When you think about it, centralized payment companies have dominated the iGaming industry since its inception. Some of them are not even reliable. Yet, they make millions of dollars annually by being intermediaries.
Crypto is changing the iGaming industry’s financial sector for good. It eliminates the middleman, allowing casino players to interact with gambling sites directly. In this guide, we’ll break down 7 unique benefits of having crypto in the iGaming industry. Let’s dive right in:
Peer-to-Peer Transactions
Cryptocurrencies like Bitcoin and Ethereum operate through a decentralized ledger called the blockchain. This ledger keeps all records transparently and permanently.
No one can alter payment details completed through the blockchain. However, each transaction must be verified by independent computer nodes to avoid duplication of payments.
When it comes to sending payments, all you need is to use the private keys that prove you own crypto in the blockchain. Let’s say you have 1 BTC purchase on an exchange. You receive two keys required for sending and receiving payments.
If you want to deposit money to a casino, all you need is to access your Bitcoin wallet. Next, you enter the casino’s address and specify the amount of BTC you want to send. Crypto payments are usually fast—varying from less than a minute for altcoins to 10-20 minutes for Bitcoin.
Borderless Payments
Bitcoin is a decentralized financial system. No single entity owns it. Instead, crypto is managed by thousands of computer nodes spread out across the world. Decentralization means anyone can use crypto for casino payments.
The only catch is that you need to find a casino accepting crypto that also accept players from your country. Look for sites that award you a bonus after you complete your first deposit. It will help balloon your bankroll.
Also, search for trustworthy sites. Just because it’s a casino with Bitcoin support does not mean it treats players well. Read online reviews to discover what experts and players say about the casino.
Gamblers aside, crypto helps online casinos reach a broader audience. Think about companies that target players from third-world countries. Some e-wallets don’t work in these countries. And local banks might be opposed to gambling payments.
Crypto is the only viable payment option. And as mentioned, Bitcoin doesn’t care about how you plan to use your money. You can send your crypto to a friend, casino, or charity. As long as you provide the right address, your BTC payment will be successful.
Protection from Credit Card Fraud
In 2020, online businesses lost $28.58 billion to credit card fraud. This figure is expected to reach $49 billion by 2030. Fortunately, crypto offers a solution to credit card fraud—it does not support chargebacks.
As a player, you must be careful about the casino you’re sending money to. You can’t enter the wrong address or deposit funds to a blacklisted casino. You won’t ever get your money back.
On the other hand, casinos no longer have to worry about credit card chargebacks. You see, most card issuers provide chargebacks to their customers. Some people take advantage of these chargebacks.
They deposit money into a casino and even claim a welcome bonus. Next, they gamble away their money. But after they lose, they call their credit card companies to ask for a chargeback.
A casino can always dispute a chargeback claim. But it comes at a cost. The average chargeback claim costs $20 to $100. Overall, a business could lose up to $200 for every $100 chargeback claim.
The Blockchain
Before Bitcoin, the blockchain didn’t exist. Now, it has become an integral part of how hundreds of businesses operate. In the casino space, blockchain technology is revolutionizing game creation.
Many casino games come from centralized software providers like Microgaming, NetEnt, and Evolution. These companies generally create fair, high-quality games. They’re also regulated to maintain high standards in the industry.
That being said, it’s impossible to verify fairness in a game created by a centralized company. This is especially true for new studios not regulated by respected organizations like the Gambling Commission.
The blockchain provides a way to create provably fair casino games. Each slot machine or table game has an algorithm whose fairness you can check on the blockchain. You can check how the reels worked before the random number generator chose the winning symbols.
Quick Transactions and Low Fees
We know—crypto isn’t the only fast payment method out there. You can deposit money instantly through e-Wallets like PayPal and Google Pay. However, e-wallets don’t operate in every company. And they aren’t always cheap.
Bitcoin not only provides fast deposits, but it’s also cheap. It doesn’t matter your geographical location. You can transfer $1 million worth of crypto from Japan to Brazil for the same fee as someone making a local payment.
To be clear, cryptocurrencies differ in their payment speeds and fees. Although Bitcoin is the world’s biggest cryptocurrency by market cap, it’s neither the fastest nor the cheapest.
If you want to deposit money to casinos instantly, use alternative coins like Ripple, Solana, and Fantom. Some coins charge you less than 1% of your money to process a payment to any part of the world.
High Limits and Huge Bonuses
Bitcoin is one of the best payment methods for high rollers. It’s decentralized, meaning you can use it to transfer as much money as you want. Of course, most casinos won’t allow you to spend an unlimited amount of money.
They have deposit and withdrawal limits. Usually, the limit for paying with e-Wallets and credit/debit cards is $10,000. Crypto casinos have much higher limits—up to $100,000.
Beyond limits, crypto payments attract huge bonuses. Think about this. If you plan to spend 1BTC on slot machines, you can expect a generous bonus. Most casinos match your deposit amount.
So, if you deposit 1BTC, you receive 1BTC as a bonus. Considering Bitcoin costs $28,000 at the time of writing, it’s a lot of money to receive as a welcome bonus. For clarity, you can also get Ethereum and Litecoin bonuses at most BTC casinos.