Many believe cryptocurrencies are exclusive to brokerage firms and service providers that trade and exchange virtual coins and digital assets. In fact, cryptocurrencies have disrupted payment services, providing advanced solutions for any business that engages in monetary transactions.
iGaming is a growing industry, and the number of online casino operators and players is increasing year after year. These companies are known for adopting the latest technology in gaming and payment solutions, offering Bitcoin payouts with distinctive features.
However, it is crucial to adopt a crypto payment gateway for an online casino to accept payments in BTC or ETH. Let’s discuss the role of these gateways for online gambling sites and how you can choose the right provider for your platform.
Key Takeaways
- Blockchain payment gateway enables online gambling sites to accept cryptocurrencies, such as BTC, ETH, USDT, etc.
- Adding a crypto payment gateway for an online casino enables you to expand your reach and accommodate crypto users.
- Crypto payment gateways offer faster and more secure payment options than usual payment methods.
Understanding Online Casino Payment Gateways
iGaming and internet-based casino platforms offer online gaming experiences and gambling opportunities that entail spending money to win money by luck. The services offered by these providers range from casino games to betting, video games, e-sports and other virtual competitions that require gambling with money before participation.
Therefore, it is one of the largest industries dealing with payments and monetary transactions facilitated by gateways connecting the users’ wallets with the website’s merchant account.
Online casino platform operators have long used credit cards and bank transfers to facilitate new players’ registration and deposits. However, there is an increasing trend to accept crypto payments as a faster and more reliable solution for users to top up their accounts.
An online gambling payment gateway is the bridge between users’ crypto wallets and the gambling site’s account and the front-end interaction point between the customer and the website.
How Does a Crypto Payment Gateway for An Online Casino Work?
When a user opts in for crypto payments, they select the currency they prefer, such as BTC, ETH, USDT, etc and insert the amount they want to transfer. This initiates a payment request, where the gateway interacts with the crypto wallet to verify there are enough funds in the selected currency.
Then, the transaction information is sent to the blockchain, which verifies the legitimacy of the operation and registers the transaction in the blockchain before releasing the funds to the gambling site’s account.
Once the operation is successful, the merchant’s account sends the confirmation to the website, which transfers funds into the player’s account or delivers the promised service.
Why Add a Crypto Payment Method for Your Online Casino?
Crypto payment gateways rely on blockchain technology, which is being used largely in different industries, benefiting from its decentralised nature, besides the following features.
Faster Payouts
Traditional payment methods, such as credit/debit cards and bank transfers, are strictly controlled by the issuing or central banks, which oversee the user information and the transfer amount and incorporate different financial agencies to verify and settle the payment.
This operation might be instant or in a few minutes. However, the operation can take up to 3 business days in many cases, such as inter-bank and wire transfers. This may lead to customer dissatisfaction, especially for those who want to bet and play in the casino quickly.
Therefore, choosing a crypto payment gateway for online casinos is a faster option because it does not involve multiple centralised institutions in the transaction.
Blockchain transactions usually happen instantly, where players can quickly deposit and enjoy their experience and the gambling site owners realise their returns faster.
Global Reach
Casino gaming is restricted in some countries, and using a strictly controlled credit card might expose the player to legal repercussions if the bank tracks the destination of the payment.
Therefore, many players search for a crypto online casino to come around these restrictions and send and receive funds without governmental supervision.
This enables the online gambling site to expand its reach and target more customers, which benefits the casino operator’s financial position.
Lower Fees
Crypto payments are processed in the blockchain environment, where the only applicable fee is the miners/validators’ rewards, which contributes to the development of the decentralised ecosystem.
Thus, unlike commercial banks, blockchain is not a profit-oriented entity, making it a more affordable option for players and casino operators. In contrast, banks collect transaction fees and service commissions as their main source of revenue, which can be hefty in cross-border transactions or cash transfers.
Blockchain-based gateways involve fewer intermediaries, meaning that fewer commissions are incurred, resulting in lower charges.
Higher Security
Casino players regard their data and privacy highly, and many keep away from bank transfers to avoid submitting their payment details to their banks.
Therefore, adopting a cryptocurrency payment gateway for online casinos allows you to target this category of clients and offer various payout methods that preserve their personal information.
Finding The Right Blockchain Payment Gateway for Gambling Sites
Selecting a suitable crypto payment solution provider is not an easy task. There are many companies that offer similar services and many performance, legal, and security considerations that you need to consider.
Supported Cryptocurrencies
Blockchain payment gateways allow you to offer crypto payments. However, you need to consider the choice of coins that your customers prefer. Bitcoin is a popular payment method, and many crypto holders own or use BTC for different purposes, making it the number one choice.
Other cryptocurrencies, such as Ethereum, Matic, and XRP, have also gained a good reputation. These are some of the most popular coins with reliable blockchain networks, besides stablecoins that offer a valid payment method, such as USDT, USDC and EUROC.
Security Measures
Keeping your and your customers’ data anonymous is one of the biggest concerns for casino operators. Utilise a payment gateway for online casinos that uses variable destination addresses and does not reveal your wallet information, ensuring maximum security.
Additionally, ensure the wallet adopts security features that allow you to monitor and restrict risky transactions to maintain a healthy database.
Customisation
Choose a payment processor that is flexible and allows you to configure your interface, payment methods and privacy settings. White label payment gateways are the best choice in this matter, where you can customise the software according to your business needs.
Additionally, choosing a turnkey online casino payment gateway enables you to have a payment solution to your preference without building it from scratch, relying on the provider’s development efforts that let you brand and add the services you want to incorporate.
Processing Speed
Online gambling payment processing time is a top priority for casino players. Therefore, check out the processing speed of the crypto gateway provider and find if they use different blockchains, off-chain processing or layer-2-based cryptos that offer faster processing times.
A traditional payment method, VISA, can process an average of 25,000 transactions per second, while the new update of Ethereum expands its power to 20,000 – 100,000 transactions per second.
Conclusion
Crypto gateways offer faster payment processing for online gambling with more security features that make them superior to traditional payment methods. Accepting Bitcoin as a payment lets you quickly receive funds and deliver services, resulting in faster user engagement, where casino players can immediately deposit and play.
Adding a crypto payment gateway solution allows you to expand your reach and offer iGaming and betting services to more customers in new markets, improving your market and financial status.
However, choosing the right crypto payment gateway for your online casino requires some research to find the one that features high-security measures, flexible customisation and reliable processing speed that makes the customer experience more intuitive and efficient.
