Crypto transforming iGaming and Online Gambling
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The global gambling market is growing in leaps and bounds. In 2023, it was valued at $263.3 billion and is expected to grow at 5.6% in 2023. Cryptocurrency can play a vital role in accelerating iGaming industry’s growth in the coming years.
Popular iGaming platforms, including 7Bit Casino, VAVE, and Fairspin, not only accept Bitcoins but also offer generous bonuses on crypto deposits. That’s because crypto transactions are instant, anonymous, private, and transparent.
Let’s understand what makes crypto a good alternative to traditional payment methods for the online gambling industry.
Why are crypto payments gaining popularity in the iGaming industry?
The gambling industry has benefited tremendously from digital payments. Cryptocurrencies can make digital payments truly anonymous, fraud-proof, and cost-effective. Here are a few benefits of enabling crypto payments on your gambling platform:
Attract more users through bonuses: Since crypto transactions are cheaper to process, you can pass on the savings to your users. Offering generous bonuses will not only attract new users but also boost customer loyalty and retention.
Many popular crypto casinos offer lucrative bonuses upon sign-ups and deposits. Some go as far as offering 200% of users' deposits as cashback. This helps them acquire new customers while retaining the existing ones.
Instant transactions: Traditional payment gateways may impose several restrictions on users and developers. Moreover, neither users nor developers have any control over the funds. The payment processor may freeze the funds if they are suspiciousabout a transaction. Users may also report fraudulent chargebacks, which may cause game developers to lose money.
On the contrary, payments made through crypto are instant and irrevocable. No one has control over your funds except you. They can neither be frozen nor held or reversed — giving both parties complete freedom over their funds.
Anonymity & privacy: Online gambling users are concerned about data privacy and prefer to remain anonymous. However, a lot of gambling websites require them to disclose their personal information. Some even require users to complete KYCby submitting valid identity proof. Users are very hesitant to share their personal information as they don’t know if their data will be stored securely and treated respectfully.
With cryptocurrencies, game developers can allow users to remain anonymous, as most crypto payment processors don’t require KYC and have lenient verification methods. This will not only simplify registration but also eliminate any barriers to entry. Moreover,users can be assured none of their data is mistreated, and their gambling activities are private and anonymous.
Efficiency & accessibility: Cryptocurrencies are widely and easily accessible. Users don’t need a high credit score or a lot of money to start using crypto. All that’s needed is a smartphone and access to the internet to sign up with a cryptopayment processor.
Accepting crypto will give you a larger pool of users who are abandoned by traditional financial institutions or lack access to them. Thus, crypto-friendly websites are far more popular than their non-crypto-accepting competitors.
Decentralization: Crypto payments are free from dictatorship. No financial institution can exert control over your funds. You will always remain in charge of your money and can use it however you will. Moreover, because crypto payments arepeer-to-peer, they are cheaper and quicker to process. This will allow users to withdraw their money instantly, anytime — without the interference of any third parties.
Final words
Cryptocurrencies bring a lot of benefits to the gambling industry. From faster and cheaper payments to private and anonymous transactions — crypto can transform the iGaming industry. Enabling crypto can help game developers attract new players while maximizingthe retention ratio and increasing profits.
If you are seeking to add crypto payments to your gaming platform, let us help. Being a leading Bitcoin payment processor for over a demi-decade, we have what it takes to create a secure payment platform for accepting Bitcoins on the go. Share with us yourrequirements, and our experts will be happy to help.
