Why Are Many iGaming Players Using Crypto?

If you’ve spent time in the online gaming world lately, you’ve probably noticed a trend: more and more players are converting to cryptocurrencies. We are talking about Bitcoin, Ethereum, and other altcoins that are no longer niche options.

What was introduced as a niche market, it grew into something bigger that is changing the global economy as we speak. There are many gamers that use cryptocurrencies to fund accounts, place bets, and even cash out winnings. The question is - Why? What is it about crypto that has caught the attention of iGaming enthusiasts?

Well, there isn’t a straightforward answer to this question. There isn’t one thing that convince people to ditch the old FIAT systems and move into crypto, but rather a handful of things like convenience, security, freedom, and privacy. Online gaming, whether we are talking about sports betting, virtual slot machines, or playing poker and blackjack, has always been about having fun, but also about privacy, trust and speed.

Cryptocurrencies solve exactly those problems. Players can now deposit and withdraw money instantly, their winnings are available without any delay, the transaction fees are smaller, and nobody asks for their ID, or other personal information, making the entire process more private.

What Makes Crypto So Appealing in iGaming

A bunch of factors. For starters, cryptocurrencies provide an unmatched level of speed. When we compare them to FIAT transactions, we can see that cryptocurrencies are on a whole new level. So, what would you prefer - waiting a week to get your winnings or get them instantly with crypto? The choice is obvious.

But transaction processing times aren’t the only reason why gamers are switching to cryptocurrencies. There is also a big movement towards internet privacy. With so many traditional iGaming companies requiring ID documents, personal data, or sensitive information, gamers are more cautious with whom they share their data. And since crypto is more private, the choice again is simple.

On top of that, traditional financial systems that were used in the iGaming world for decades feel outdated. First of all, not only are processing times ridiculously long, but banks also take a fee from each transaction. And for what? Why would you pay 5% of your profit to a bank only for processing your transaction? It doesn’t make any sense.

The good thing is that crypto isn’t the only alternative. Many online financial platforms specialize in iGaming payments like Genome. They offer FIAT transfers with zero delays, all transfers go through the SEPA network, and the entire process is secure.

So, if you want a change from the old financial system but you are not ready to move into crypto, online financial platforms might be the solution.

Flexibility Across Borders

Another factor that’s pushing players towards crypto is global accessibility. As we mentioned before, cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and others aren’t niche anymore. Big corporations are investing in them as we speak, and even people who don’t know much about tech are talking about crypto.

This means that cryptocurrencies are more available than ever before. Why? Well, just because of the blockchain network that doesn’t know about borders. Online gaming, especially gambling sites, have to meet tight regulations, and it is always difficult to manage cross-border transactions and user management.

There are regulations, currency conversions, banking fees, transfer delays, you name it.

However, cryptocurrencies simplify this process. In other words, you can access any online casino in the world, make an account, and place a bet, no matter your location, country, or regulations.

This flexibility makes it easier for platforms to offer promotions, bonuses, or rewards since they can be processed instantly. On top of that, having access to such casinos, while traditional options are limited, makes it much easier for the iGaming industry to grow.

Changing the Player Experience

Now, let’s talk more about the entire experience, since crypto isn’t just about speed and security. Players who use cryptocurrencies feel more in control and are able to fund accounts and withdraw their winnings on their own schedule.

Plus, for those who want to experiment with different platforms, crypto makes it easier to explore new games without worrying about international banking complications.

The new crypto wave in the iGaming industry also opened the door for innovation. iGaming companies are pushing NFTs using blockchain technology, they are offering unique rewards, and they are building a blockchain infrastructure that is more trustworthy than any other traditional casino, since it is publicly available.

The Future of Crypto in iGaming

So, if crypto managed to dominate the iGaming industry in just a few short years, what can we expect from the future? Well, this trend isn’t going anywhere anytime soon. We expect more platforms to join this fast-moving train and accept crypto payments.

We also expect new regulatory frameworks in several regions (mainly in the US with the pro-crypto government), which will spark a new move and add fuel to the fire.

Therefore, the iGaming crypto infusion will continue to dominate in the future. The question is, how fast can you adapt to this change?