Crypto payments are increasingly relevant in the iGaming sector, offering solutions to traditional issues like security, transaction speed, and cost reduction.
Security at a New Level
Traditional payment systems often face fraud risks such as chargebacks and data vulnerabilities. In contrast, cryptocurrencies provide transaction finality and minimize the need for storing sensitive information. E-commerce fraud costs merchants about 3% of total revenue annually, as per the 2024 Merchant Risk Council report, with first-party misuse and refund abuse accounting for nearly half of the cases.
Global Approach to Payments
iGaming is a global industry where payments often become a stumbling block due to national banking rules and restrictions. Utilizing cryptocurrencies allows overcoming these barriers, eliminating intermediaries and currency exchange issues. This is especially relevant in regions with limited banking access, such as Africa and Latin America, where crypto payments are becoming the only option.
Key Advantages of Crypto Payments
Crypto payments offer significant reductions in transaction costs. Traditional processors charge 3-5% per transaction, while cryptocurrency fees are much lower. For high-volume platforms, this can provide a competitive advantage. Speed is also critical: crypto transactions occur almost instantly, unlike traditional ones that can take days.
Crypto payments are not just a trend; they address real issues in the iGaming sector, including security, speed, and accessibility. For operators looking to stay competitive, leveraging cryptocurrency advantages is essential.
