Since the introduction of Bitcoin back in 2009, it has gained a steady following and adoption worldwide. It works because a Bitcoin is first created, then it becomes distributed. It then gets traded and finally stored within a blockchain, which is a decentralized ledger system.
The online gambling industry is working on staying ahead of the latest technological trends in order to continuously enhance the customer experience. One of its latest adoptions is blockchain technology. The industry is currently using cryptocurrencies such as Bitcoin, Ripple, Litecoin, and Ethereum, just to name a few.
Is Crypto The Future For Online Gambling?
Major industry players are already moving towards adopting crypto as a form of payment in their casinos. The trend is becoming so popular that there are actually online casinos that cater exclusively to Bitcoin users.
With so many online casinos moving in this direction, this trend is driving the belief that Bitcoin as well as all cryptocurrencies will have a massive impact on the future of the online gambling industry.
The Benefits Of Using Crypto
If proof is needed to confirm that crypto is changing the online gaming industry, one simply needs to look at the profit. It has been demonstrated that online casinos that accept cryptocurrencies as payment draw a substantial amount of revenue to the market.
The fact is that gambling customers want a fast and reliable payment method in order to participate in their most favored casino games.
As cryptocurrency continues to enjoy worldwide adoption, online casinos stand to benefit from accepting it as a form of payment. This will mean significant profit gains and opportunities for growth. Here are more reasons to accept crypto for your online gambling business:
- Low-Transaction Fees
Businesses should always look for ways to curb spending, especially when it comes to processing payments. With cryptocurrency payments, some crypto payment gateways can charge as little as 0.5%. This is significantly less than what is charged by fiat currency contenders.
- Transactions Without Borders
It is to be expected that your casino customers will not be exclusive to the US. When you offer cryptocurrency payments, you are facilitating cross-border payments and transactions instantly for your international clients.
With cryptocurrency payments, the transaction is completed within seconds. Best of all, it’s secure, irreversible, and private. It is also extremely accessible. Customers do not need a credit/debit card or a bank account. They can easily send crypto payments for their purchases.
When transactions are made via cryptocurrency, there is no waiting time in order to process the payment. There are also no international fees. All that customers really need is an internet connection to send a crypto transaction. Crypto users are free to send payments when they want, to whomever they choose, and for the amount they desire.
All cryptocurrency transactions occur on the blockchain. The blockchain is a decentralized ledger that is irrevocable. Once the transaction has been processed, it is considered a “permanent” action. It cannot be reversed, changed, deleted, or interfered with.
The likelihood of fraud, identity theft, and counterfeit payments is diminished, which provides security for gambling businesses and players.
- What Chargebacks?
Chargebacks, the bane of existence for online businesses, are a non-issue with crypto payments. Once a crypto payment has been registered within the blockchain, it cannot be changed or reversed. A chargeback cannot happen without the consent of the business.
A business that adopts cryptocurrency as payment will inevitably draw a customer base that is on top of the latest technological trends. This will give the business a more “forward-thinking” image and branding that will draw interest from a savvier demographic.
Offering more payment methods is also a wise, strategic move to expand the reach of the business, increasing the potential for profitability.
How You Can Accept Crypto In Your Online Gambling Business
Now that you know all the benefits to accept crypto for your online casino or gambling business, how can you get started?
Bankful is the best solution to help your gambling business break into crypto payments.
As a global solution, you have access to over 120 fiat currencies. This also includes US dollars.
You might be concerned about crypto’s market fluctuation. There is no need to. The BTC to the fiat exchange rate is secured from the time the transaction takes place.
Ready to get started? Bankful makes it easy for you with an easy, seamless online application process.
All you will need to provide is a few supporting documents. They include:
- Copy of ID or passport
- Corporate documents
- One month’s worth of business bank statements
- Bank letter or a confirmation of bank deposit information. It must show the business name, IBAN, or Swift information.
The Future Is Crypto
Despite the growing pushback by lawmakers and regulators, cryptocurrency is steadily securing its place as the future of currency. It is especially transforming the face of the online gambling industry.
For customers, blockchain technology offers unbeatable benefits to using crypto as payment, such as transparency, security, confidentiality, and reliability.
For business owners, it’s significantly less expensive to process crypto transactions.
As crypto adoption continues to grow within the gambling industry, it is fair to say that the future is indeed crypto.