The world of online gambling is not only fascinating but also technologically advanced. Such cutting-edge technologies as AR/VR and crypto are successfully implemented by numerous online casinos. If you own a gambling platform or only consider investing in this niche, it is worth checking the benefits of adding crypto payments to a range of available methods on a gambling platform.
There are many reasons why you should add cryptocurrencies to a range of available methods on a casino site. One of them is that more and more players are looking for a possibility to play bitcoin slots, and they will select only from the sites that accept BTC as a payment method. Since the number of crypto owners is increasing day after day, it is worth checking out how you can capitalize on this new and exciting niche.
Benefits of crypto payments for casinos
If you are considering the integration of BTC, ETH, or other crypto payment options into your gambling business, together with other payment methods, it's time to study the niche, especially taking into account contemporary trends.
Cryptocurrency provides many benefits over fiat payments. As of 2021, the cryptocurrency was still in the development stage, but its overall market capitalization was already estimated at around $248 bln. No wonder, numerous enterprises around the world consider the possibility to add crypto payments to the available methods accepted on their online platforms. There is no doubt that Bitcoin is the future, and the gambling niche is no exception. Let us list the most outstanding benefits of using crypto in the gambling business.
Reason #1 – An effective way to attract more players
The total number of people paying for goods and services in crypto is continuously growing. Your gambling enterprise has a relay great possibility to get into this expanding market at the right moment. More so, you will get a significant advantage over your rivals who do not accept cryptocurrencies yet. But keep in mind that it is not worth waiting for too long. A lot of entrepreneurs have already understood the benefits of the crypto niche, and they will incorporate this payment method into their platforms.
Reason #2 – An international payment method
The Internet makes it possible to provide gambling services to players regardless of the country of their residence (of course, meeting the local regulations in force). Even the youngest online casino can now offer its gambling services around the world. Since cryptocurrency is decentralized, you will avoid the hassle and extra expense of transaction fees and exchange rates.
Reason #3 – Commissions are much lower
When a business, regardless of the niche, accepts credit card payments, both parties are involved in the transaction, and both of them pay fees. Business credit card fees typically range from 2% to 5%. Using cryptocurrency, the payment goes directly from the sender to the recipient, eliminating all intermediaries and significantly reducing costs. Cryptocurrency fees usually range from 0-1%, so with this payment method, businesses can save considerable amounts of money. And this, in turn, will also attract more players who would rather spend the money typically charged as a commission on gambling on a casino site.
Reason #4 – Privacy and enhanced security
Credit cards and the sensitive information related to them are a target for hackers and other malicious personalities. When making cryptocurrency payments, a gambling platform, as well as a player, is not required to provide any confidential data — these transactions are fully anonymous. In addition, as a result of this privacy, there is no possibility to identify the personality of a gambler.
Reason #5 – No disputes over payments
Crypto transactions cannot be disputed or reversed by anyone. Therefore, payments in crypto cannot be canceled. And a platform will receive all funds immediately.
Reason # 6 – Cryptocurrency processing online
Offering several cryptocurrencies as a method to replenish an account on your casino site is easy. You can grow your gambling business by offering a payment method that cannot be offered by your competitors but is really trusted by existing and potential customers. Integration is a simple process, you just need to find a reliable provider.
Regardless of their volatility, cryptocurrencies will only grow in their popularity. And they will be widely used in casinos. If you are considering introducing them on your platform or are considering crypto benefits for a gambler, we hope the above reasons have persuaded you to make your choice in their favor.