Top Benefits of Using Cryptocurrency in the iGaming Industry

The global online gambling market was valued at $63.53 billion in 2022 and is expected to grow at a CAGR of 11.7% between 2023 and 2030. Emerging technologies like blockchain and cryptocurrencies have contributed significantly to the iGaming industry.

Leading iGaming platforms, including, Bitstarz, BetUS, Lucky Block, and Mega Dice, not only accept crypto but also offer generous bonuses on crypto deposits. That’s primarily because crypto payments are instant, transparent, and anonymous.

In the last decade, the adoption of crypto in the online gambling industry has risen significantly. Let’s understand what makes crypto ideal for the gambling industry.

• Crypto payments are global

Cross-border betting is gaining popularity. Thanks to worldwide internet accessibility, players from any part of the world can bet on international games. For instance, a cricket lover from Australia can bet on Indian cricket matches through betting apps and games.

If you’re a game developer, you can accept payments from any part of the world by integrating a crypto payment processor into your platform. In fact, 77% of iGaming merchants saw an increase in cross-border sales after enabling crypto payments — according to a report by Checkout.com.

Today, over 56 countries and territories have adopted crypto worldwide. Some countries like El Salvador and the Central African Republic have adopted crypto (Bitcoin) as a legal tender. The list is bound to grow with time.

Thus, if you develop betting games, now is the right time to enable crypto payments on your platform.

• Lowest processing fees

Traditional payment gateways are expensive and may cause compliance issues, especially when you are running an online betting platform. The average credit card processing fee ranges between 1.5% and 3.5% — which can cost you a lot if your transaction amount is higher. And that’s only for domestic transactions. The fees on international transactions can be even higher and not be convenient enough.

On the flip side, crypto is cheaper to process, borderless, and decentralized. Thus, you won’t have to worry about local or regional regulations while transacting in crypto. Moreover, crypto payment processors charge significantly lesser processing fees than traditional gateways. The average crypto processing fees range between 0% to 1%.

Enabling crypto payments will not only help you minimize transaction fees but also make the checkout process swift and seamless. Sign up with Speed today to start accepting crypto on your iGaming platform.

• Minimize risk and eliminate intermediaries

Enabling crypto payments on iGaming platforms can make them more independent and secure. As crypto payments are irreversible, you can prevent fraudulent chargebacks and offer a seamless checkout experience.

There’s more.

As cryptocurrencies are decentralized, you can also eliminate intermediaries like banks and credit card companies that not only eat up a huge chunk of money but also control the payment flow. By relying on banks and other financial institutions, you risk losing your funds if they choose to freeze your funds or if the bank suddenly collapses.

With crypto, all the funds remain in your wallet, and you can spend them however you want. No one can impose restrictions on your funds or freeze them.

• Crypto payments are anonymous

Traditional gambling platforms often ask players to submit all their personal information, from basic details such as name and address to critical information like social security numbers and credit card details.

While some users are okay with sharing their personal details, most players are skeptical while submitting their critical information on an e-casino. What if their data is misused or sold to third parties? Despite the assurances made by gambling platforms, users fear their data might end up in the wrong hands.

Cryptocurrency can solve that.

Payments made through blockchain are completely anonymous. While all the transactions are traceable to their origin, no one can associate personal identity with any transaction. Thus, by integrating a crypto payment gateway into their platforms, e-casinos can allow their users to bet anonymously without revealing their personal identity.

• Additional incentives

Because crypto payments are instant and cheaper to process than traditional gateways, developers may pass the savings on to customers. This is why a lot of gaming platforms offer incentives and cashback on crypto deposits to players.

This is good for customers, too, as they get handsome rewards for using crypto. They can sign up with a crypto wallet for free. There are no recurring charges for using crypto. It’s a trustless peer-to-peer payment network that’s widely accessible, decentralized, and completely anonymous.

If more and more users start using crypto, game developers can offer lucrative incentives and improve overall customer experience. 

• Lucky Block

Lucky Block is a crypto casino and sportsbook offering a 200% bonus of up to 10,000 EUR to all users upon sign-up. Registration is simple, fast, and completely free. Moreover, there’s no KYC required — all you need is a valid email to start using the platform. They feature some of the most popular game developers like NetEnt, Pragmatic Play, and Evolution Gaming, offering over 2,700 games to play.

• BC.Game

Launched in 2017 BC.Game is one of the most popular platforms offering a wide range of casino and crypto gambling games and lucrative bonuses. Here, you can play everything roulette to blackjack and video poker. Being a crypto-centric platform, BC.Game only accepts cryptocurrency deposits and withdrawals. As of now, they support 71 coins, including Bitcoin, Monero, TRON, and Litecoin.

• Cloudbet

One of the oldest cryptocurrency gambling platforms, Cloudbet provides traditional betting options, casinos, Esports, and traditional sports betting. It’s available in 17 different languages and in over 100 countries. You can start betting with cryptocurrency as soon as you sign up with Cloudbet. New users can claim a 100% bonus on their deposits up to 5 BTC. Cloudbet is a one-stop crypto casino solution for iGaming enthusiasts.