Cryptocurrencies are steadily conquering new markets – from the sphere of traditional finance to the entertainment industry. This truly disruptive technology does not just come into business, becoming an integral part of it, but also gives entrepreneurs new opportunities, often changing the very essence of traditional business models. NOWPayments invites you to take a closer look at the benefits derived from crypto payments in the gambling industry.
Key Points
- The use of cryptocurrency will provide an influx of clients and expand the market’s boundaries.
- Crypto casino owners significantly save on financial costs and minimize risks.
- With the help of cryptocurrencies, you can accept cross-border payments of any scale in a matter of minutes.
Expansion of client base
Cryptocurrency considerably expands the market and target audience: digital currency can be used anywhere with the Internet connection. For cryptocurrencies, the borders between states and the geographical location of the parties, in principle, do not matter. An online casino that accepts crypto payments gets ample opportunities to attract players from different parts of the world. It is also worth considering that there are quite large and well-established casinos in the online gambling market who have been working for decades, but exclusively with traditional payment instruments. This is an additional factor influencing the development of the crypto casino market. There is an opportunity to poach gambling enthusiasts from traditional services, differing from them only by accepting cryptocurrencies. Many users choose a crypto casino because it is more honest, transparent, and secure, and also allows you to remain anonymous. It is known that banks have access to information about user transactions. If a user’s transaction report contains a large number of transactions between gambling websites, the payment is likely to be refused in cases of private treatment. In the case of cryptocurrency, such a problem is out of the question.
Cost-cutting
By implementing a cryptocurrency payment gateway, you significantly save on costs. Cryptocurrency compares favorably with fiat with its low transaction fees, which can sometimes even reach zero. And in general, it turns out to be more profitable to maintain a crypto casino than a traditional one. At least because bank intermediaries are excluded, and the issue with tax regulators disappears. In addition, there are no chargebacks, since transactions in cryptocurrency are irreversible. The principle of irreversibility, which lies in the nature of cryptocurrencies, protects the casino from fraud by players and eliminates the problem of disputes. The activity of any casino is always a continuous struggle against prohibitions. In addition to the above-mentioned prohibitions on transactions, it will also be necessary to obtain permission to open bank accounts for accepting payments, and this is not easy to implement in every country. The crucial point is that cryptocurrencies allow transactions of any scale, from micro ones of 1 Satoshi to large ones of 1, 2, and even 100 BTC. Microtransactions in traditional payment systems are simply unprofitable since most of the funds are spent on fees. While large transactions can attract the attention of regulators and lead to the blocking of funds.
Staggering transaction speed
Crypto gambling is not only a safer and cost-effective alternative to the traditional one but also the fastest one. With cryptocurrency, transfers of funds that could previously take days are now confirmed in a matter of minutes and without unnecessary overpayments to bank intermediaries, which benefits both owners and players. To make a crypto payment, it does not matter which country you and your client are a resident of, transactions occur quickly and cheaply regardless of the location of parties. Another advantage of cryptocurrency is that any winnings you receive during the process are usually instantly transferred to your cryptocurrency wallet. Banks do not participate in the process: they do not check transactions, do not slow down the flow of funds. This creates favorable and trusting conditions between the parties and has a positive impact on the development of your business.
NOWPayments’ Crypto Casino API
After evaluating the advantages of crypto for the gambling industry, one may wonder how to start accepting crypto payments? NOWPayments follows trends and offers a customized solution for your crypto casino. We offer a smooth implementation of a crypto payment gateway, with which you will be able to accept more than 100 crypto assets. In addition, NOWPayments offers low fees, and the ability to handle the lowest deposit minimums. Be one step ahead and let your clients have the opportunity to use cryptocurrency as a payment.
Conclusion
It is almost impossible to refute the fact that cryptocurrencies work perfectly in the field of gambling. Cryptocurrency transactions are completely protected from banking interference, and also have such characteristics as fast speed, security, irreversibility, and transparency, which makes it an ideal tool for gambling. In addition, casino operators working exclusively with cryptocurrency are not subject to the same legal control or regulation as casinos that operate with fiat. Consequently, crypto casino operators have attractive business prospects in the ever-growing gambling industry.