The European iGaming market is in the midst of a payments revolution. Open Banking is no longer a buzzword, it’s fast becoming the backbone of how players deposit and withdraw funds. Within the space, operators are attempting to quickly implement new payment methods under the pressure of falling behind, as customer expectations and regulations move forward.

In markets like the UK, up to 20% of iGaming deposits are now made via Open Banking. Once players try Open Banking more than 85% stick to it. The EU’s Instant Payments Regulation, coming into force in October 2025, will require all payment service providers to support instant payments at the same cost as traditional SEPA transfers. 

However, as with any technology or user behaviour there are stark differences across Europe on Open Banking adoption.

In the UK there was early PSD2 adoption and a mature Open Banking ecosystem meaning British players already expect Pay by Bank options. The UK’s regulatory environment and consumer familiarity make it a leader in Open Banking deposits.

Another leading market is Scandinavia, where digital-first consumers see Open Banking as a simple part of their payment journey. With over 92% using digital banking and a culture of instant, paperless payments, the Nordics are setting the pace for seamless iGaming transactions.
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A slow but exciting market is Germany. While Germans have traditionally favoured cash and debit, fintech innovation is shifting habits. The rise of Pay by Bank providers and the push from the European Payments Initiative (EPI) are setting the stage for rapid growth, though inconsistent bank APIs and cultural inertia remain hurdles.

For iGaming operators, the message is clear: Players are demanding faster, frictionless payments and they’re willing to switch platforms to get them. On top of this as regulations become stricter, payments and compliance teams must prioritise Open Banking, in order not to lose market share to more agile competitors.

At Semla, we work with leading operators in Europe to help them optimise their payments and compliance processes, giving them the clear advantage in meeting players' needs.

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