Cryptocurrency betting has witnessed remarkable growth, with around $3 million worth of daily bets and roughly 60% of all Bitcoin transactions being linked to gaming. This showcases an increasing demand within the industry, prompting pioneers to explore payment options that enable patrons to wager using digital currency. CryptoProcessing.com, globally renowned as a prime cryptocurrency payment gateway, is the preferred choice for these operators.
With the digital currency betting market valued at $250 million, it’s an expanding slice of the $93 billion iGaming industry. The growth is undeniable, evidenced by the figures alone, further reinforcing the gambling mania. This accelerates the adoption rates of cryptocurrency amongst gaming enthusiasts. However, the question arises, what entices these players to choose digital currency?
Max Krupyshev, the CEO of CryptoProcessing.com, indicates that the rise in virtual currency popularity not only promotes enhanced security and privacy but provides quicker and more effective transactions. Gamers appreciate smooth, almost instant deposits and withdrawals which have lower charges compared to traditional payment methods.
He further adds that instead of merely being an asset used for speculation, the burgeoning growth of cryptocurrencies has made them a widely accepted payment option. And as digital currencies keep flourishing, the gambling sector will progress in tandem. This advancement, in part, is a result of the decreasing difficulty in acquiring cryptocurrencies.
What impact does adopting cryptocurrency payments have on an iGaming platform?
For operators, accepting digital currency bets brings about benefits that extend beyond improving the player experience. Some of the more challenging payment issues such as settlement delays and chargebacks are alleviated. Furthermore, the transaction costs associated with digital currencies are significantly reduced, resulting in cost-savings for casinos, and by effect, improved services for players.
Additionally, implementing digital currencies can help online casinos appeal to tech-savvy gamers who are early tech adopters. This could offer a competitive edge to casinos and allow them to position themselves as forward-thinking establishments. Also, given the rising number of cryptocurrency users with over 420 million users globally, businesses should consider embracing Bitcoin as a legit payment option. This would enable them to extend their reach to a broad global customer base, without the need to encumber themselves with the search for local providers.
Lastly, integrating a cryptocurrency payment gateway is relatively easy, even for those not versed in blockchain technology. With the quick conversion to fiat and the option of transferring funds to a regular bank account, clients won’t have to directly handle cryptocurrencies. Furthermore, crypto payment providers like CryptoProcessing.com provide round-the-clock technical assistance.
Resilience of Cryptocurrency Payments Amid Market Challenges
The casino industry is currently witnessing a remarkable increase in cryptocurrency adoption, presenting digital currency as a prospective future payment method. Forecasts from Straits Research indicate that the worldwide online gambling market could reach up to $153 billion by 2030, emphasizing the rising demand for cryptocurrency-related services. Interestingly, even during market declines, digital currency payments have shown their resilience.
CryptoProcessing.com, a well-known crypto payment gateway, is a testament to this resilience. Despite a deteriorating market, there has been no decrease in their cryptocurrency transactions. On the contrary, transaction volumes in 2022 were twice those of 2021, with an increase of 1.9x.
There’s also been a positive trend in 2023, with the first quarter showing an impressive 14% net volume growth and a 9% uptick in transactions compared to the previous quarter of 2022. Moreover, in Q2 2023, most transactions were conducted in Bitcoin, Tether, and Ether, although Bitcoin’s dominance dropped by 9.7%. On the other hand, Tether and Ether saw marginal increases of 3.9% and 1.4% respectively.
Despite Bitcoin’s decreased activity due to market volatility, it still holds the title of the most significant cryptocurrency by market capitalization. Simultaneously, the rising stability of stable coins has led to their increasing popularity, resulting in a gradual increase in altcoin transactions.
Therefore, it’s only fair to say that the advantages of digital currency payments do not only benefit the casino industry. The players, game developers, and the wider gaming community all profit from them. A growing number of players are resorting to Bitcoin, Ether, Dogecoin, Tether and other altcoins for games such as Blackjack. There are even casinos now that exclusively operate with cryptocurrencies.
However, despite these encouraging developments, there are quite a few individuals who are still not familiar with the basic principles and potential advantages of digital currency payments. This lack of knowledge extends beyond just the players and the operators and even reaches the areas of regulation and compliance. If successfully addressed, this could propel numerous new prospects for operators and players.
What are the potential risks associated with implementing a cryptocurrency payment provider?
When connecting to a cryptocurrency payment gateway, companies should be aware of the potential risks. A major risk is linked to the high volatility of digital currencies, with their values subject to abrupt changes due to unpredictable triggers. Without a crypto-payment provider that supports instant conversion to fiat, the risk of profits being rapidly diminished is significant.
Moreover, companies must also be cautious of receiving digital assets associated with illegal activities, such as terrorism financing or money laundering. Such occurrences can harm a company’s reputation and lead to legal consequences.
In order to avoid these, it’s vital to ensure any incoming transactions are safe. Services like CryptoProcessing.com offer solutions to such risks and ensure their efficient minimization.
