The iGaming industry – the umbrella term that encompasses online betting and gambling – has seen an unprecedented growth rate in the last decade.

This surge has mostly relied on the fast development of smartphones and mobile and web apps. Hence, now punters don’t even have to sit at their laptop or desktop computer; they carry their online casinos and betting parlors in their pockets.

There’s another factor that is heavily influencing the comfort and nature of iGaming – cryptocurrency. In the following few paragraphs, we’ll discuss how cryptocurrency affects online gambling and betting.

Embracing The Change

If you’re a regular online punter, you must have noticed the rise in the number of bitcoin and crypto casinos. Looking at the wide scope of such options reviewed for 2024, it’s clear that such iGaming platforms offer incentives that are a bit(coin) different from typical online casinos. To be more precise, those bonuses and special deals are more abundant in their range and features than those on iGaming platforms that still don’t receive Bitcoin and other similar currencies.

As more and more game providers are accepting crypto payments, it’s logical for bettors and gamblers to follow suit and check out how they can benefit from these advanced payments.

Pros Of Using Crypto In Online Casinos

Cryptocurrency is a digital currency, technologically rooted in blockchain technology. In a nutshell, a blockchain is a string of blocks that contain various information. As this ledger cannot be changed by any third parties, this immutable nature of blockchain makes them so secure and trusted by millions of users worldwide.

Anything can be stored and recorded within a block vault – patents, confidential information, digital monetary assets, etc.

When talking about iGaming and cryptocurrencies, let’s check out the obvious benefits of using such payments in this industry:

Lower Payment Fees

Classical online payments – such as credit card payments – include various financial institutions and their relevant fees. The more stakeholders mediate in a digital transaction, the more complex the entire process is, with more added fees along the way.

On the other hand, cryptocurrencies are decentralized, meaning that there’s no specific institution that regulates them. Whenever a cryptocurrency transaction occurs, it’s a direct transfer of digital assets between two parties. Hence, iGamers can save a significant amount of money on transactions and invest it into their accounts on gaming platforms.

Enhanced Gaming Trust & Comfort

The unchangeable nature of blockchain adds to the transparency of this model. This transparency works on several levels. The most obvious level for online players is the one in which the assets they save on blockchain are completely safe from unauthorized intruders. They’re also transparent and always available to owners.

The other, less obvious, level is the option to create games in a completely transparent manner. With the use of blockchain technology, iGaming providers are already and will be able to encrypt the outcomes of games in online casinos. As a result, players will enjoy a higher level of fairness and security. If iGaming platforms that opt for such game development form an independent auditing and licensing organization, these licenses would convince punters they’re both trustworthy and secure.

No Chargebacks, High Transaction Speeds

Every process is faster without a middleman. Hence, making payments to gambling and betting websites via cryptocurrency is faster than using traditional payment methods.

Players don’t have to wait for hours or days to have money in their iGaming accounts, but the money is forwarded immediately. Business owners, on the other hand, get faster access to those assets.

Another benefit for iGaming platforms deriving from cryptocurrencies and blockchain is that they don’t have to deal with chargebacks. Namely, with credit card payments, there’s always an option for punters to file official disputes, also known as chargebacks. In the iGaming industry, chargebacks cause a lot of trouble to game providers. For every chargeback, a business owner must pay certain fees, even when the issuing bank rejects the cardholder’s chargeback request.

A common issue in the iGaming industry is that dissatisfied players sometimes require a chargeback when they lose more money than expected.

In all these cases, using cryptocurrency is a beneficial option for iGaming companies.

International Business Presence

iGaming is a global industry by default. What’s complicated is the use of fiat currencies. If you’re based in the UK and your handpicked gambling site is registered in the same country, you don’t have the currency exchange issue. However, iGamers typically try their luck and knowledge on various websites, many of which aren’t in their home country and don’t operate in their national currency. The exchange rates and time-consuming procedures aren’t something players look forward to when trying to enjoy their games.

Cryptocurrencies eliminate all this hassle, making room for a seamless gaming experience.

Once you dodge the international barriers regarding cross-border transactions and avoid the exchange expenses, online gaming does seem even more convenient.

The Potential Cons Of Crypto In iGaming

Not all punters out there root for a decentralized payment system. Some players like it familiar rather than innovative, which is why they might not be open-minded to using cryptocurrencies.

Objectively speaking, the decentralized character of cryptocurrencies is going to change in the forthcoming period. The change will refer more to the international legislation that will try to regulate their use than to their technical features.

Also, every new technology brings some uncertainties, and blockchain is no exception. For the time being, however, the benefits outweigh the glitches when it comes to utilizing crypto for digital payments.

Cryptocurrency-Based Rewards & Loyalty Programs

The word transparency appeared several times throughout this article. Apart from its security-boosting benefits, cryptocurrencies, and blockchain enhance loyalty rewards programs. Imagine having a digital cryptocurrency wallet, from which you make payments for various purposes, from paying utility bills and buying plane tickets to crediting your iGaming accounts. Then, the providers of those services send you rewards to that same digital wallet.

The frictionless nature of cryptocurrencies and near real-time settlement come in handy for both payers and payees.

Instead of incurring additional costs via traditional payments, all the interested parties benefit from using crypto. 


Even though cryptocurrency is already a practical option for iGaming payments, the future is yet to yield innovative benefits that will change the way we pay for things. Until that moment comes, revise the tips shared in this article and enjoy your iGaming sessions.