Crypto in iGaming is a new concept but it has changed the way players experience games. The technology has brought numerous benefits to the industry which has improved the experience for players and operators. The benefits of cryptocurrency are further boosted by blockchain technology on which crypto is built. As cryptocurrency continues the integration into iGaming, these benefits will be felt in more areas of the industry. In this guide, we will examine some of these benefits in detail and how they affect the iGaming industry.
Anonymity
Anonymity is one of the biggest benefits of iGaming with crypto. The social stigma that surrounds gambling and other similar activities hinders many players from participating. Traditional iGaming platforms require players to verify their identities using personal means of identification. These are required because of the AML (Anti-Money Laundry) and KYC (Know Your Customer) laws guiding the operations of gaming websites. With cryptocurrency, you can play Bitcoin crash game and other titles without providing your personal details to operators. This bottleneck is removed because the player’s identity is protected and they are not required to reveal their identity to access their favorite games.
Security
Cryptocurrency gaming websites are secure because of their infusion with blockchain technology. The blockchain is immutable and unhackable so all transactions performed on it are safe and secure. Players do not need to worry about the activities of hackers because all transactions are validated by the nodes connected to the blockchain network. This makes it easy to weed out fraudulent transactions and remove bad actors from the network. When players can gamble in safety, it will attract more players to the industry. This will increase the player base and widen the market scope for operators.
Fast Transactions
Transaction speed is an important part of the gaming process. Players want their funds withdrawn or deposited with speed. The transaction time of traditional payment methods differs as it ranges from 10 minutes to 5 days. If players do not receive their funds on time, it slows down their ability to play their favorite games. With cryptocurrency, players can deposit and withdraw funds instantly using the blockchain. Cryptocurrency eliminates the need for middlemen which makes transactions faster. Funds are sent from the originating account directly to the receiving account via the blockchain. This speeds up play and allows players to collect their winnings instantly.
Transparency
The blockchain might be anonymous, but all transactions are transparent. Users can see where their crypto is going and what amount is being sent. The obscurity present in traditional means of payment is absent which makes it easy for players to verify transactions. It also eliminates any hidden fees as all funds can be traced in full. Through the use of smart contracts, players do not have to be physically present to verify all transactions which improves the efficiency of the transactions. As all transactions are set in code, players can review any changes and accept or reject them. This fosters better trust and understanding between players and operators.
Fair Games
Fairness is an important feature of games played on iGaming websites. If games are unbalanced or rigged, it will drive players away and break the trust between operators and players. This is why operators pioneer the use of RNGs (Random Number Generators) to create balance and fairness in games. Cryptocurrency takes this a step further by introducing the blockchain and decentralization into these games. This makes them even more balanced because players can see what happens in the back end of the game. It also allows players to trust the information provided by the developers regarding important mechanics within the game.
Unique Bonuses
Cryptocurrency allows operators to create unique bonuses that are not possible with fiat. These bonuses are sometimes of a higher amount than regular bonuses which makes them have a higher value to players. The use of these bonuses allows operators to reward new and existing players for the use of their platforms. Special access tokens, NFTs, and other perks unique to cryptocurrency are given to players as rewards. These rewards can then be used on the platform following the terms and conditions provided by the website. Just like traditional bonuses, these bonuses could come in the same format like welcome, reload, and cashbacks.
Accessibility
Cryptocurrency is accessible from anywhere in the world. This is good news for players and operators as it ensures that they can connect regardless of the distance. Some players live in regions where they are disconnected from the iGaming ecosystem. This diminishes the market and prevents operators from distributing their services to willing users. Through the use of cryptocurrency, operators can reach users all over the world. Players can also access their favorite games with location or currency restrictions due to their jurisdiction. This is a win-win scenario for both parties as it connects willing players with operators who want to serve their needs.
Low Transaction Fees
Transaction fees are the bane of most players as they eat into their bankroll. These fees are due to the use of traditional payment methods which charge users for their services. These charges can range from 1% to 5% depending on the payment processor used for the transaction. Using cryptocurrency, these extra charges are eliminated and users can pay below 1% in network fees to move their crypto from their wallet to the iGaming website and vice versa. This helps players to conserve their bankroll as they now have more money to play their favorite games. In addition, it increases the amounts that players can deposit and withdraw at a fraction of the cost charged by traditional payment methods.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news, and distribution to create an unparalleled, full digital medium and social business networks spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems
