The growth of crypto usage in iGaming is mainly due to five key factors:
- The benefits offered by cryptocurrencies and blockchain technology.
- The increasing adoption of crypto payments by platforms.
- The shift in user preferences.
Technological innovations driven by blockchain. - Advancing regulation bringing greater clarity and security.
These factors facilitate the integration of cryptocurrencies into the industry and are also transforming the way online gambling is conducted. Thanks to cryptocurrencies, they are more efficient, accessible and secure for both operators and users.
5 reasons behind the growth of crypto use in iGaming
Benefits offered by cryptocurrencies and blockchain
One of the main factors behind the growth in the use of cryptocurrencies in iGaming is the set of advantages they offer. Among the most prominent benefits are:
- Fast and secure transactions.
- Cost reduction.
- Elimination of chargebacks.
- Attraction of new customers.
Operators that have adopted cryptocurrency payments have experienced remarkable growth in their business. Users, in turn, enjoy greater privacy and an improved user experience.
Growing adoption of crypto payments by platforms
More and more iGaming platforms and operators are adopting cryptocurrency payments, successfully integrating them. This has allowed them to attract a more diverse and global user base and has positioned them as leaders in the industry.
The ease of integration, thanks to APIs such as ElenPAY’s, helps more operators join this trend, removing technical barriers and accelerating the adoption process.
Change in user preferences
Studies reveal that 60% of crypto casino users are between 18 and 35 years old, with men representing 73% of this base. In addition, 41% of users come from European countries, where cryptocurrency adoption continues to rise.
This more tech-savvy user base is driving demand for more modern payment options, such as cryptocurrencies. This, in turn, is accelerating adoption by operators to take advantage of this trend.
Technological innovations
The use of blockchain in iGaming has also driven other innovations that are transforming the user experience. Some of the most prominent trends include:
- Crash Games: These games have been born inspired by the volatility of crypto markets and use Bitcoin and other cryptocurrencies for betting.
- Provably Fair Technology: Thanks to blockchain technology, in games like Crash Games, the odds are encoded in an unalterable record. Payouts are executed automatically and players can verify game results, ensuring transparency.
- Use of AI and augmented reality: In line with blockchain technology, other technologies are being implemented to improve personalization, interactivity and security on iGaming platforms.
Regulation and market maturity
Regulation around the use of cryptocurrencies remains a challenge, but regulatory frameworks such as MiCa are helping to reduce uncertainty. While some jurisdictions maintain strict regulations, there are solutions like ElenPAY that allow operators to comply with regulations without the need to directly manage cryptocurrencies.
ElenPAY automatically converts crypto payments to fiat. This ensures that operators can offer cryptocurrency payments and take advantage of their benefits, without facing regulatory issues.
Data on the growth of crypto use in iGaming
Although fiat money betting still accounts for the majority of revenues, cryptocurrency betting has grown significantly. Recent estimates suggest that they have reached an estimated value of $250 million. In addition, interest in Bitcoin casinos quadrupled between 2019 and 2021.
In 2022, approximately 4% of all online gambling searches were crypto-related. This reflects a shift in user preferences toward more modern payment methods.
In addition, cryptocurrencies accounted for nearly 8.5% of gross gaming revenue (GGR) in the sports betting sector in 2021. This growth continued between 2022 and 2023, when the sum of crypto betting increased by more than 20%, while the number of crypto bets grew by more than 50%.
When is the best time to adopt crypto payments?
The time is now. The advantages of adopting cryptocurrencies as a payment method are numerous, and traders who have already done so enjoy a considerable competitive advantage.
Bitcoin payment platforms, such as ElenPAY, simplify this process, allowing traders to focus on their core business. The platform handles fiat conversion and regulatory compliance.
ElenPAY makes it easy
With the unstoppable growth of crypto usage in iGaming, the ElenPAY Bitcoin payment platform offers a simple and comprehensive solution. Regulated iGaming operators can start accepting payments in the most widely used cryptocurrency without worrying about legal repercussions.
ElenPAY facilitates integration through a simple API, offers 24/7 support and expert legal advice. We eliminate regulatory risks and simplify the entire process for operators.
If you want to join the future of iGaming, ElenPAY is your best ally. Contact us to request a personalized demo of our platform. Offering Bitcoin payments in a regulated and secure way has never been easier.
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