The partnership between crypto and iGaming providers has stood the test of time, with more gambling platforms supporting Bitcoin and its counterparts, while the uptake of digital currencies for deposits and withdrawals is also increasing among players. Aside from the promise of greater anonymity, the main selling point of crypto’s use in iGaming has always been transaction speed. This remains relevant, of course, but as traditional banking and payment card systems start to catch up, it’s less of a draw.
On top of this, crypto payments still face an image issue, and if iGaming operators want to build user trust, the focus must turn to security. Here’s an overview of how this might be achieved, and why it matters.
Calming Fears of Transaction Irreversibility
A key strength of crypto is also its weakness, at least in an iGaming context. Because transactions on the blockchain are immutable and cannot be undone, players must trust that a casino site has sufficient security measures and checks in place to prevent their funds from being sent to the wrong wallet or otherwise compromised while they are under its control.
Providing clear assurances about how carefully crypto assets are treated is a good start. Working with tried-and-tested crypto payment platforms to handle the backend is even better. This works whether an operator is courting players of live casino games in Canada or fans of sports betting in the UK. The good reputation of a recognized brand rubs off on those sites that adopt its services.
Embracing & Emphasizing Compliance
Another must for iGaming sites that want to earn the trust of players on the fence about using crypto payments is to aim for complete compliance and local licensing in the markets where they operate. While it might be viable in the short term to expect a decent profit from overseas players taking advantage of the legal grey area in which online casinos operate across many international jurisdictions, this is not a route to long-term player retention.
Instead, gambling platforms must focus on achieving licensed status in markets where this is possible, allowing them to serve domestic customers while fully aligned with relevant regulations. In turn, this factor can be heavily pushed in promotional materials. The trust earned here will translate into increased confidence among players in the option of making crypto payments. Again, it’s about earning trust by association.
Offering Choice
The crypto market is incredibly diverse, and trust in assets varies wildly throughout it, so iGaming sites that limit themselves to supporting just one or two currencies might end up alienating players whose loyalties and trust lie elsewhere. More than that, this means the likes of Bitcoin and Ethereum, with their variable transaction times and gas fees, aren’t the only options. Lots of players might prefer the slower yet more consistent stablecoin alternatives, so trust generated through choice and flexibility can take priority.
It’s clear that the iGaming market must do more to earn and maintain player trust in crypto payments, especially in order to convert more casual customers to this type of transaction. Doing so will improve retention and create more opportunities for revenue generation, while serving customers with security and convenience as they add and remove cash from their accounts.