popularity. 

“Revolut’s innovative approach to financial services, combined with its rapid user growth and robust security features, has cemented its status as a go-to payment option in the UK iGaming sector. Revolut is currently well-positioned to continue to grow in usage at UK casinos. The more players use Revolut, the more casinos will offer Revolut. This will also lead to further growth, as, in my mind, the more casinos offer Revolut, the more players are likely to use their Revolut at casinos.”

Claire James
Claire Jameshttp://www.firedigitaluk.com
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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