The ever-increasing internet penetration with mobile phones in all corners of the world has opened a big market for online casinos, and they’ve been catering to gambling enthusiasts around the world. With the rising popularity of cryptocurrencies, casinos are now starting to offer it as a currency to play with, and it’s a big deal!
Why?
For many gamblers, the “language” of online gambling is bitcoin, Ethereum, and other types of cryptocurrencies. This meteoric rise of cryptocurrencies has led many online casino managers and owners to adopt crypto as a new form of payment. Cryptocurrencies are helping them increase their online casinos’ revenue, and we will tell you how!
This guide will show you how to take advantage of these latest market trends to exponentially maximize your online casino revenue.
Challenges with current currency and its transaction mechanisms for online casinos?
The online casino business faces legal constraints in its functioning. In different countries, diverse global laws over high-volume turnover, money laundering, and fraud increase the regulations around gambling transactions.
The traditional casino websites have a lengthy sign-up process with payment details and authentication. According to research, 25% of online audiences abandon registering on a new website due to its complexity. Let it be registration, funds deposit, money withdrawal, or placing wagers. Gamblers look forward to a quick and straightforward wallet creation process and payment options on online casinos.
The payment hurdles aggravate the complications of the gambling business. Online gamblers grow insecure about identity theft, bank audits, and regulations. Casino owners also face many chargebacks by the gamblers. The ease of calling the bank and denying a charge enables the gambler’s money to be returned to the payment card. This trick by gamblers aggravates the revenue loss of the casinos.
How can Cryptocurrency help solve these challenges?
Well, Cryptocurrency is a digital currency. It’s a much cheaper and faster way to send and receive money online, irrespective of platform or website. It can’t be counterfeited, and it can’t be hacked, making it safer for online gamblers and casino owners to use. Due to the popularity of cryptocurrencies, online casinos are now accepting Bitcoin and other currencies as a form of payment.
Cryptocurrency automatically removes the fear of buyer’s remorse by eliminating the option of chargeback. It allows easy money withdrawals. Another advantage of using Cryptocurrency is that it will enable you to transfer money without big additional fees. At the same time, conventional currency banks charge extra costs for transfers.
Cryptocurrency can provide you a lot of relief against the long list of payment hurdles in conventional payment methods as an online casino owner.
How can Cryptocurrency help reach larger markets?
As per predictions, the online gambling industry would be worth more than $81 billion by 2022. With the help of Cryptocurrency, this industry can open new gates to a booming business. The new way of conducting safe and secure transitions is possible with Cryptocurrency. The decentralized system of payment transactions has opened various opportunities for casino owners and gamblers.
Hence, users or players can use this new form of currency from any part of the world without any restrictions. Now, gamblers can explore online casinos across the globe without any authority or bank regulating their cash flow in the international economy. This feature allows the online casinos to tackle the audience beyond shores without hesitation.
How to modernize your online casino for Cryptocurrency?
The first step in creating a modern online casino is building an up-to-date website with reputable gambling developers. Slavna game studio is a renowned technical service provider that can sail you through this process without hassle.
The online casino modernization steps are:
1. Create a cryptocurrency wallet
The most crucial aspect that makes your website modern is the Money Wallet. Make your wallet flexible for any popular Cryptocurrency and quick money options. This wallet needs to make the audience feel secure, along with prompt transaction support. You can buy the most popular Cryptocurrency to load your wallet. Then, you can transfer the currency once your audience gets active.
2. Identify the types of games and gambling options:
You need to decide the list of games and gambling options that your website needs to offer. Understand the various aspects of the casino website to start exploring these options on your platform, such as:
- Requirement of your audience
- Licenses
- Market
- Audience’s interests
3. Development:
Select a reputed, experienced, and skilled team of developers or agencies to develop this dream website for your audience. Work on the most suitable software design that will serve your purpose.
4. Marketing:
Use online marketing strategies to attract more and more target audiences to your website by promoting your payment methods and saving transaction costs. With strong online marketing, you can reach the maximum target audience without any significant expenses.
Summing up
Cryptocurrency has seen massive growth in the last few years, and it is safe to say it can be the potential future of currency. So, try to benefit from this massive growth in the cryptocurrency market for your online casino. As an online casino owner, you have to be actively involved in this emerging digital currency trend.
Several leading online casinos in the market offer Bitcoin, Ethereum, Litecoin, NEO, IOTA, Ripple, and many more currencies to play for its users. To gain an edge over your competitors, it’s just a matter of converting your bank account or credit card into a cryptocurrency wallet.
For more details, get in touch with our team now!