With the increased accessibility of technology and internet connectivity globally in recent years, the iGaming and online entertainment sectors have experienced significant growth.
For millions worldwide, iGaming and online entertainment platforms have become indispensable, allowing players to participate in their favourite online games wherever they are. As demand for cryptocurrency payments grows and operators seek to demonstrate their commitment to innovative payment solutions, iGaming and online entertainment companies aim to enhance their payment options and stay ahead of the competition.
This article provides the major benefits of integrating a cryptocurrency payment gateway for iGaming and online entertainment operators. We discuss how operators within both industries can integrate a crypto payment gateway and enjoy a competitive edge.
One of the technological advancements gaining popularity in iGaming is cryptocurrency payment gateways. Cryptocurrencies are digital or virtual currencies existing and operating on a blockchain. They use cryptography to ensure asset safety and security during crypto transactions.
Advancements in blockchain technology, such as sharding and layer-2 solutions, have further improved transaction speeds and scalability, making crypto payments even more efficient.
Conversely, crypto payment gateways are third-party services facilitating cryptocurrency transactions between online entertainment platforms and their users.
By integrating a cryptocurrency payment gateway, online entertainment platforms provide their target audience with diverse payment options.
The iGaming industry is one of the fastest-growing industries, worth over $263.3 billion (as of 2023). Similarly, online entertainment’s popularity has grown, with over 4.5 billion internet users who prefer visual content, including short and long videos.
These impressive figures underscore the immense potential for iGaming businesses to capitalise on the expanding market.
As new technologies, such as augmented reality, mobile technology, and blockchain emerge, audio-visual creators find new ways to enhance their users’ experiences.
Among the influencing options is cryptocurrency payment, offering various advantages to iGaming and online entertainment operators.
Among the challenges facing iGaming companies are the high fees associated with traditional payment gateways. Expensive costs can significantly affect a business’s profitability.
Crypto payment gateways offer lower transaction fees. iGaming companies can massively reduce operational costs by integrating cryptocurrency payment options, freeing business funds.
Lower transaction fees can provide a competitive edge for iGaming companies, helping them grow their market share and achieve long-term success through attractive pricing.
Unlike traditional payment methods like credit cards, which can take several days to process, cryptocurrencies enable almost instant transactions. This quick payment process is crucial for iGaming games like poker, where speed is of the essence.
By integrating a crypto payment gateway, companies can offer users a faster and more seamless payment experience, leading to higher user satisfaction and ultimately increasing the likelihood of repeat business.
Faster transactions can also improve liquidity, reducing the time between payment and receipt of funds. The benefits of rapid transaction processing with cryptocurrencies make it a valuable addition to any online entertainment platform.
Traditional payment methods, such as credit cards, require users to reveal sensitive information, including their full name, card number, and CVV code. Fraudsters can use the information to execute transactions or even lead to identity theft.
Cryptocurrency transactions are processed on blockchain networks, making them more secure and resistant to hacking and fraud. Blockchain uses cryptographic algorithms to verify and secure transactions, ensuring all assets are safe from fraudsters.
Additionally, cryptocurrency transactions offer increased privacy, as users can transact without revealing sensitive personal information to third-party payment processors.
By adopting cryptocurrency payment gateways, iGaming and online entertainment operators can provide customers with a more secure and private payment option, ultimately increasing trust and loyalty.
Chargebacks are a common problem for online payment systems, with many users disputing transactions or claiming fraud. The claims can be costly for iGaming operators, forcing them to refund payments or pay chargeback fees.
Crypto payment gateways remove chargeback risks as transactions are irreversible once processed on the blockchain network. Online entertainment and iGaming platforms enjoy more secure and reliable payment processes as they deliver exciting content.
Traditional payment methods have geographic and currency limitations, removing players who fall beyond the imposed restrictions. The deposit and payments process is often lengthy and certain countries might have limitations in terms of traditional finance options available.
Cryptocurrencies are borderless, allowing players and online entertainment businesses to leverage crypto’s cross-border abilities in the iGaming market.
With increased transparency, iGaming and online entertainment platforms can monitor their transactions more closely, ensuring all transactions are legitimate and there is no fraudulent activity. Operators can readily identify and prevent potential fraud, saving time and funds.
Transparency also helps build trust with customers. Blockchain’s reputation for storing immutable data gives clients the confidence to hold payment gateways accountable.
Blockchain’s transparency advantages can lead to a better user experience and increased revenue.
Among the reasons for cryptocurrency’s growing popularity is its privacy when transacting. Customers of various iGaming and online entertainment forms may want their user data private, away from prying eyes.
Encryption from blockchain technology allows users to pay for online entertainment services confidently, knowing their data remains private. The wallet addresses and transaction details reveal negligible information, preventing clients from exposure.
iGaming and online entertainment platforms can increase revenue by integrating reliable, safe, and secure cryptocurrency payment services.
Established since 2013, CoinPayments is trusted by thousands of businesses and individuals, many of them from the iGaming and online entertainment industries. Here are some iGaming crypto payment perks businesses enjoy with CoinPayments.
In an increasingly competitive market, businesses that fail to offer a smooth and personalised payment process risk falling behind their rivals. CoinPayments offers a fully customisable checkout experience where merchants can tailor their crypto payment option to their specific industry and brand. This checkout customisation ensures that your clients can make their payments seamlessly, in line with your unique design and user flow.
High transaction fees can eat into profit margins, making it challenging for iGaming and online entertainment businesses to maintain competitiveness and profitability. Traditional payment gateways often charge substantial fees, which can amount to a significant portion of a business’s revenue. This can limit a company’s ability to invest in growth, innovation, and customer acquisition.
CoinPayments offers industry-low transaction costs, starting from just 0.5%. These competitive fees help protect your profit margins, ensuring that you receive more value from your crypto payments. With CoinPayments, you can reduce your payment processing costs and reinvest the savings into your business.
iGaming and online entertainment platforms operate around the clock, and any payment-related issues or queries need to be addressed promptly to maintain user satisfaction and trust.
CoinPayments experts understand the critical importance of reliable, 24/7 customer support in the iGaming and online entertainment sectors. As a business owner, you can rest assured that your platform will receive the crypto payment support it needs whenever you need it. CoinPayments’ dedicated support team is available around the clock to address any issues, answer questions, and ensure that your payment processes run smoothly.
One of the concerns iGaming and online entertainment businesses may have when considering crypto payments is the volatility associated with cryptocurrencies. However, in 2024, CoinPayments offer advanced tools and features that help mitigate these risks.
For example, iGaming businesses can instantly convert deposits and payments to stablecoins and easily convert them to different fiat currencies, such as USD or EUR, in real-time. This allows companies to minimise their exposure to price fluctuations and ensures a stable flow of funds. By leveraging these tools, iGaming and online entertainment operators can confidently embrace crypto payments without worrying about the potential impact of market volatility on their bottom line.
So, what are you waiting for? Integrate crypto payments into your iGaming or online entertainment business using CoinPayments. Enjoy industry-low transaction costs, 24/7 customer support, and more value from your iGaming and online entertainment business.
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