Why you should consider integrating crypto on your casino platform
With the rate at which the casino industry is growing, acquiring and retaining customers is only expected to become more and more challenging. Operators will have to do a lot more if they will have to stand out. But that does not mean that there is no hope.
Technologies like crypto have emerged with more innovative features that appeal to modern preferences. With them, operators can actually improve their appeal and reach as many players as possible. So, if you’re stranded on whether or not to include crypto on your casino platform, this is a must-read.
The growing emphasis on better customer experiences (CX)
With the continued advancement in technology, the need to provide top online casino experiences cannot be overstated. In fact, according to PwC, 73% of customers claim that they make purchase decisions based on experience. As if that’s not enough, even affiliate sites consider CX when ranking. This is why you want to take advantage of every available opportunity to improve customer experience.
Thankfully, crypto, with its fast transactions, can actually help. Given that most modern consumers expect instant payments, crypto can really be a good option. Just recently, PAYMNTS.com released a study claiming that about 78% ranked such experiences as very important aspects of their overall experiences. To appeal to such preferences, you may want to consider adopting digital currencies.
Instant gratification is part of the allures of most online games. So, to cater to such needs, you want a technology that will eliminate the longer waiting times associated with traditional methods. And what better way to do that than to integrate crypto payments? Instead of waiting days, crypto transactions can be completed in minutes, really keeping players happy and engaged.
Plus, there are tokens like Solana that are more scalable. This can be very handy during peak times. You don’t want the payments lagging just because numerous players have logged into your platform.
Solana alone can support up to 65,000 transactions per second, ensuring players have consistent experiences, even when most of them are using the platform. This can give an impression that your platform is reliable, which may result in greater business performance.
Improving customer-centricity
Well, according to SuperOffice CRM, businesses that focus more on aligning with customer preferences and needs tend to be 60% more profitable than those that don’t. And as we said, in an industry like the casino, where competition is increasingly fierce, you want to take advantage of the slightest opportunity to stay ahead.
Exploding Topics claims that there are about 1 billion crypto owners worldwide. A forward-thinking operator would not want to ignore such a statistic, especially now that the numbers could actually increase. Of course, you’d expect a considerable percentage of those who own these currencies to also prefer transacting with them in things like casino gaming.
Although many people initially knew crypto as an investment alternative, its application is rapidly changing. Actually, studies by eMarketer reveal that about 20% of crypto owners intend to use it as a payment method by 2026. In another place, Checkout.com highlighted that 39% of consumers think digital currencies should also be used for payments besides investment. This is already a good opportunity to utilize if you want to increase your market reach.
The growing need for more secure environments
Security is a huge concern in the online gambling industry. Fraud, chargebacks and data breaches can cause massive headaches for operators and players alike. And for operators the side-effects can really be devastating. Think of the harm they could cause to your brand reputation, the associated financial costs and so on.
In fact, according to IBM, you may end up spending up to $4.88 million on something you could have otherwise avoided. Regarding brand reputation, a good number of players may never transact with a brand following a data breach. Looking at the statistics, Security Magazine notes that 66% of customers may never trust such companies again.
Meanwhile, 75% are even ready to cut ties with these companies. This is why you can’t ignore online security, even for a second. The matter is even more serious because a considerable percentage of players often survey platforms’ security before transacting. And you wouldn’t want them to perceive your platform as insecure. This is where implementing more secure technologies like crypto comes in.
By decentralizing data, it eliminates the possibility of single-point failure. Plus, once data is stored, you can’t alter or manipulate it, which ensures consistent and transparent storage of records. Crypto also uses advanced encryption, which often requires a lot of computational resources to decipher. This can really restrict unauthorized hands from accessing crucial customer data, leading to more customer confidence.
What is our final word?
If you’re running an online casino and haven’t yet jumped on the crypto train, you may be missing out on an incredible opportunity to really transform your platform. The casino industry has become super competitive, and using technologies like crypto to cater to modern tastes can really help.
Modern players seem to prefer fast and cheap transactions and secure gambling environments, among many other things. So, implementing crypto will not just allow you to keep up with the times – it will actually help you improve your competitive edge. And from our statistics, this technology can actually be something worth considering.