The trend of cryptocurrencies has recently been growing rapidly and their use case is gradually penetrating the world of online gambling. Integrating cryptocurrency payment systems into iGaming platforms offer a host of advantages including enhanced security, transparency, anonymity, faster transactions, lower fees, accessibility, etc. which overall improves the player experience. In this blog post, we will discuss seven benefits of integrating crypto iGaming solutions and how operators can take advantage of the blockchain technology.

1. Crypto Solutions Enhance Security

Cryptocurrencies such as Bitcoins, Ethereum, and USDT use the blockchain technology. Blockchain is a distributed digital ledger that uses multiple distributed nodes and a consensus mechanism, which makes the platform highly secure at the application layer through cryptographic methods. 

Contrary to the banking systems of carrying out transactions that involve the use of the third-party merchant banks, blockchain employs the peer-to-peer transaction processing system. Also, each transaction has a unique stamp which ensures the transaction cannot be forged or manipulated. This offers complete security and minimizes the vulnerability to fraud, data breaches, and other risks that the iGaming fraternity comes across.

2. Complete Anonymity and Privacy 

The decentralized nature of transactions carried out with cryptocurrencies is a solution to the basic problems of players in iGaming which are anonymity and privacy. The actual identification of crypto users is based on their wallets’ unique address, and no documents containing sensitive information are required in the process. This can help players enjoy their favorite games without stress as they are able to do all this without being bothered about who can monitor their transactions data.

For online casino operators, the decision to support anonymous crypto transactions is a good business plan to attract many players who put a lot of importance on their anonymity. In this way, paying attention to privacy can benefit the operators by alleviating the players’ concerns as well as by preventing the company from facing challenges in regions having stringent betting protocols.

3. Faster Transactions

Long money withdrawal and deposit time are some of the major problems faced by iGaming players. Cryptocurrency helps in processing cash withdrawal and deposits at an incredible speed. Unlike credit card payments, bank wires, or e-wallet services that take hours or even days to process transactions, cryptocurrency utilizes point-to-point real-time transfers, eliminating the need for third parties. This means players are able to have their accounts immediately funded and have access to their winning amount readily.  Moreover, players don’t have to wait for a specific working time for doing transactions through crypto, as it does not require approvals. Players can make the transaction 24X7X365. 

4. Lower Transaction Fees   

In traditional banking people get charged for nearly all services they use. They are also charged for the currency conversion, cross-border transfers, payment processing or account maintenance. All these charges make it difficult for players to carry out frequent transactions.

Cryptocurrencies remove such middlemen and offer P2P transactions inconsequential to zero fee. Most major digital currencies maintain a fee of a few cents per transaction. Also, there is no upper or lower limit of transactions per day. 

5. Global Accessibility 

As compared to fiat currencies, cryptocurrencies are not limited to fixed geographical location or physical territory. This means your platform is accessible to an unlimited international player pool, thanks to the availability of crypto across the globe. The audience of the platform, in turn, will include players who may have a hard time receiving even basic banking services in their countries, yet they can experience your platform’s offerings with the help of crypto.  

This means that you are able to take advantage of various demographics that could still be unattainable to your competitors. Accepting cryptocurrencies allows you to claim more territories for the casino Gaming industry.

6. Appeal to Tech-Savvy Players

The recent study reveals that around 68% of cryptocurrency users are below the age of 45. This generation is technologically more advanced, embraces change through technology, and expects iGaming platforms to have innovative and customer-oriented digital solutions. 

By integrating crypto casino solutions, you also promote your platform as the most advanced among millennials, gen Z and other subsequent generations. The early adoption of cryptocurrency positions your firm as trustworthy among crypto users in the global market. You can also take the benefit of crypto hype and acquire more users towards your platform.

7. Transparency and Fairness

The suspicion of fraud and lack of trust in online casinos always surround the casino iGaming industry. Here cryptocurrencies and blockchain are the perfect solution. All the transactions done on the blockchain can easily be traced. For example, all the operations that are performed on the Ethereum network can be traced on Etherscan. This enables players to self-audit payouts, game results, and RTPs without relying on the information that is shared by the casino. 

Clear and evident transactions do help in creating a positive image of the organization, and that of being honest. The use of cryptocurrency and its transparency mechanics allow for online casino operators to prove their efforts in providing fair iGaming without doubt. 

Conclusion  

There is no doubt that the integration of iGaming crypto solutions in platforms offer a plethora of benefits. Adopting cryptocurrencies is beneficial as they foster trust, ease compliance requirements, offer the opportunity to attract new audiences, and provide seamless experiences for players familiar with the digital financial services. We can say that cryptocurrencies are a groundbreaking technology in the iGaming industry, which give a potential to scale the business to the utmost extent.