Published in cooperation between Winz.io and the Bohemian
From 1994 onward, the rapid digitalization of people’s lives positively affected the iGaming industry, causing it to gain widespread popularity. The expansion of iGaming not only encompassed the online gambling sector, but also different gaming genres as well.In the past few years, this sector has been transformed into a billion dollar industry. Statista reported that this sector is projected to earn revenue of $97.15 billion by the end of 2024.
As much as the harnessing of the internet is among the best things to have happened to iGaming, the industry is set for a new dawn. The integration of crypto assets including Bitcoin into these platforms may subsequently open new frontiers for growth in this sector. We’ll try to paint a picture of how Bitcoin is changing the gambling industry and making it more exciting.
Brief History of Crypto and iGaming
Bitcoin has gained a massive reputation since its release in the 2010s. Priced at only a few cents after its launch, this token is currently one of the most valuable cryptocurrencies worldwide. The exponential growth of Bitcoin can be attributed to its widespread adoption in many aspects of human life, especially gambling. As more bettors and operators learn about the benefits of Bitcoin, these digital assets will become the mainstream currency in the online gambling sector.
Bitcoin’s decentralized ecosystem has been making waves in iGaming for a long time now, and has the potential to open up a new world of possibilities. That’s why you’ll find several crypto-powered games on gambling platforms worldwide, including the popular option to play Aviator by Spribe, which has gained traction among crypto enthusiasts. These new alternatives are almost as numerous as traditional games, offering exciting ways to engage with digital currencies.
Today, iGaming platforms are everywhere, with many gaining licenses from reputable regulators. In such cases, bettors can trust the quality fairness of games on the platform, including the depositing and withdrawal channels on the platform.
What are the Benefits of Bitcoin to iGaming?
Bitcoin and cryptocurrency assets are powered by a decentralized ecosystem that offers several benefits to the iGaming sector. Now, let’s explore how each of these benefits enhance your overall gaming experience.
Supports Enhanced Privacy and Anonymity
One of the most prominent benefits of Bitcoin and cryptocurrencies in general is that they do not require users to submit their personal details before using them. There’s little or no personal registration required to use a crypto wallet to send or receive money. As a result, iGaming users can maintain privacy and anonymity when playing online and interacting with others.
In contrast, traditional payment methods often require their users to submit their personal information during registration. Many users and online bettors are wary that this information may fall into the wrong hands which may result in identity theft, and unwanted tracking of gambling activities.
Bitcoin’s enhanced privacy and security is especially useful for online users hailing from regions where strict regulations are placed on IGaming and all related activities. By relying on these crypto assets for payments, they can explore these platforms without fear of governmental or societal scrutiny.
Supports Faster Deposit and Withdrawal Transactions
Speed is a key factor in iGaming and every passionate bettor appreciates it, with certain individuals expecting cut out processes on every platform they visit. If a player wishes to make a withdrawal or add funds into their account, and there is a delay, it can be quite irritating.
Yes, traditional payment systems like bank wires or even credit card transactions have existed for a relatively long while. However, these payment platforms may experience issues making it take several hours or days to process transactions, especially international payments.
But in the case where the decentralized system is utilized, Bitcoin’s transactions can be completed within at least ten minutes, depending on user location. There are no delays as there is no need to go through other parties to verify payments. With Bitcoin, instant deposits and withdrawals are possible, letting you concentrate on your gaming skills instead of long wait periods.
Due to the blitz-fast crypto transaction rate, gamers benefit as they are able to execute most processes at a quicker rate and within the preferable time. What’s even more exciting is that there are no extra costs aside from the game fees.
Lower Transaction Fees
The cost of gambling transaction fees pose a challenge to both players and operators when they have to choose one out of several payment methods. The problem is further aggravated because high processing fees are charged by most traditional payment systems, particularly during international payments and usage of credit cards. Such additional costs diminish the players’ bankroll or nibbles the profits of the operators thus rendering the entire iGaming cycle less attractive.
However, transaction costs are greatly mitigated in the case of Bitcoin. This reduction is because Bitcoin payments need not go through any financial institutions. Hence, the fees are reduced to an almost negligible rate. There’s also no need for numerous confirmations when carrying out these transactions—thus making the buying and selling of Bitcoin to be seamless, effective and appealing. Due to their cost-free nature, crypto transactions are referred to as cost-free transactions and they seem to be an attractive option especially for players or operators who have a high turnover of transactions on a daily basis.
Robert Anderson is an experienced writer and analyst in the iGaming sector. With over five years of industry expertise, he has contributed to numerous high-profile publications, offering insights into market trends, emerging technologies, and gaming strategies.
