In the dynamic world of iGaming, swift and secure transactions stand as a key pillar for seamless user experiences. Recognizing the unique requirements of this industry, Sheepy is excited to introduce its Deposit Addresses Feature, tailored specifically for the iGaming sector.
However, if you’re new to the idea of crypto processing for the iGaming industry, it might be worth laying some groundwork on the payments trend that is taking the industry by storm.
What is Crypto Processing and why is it Important for iGaming?
Crypto processing refers to the integration and use of cryptocurrency as a payment option for goods and services. In the context of the iGaming industry, this means allowing bettors and gamers to deposit and withdraw funds using various cryptocurrencies. Its importance to the industry is manifold.
Firstly, with the booming global online gambling market, which was valued at $63.53 billion in 2022 and is expected to see a CAGR of 11.7% between 2023 and 2030, there's a need for payment solutions that can accommodate international users with ease.
Crypto payments are truly global. They enable cross-border betting without the complications of currency exchange rates or the regulations and fees that often accompany international bank transactions. Notably, according to Checkout.com’s State of Crypto report, 77% of iGaming merchants saw an increase in cross-border sales after enabling crypto payments.
Additionally, the use of cryptocurrencies in iGaming presents a more cost-effective payment method. Traditional payment gateways, especially for cross-border transactions, are often burdened with fees. In contrast, crypto processing fees are significantly lower, ranging from 0% to 1%. This not only provides savings for the platforms but can also translate into incentives and bonuses for the users, enhancing their overall gaming experience.
Another pivotal advantage of crypto processing in iGaming is the security and privacy it affords both the platforms and the players. Cryptocurrency transactions are irreversible, which guards against fraudulent chargebacks. Moreover, transactions done via blockchain are anonymous, assuaging players' concerns about personal data misuse and ensuring their privacy.
Ultimately, crypto processing offers the iGaming industry a globally accessible, cost-effective, secure, and private payment solution, making it an invaluable asset in the modern digital gaming landscape. Now, let’s take a closer look at how Sheepy is taking this a step further.
How Sheepy is Supercharging Crypto Processing in iGaming
Sheepy, with its arsenal of cutting-edge crypto billing features, is primed to redefine the gaming experience. Let's explore how Sheepy is tailoring its innovations for the iGaming aficionado.
1. Elevating Player Balance Management: The Deposit Addresses Feature
We all know the anticipation that builds up when you're about to enter a high-octane gaming session. Now, imagine diving straight into the action without the hiccup of repeated payment inputs. Sheepy’s Deposit Addresses feature allows iGaming platforms to offer static addresses for their players, minimising transactional friction and getting gamers into the action quicker.
2. Steady Wins the Race: The Auto Conversion Feature
In the volatile world of crypto, iGaming merchants need assurance against sudden market fluctuations. Sheepy's Auto Conversion feature provides just that, offering an instant safeguard by allowing automatic conversion of cryptocurrency winnings into stable fiat currencies. This ensures that the thrill of the win isn’t dampened by unpredictable crypto market shifts.
3. Simplified Reward Systems: Mass Payouts
Whether it’s distributing jackpots, bonuses, or affiliate rewards, iGaming platforms need to ensure prompt and hassle-free payouts. Sheepy's Mass Payouts feature is a game-changer here. It allows operators to process bulk transactions effortlessly, making sure players and affiliates get their dues promptly and efficiently.
What's Next for Crypto in iGaming?
With the benefits of crypto processing on one hand, and Sheepy’s wailing supercharger on the other, it’s definitely worth taking a peek at what might be in store for crypto processing in the iGaming industry.
Growth Trajectory: iGaming has seen consistent growth, with total bets rising significantly year-over-year. SOFTSWISS data highlights a 46.4% surge in the first half of 2022 compared to the same period in 2021. This growth trend strongly suggests that crypto's foothold in the iGaming arena will only get stronger, as both sectors continue to expand and intersect.
Crypto Bets: Despite a temporary dip in the second quarter of 2022, crypto bets have consistently held a considerable share, capturing 34.8% of total bet volume in the first half of the year. This increasing integration indicates that as the global audience becomes more familiar and comfortable with digital coins, we can expect to see even more bets placed using cryptocurrencies.
Dominance of Specific Cryptocurrencies: Bitcoin, often referred to as the 'gold standard' of digital currencies, still dominates the iGaming world with a significant 71.2% share. However, Ethereum's noticeable rise, holding almost 15% of the share by H1 2022, signifies the increasing diversification of cryptocurrency usage in iGaming. With other cryptocurrencies like Litecoin also on the rise, it's evident that players and operators are exploring a range of crypto options.
Regulation and Diversification: As cryptocurrencies penetrate deeper into the iGaming industry, regulatory measures worldwide will play a crucial role in shaping the trajectory of crypto in iGaming. While stricter regulations might pose challenges, the diversification of cryptocurrencies offers potential opportunities for the iGaming sector.
Indeed, the marriage between iGaming and cryptocurrencies appears to be not just enduring but thriving. With steady growth, diversification, and the potential for innovative integrations, the future holds immense possibilities for crypto's role in iGaming.
Final thoughts
As the tides of the digital era continue to turn, the confluence of iGaming and cryptocurrencies seems inevitable, offering a future enriched with seamless transactions, enhanced player experiences, and a global reach. Sheepy, with its forward-thinking features tailored for the iGaming sector, is at the forefront of this revolution, shaping a new era for players and operators alike.
As we stand on the brink of this exciting frontier, staying informed and harnessing the capabilities of pioneers like Sheepy becomes paramount. So, whether you're an iGaming platform looking to integrate crypto solutions, or a passionate player seeking to understand the evolving landscape, don't be left behind.
Take Action Now: Dive into the world of enhanced iGaming experiences with crypto. Reach out to the experts at Sheepy and let them guide your journey into the future of iGaming.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
