The online gambling, or iGaming industry, covers everything from online casinos to slots apps, poker tournaments, sports betting, and more. Generally speaking, this lucrative sector always tries to keep up with emerging technological and financial trends, whether that’s taking inspiration from video games, releasing slick, user-friendly mobile apps, or integrating the latest digital payment systems.
The latest trend to hit the online gambling scene is cryptocurrency, the popularity of which has exploded in recent years. To meet user demand for crypto transactions, many online casinos and iGaming companies are rushing to accept digital currency payments and implement appropriate security measures to handle them.
These are just a few advantages that cryptocurrency offers to iGaming companies:
- Anonymity. Privacy is important for many users of online gambling platforms. Gambling as a pastime is stigmatized in many societies, so individuals may prefer to remain anonymous. Transactions with Bitcoin and other cryptocurrencies are anonymized by default, and much more private than using credit cards, making them ideal for privacy-conscious gamblers.
- Speed. Because it does not have to rely on financial institutions acting as intermediaries, cryptocurrency transactions can be much faster than, say, bank transfers, which may take several business days to clear. This is especially the case with international transfers. But a gambler’s cryptocurrency wallet can be credited almost instantly, leading to greater user satisfaction.
- Security. A Bitcoin casino, for example, is a more difficult target for hackers than a traditional online casino, because digital wallet addresses do not contain identifying credentials or enable any third party to affect the transaction between sender and receiver. Thus, it is not possible to gain access to user accounts if cryptocurrency is used.
- Better Rewards. The betting company or casino will pay less or no taxes on crypto gains, increasing their margins and even gaining a valuable investment asset in the process. Thus, it can offer better bonuses and payouts to the end users to drive customer retention and engagement.
In addition to simply accepting cryptocurrency transactions, some iGaming businesses are investing in blockchain development to build their own digital asset platforms, allowing them to make the most of this technology. In all cases, one should be mindful of the responsible gambling laws in the countries where they operate.
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