Exploring the Cryptocurrency iGaming Market from Three Angles. Notable Changes in 2024

In recent years, the cryptocurrency market has gained substantial traction, particularly in high-risk industries such as online gaming and Forex trading. While traditional banking systems often pose challenges like high fees, transaction delays, and chargebacks, businesses in these sectors are increasingly turning to cryptocurrencies for more efficient and secure payment solutions. One such solution is CryptoProcessing by CoinsPaid, which has become a trusted choice for companies. It offers significant savings, faster transactions, and enhanced security.

This article takes a deep dive into the evolving role of cryptocurrency in high-risk industries, analyzing this year’s shifts from three perspectives: the payment challenges faced by businesses, the shifting proportion of cryptocurrency transactions in online casinos, and user feedback on the ease and efficiency of crypto payments. We’ll also explore expert insights into the future of crypto in these sectors and how platforms like CasinoRIX are adapting to meet player demands.

CryptoProcessing – Streamlining Payments in High-Risk Sectors

In industries often labelled as “high-risk” – such as online gaming or Forex trading – providing payment services can feel like a constant uphill battle. As traditional banking solutions often come with high fees, delays, and the looming threat of chargebacks, high-risk businesses are turning to cryptocurrency for payment solutions. 

CryptoProcessing by CoinsPaid has become a go-to payment solution for businesses in these fields. Offering up to 80% savings on fees and support for 20+ cryptocurrencies, CryptoProcessing streamlines payments with zero chargebacks and no rolling reserves.

According to a 2023 article by iGB, over 60% of Bitcoin transactions are tied to gambling, and 55% of the global online gambling population owns cryptocurrency, showing crypto’s dominance in these sectors. 

Why CryptoProcessing Works for High-Risk Businesses

1. CryptoProcessing allows businesses to accept payments across virtually multiple regions without the restrictions of currency conversions or international fees.
2. CryptoProcessing adds an extra layer of security with multi-factor authentication and compliance with stringent AML (Anti-Money Laundering) and KYC (Know Your Customer) protocols.
3. Traditional financial institutions often impose hefty fees, but cryptocurrency transactions through CryptoProcessing come typically at 1.5% or less. 
4. One of the biggest headaches for high-risk businesses is dealing with rolling reserves and chargebacks. CryptoProcessing eliminates both issues. There’s no need to freeze funds in reserve, and since blockchain transactions are final, there’s no risk of chargebacks. 

CryptoProcessing simplifies regulatory hurdles, secures payments with blockchain technology, and handles volatility by freezing conversion rates during transactions.

Cryptocurrency Payments in 2024: Decline or Rise? Insights from Operators

As the online gaming landscape evolves, so too does the way players choose to pay. While cryptocurrency was once hailed as the future of payments in high-risk sectors, recent data suggests that its adoption is far from uniform across the industry. Some operators are seeing a steady rise in crypto usage, while others report a sharp decline. The following insights from TonyBet, 22Bet, Gypsy Partners, and 13aff reveal how cryptocurrency payments are shifting in comparison to traditional methods, and what these trends mean for the future of digital transactions in the gaming industry.

TonyBet:

“Crypto players are still niche players, but their value is on average 3x higher than fiat players. Working with platforms such as CryptoProcessing allows operators to stay compliant and ensures that they are protected from crypto fraud. The most important expectations for crypto players are instant withdrawals and access to top games, including popular crypto games.”

22Bet:

“Over the past year, we’ve seen a decline in crypto usage among our users. In 2023, 1.9% of unique users utilized crypto, but by 2024, this dropped to 1.6%. Additionally, the share of transactions conducted in crypto fell significantly, from 9.9% in 2023 to just 2.4% in 2024. This trend suggests a notable reduction in crypto engagement on our platform.”

Peter Jermakov, Growth Lead at Gypsy Partners:

“Despite the majority of payments still being processed through fiat, we’ve seen an 8.3% growth in crypto payments since last year. This could mark a milestone and showcase the efficiency of crypto as a payment method, especially in the EMEA market. We believe the role of cryptocurrencies in the iGaming industry will continue to grow and compete with alternative payment methods.”

13aff:

“We’ve observed a growing interest in crypto payments on our platforms, but it hasn’t yet overtaken fiat payments. Currently, 10–13% of our depositors use cryptocurrency. Many players still rely on fiat methods, and we expect it will take around a year and a half before crypto becomes a more dominant option. On-ramp solutions are helping increase the popularity of crypto, but there’s still a journey ahead before it takes a leading role.”

Are Crypto Payments Easier or More Complicated for Users?

While cryptocurrency offers significant benefits for high-risk industries like online gaming, the user experience is equally crucial. Do players find crypto payments convenient, or do they face complications compared to traditional payment methods? Support teams often serve as the first line of defense when users encounter issues. In this section, we explore feedback from BetCare, focusing on how widespread crypto usage is and whether support teams frequently assist with crypto-related challenges.

BetCare:

“Over the last four years of our operations, more brands have integrated crypto payments, making them an industry standard. While it might seem that crypto is more suited to younger users and could be complicated for those accustomed to traditional methods, modern exchanges have made the process very user-friendly. In fact, crypto payments have become increasingly popular, especially with providers like CryptoProcessing ensuring a high success rate for transfers. This makes crypto a go-to option for players who face issues with credit card deposits.

One major advantage of crypto transactions is the ease of verification — many brands skip this step altogether, which can indeed attract scammers but also saves legitimate players time. Additionally, crypto transactions are much faster than fiat ones, and we’ve experienced minimal issues with deposit or withdrawal delays.”

Closing the Loop. Integrating User Needs with Crypto Products

At CasinoRIX, we tackle a fundamental challenge for players by offering a streamlined selection of online casinos, ensuring their queries are addressed promptly through our dedicated support team. A common requirement among users is the need for swift deposits and withdrawals, a demand that cryptocurrency payments effectively meet.

Our observations indicate a gradual yet consistent increase in traffic related to crypto casinos and cryptocurrencies, reflecting a growing interest in these payment solutions among players.

Final Thoughts

From our vantage point at CasinoRIX, the evolving landscape of cryptocurrency payments in the gaming industry presents both opportunities and challenges. As players increasingly seek efficient and secure transaction methods, the rise of crypto payments aligns well with their needs. Our commitment to connecting users with suitable online casinos and providing robust support ensures that players can navigate this shifting terrain with confidence.

While the integration of cryptocurrencies is gaining traction, it remains crucial for operators to prioritize user experience and support. As we continue to observe steady growth in traffic related to crypto casinos, it’s clear that the future of payments in the gaming industry will be shaped by the adaptability and responsiveness of both operators and support teams. At CasinoRIX, we remain dedicated to facilitating this journey, helping players embrace the benefits of crypto while ensuring their concerns are addressed.