iGaming is also referred to as online gaming. It encompasses sports betting, online casinos, poker, among other gaming activities conducted over the internet. The iGaming industry has seen tremendous growth over the last five years.
More people are pouring noticeable amounts of money into the online gaming industry. A survey done by one of the four major auditing firms, Deloitte, valued the entire global gaming and betting industry at 417 billion dollars in 2012. Eight percent ($33.8 billion) came from the online gaming industry with the United Kingdom having the highest active community in iGaming by then. The research placed the online gaming industry to be worth slightly above 59 billion by 2020.
Here Comes The Government
Some governments around the world have sought to regulate the space so as to get a cut of the revenue generated. For example, China, which is among the top iGaming markets, has formulated regulations to govern the industry. With more than 700 million internet users, statistics show that more than half have participated in online gaming.
Although government involvement will not have an entirely negative effect on the industry, it will by far hinder, among other things, the growth, the payment options, and the amount of money you can spend.
Cryptocurrencies Will Save The Space
Operators of online gaming platforms, unlike their brick and mortar counterparts, are technology savvy. They are ready to incorporate emerging technologies to offer iGamers the utmost convenience and pleasure. One of the emerging technologies is blockchain and cryptocurrencies.
However, not so many of the online gaming sites have added support for cryptocurrencies. The few that have and are reliable, have been profiled by ICOpulse Bitcoin casino specialists including complete reviews.
Reasons Why iGaming Platforms Should Switch To Cryptocurrency
Think of cryptocurrency as a global currency. For example, if you are in the U.S and you want to gamble on a site in China that only allows payment in Chinese Yuan, you are locked out. With cryptocurrencies, the location of the site does not matter.
If a Chinese online gaming site accepts 1 Bitcoin to play, its 1 Bitcoin whether you are in the U.S., South Africa, U.K or Russia. Unless the site is geographically sensitive. Additionally, cryptocurrencies, unlike bank accounts, can be accessed from anywhere in the world.
No Personal Information Required
Online gamers prefer to keep their personal information private. Cryptocurrencies enhance this since their storage does not require intimate details about yourself. This is an advantage since other fiat storage services like banks will require you to provide even the most insignificant detail.
By switching to virtual currencies, online casinos, sports betting platforms, etc will definitely see an upsurge in the number of users. This is because users are also keen on a platform that would not link back to them in terms of finances.
Leads To Innovation
Operators of iGaming platforms supporting cryptocurrencies tend to think outside the box so as to bring a unique twist in the industry. By doing so, they end up offering a wide range of games on top of common ones like roulette, blackjack, among others.
No Government Interference
Unlike normal bank accounts that governments or financial institutions can decide to freeze or restrict, the owner of a cryptocurrency storage has total control of their funds.
While this applies on a personal level it translates to uninterrupted gaming experience for the gamers since their payment option will always be available. Without third party interferences, the cryptocurrency payments are also fast taking just a few minutes with some even taking seconds.
Play More For Less
When an iGaming site switches to cryptocurrency, gamers are able to pay for more games since they no longer have to pay a commission fee charged by the banks when using fiat.
This option also applies to the platform. Supporting cryptocurrencies eliminates the need to keep paying fees to fiat processing companies like MasterCard and Visa. This allows online gaming platforms to offer better incentives to players.
The iGaming industry fully switching to cryptocurrency is not a far-fetched idea since some online gaming platforms have already made the switch.
It is evident that shifting from fiat to cryptocurrency only payments will be advantageous to the entire iGaming industry. This will consequently result in providing quality services, faster payments, anonymity, among others.