Open banking explained

What open banking means for casino payments

Open banking began in the UK in 2018, when the largest banks were required to let authorised third parties connect to customer accounts through secure, standardised links. Those third parties are regulated by the Financial Conduct Authority and can only act with your explicit consent, given inside your own bank’s app or website.

For casinos, the useful part is payment initiation: a provider sets up a payment from your account to the casino, you approve it with your bank, and the money moves by bank transfer. No card number is entered or stored. That makes it different from a debit card deposit, and different again from an e-wallet, which holds its own balance.

What open banking is called in casino apps

Operators rarely use the words open banking in the cashier. Look instead for one of the names below.

Trustly and TrueLayer are payment providers rather than banks, and the money still comes from your own current account. Our Pay by Bank page explains the method in more depth, and bank transfer casino apps compares it with traditional transfers.

How an open banking deposit works on your phone

On mobile, open banking is usually an app-to-app hop. If your banking app is installed, the casino hands you over to it; if not, you log in through your bank’s web page instead.

1. In the casino app, tap Deposit and choose Pay by Bank, Trustly or Instant Banking.
2. Enter the amount, for example £20, and pick your bank from the list.
3. Your banking app opens with the payment details pre-filled.
4. Check the payee and amount, then approve with Face ID, fingerprint or your passcode.
5. You are returned to the casino app, where the balance usually updates within moments.

An open banking example: deposit and payout

Say you deposit £20 with Pay by Bank at Ladbrokes, play, and later withdraw £45. Here is how the money typically moves.

• The £20 leaves your current account as a bank payment and shows on your statement with the operator’s or provider’s name, not as a card transaction.
• Under closed-loop payments, the £45 withdrawal is sent back to the same bank account.
• The operator’s own approval comes first; Coral and Ladbrokes say timings run from instant to five banking days depending on the method, on top of internal processing.

Because the money returns to an account already proven to be yours, bank-based methods can make payouts straightforward. Even so, the first withdrawal may still trigger KYC checks.

Open banking, security and gambling blocks

Security is a strength: you approve every payment inside your bank’s own app, with its own login and biometrics, and the casino never sees your card. Each payment needs a fresh approval, so a provider can’t take money again without you.

There is one thing to know if you use your bank’s gambling block. Many banks let you block card payments to gambling merchants, and some extend that to bank transfers and open banking payments, but not all do. If you rely on a block to stay in control, ask your bank exactly what it covers. Our guide to bank gambling blocks and apps explains the options at Monzo, Starling and others, and GAMSTOP covers every UK-licensed gambling site and app.

Open banking can also be used, with your consent, to share account data rather than make a payment. Some operators may offer this as an alternative to uploading bank statements during source of funds or affordability checks. You choose which account to share, and the consent can be withdrawn.

Pros and cons of open banking in casino apps

Casino apps that accept open banking deposits

Coral gives new players aged 18+ 100 spins at 10p after a deposit and £10 staked on slots, and Ladbrokes gives up to 500 spins at 10p, 50 a day for 10 days, on the same kind of £10 slot stake; neither has wagering on spin winnings. Casumo offers a 50% bonus up to £100 on a first deposit of £20 or more, with 10x wagering within 7 days and a £5 maximum bet. All three are for new customers, and terms apply.

18+. Gambling should be entertainment that costs money, not a way to make it. Set a deposit limit before you play: how to set limits. Free, confidential help: National Gambling Helpline 0808 8020 133.