In recent years, the iGaming industry has witnessed a considerable surge in the adoption of cryptocurrency payments, transforming the way players interact with iGaming platforms. As more players recognise the convenience and advantages of using cryptocurrencies, iGaming operators are embracing this trend, integrating various digital currencies into their platforms, and reaping the benefits of increased customer engagement and loyalty.
In this interview, CoinPayments teamed up with Edward Ackins, Chief Editor at bitcoincasinotop.com to discuss this and other iGaming trends in more details.
CoinPayments: How does Bitcoin Casino Top cater to both novice and experienced players seeking information about the online gaming world? Could you provide some examples of the type of information you offer?
Edward: For the user, one of our main values is casino reviews and ratings (analysis of the most important parameters, such as licenses, countries in which they can play, currencies that they can use, number of games, platform, etc.). Our main goal is to create a complete database for crypto iGamers and we continue to work hard at achieveing that.
I will give some simple examples from other niches. When you choose which game console to buy, you study its characteristics and read real user reviews. Then you delve into more technical aspects like whether the device will fit under my TV, and whether it will fit within the dimensions of the TV stand. When you have made your choice, you watch the unpacking video on YouTube so that you can view the full package before buying. This is all a waste of time and energy.
In a sense, we can say that we provide a casino test drive for our users. For example, one of the most common user problems is the speed of payouts in online casinos, since any player wants to receive their winnings instantly instead of waiting for payouts for several weeks. For our audience at BitcoinCasinoTop we measure the speed of payouts, that is, we literally register in all crypto-casinos, make a deposit and play. After that we request the withdrawal of the amount remaining on the balance to our crypto-wallet.
Also, we are now actively filling in our “knowledge base” section in which we provide detailed guides, for example: “How to register a Bitcoin wallet” and “How to buy cryptocurrency”, as well as answering popular user questions like “How many people in the world have cryptocurrency?” etc.
We closely communicate with all participants in the iGaming industry (operators, software providers, gambling platforms, regulators), and always share insights about the:
CoinPayments: What are the preferred cryptocurrencies vs methods among your visitors? Have you observed any specific trends in transaction volumes?
Edward: It’s 85% Bitcoin. In second place is Litecoin, with a share of about 8%, followed by USDT with 3% and Ethereum with 2%. The remaining 2% is distributed among other altcoins.
This may seem surprising as when we first launched our project, we thought that stablecoins would be the most popular currency for deposits among the crypto gambling community.
In terms of payment methods, people most often use solutions like CoinsPayments that help them easily convert fiat to crypto with the subsequent possibility of its use and deposits on casino sites. If we talk about the ratio of cryptocurrency deposits to fiat deposits, then among our visitors it is 90% (crypto) to 10% (fiat).
If we talk about trends, I can note that when the Bitcoin rate falls, the amounts of deposits grow strongly, even if they are converted into a fiat equivalent. Additionally, one of the seasonal features are the Christmas holidays, and when the weekend starts, people spend more money on iGaming. There is often a slight lull in transaction volumes immediately after the holidays, as most players spend huge sums on buying gifts for their families.
CoinPayments: Could you enlighten us about the payment solutions utilised by the casino brands featured on your website? Do you believe crypto payment solutions like CoinPayments are likely to spur the interest of both operators and players?
Edward: Some casino brands create their own platform, adding to it the ability to support cryptocurrency deposits directly. This means that a player can find a unique crypto wallet address in his account when transferring money which will automatically be credited to his game account.
Such platforms often also allow players to exchange cryptocurrencies within their account, since casinos have seasonal bonuses that can only be obtained by playing for a certain cryptocurrency. The exchange is naturally carried out within its own blockchain (which means that you will not be able to exchange conditional TRX for BTC). For inner trading, brands use Web3 gateways like MoonPay.
But most often, casinos use ready-made applications like CoinPayments that allow players to quickly convert fiat to crypto and manage their funds inside the app. Based on this, I believe that CoinsPayments can be very popular among players and take the lead among casino payment solutions.
CoinPayments: What has been the rate of growth in the iGaming market, and have there been any notable iGaming trends shaping the industry recently?
Edward: It’s no secret that the global profit from iGaming is growing by an average of 10% every year. The annual turnover in this industry is now more than $550 billion, of which online casinos share is about $180 billion, crypto casinos are nearly 8% of this amount, which equals $14 billion US dollars.
Oddly enough, the main trend is the increase in the number of new Bitcoin casinos. This is because players want to be able to freely manage their funds, withdraw their winnings quickly and keep their personal details as private as possible.
As a game trend I can mark that the number of crash games fans is growing really rapidly, according to our observations. This is a modern format of fast games in which you need to guess the next card or guess how high the spaceship will fly. These games now dominate the top lists of most gambling operators.
CoinPayments: In your view, what potential changes do you expect in the iGaming world’s future, and how significant of a role do you anticipate crypto payments will play in upcoming developments?
Edward: I have already noted the fact that the share of crypto payments in the iGaming industry is growing every year.
I can add that some brands of online casinos are actively trying to implement Web3 technology with the help of which a player, by linking his wallet directly to an account, can play using his entire current balance. Personally, I see both pluses and minuses in this, so it will be interesting for me to observe whether this technology can firmly gain a foothold in the iGaming market.
I also think that in the coming years in the US and UK, the authorities will create a process for regulating cryptocurrencies. This will make it possible to integrate crypto payments not only into modern crypto casinos, but also into gambling brands with a 30+ year history that have many international licenses and huge client bases. It seems to me that when this happens, the share of crypto payments in iGaming will show just crazy growth and will be at least 50% of the total number of payments in this industry.
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