How do casinos accept cryptocurrency payments?

Cryptocurrency payments have many advantages: convenience, confidentiality, low cost, efficiency, security, cross-border use and no chargebacks.

Of course, the trend for cryptocurrencies did not avoid online gambling, nowadays so-called bitcoin-casino or cryptocasino are actively developing.

How does your gambling project accept payments in cryptocurrency and which regulators are friendly?

The benefits of cryptocurrency payments for online gambling:

• More options for deposit and withdrawal

Being able to choose more options for deposits and withdrawals gives the player freedom to choose exactly how they want to interact with your gambling project. This creates extra convenience for the player and gives you a clear advantage, which increases the number of your customers. It is also worth adding that not all banks easily allow payments related to gambling, many banks have a clear policy that does not allow you to fund gaming accounts or receive payouts. Providing cryptocurrency payments integration will allow your players to choose the most convenient way to deposit the gaming account and obtain winnings.

• Confidential

Quite often, players don’t want gambling related transactions to show up on their bank statement. The level of privacy and anonymity that cryptocurrency payments provide is very attractive to users and can increase their loyalty as well as their time spent on your website.

• Low commissions

Bank commissions can be quite high for both the operator and the player. Cryptocurrency payments offer a cheaper alternative for everyone.

• Effectively

Depending on the merchant provider or method, depositing or withdrawing funds from an online casino website can take hours or even days. Cryptocurrency payments involve an almost immediate transaction, which is time-saving and keeps your customers satisfied.

• Safe

A completed cryptocurrency transaction cannot be edited, altered, revoked or tampered with. It provides both the player and the operator an additional level of security and confidence. It reduces the risk of fraud and can also be useful in disputes regarding overpayments or payments.

• Cross-border use

Cryptocurrencies have no borders and have the same value no matter what country the owner is from.

• No Chargebacks and Refunds

The problem with online gambling payments is that chargebacks and refunds are very expensive. In the case of cryptocurrency, transactions are immutable, meaning they cannot be reversed or revoked. Of course, if necessary, it is possible to return the money, but it must be done directly from the platform.

Which gambling regulators are friendly to cryptocurrency?

There are several jurisdictions where you can incorporate cryptocurrency payments with an online gambling license.  We recommend Curacao. Getting a license there is cost-effective, efficient and not too difficult. By obtaining this license, you will be able to provide your customers with all kinds of online gambling, as well as offer a number of payment methods, including cryptocurrency.

Another jurisdiction to consider is Kanawake. This Native reserve in Canada is known for its good reputation and reasonable application process for a gaming license. Although a Kanawake license is more expensive and takes longer than a Curaçao license, it carries a bit more weight in terms of prestige. Kanawake also welcomes cryptocurrency casinos with no additional licensing or permit requirements.

If you have a bigger budget, however, a Malta online gambling license will suit you; it also provides for cryptocurrency payments. This innovation is still in its early stages, but it is possible to apply. The Malta gambling license is the well-known gold standard of the gambling industry.