Bitcoin is a revolutionary new crypto currency that is currently dominating the online gaming market, and many people are beginning to see the benefits that this elusive currency is beginning to bring to the gaming world. One of the demographics that is having the biggest benefits when it comes to using the Bitcoin, aside from the gamers themselves who benefit from the security and secrecy of the crypto currency, is the gaming operators. Here, we’re taking a look at why gaming operators should begin to seriously consider implementing this exciting crypto currency for their online casinos and gaming sites, and the benefits some existing Bitcoin online casinos and gaming sites are enjoying.
One of the biggest benefits for merchants when it comes to Bitcoin is the low fees that they have to pay. One of the major reasons why processing times and fees are implemented in regular online casinos is because of all of the fees that debit and credit cards tend to place on any deposits and withdrawals to a casino site. With Bitcoin, the entire process is online, similar to how e-wallets work, and this means that payout fees only sit around 1% if not lower. This is a significant decrease in payout fees, when compared to more traditional payment methods which helps the merchant and gaming operators to save a lot of money. This also benefits the players on the site, because it provides a lot more room for gaming operators to use a number of bonuses and promotions to help attract more business.
While this is not something that is set in stone due to various legalisation and regulations around the world, in particular Japan, currently gaming operators are not clamped down with strict regulations. While there are still some regulations in place to help protect the consumer, these are a lot looser than on a regular online casino, meaning there is a lot more flexibility for the gaming operator to provide the gaming experience that they wish. Interestingly, this hasn’t led to a huge number of online operators pushing players and trapping them. Instead, it has developed a new era for online gambling through provably fair slot machines and other types of gaming, which could produce a lot of change in the current gambling market, in particular with slots games.
Higher Deposits From New Customers
The current buzz around the crypto currency and the fact that it has increased dramatically in value over the past few months could lead to more new customers placing higher deposits when they first enter the site – and this doesn’t have to be influenced by promotions and bonuses. Purchasing a Bitcoin is currently quite expensive, but that doesn’t mean that people aren’t investing in it. With more investments in the Bitcoin, people are going to be looking at how they can capitalise on it, and online gaming (casinos in particular), may see a surge in higher deposits. This will be exceptionally exciting for gaming operators who will be able to make a lot of money off of this kind of investment, and the higher the value of the Bitcoin, the more likely this is to happen.
The Bitcoin is a very niche market at the moment, and while the popularity of the cryptocurrency is rising, not many industries are beginning to take this on. This provides a whole new avenue of customers and additional business opportunities for gaming operators to consider, and with big brands like Microsoft and Steam already leading the way in the gaming world, and a number of online casinos already operating using the Bitcoin, it’s highly likely that we will see more gaming operators begin to take this on. The current demographic of people interested in the Bitcoin tends to come from the gaming industry, and gaming operators who implement Bitcoin within their site or game will generate interest from a whole new audience.
Another thing to consider with the Bitcoin is the fact that it facilitates cross-border payments, and is accessible around the globe even in areas where online gaming or gambling is restricted. This means that operators are able to expand into new regions which may not have been possible before the Bitcoin, and with emerging markets who are currently struggling with high transaction costs or lack of banking access suddenly becoming available, gaming operators are providing opportunities to a whole new audience demographic.
This part of the online gaming world is extremely interesting, and is one of the main benefits for both players and also gaming operators. Bitcoin provides real-time payouts, which is currently unheard of in the online gambling world. This helps to speed up the entire process, with clearing and settlements, which will help the gaming operator to ultimately reduce overhead and also help with accounting and reduce any form of manual reconciliation on that end. This is extremely important for both players and also the gaming operator and is highly likely to revolutionise the entire gaming market.