Crypto and iGaming: The digital revolution changing your play

The landscape of online gaming is undergoing a transformative shift, largely driven by the rise of cryptocurrency. As digital currencies like Bitcoin gain mainstream acceptance, businesses in the iGaming sector are finding new opportunities to enhance their payment processes and customer experiences. Integrating crypto into payment systems not only streamlines transactions but also opens doors to a broader customer base while circumventing traditional banking challenges often faced by high-risk industries.

Platforms like Overchain are leading the change, providing tailored solutions that empower casinos and online gaming operators to embrace this digital revolution. In this article, we discover how the union of crypto and iGaming is set to revolutionise how we play, transact and engage in the gaming world.

High roller

iGaming has long suffered from strict regulation. Businesses operating in high-risk sectors such as online gambling and adult entertainment often face challenges in using traditional payment processors and obtaining banking facilities. By accepting crypto, casinos and nightclubs can bypass financial roadblocks and offer customers a secure payment method.

This sector has also long been plagued by chargebacks. In contrast to traditional payments, cryptocurrency payments are irreversible, helping protect operators from fraudulent refunds and disputes. Transactions are recorded on the blockchain, a decentralised and unchangeable digital public ledger. This ensures the integrity and transparency of payments. As a result, cryptocurrency transactions are smooth, safe, swift and efficient.

Overchain offers premium security features with extensive protection against fraud and cyberattacks, including two-factor authentication, blockchain transaction analysis by Chainalysis, and security from Fireblocks to protect client funds. These measures strictly monitor and protect each transaction, providing you and your customers security and peace of mind.

Thanks to the prebuilt, user-friendly, and scalable APIs, Overchain can be easily integrated into your existing IT systems, providing a seamless and stress-free process. The platform’s partners explain more.

“Our payment gateway allows direct integration onto an online casino or iGaming’s merchant cashier. This effectively allows their B2C customers to deposit crypto via our gateway.”

After integration, Casinos can embed widgets onto their website, online platform or app, making crypto deposits easy. The process is simple and can be done through our platform’s user-friendly interface. Customers can select the cryptocurrency payment option at checkout, making deposits a seamless and convenient experience.

Customers can make payments using multiple digital currencies. Overchain supports Binance Coin, Bitcoin, Ether, Litecoin, Polygon, Tether, TRX, USD Coin, and XRP, and additional currencies and networks can be added on request. The platform allows cryptocurrency deposits on the Ethereum, Tron, and Polygon networks.

“We then have the over-the-counter exchange, so this is for big liquidations or big top-ups of crypto balances, and that’s very applicable in the PSP world,” add the Overchain partners.

Banker

The high-risk, speculative nature of the gambling sector makes obtaining banking facilities and funding particularly difficult. Operating in specific jurisdictions like the UK can introduce additional complications. As a result, using cryptocurrency is particularly attractive.

Users can also benefit from Overchain’s automated currency conversion tool. The platform’s partners explain more.

“We offer casinos three ways to manage their money: either auto-conversion into fiat to then fund the casino; top up a customer’s betting account, enabling them to play with the cryptocurrency; or, if the casino is crypto-only, they can hold the cryptocurrency or complete a crypto to fiat conversion.

“If a casino is collecting a lot of funds at card or PSP level, they can directly receive the funds in crypto and convert that into fiat or vice versa.”

Casinos can take advantage of Overchain’s instant digital invoicing functionality. Overchain partners say this feature is particularly useful in the iGaming world as it enables casinos to invoice external agencies that provide IT and marketing services in fiat currency. Once an invoice has been paid, the gaming house can quickly and seamlessly exchange the fiat payment for crypto. This is particularly beneficial if the casino is a crypto-only house.

Jackpot

One of Overchain’s clients is a large online casino based in the Caribbean. They chose the payment service provider to take advantage of its market-leading technology over its existing proprietary software. Overchain also offered the opportunity to improve the client and customer journeys when depositing and withdrawing funds.

The client is a crypto-only casino, enabling customers to harness the benefits of using digital currencies while playing games. The casino can also keep, deposit, and withdraw funds in cryptocurrency using Overchain’s many features.

Dealing the cards

With payment service providers like Overchain, you can seamlessly integrate crypto payments into your operations and quickly start reaping the benefits. Advantages include lower transaction fees, faster international transactions and access to a new customer base.

Start by scheduling a personalised demo of Overchain with our partners, who’ll guide you through our premier payment system and answer any questions you may have. You’ll then receive a customised proposal tailored to your business needs and an onboarding link to start the verification process.

Overchain provides a simple, user-friendly verification process that complies with Know Your Customer and Know Your Business regulations. This means you can accept crypto payments securely and legally, giving you peace of mind.

After verifying your account, you can easily integrate Overchain’s payment solutions into your website and IT systems. The platform provides a free API that automatically generates unique and secure deposit addresses for cryptocurrency payments. You also have the option to create addresses manually.

You’ll have access to real-time exchange rates, which will help you avoid the volatility of the crypto market when making conversions. You and your customer can also benefit from 15-minute exchange rate locks.

After your customer has made a deposit, you can easily convert your cryptocurrency payment into your preferred fiat currency or choose to keep the funds in crypto. This helps benefit your business’s cash flow.

Hot streak

The integration of cryptocurrency into the iGaming world represents a significant evolution in the way online gaming operations function. With platforms like Overchain paving the way, businesses can enhance their payment processes, reduce transaction costs, and provide customers with a more secure and efficient experience. This development also opens up a world of possibilities and potential growth for the industry.

By embracing digital currencies, iGaming operators can navigate the challenges posed by traditional banking systems and regulations. As cryptocurrency continues to gain acceptance and adoption, the partnership between crypto and iGaming is set to reshape the gaming landscape, making transactions smoother and more reliable while safeguarding against common financial risks. This digital revolution opens up exciting new avenues in the gaming world.

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