Peter Smith
The casino industry, as you know it, is always open to innovations. Not one tech advancement has emerged in the past without affecting it. Consider the rise of online platforms in the late 20th century. Operators increasingly adopted these platforms, allowing players to access gambling experiences conveniently.
However, as the years went by, player preferences kept shifting. Today, players expect encounters beyond the convenience of online platforms. They want quick and easy payments, fast-loading sites and increased privacy. Thanks to trusted crypto casino platforms, modern consumers can access these experiences with just a few taps on their mobile devices. Of course, customers tend to remain loyal when they find relevant experiences, which explains why the industry is advancing.
So, what is fueling this growth?
Gamblers want secure experiences
It shouldn’t be surprising that paying attention to online security has become a differentiating factor. Do you know that, according to Exploding Topics, the number of daily cyberattacks now stands at almost 600 million? This means internet users today face a higher risk of security breaches than they did a few decades ago. In the gambling sector, the numbers are also increasing.
According to a recent publication by Sumsub, AI-related deepfake scams surged ten times between 2022 and 2023. Given AI’s growing popularity, this figure could continue increasing at an unprecedented rate. And as the attacks increase, gamblers increasingly want to interact with secure and trustworthy brands. Before spinning reels in their favorite slots, they will want to ensure a platform has tight security measures.
Turning out insecure at this point can be devastating, as it can discourage players from further exploration. According to Zendesk, more than eight in ten shoppers want to be able to trust a business before purchasing from it. One way to appeal to such consumers is to adopt more secure systems like blockchain. With blockchain’s immutability, you won’t need to worry about data integrity. Once data is stored, there’s no way to change or tamper with it.
Such possibilities improve players’ confidence and, as a result, keep them more connected. And if someone becomes more connected to your brand, they will likely spend more, further affirming DigitalFuel’s statistics.
The gameplay is incomplete without seamless payment methods
Consider an experience where you must wait days before funds reflect in your gambling account. Or worse still, consider another one where the payment methods fail repeatedly. That kind of hassle is frustrating and can cause you to abandon the platform for good. Even statistics by Business Money agree, claiming that 88% of shoppers abandon payments with friction.
The numbers could be higher in the casino industry, given that instant gratification is one of its primary allurements. Without instant payment methods, it becomes difficult to survive in this industry, where consumers expect transaction processes to take as little time as possible. Delaying transactions gives the impression that you are not cognisant of shifting preferences, which may negatively affect your competitiveness.
Crypto helps avoid these instances by eliminating the need for third-party financial institutions like banks. Remember, the lengthy approval processes of these institutions are part of why traditional methods are quite slow. But with digital currencies, these challenges are a thing of the past, ensuring players receive their funds quickly.
Eliminating third parties also reduces transaction costs. Can you actually believe that, according to VWO, almost half (48%) of customers often abandon payments because of high extra costs? This is just to show how expensive payment methods can be disadvantageous. And that’s where digital currencies come into play. Solana, for instance, can reduce transaction costs to as little as $0.0025, making it appealing to casual players who don’t want to see their small deposits eaten up by hidden fees.
Governments are loosening their crypto stance
If you’ve been keen, you may have noticed different jurisdictions opening their doors to the cryptocurrency world. Kazakhstan, for instance, recently launched a crypto fund to enable long-term investments in digital assets and build strategic reserves. In the US, Congress recently passed the GENIUS Act, which provides a regulatory framework for the country’s stablecoins.
The GENIUS Act grants legal protections to stablecoin holders during issuer insolvency and removes the coins from the ‘security’ definition. The Australian government has also not been left behind. It recently proposed drafting legislation to govern cryptocurrency under its existing financial services regime (AFSL). Such moves improve user confidence, which encourages exploration.
Think of it as a close friend recommending a brand. You will likely transact with it because you trust your friend. Similarly, when governments endorse digital currencies and related innovations, it creates a sense of trust that encourages widespread adoption. And this could mean gamblers using tokens to play or more developers building blockchain-based games. As a result, the crypto-gambling sector expands, supporting the findings by DigitalFuel. And as innovation continues to set in, the industry could continue growing and even surpass these predictions.
Peter Smith
