It really is not surprising that crypto is knocking on the doors of the gambling industry. This former niche industry has become more mainstream because more innovative ideas have been embraced to improve gameplay. You’d probably even wonder: the crypto casino market has already surpassed $250 million and is expected to grow further in the next few days.
So, what do you think is fueling this growth? Well, this is just an example of the many questions that often fill the hearts of crypto enthusiasts and other tech aficionados. And if you want to discover more about this subject, you have just arrived at the right place. This article will go into depth about how crypto is changing things in the casino industry, among many other fascinating insights.
Crypto’s security appeal
Online security has become a critical subject in the casino industry. With the number of players expected to reach 291.m by 2029, according to Statista, this sector has become a prime target for cybercriminals. In fact, just in 2023 alone, about seven in ten online casinos encountered attacks, worldmetrics.com reported. Such statistics are a testament to the fact that you can’t ignore online safety.
Thankfully, casino Bitcoin platforms can help by taking advantage of crypto’s secure infrastructure. Blockchain’s immutability, for instance, ensures that once transactions are recorded, they can’t be altered. This helps reduce the chances of chargeback fraud while keeping players’ funds safe. Moreover, using a digital wallet address instead of providing personal and financial information can really help keep data confidential.
And for players who favor privacy, crypto casinos have you covered. The blockchain infrastructure ensures game outcomes are transparent and can’t be tampered with, strengthening player trust. Remember, the online casino industry has become very competitive, and, as an operator, you want to take advantage of every available opportunity to encourage player trust. Thankfully, crypto’s transparency can help you with this.
The growing demand for instant payments
Payment experience is a great part of the overall customer experience. And looking at the statistics, Electronic Payments International revealed that payments were at the heart of the customer experience strategy of up to 59% of companies.
As if that were not enough, the study noted that 57% of retailers say poor payment experiences can really hurt business performance. In the casino industry, where everyone is seeking to stand out, offering great payment encounters can really be beneficial.
And one of the things that qualify crypto transactions for this is their speed. By the way, doyou actually know that, in the broader e-commerce sector, 78% of consumers rank instant payments as a critical customer satisfaction feature? And that really explains why casino operators are opening up to this intriguing technology.
Plus, crypto transactions are way cheaper. Besides receiving them instantly, you won’t need to spend a lot of money paying intermediaries to complete transactions. And what better way to target financially excluded communities than to adopt crypto payments? As long as they have smartphones with good internet connectivity, they will be good to go.
The need to be customer-centric
Humans, being who they are, will want to spend their resources in places where they can find value. After all, why would you want to transact with brands that don’t cater to your preferences? With the growing popularity of digital currencies, a good number of users seem to expect businesses to adopt them.
In fact, a recent study by Swapin noted that 68% of individuals want more opportunities to pay using digital currencies. As per the study, 81% of gamers already use them to pay for game-based purchases. More online casinos might use such statistics to implement these kinds of payment methods in an effort to cater to multiple preferences.
Don’t also forget that the number of crypto users is increasing. And now that a pro-crypto administration has risen to governance in the US, more people could join the crypto industry.
Surprisingly, some studies already agree with this, claiming that 56% of US financial advisors intend to invest in digital currencies. What about if this only mirrors a broader trend? If it does, the number of users expecting crypto payments at online casinos may actually increase, putting pressure on operators to integrate them.
The best part of being customer-centric is the likelihood of attracting and retaining many customers. Actually, Superoffice CRM claims that businesses that go in this direction can increase profits by up to 60% more than those that don’t. And this could encourage more operators to adopt the crypto technology, fostering its popularity in the casino sector.
What is our final verdict?
One might as well have thought it absurd to believe that crypto could ever, in reality, penetrate the sector of casinos, especially after the launch was accompanied by countless criticisms. But certainly, it is what is becoming a few years later.
Nowadays, operators, in their quest to stand out, have found cryptocurrency an effective way to do so because of its features. For instance, its ability to effect instant payments, which is a highly sought-after characteristic in such an industry, has made the technology go further in enticing customers to play.
With such a decentralized environment, crypto transactions are a lot quicker and safer. In fact, for those players who love privacy, this technology creates an avenue devoid of personal information, thereby lessening exposure to attacks. And maybe this is just the start of a trend that may soon come to be the norm.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
