How can gambling accept payments in cryptocurrencies?
Cryptocurrency payments have many advantages: convenience, privacy, low cost, efficiency, security, cross-border use, and no chargebacks.
Of course, the trend for cryptocurrencies has not bypassed online gambling either, so-called bitcoin casinos or crypto casinos are actively developing today.
How does your gambling project accept payments in cryptocurrency and which regulators are friendly to this method of accepting payments?
Advantages of payments in cryptocurrency for online gambling:
1. More options for players to deposit funds
A wider selection of ways to fund a gaming account gives the player the freedom to choose exactly how they want to interact with your gambling project. This creates additional convenience for the player and gives you an obvious advantage, which in turn increases the number of your customers.
It should also be added that not all banks easily pass payments related to gambling, many banks have a clear policy that does not allow replenishment of game accounts or receive payments. Ensuring the integration of payments in cryptocurrency will allow your players to choose the most convenient way to fund their game account and receive the funds won.
Quite often, gamblers don’t want gambling transactions to be displayed 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 the time spent on your site.
3. Low fees for everyone
Banking fees can be quite high for both the operator and the player. Cryptocurrency payments offer a cheaper alternative for all participants in the transaction.
Depending on the merchant provider or method, deposits or withdrawals from an online casino website can take hours or days. Cryptocurrency payments involve almost instant transactions, which saves time and makes your customers happy.
A completed cryptocurrency transaction cannot be edited, altered, revoked, or counterfeited. This provides both the player and the operator with an additional level of safety and confidence. This reduces the risk of fraud and can also be useful in disputes over overpayment or payments.
6. Cross-border use
Cryptocurrencies have no borders and have the same value regardless of which country their owner is located in.
7. No chargebacks or refunds
The problem with online gambling payments is that chargebacks and refunds are very expensive. In the case of cryptocurrency, transactions are immutable, that is, they cannot be reversed or revoked. Of course, if necessary, you can return the money, but this must be done directly from the platform.
Which gambling regulators are crypto-friendly?
There are several jurisdictions in which you can integrate cryptocurrency payments with an online gambling license. We recommend – Curacao. Obtaining a license there is cost-effective, efficient and not too difficult. Having received this license, you will be able to provide your customers with all types of online gambling, as well as offer a number of payment methods, including cryptocurrency.
Another jurisdiction worth considering is Kahnawake. This indigenous wildlife sanctuary in Canada is known for its good reputation and sane gambling license application process. Although the Kanavke license is more expensive and takes longer than the Curacao license, it carries a little more weight in terms of prestige. Kahnawake has also welcomed cryptocurrency casino without additional licensing or permissions requirements.
If you have a larger budget, the Malta online gambling license will suit you, it also provides payments in cryptocurrency. This innovation is still in its early stages, but it is possible to apply. Malta’s gambling license is the well-known gold standard for the gambling industry.
How to connect cryptocurrency payments to your gambling project?
You should select the right merchant provider, go through compliance and integrate. You can find out about the available options for cryptocurrency payments and about additional nuances of connections from our team directly in telegram: https://t.me/legarithm_bot.