By EWN • 23 March 2023 • 20:51
The iGaming Industry has experienced a significant surge in popularity thanks to the integration of cryptocurrencies into payment methods. Cryptocurrency payments provide greater security and anonymity and eliminate the need for intermediaries like banks, credit card companies, or payment gateways. The absence of intermediaries allows for reduced transaction fees, making crypto payments faster and more efficient than traditional methods.
For instance, a study by Mordor Intelligence has projected the global online gambling sector to grow by an annual compound growth rate (CAGR) of 11.5% from 2018 to 2028. This growth can be partly attributed to the implementation of cryptocurrencies in the iGaming sector.
Cryptocurrency payments offer increased security and privacy measures compared to traditional payment methods. Transactions are secured through cryptography, ensuring that players’ funds and personal information remain safe from cyber threats. Additionally, crypto transactions are more cost-effective as they bypass the fees associated with traditional payment processing. It allows iGaming companies to offer better bonuses, promotions, and lower house edges, enhancing the overall gaming experience for users.
The integration of cryptocurrencies in iGaming has led to a shift in user experience. Crypto transactions provide a layer of anonymity not available with traditional payment methods, as they do not require players to share sensitive personal information. The added anonymity may encourage responsible gaming and reduce disputes between players and operators. For example, Cloudbet offers a completely anonymous gaming experience, requiring only an email address and a Bitcoin wallet to get started.
The use of blockchain technology can revolutionise the iGaming industry by making it more secure and efficient. Thanks to its decentralised nature, it offers faster and more transparent transactions with heightened security. Smart contracts can also be used to ensure fair play in games, with the blockchain automatically executing contracts based on pre-set conditions.
In 2018, FunFair Technologies launched the first blockchain-powered casino platform, demonstrating the potential of blockchain technology in the iGaming sector. This platform offers unparalleled transparency and security to both players and operators.
The unique features of cryptocurrencies, such as lower fees, increased privacy, and pseudonymous identities, make them an attractive option for players. Offering zero-fee cryptocurrency payments can help players maximise profits while enjoying their favorite games. For example, Edgeless, an Ethereum-based casino, offers players fun playing blackjack online, poker, and zero-house edge games, allowing players to enjoy a fair gaming experience with minimal fees.
iGaming operators are increasingly investing in new technologies like blockchain and fraud-detection systems to protect their customers and businesses. Blockchain’s transparent nature allows operators to identify and prevent fraudulent transactions, ensuring a safe gaming environment for all parties involved.
In 2020, DAOBet, a blockchain-based iGaming platform, introduced advanced security measures, including random number generation and a decentralised affiliate system, to protect its users and maintain a secure gaming ecosystem.
The integration of cryptocurrencies into the iGaming industry has brought numerous benefits, making them an indispensable part of this rapidly growing sector. Crypto payments offer quicker, more cost-effective, and more secure transactions, promoting responsible gambling and minimising overspending. Blockchain technology has the potential to strengthen security protocols and boost gaming performance. As the iGaming industry continues to evolve, embracing the power of cryptocurrencies and blockchain technology will shape the future of online gaming, drawing in more players, offering better prizes and benefits, and fostering innovation in the sector.
By leveraging the advantages of cryptocurrencies and blockchain technology, the iGaming industry can continue to grow and adapt to the ever-changing landscape of online entertainment. As more players become familiar with the benefits of crypto payments and blockchain-based gaming platforms, the iGaming industry will continue to push the boundaries of innovation, making it more accessible, secure, and enjoyable for all.
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
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