Today the number of gambling platforms integrating cryptocurrencies is increasing, as there are many players who prefer alternative means of making deposits. Bitcoin casinos have their own advantages and unique features, which is important to consider before launching this kind of platform.
Let’s investigate what benefits and challenges online bitcoin casinos have and how this modern technology can be profitable for the gambling business.
Advantages of bitcoin in gambling
- Fast payments. All cryptocurrency payments are conducted without the interference of third parties, such as banks and other financial institutions. Since all transactions are carried out directly between the user and the operator, money transfers are processed fast and seamlessly.
- Anonymity. The blockchain technology provides users with anonymous cryptocurrency transactions. The wallet address is the only publicly available information during the transaction, so players don’t have to provide any personal data.
- Low fees. Crypto transactions are made without the bank interference, so players usually have to pay comparatively low fees, or they don’t have to pay any commission at all.
- Security. The technology backing cryptocurrencies allows to access the payment history, therefore, the records of all money transfers can be checked to ensure the fair casino operation. Crypto wallets are fully protected as well, making the attacks complicated and almost impossible for hackers.
Bitcoin challenges in gambling
- High volatility. Cryptocurrency prices depend on various factors and can change dramatically within a short period of time.
- Uncertain legal status. The authorities of many countries still haven’t specified their attitude to cryptocurrencies and haven’t imposed any regulations.
- Players favouring traditional payments. Online bitcoin casinos which don’t integrate fiat payments can have a decreased number of players. It may happen as there are gamblers still sceptical about cryptocurrencies and ready to gamble only using the traditional means of payment.
Future of BTC casinos and opportunities for operators
It is estimated that cryptocurrencies account for 10% of total payments in online gaming. Experts are predicting the further growth and development of the crypto gambling market, with the increasing number of bitcoin casino software providers and expanding options for crypto payments.
Today, there are two ways of integrating bitcoin in an online casino: to develop a specialized BTC casino and to add BTC as an additional payment method along with traditional ones.
Integrating cryptocurrencies into the gambling platform and using a bitcoin casino software is beneficial for operators for various reasons:
- using an innovative technology creates a reputation of an operator who supports and adopts new developments;
- a decentralized system of bitcoin casinos allows users from countries with banned gambling to play;
- quick launch of the project;
- Bitcoin operations are impossible to cancel and are easy to monitor.
Launching a gambling platform with cryptocurrency payments is easier with Slotegrator’s solution – Bitcoin casino.
The bitcoin casino platform is hosted on the fully secured server and ensures the anonymity of players’ data and payments. Slotegrator’s Bitcoin casino has various popular games integrated and provides ready financial infrastructure with payment systems allowing to make deposits in all popular cryptocurrencies, as well as fiat money.
Bitcoin casinos attract gamblers who favour innovative technologies and want to keep their anonymity. Therefore, operators who integrate cryptocurrencies as an alternative means of payment can expand the number of users gambling on their platform.