The cryptocurrency market has been gaining in adoption over the last few years. One of the markets where cryptocurrencies seem to be gaining the most adoption is gambling. It is expected because this is one of the markets where clients love their privacy and want multiple perks for playing and winning.
Instant bonuses can be among the perks that players get from online gambling companies. Gambling bonuses usually come in the form of direct deposits and also in free spins. Unfortunately, when paid out through conventional online payments, the payments are not private and can take time to reach the player. This is not the case with cryptocurrencies. When a player receives a payout in Bitcoin or any other top cryptocurrencies, it is possible to get the same instantly and in a way that no one can snoop in on the transaction.
Another factor that makes cryptocurrencies hugely attractive to gambling companies is transaction fees. Most conventional payment methods have fees. This can especially eat into the earnings of small players. It can also hurt players who love to gamble often since the fees are paid per transaction. With cryptocurrencies, a player can choose a crypto that has very low to practically no fees at all.
With all these advantages, it is clear that gambling companies that accept cryptocurrencies have the edge over their counterparts that don’t accept them. That said, even as gambling companies scramble to start accepting cryptocurrencies, the process is not without challenges.
For instance, they need to find credible payment gateways that perfectly balance the needs of the gambling company and those of the clients. This shouldn’t be a challenge if it were not for the wild west nature of the cryptocurrency market. This is a market where scams thrive, and some cryptocurrencies can put a gambling company at risk of being sued due to financial losses.
Luckily, there are options that a gambling company can use and integrate cryptocurrencies with ease. One of the best ones is to integrate a third-party cryptocurrency payment gateway.
Through such gateways, it is easy for a gambling company to integrate cryptocurrencies through an API. They get customer support and, in the process, avoid many issues that come with cryptocurrency payments. The best part about it is that, with a crypto payment gateway, the systems are already in place to ensure that customers can have the best experience possible when making cryptocurrency payments.
Key factors to consider in a cryptocurrency payment gateway
The main factors to consider when choosing a payment gateway are security, customer support, the number of cryptocurrencies it supports, ease of integration, privacy, and the use of social media. All these are factors that a gambling company cannot take lightly, as you will see below.
Gambling companies are liquid, and criminals know this, too. As such, these companies are always at risk of hackers looking to crack the systems and steal. While most centralized systems are usually at serious risk of getting compromised, cryptocurrencies may not pose the same risks. That’s because cryptocurrencies are decentralized systems with no single point of attack.
However, it is essential to note that cryptocurrency payment gateways are centralized systems, unlike the cryptocurrencies themselves. As such, they are at risk of being attacked since they are centralized.
When choosing a cryptocurrency payment gateway, it is essential to go for one invested heavily in security. Preferably, a gambling company can consider a cryptocurrency payment gateway that invests in proven security systems. These include 2FA, and authenticators, among others.
The idea is to ensure that at no time does the gambling company or its clients lose money, a situation that can lead to costly lawsuits.
Gambling companies receive deposits and make payouts to customers pretty often. Due to this frequency, the odds are that delays can come up in the process from time to time. This doesn’t matter whether the company uses a conventional or cryptocurrency payment gateway.
Essentially, it is best to consider a cryptocurrency payment gateway that can offer 24/7 support. Otherwise, the gambling company would be at risk of many client complaints that could lead to lost business over time.
In essence, cryptocurrency payment gateways that offer superior customer service are a perfect way to retain clients and draw in new ones to the company.
Multiple cryptocurrency payments
Gambling clients want their money in multiple currencies, whether fiat or crypto. In essence, it is in a gambling company’s best interest to go for a cryptocurrency payments gateway that handles multiple cryptocurrencies. It is also important to consider those that offer instant conversions to take care of volatility.
Ease of integration
Cryptocurrency payment systems are still a new thing and quite complex. This can pose challenges in implementation and, by extension, introduce security risks. In essence, a gambling company should aim for a crypto payment gateway with easy integration.
Social media is now more widely used than ever before. Besides being used as a tool for communication, social media is evolving and is currently being used in payments. In essence, to move with the evolving needs of consumers, a gambling company should consider a cryptocurrency payments gateway that integrates social media into the payments systems. Not only is it fun, but it makes payments faster and more private.
The best cryptocurrency payment gateway for gambling companies
There are multiple cryptocurrency payment gateways out there that a business can use. However, from our research, we believe that Payaabb beats them all. They have some of the best security features, which means a gambling company will never have to worry about dealing with security issues that can put company finances at risk or create issues with customers. Payaabb also works and accepts multiple cryptocurrencies, and customers and gambling customers can convert their crypto bonus payments into fiat almost instantly. On top of that, Payaabb has fantastic customer support available 24/7. There is everything to love about this payment gateway, especially for a gambling company that wants to use crypto payments as a major selling point.