The iGaming industry is growing incredibly fast powered by new technology and higher internet penetration. By 2025, the industry will exceed $100 Billion and with this growth comes new innovations. With a growing clientele base and unique demands, iGaming companies have to quickly adapt and deliver better experiences.
Cryptocurrency has emerged as a game changer and it has played a big role in the incredible growth of iGaming. Here’s how digital currencies continue to impact online gaming.
Enhanced Security
One of the greatest concerns in iGaming is security, with many clients complaining about the safety of transactions. Most of the traditional payment methods including debit and credit cards and bank transfer are vulnerable to cyberattacks. Clients risk losing their money, which puts the entire industry in jeopardy.
Most conventional payment methods require exchange of personal details over the internet and this is the situation cryptocurrency seeks to change. For instance, when you register at a casino to play free slots, you provide such details. When you want to cash out your winnings at a casino without cryptocurrency banking, you share even more details which expose you to cyber crime.
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With cryptocurrency transactions, there’s no exchange of personal details and this protects both the iGaming operators and their clients. Only unique addresses are exchanged when a client deposits money or withdraws money from their sportsbook or casino account.
Bitcoin has emerged as one of the most trusted payment methods in online gambling because of its enhanced safety features, and it has set the way for cryptocurrencies as the future of online gambling banking.
Faster Seamless Banking
Another major challenge in iGaming is the reliability of banking methods, especially when cashing out. Most clients have to wait for hours or days before they get hold of their winnings from casinos or sportsbooks. With cryptocurrency, everything now changes.
You can transfer tokens from your wallet to that of the casino or betting website in seconds, and the payment will reflect. Likewise, cashing out is instant and this promises to revolutionize the online gaming industry. For many casino players who had abandoned online sites due to unreliable payments, cryptocurrencies are a major attraction.
Privacy/ Anonymity
When a client uses a bank transfer or credit card to make a payment to a casino or betting site, such information can easily be traced. Many financial institutions also decline such payment due to jurisdiction restrictions.
Cryptocurrencies change the picture by making it easier for people to enjoy online gaming anonympously.at no point will you have to provide your personal details when depositing or withdrawing money.
Players in states where online gambling is not authorized can still enjoy their favorite games safely through cryptocurrency payments. The privacy accorded by cryptocurrencies continues to attract new players into iGaming.
Cheaper Transactions
With no middle-man in cryptocurrency transactions, payments are cheaper and hassle-free. One of the main reasons for the development of cryptocurrencies was to reduce regulatory oversight that leads to higher costs of online transactions.
iGaming enthusiasts can now enjoy more of their winnings by using cryptocurrencies as the fees are low. With traditional banking methods, a huge percentage of winnings from online gambling would go to the fees. For most transactions the fees are negligible and while some websites charge withdrawal fees, these are lower compared to traditional payments.
If you’re an investor in iGaming or a player, these are exciting times. The innovations in the industry continue powering this industry and unlocking new potential. For players and iGaming operators, cryptocurrencies offer safer, secure and more reliable payment solutions. iGaming companies don’t have to grapple with spiraling cases of cybersecurity incidents if they invest heavily in cryptocurrency. This innovative banking method enhances customer experience while at the same time streamlining payments.
