Innovation is the engine that drives success and continuous evolution in any industry. Within the iGaming ecosystem, Bitcoin has emerged as the digital currency of choice in the online gambling arena. A fact that increases the potential of digital payments.
With its fast, secure and, particularly, anonymous transactions, Bitcoin has captured the attention of players and operators and has established itself as the digital currency of choice in the industry.
However, this preference for anonymity has led to a bias towards unregulated operators. A reality that, while opening up a world of possibilities, also presents significant challenges.
The challenges of payments and fund withdrawal in iGaming
The iGaming industry faces unique challenges in the realm of payments and fund withdrawal, especially when it comes to unregulated markets.
Despite enjoying considerable freedom in many aspects of their operation, unregulated operators encounter a Achilles’ heel they cannot ignore: handling payments.
Payments often constitute the area of greatest corporate risk in online gambling. A challenge that could further escalate tensions between the gaming industry and the commercial banking sector.
Far from being limited only to unregulated operators, banking obstacles also affect companies operating in regulated markets.
This landscape underscores the need to innovate in payment solutions that can navigate the complex regulatory and financial framework of iGaming.
The current state of cryptocurrencies in iGaming
The iGaming market has not only proven to be resilient but also continues on an upward trajectory. It has seen an impressive increase of 36.6% in total bets over the past year. Additionally, there has been a 50% increase in the number of bets compared to the previous year.
In parallel, the use of cryptocurrencies in betting has seen an increase of 18.7% compared to last year. This represents an annual growth of 66.4% in the number of bets placed with cryptocurrencies.
Decentralization and the elimination of intermediaries offered by the use of cryptocurrencies in iGaming also contribute to its appeal.
However, it is estimated that around 100 billion cryptocurrency transactions occur outside the regulatory scope. This data highlights a considerable portion of economic activity that largely remains on the threshold of regulation.
Faced with this scenario, iGaming is at a turning point. It must seek a balance between leveraging the growth and innovation offered by cryptocurrencies and adhering to regulatory standards that ensure fair and safe gaming for all.
ElenPAY: the future of Bitcoin payments
In an environment where it is so important for innovation and regulation to advance hand in hand, ElenPAY emerges as a pioneering solution. A solution designed to address the specific challenges of iGaming in the era of cryptocurrencies.
With a comprehensive approach that respects current regulations, ElenPAY offers a payments platform based on Bitcoin Lightning technology. This technology facilitates secure, fast, and compliant transactions for regulated operators, players, and authorities.
- Regulatory compliance: ElenPAY works closely with regulators to ensure that all transactions comply with applicable laws and regulations. This includes KYC and AML protocols.
- Advanced analytics platform: ElenPAY’s technology provides regulated operators with analytical tools that offer valuable insights. From market behavior to trends and potential risks.
- Security and anti-fraud: By implementing the latest digital security technologies, ElenPAY protects users and operators against fraud, chargebacks, and other threats.
- Transaction facilitation: By enabling Bitcoin transactions through Lightning technology, ElenPAY opens new avenues for regulated operators to access a global market instantly.
Benefits for all parties involved
The adoption of ElenPAY brings a wide range of benefits to everyone involved in iGaming. It lays the foundation for a safer, more transparent, and prosperous online gaming ecosystem.
For regulated operators:
- Operators have the opportunity to explore new markets without the limitations of traditional payment systems.
- The platform offers valuable resources for better understanding their audience. Also for identifying vulnerable players and protecting their operations against fraud.
For players:
- Betting options are expanded. It allows users to enjoy their favorite games with the confidence that their transactions are secure and legal.
- Transaction efficiency and security enhance the gaming experience. It provides players with peace of mind and satisfaction.
For Tax Authorities:
- Facilitates the transition to regulated operators. ElenPAY helps ensure that iGaming activities contribute fairly to the local or national economy.
A promising horizon for iGaming
The iGaming industry is at a decisive moment. Choosing the right payment solutions can determine long-term success in a highly competitive global landscape.
Having ElenPAY means choosing a perfect ally for processing Bitcoin payments. It is doing so in a regulated manner, ensuring a fair and protected gaming environment for all.
Request a personalized demonstration today to see in detail how our system works. We’ll be happy to show you how Bitcoin can help grow your business.
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