The iGaming industry has always been competitive. Today it is even more so as the demand for online gambling is at a peak. A great number of novel iGaming platforms launch every year, each using innovative means to stay ahead of the pack. Hence, it wasn’t surprising when this industry was amongst the first few to engage with cryptocurrency gambling.
As they’re highly secure, cryptocurrencies add significantly to a gambling brand’s trust value. Hence, online casinos are expected to transact in a wider range of cryptocurrencies especially coins other than bitcoin. Ethereum is giving bitcoin tough competition when it comes to decentralized finance. In Q3, 2019 online casinos witnessed more than 1.1 million cryptocurrency transactions per day. These took place using Bitcoin, Ethereum, Litecoin, Monero, DASH and Bitcoin Cash.
As far back as 2013, online gambling transactions contributed more than 50% to all the bitcoin transactions happening online. Although there are many ways in which one can use cryptocurrencies, iGaming continues to be the most popular among them. However, will the constantly rising adoption of cryptocurrencies further improve the number of crypto transactions at online casinos this year? Let’s find out.
More awareness will lead to more users
For more than a decade, a great multitude of people on the internet had been supporting the use of cryptocurrencies. However, it wasn’t until the bitcoin’s value skyrocketed a few years ago that masses came to know about the existence of such currency.
The price aspect of bitcoin acquainted it to the general populace who were intrigued by its volatility. They then discovered other types of cryptocurrencies and their advantages over fiat currencies. In a way, Bitcoin played the headline act, well-supported by the likes of Ripple, Litecoin and Ethereum. The raised awareness about cryptocurrencies proved instrumental in vendors and public accepting their validity.
The decentralized nature of cryptocurrencies has encouraged people seeking privacy in their transactions to move beyond Bitcoin, and explore Monero etc. for even greater anonymity. This aspect is particularly useful to iGaming lovers who don’t like their activities reflecting in their monthly bank statements. The cryptocurrencies’ format itself is such that it provides players with an economical and quicker means of making hassle-free withdrawals/deposits from/to their online gambling accounts.
Nevertheless, just the fact that more people are willing to embrace and use something isn’t good enough for a business to accept it. There should be something in it for them too. In the case of cryptocurrencies, even platforms stand to gain a lot in terms of transparency, added security and instant transaction speeds. All these translate into zero chargebacks and lower running costs for the iGaming platforms.
Benefits of cryptocurrency gambling
Today, both operators and players are becoming increasingly aware of the benefits offered by cryptocurrencies. Online casinos which already accept cryptocurrencies will use it to their advantage as a selling point and grow their client base. Simultaneously, more platforms will show receptiveness in adopting cryptocurrencies as a valid form of payments and withdrawals.
Hence, online casinos can expect a constant rise in crypto transactions throughout 2020. Gradually these transactions will become a new norm in the global digital industry.
If you are thinking about starting a blockchain company, an online casino, or want to branch out into cryptocurrency gambling, get in touch with us today!