31 October, 2024 | NOV DEC 2024

iGP: Examining the growth of cryptocurrency in iGaming

Supplier iGP writes from its own perspective, examining the growth of cryptocurrency in iGaming, with contributions from its Chief Product Officer Dirk Camilleri

With the global cryptocurrency market growing at a rapid rate, there’s plenty of opportunity for the iGaming industry to capitalise on its expansion. iGP has recently launched its own crypto solution to its portfolio and Dirk Camilleri, Chief Product Officer at iGP, details how this will elevate the supplier’s reputation.

Cryptocurrency is becoming more popular in iGaming and the surge in popularity is helping evolve the industry with its appeal to a broad player base. The value of the iGaming market currently stands at $93bn, with crypto gambling accounting for $250m of that figure, with yet more growth expected by 2030.

“The secure, transparent and swift transactions are exactly what audiences are seeking, and bypass the traditional banking hurdles of authorisation. Players worldwide can engage with content and on their preferred platforms without the constraints of currency exchange rates or transaction fees,” explains Camilleri.

“Faster transactions mean happier players, it’s that simple. There is nothing worse for players than having to wait for the money they have won. A couple of hours of waiting is no problem, but if it takes longer than 24, players panic and rightly so.”

Cryptocurrency excels at fast payments and has a clear edge on the traditional banking methods that can’t yet match the speed. Deposits and withdrawals can be processed in minutes, not days. There have been some markets that have changed the way transactions are processed. The Nordics in particular with its Pay N Play model raised the bar in speed and efficiency.

Potential

Camilleri cites global businesses that now process crypto payments as a sign that brands in the iGaming industry should follow suit. “Consumers are already benefiting from the growing use of cryptocurrencies to make payments for other services,” says Camilleri.

“The likes of Tesla and Microsoft now allow people to pay using crypto. This has been driven by consumer demand and the obvious benefits of integrating cryptocurrency technology, and iGaming brands should be seriously considering offering such an option. That is why our latest product has crypto at its core.”

Crypto gambling accounts for $250m, with yet more growth expected by 2030

The growing crypto audience, with over 420 million users worldwide, is another reason why companies should consider accepting crypto payments. This allows businesses to tap into an extensive global client base, expanding accessibility and reaching customers in diverse regions. It eliminates traditional payment hurdles, such as the need to search for local providers.

Cryptocurrency transactions are cost-effective. This enables casinos to save money and enhance their services for players. Also, online casinos can attract tech-savvy players who have been early adopters of innovative technologies. This can give casinos a competitive edge and position them as forward-thinking brands.

A new offering

We recently launched our customisable turnkey crypto casino solution, which is embedded with a multi-currency crypto wallet, allowing users to choose between crypto and fiat currencies. “Our scalable and dynamic crypto casino solution will allow operators to start their own crypto casino in just a few weeks. Built with a focus on security and stability, players will have a safe and enjoyable gaming experience,” says Camilleri.

Already live with several partners, iGP’s tailored approach to its crypto casino offering is setting the standard for products in the space. “Meeting and exceeding the objectives of our partners is vital to us. Their success is our success and we take great pride in delivering the platforms that allow their business to thrive.”

Camilleri believes there is a clear gap in the market for operators to upgrade the technology they are using, and ultimately provide better user experiences, giving them more control and the ability to achieve their ambitions.

By adopting cryptocurrency, online casinos can concentrate on their most important objective – delivering an exceptional gaming experience. Embracing crypto and its many benefits including fastertransactions, global reach, and enhanced security will see your platform flourish in this digital age.