One of the most outstanding developments in iGaming in recent years has been the integration of cryptocurrencies. These began to be used in the industry around 2013, when they started to be integrated as payment methods in betting platforms.
Their adoption has grown significantly in recent years due to the advantages they offer. However, a lot of confusion and mistrust still persists regarding this innovative technology and payment method.
In this article, we will explore what cryptocurrencies are, especially Bitcoin, as well as some key statistics and trends about their use in iGaming that are transforming this sector.
What are cryptocurrencies?
Cryptocurrencies are digital assets designed to function as a medium of exchange. They use cryptography to secure and verify transactions, as well as to control the creation of new units of a particular cryptocurrency.
Unlike traditional currencies (fiat), such as the euro or the dollar, cryptocurrencies are not controlled by any government or central financial institution. This makes them decentralized assets, meaning they operate on a distributed network of computers called a blockchain.
Blockchain, or chain of blocks, is the underlying technology that makes cryptocurrencies possible. It is an immutable digital ledger that records all transactions made with a cryptocurrency. Each transaction is grouped into blocks, which are linked together to form a chain, hence the term “blockchain.”
This technology ensures that transactions are secure, transparent, and difficult to alter, adding an extra level of trust.
Bitcoin: the first cryptocurrency
Bitcoin is the most well-known and widely used cryptocurrency. It was created in 2009 by an individual or group under the pseudonym Satoshi Nakamoto.
Bitcoin introduced the concept of decentralized digital money. Its creation marked a milestone in financial history, allowing people to conduct direct transactions with one another without the need for intermediaries like banks or governments.
The key features of Bitcoin include:
- Decentralization: Bitcoin is not controlled by any central entity, making it resistant to censorship and government control.
- Security: Thanks to cryptography, Bitcoin transactions are secure and transparent. Once a transaction is made and confirmed on the network, it is virtually impossible to reverse.
- Scarcity: Bitcoin has a limited supply of 21 million coins, making it a scarce digital resource. This characteristic is similar to gold, which is why many refer to Bitcoin as “digital gold.”
- Speed and Global Reach: Bitcoin transactions are completed in minutes and are accessible to everyone, regardless of borders. This sets it apart from traditional bank transfers, which can take days and are not universally accessible.
Key Bitcoin and iGaming Statistics and Trends
The iGaming industry is rapidly evolving with the integration of cryptocurrency payments. With Bitcoin leading the way, as more iGaming platforms adopt this cryptocurrency, a new standard in transaction methods within the sector is being established.
Here are five key statistics and trends highlighting this shift:
Bitcoin’s Dominance:
Bitcoin remains the most widely adopted cryptocurrency in the iGaming industry, boasting an impressive 60% adoption rate among online casinos. This figure reflects the trust that both operators and players have in Bitcoin as a secure, efficient, and reliable payment method.
Popularity in the United States:
In the United States, cryptocurrencies have become the third most used currency in sports betting, preceded only by the U.S. dollar and the euro. This fact underscores the growing acceptance of Bitcoin in regulated markets and highlights the importance of offering innovative payment methods.
Player Preferences:
Approximately 48.6% of Bitcoin owners are interested in using it for online gaming or betting. This trend indicates that players are increasingly inclined to use their digital assets in iGaming activities.
Year-on-Year Growth:
There has been a 20% year-over-year increase in the total amount of cryptocurrency bets. This continuous growth reflects not only the widespread adoption of Bitcoin but also the improvement in the technological infrastructure that facilitates safer and faster transactions, enhancing the user experience.
Higher Stakes:
According to Softswiss, in 2023, the average bet in cryptocurrencies was €1.71, almost double the average fiat currency bet of €0.81. This suggests that cryptocurrency users tend to place larger bets, which can result in higher turnover for iGaming operators that accept Bitcoin.
ElenPAY’s role in the union of Bitcoin and iGaming
For regulated iGaming operators looking to integrate Bitcoin as a payment method, ElenPAY offers a secure and efficient solution that enables you to accept Bitcoin with complete confidence.
The benefits of using ElenPAY include:
- Advanced transaction security
- Fast payment processing
- Elimination of chargebacks
- Easy integration
Additionally, ElenPAY complies with international iGaming industry regulations, ensuring that operators can accept Bitcoin payments without worrying about regulatory issues.
Offering regulated and secure Bitcoin payments has never been easier. Simply contact us to request a personalized demonstration of our platform.
Leave a Reply