The continued adoption of cryptocurrency across different sectors is evidence of its true test of relevance. Business owners now integrate crypto payment gateway (such as Pay AABB) into their payment systems to ensure that no one is left behind. You can pay for groceries, purchase a house or buy a new bike with crypto. Now, the space is advancing into gambling with crypto.
With cryptocurrency gambling, the rate at which crypto payments expands is exponential because operators now see a better alternative to reducing the charges associated with betting payments. Beyond that, there are other significant benefits attached to cryptocurrency gambling. This piece discusses crypto gambling, how it will affect crypto payments, and its advantages.
Overview of Cryptocurrency Gambling
When you try remembering the creator of Bitcoin, what comes to your mind is that they are likely to be of Japanese origin based on the name. That’s a million-dollar question the universe tries solving. On the other end, Yakuza is a popular Japanese word. And they are renowned for their sword nature. As a clan, they hold onto a sword as a sign of respect and a thing of heritage.
Yakuza’s double-edged sword is powerful that it can slice your way through and create a new path for you. Bitcoin and other cryptocurrencies are a Yakuza sword for individuals in the financial world. However, the double-edged nature of cryptocurrency makes it look like the world as a whole participates in online gambling. This double-edged nature is regarded as crypto volatility.
In that regard, cryptocurrency gambling can be viewed from two different perspectives.
The first interpretation of cryptocurrency gambling is widely accepted in the finance world. This means that individuals or users bet on the profit possibility of cryptocurrencies. They do this by buying crypto and holding it over a period before selling it for higher prices. Most times, this act of cryptocurrency gambling is called cryptocurrency trading.
Although you may not regard that as cryptocurrency gambling directly because it requires specific trading skills and analytical understanding, it is still a form of crypto gambling to a considerable extent. As for the second meaning of cryptocurrency gambling, it is a term used by online gamblers to leverage crypto as a payment method when they want to pay on gambling platforms.
How Cryptocurrency Gambling Will Rise Across the Space
Since time immemorial, gambling has been a part of human lifestyle. Although there was opposition towards it as the society believes it is a vice within the community. Nonetheless, some individuals (gamblers) indulge in it, and some firms keep giving them the platform to do that legally.
However, it doesn’t go without high charges attributed to it because regulators want to discourage people from indulging in gambling. These government policies include high taxes and increased transaction fees. Likewise, payment gateways like Visa place high rates on processing payments for gambling sites. These constricting policies and acts keep forcing business owners to seek innovative ways to conduct business.
But a single innovation changed the entire gambling ecosystem. That innovation is Bitcoin and other cryptos. The advent of Bitcoin and cryptocurrencies gives operators and players a new way to conduct business. Its decentralized nature makes it more popular in the gambling society. Most importantly, players who love financial privacy can now engage in crypto gambling with little to nothing to worry about.
Since the introduction of Bitcoin and other cryptos, some casinos and sports betting platforms now use crypto gambling as a selling point to growing their user community. As a result, other platforms are willing to accept crypto as a payment option on their betting platforms.
The adoption and popularity of cryptocurrency in the gambling society result from its benefits to the e-betting market. These benefits play critical roles in how crypto gambling infiltrates the iGaming sector. As a result, there will be an influx of new players into cryptocurrency gambling while the revenue increases across the entire board.
5 Significant Advantages of Cryptocurrency Gambling
In the nearest future, cryptocurrency gambling will be widely adopted. As a result, a new wave of operators and players will come into the ecosystem. And this is due to integrating crypto payments systems such as Pay AABB into iGaming and online betting platforms. This section examines the significant benefit of cryptocurrency gambling.
- Borderless and Superfast Transactions
Incorporating crypto payment method on your online platform is vital if you are intentional about reaching a global customer base. This makes it easy for individuals beyond your geographical location to use your platform without hassles. The transaction takes place in seconds, and it is not hackable. That means that no one can tamper with it. Ultimately, your users don’t need a bank account to make crypto payments.
The significant advantage of crypto payment is the elimination of international fees and the speed with which it happens over the internet. With crypto payment, you don’t have to wait till Monday to make a payment. You can do it over the weekends.
- Zero Chargebacks
Cases have it that customers will make a purchase, receive their order and request a chargeback by claiming that their payment was fraudulent. This results in enormous losses for business owners. But chargeback doesn’t happen with crypto payments except with the company’s consent. That’s because you cannot edit or reverse any transactions on the blockchain.
- Cost-Efficient with Cheap Transaction Fees
As an online gaming license holder, you would agree that using a crypto payment method for your online betting game is more advantageous than the conventional payment gateways. The transaction costs for conventional payment methods are costly, reducing the revenue generated.
But using payment gateways such as Pay AABB and BitPay can incur a small transaction cost of 0.5%. And this is lesser compared to the fiat currency payment methods. This saves you from losing much of your revenue to transaction charges. In the end, you can maximize the secured income from transaction fees into other aspects of business operations to grow your business better.
- Favorable Business Positioning
Integrating crypto payment systems into your online betting platforms attracts a good percentage of the tech-savvy generations. This positions you as a company that embraces innovation and is willing to engage them at the level they embrace technology.
- Privacy and Transparency
If you seek an extra security layer for your business as an operator of an online betting platform, incorporating crypto payment will serve the best purpose. Crypto transactions occur on the blockchain. This decentralized technology makes it impossible for anyone to tamper with a transaction. As a result, counterfeit payments, fraud, and theft hardly occur.
Crypto Jurisdictions for Crypto Gambling
As an operator, it is crucial to know the existing jurisdictions available for cryptocurrency gambling in your country of choice. This means you want to know the legal framework that guides the entire online betting ecosystem. That is because you don’t want a situation that will land you in the shaky hands of the authorities.
However, we have two kinds of jurisdictions. The first one is the jurisdiction where there is a legal framework guiding the industry as it grows. On the other hand, some jurisdictions don’t have any legal policy regarding that. Some choose to conduct business in the second kind of jurisdiction. This is not advisable because it might raise potential detrimental issues for your business.
When considering a list of significant jurisdictions with a reputable legal framework to guard the industry, Curacao, Kahnawake, Malta, and Costa Rica are highly recommended countries with such a system. These countries have legal policies that make acquiring an online gaming license easy with little to no tax. Ultimately, they have a well-developed system that supports cryptocurrency gambling.
Should You Participate in Cryptocurrency Gambling?
A very quick disclaimer. This is not financial advice. We won’t tell you to go ahead or not. But from the business point of view, it is evident that using cryptocurrency as a payment method for iGaming or online betting will serve a significant purpose. It will help businesses attract new customers and grow, reduce the cost of business transactions, and increase the revenue generated.