iGaming has experienced explosive growth in recent years. The unregulated market operates in parallel to the strict regulations imposed by the authorities. In this context, cryptocurrencies, especially Bitcoin, have gained considerable traction, offering players an alternative payment processing alternative.
Although there is no official data, the unregulated market in iGaming, largely driven by Bitcoin transactions, moves between $100 and $200 billion annually worldwide. In Spain, this figure is estimated at between $2 billion and $3 billion.
Regulated operators must take advantage of the innovation that Bitcoin offers and attract this market to secure and regulated environments.
In this article, we will explore the benefits of implementing Bitcoin payments in iGaming, from a regulated perspective and in line with Clovr Labs’ vision.
4 benefits of implementing Bitcoin payments in iGaming
Fast and secure transactions
One of the main advantages of implementing Bitcoin payments in iGaming is the speed and security of transactions. The blockchain technology underlying Bitcoin allows funds transfers to be made almost instantaneously.
This means the ability to process deposits and withdrawals more efficiently. Thus, users will have a better experience and greater satisfaction. In addition, the security inherent in blockchain technology helps protect transactions from fraud and manipulation, giving both operators and players peace of mind.
The Lightning network, the Bitcoin scalability layer we work with at Clovr Labs, amplifies these benefits. What it does is enable instant transactions off the main Bitcoin blockchain. This not only improves the speed of transactions, but also provides a smoother and more seamless user experience.
Reduced costs and improved user experience
Another significant benefit of implementing Bitcoin payments in iGaming is the reduction of costs associated with financial transactions. Unlike traditional payment methods, Bitcoin offers a cheaper and more efficient alternative. It is about avoiding high fees and additional commissions.
By using Bitcoin to process deposits and withdrawals, iGaming operators can significantly reduce operating costs. This translates into higher profit margins and more competitive prices for users. Moreover, the elimination of financial intermediaries contributes to a more seamless and frictionless user experience.
Bitcoin technology also ensures the transparency and integrity of transactions. And this helps build user trust and loyalty.
Eliminating chargebacks
Chargebacks are a frequent source of headaches for iGaming operators. They can result in significant revenue losses and compliance issues. However, by implementing Bitcoin payments, this risk is drastically reduced. This is made possible by the irreversible nature of transactions on the blockchain.
Bitcoin, being a decentralized digital currency, eliminates the possibility of chargebacks by requiring confirmation of all transactions by the network. Once a transaction is made in Bitcoin, it cannot be reversed or canceled. It provides greater security for both traders and users.
The elimination of chargebacks offers a significant reduction in the costs and risks associated with payment processing. And a safer, risk-free payment experience also helps build long-term customer trust and loyalty.
Attracting new customers
The adoption of Bitcoin payments in iGaming can be a powerful marketing tool to attract new customers. Offering innovative payment options tailored to users’ needs can make all the difference in attracting and retaining them.
For many users, the ability to transact in Bitcoin offers greater privacy and security. By offering this option, iGaming operators can reach a wider and more diverse audience, including the unbanked.
In addition, partnering with a recognized and trusted brand in iGaming can increase users’ credibility and trust in the platform. By offering Bitcoin payments in a regulated and secure manner, operators can differentiate themselves from the competition. Not only that, but they can also position themselves as market leaders in terms of innovation and security.
Implement secure and regulated Bitcoin payments with ElenPAY
The implementation of Bitcoin payments in iGaming brings a number of exceptional advantages, which should not be limited only to the unregulated market. ElenPAY, Clovr Labs’ Bitcoin payment platform, is the trusted and regulated solution for this transition.
The close collaboration between Clovr Labs and regulators ensures that the implementation is secure and compliant. ElenPAY offers a robust infrastructure with the necessary support to ensure legality and transparency of operations.
We work to help the iGaming industry have a safer and more regulated future without neglecting innovation. With Clovr Labs’ support, operators can adopt this innovative payment solution with confidence.
Contact us to explore how to implement Bitcoin payment processing in a regulated and secure manner.
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