Why operators shouldn’t sleep on crypto

Cryptocurrency is no longer a niche experiment, it has become an integral part of digital transactions across industries. As the igaming sector evolves, the role of crypto is shifting from novelty to necessity. Its adoption raises fundamental questions about convenience, security and the direction of online gambling in the coming years. 

For an industry pondering what innovation means, there is every chance it is here, in crypto. 

A growing preference for digital currencies 

Players today expect fast, seamless payment experiences. Traditional banking methods, often hindered by delays and fees, are struggling to keep pace. Cryptocurrencies, including bitcoin, ethereum and stablecoins, offer near-instant transactions and reduced costs, reshaping how deposits and withdrawals function in igaming. 

For players, crypto transactions mean faster access to winnings and a degree of anonymity. For operators, they present opportunities to minimise chargebacks and streamline operations. Yet, the adoption rate remains uneven, with many brands hesitant to navigate the complexities of digital currency integration. 

The market potential of crypto in igaming 

The global cryptocurrency market is expected to reach €44bn (£36.4bn) in revenue by 2025, with an estimated 861 million users worldwide. Meanwhile, the crypto gambling sector is valued at $250m (£198.4m), with projections indicating steady growth. Despite this, the integration of crypto into igaming remains fragmented, with many operators yet to define a long-term strategy. 

While some have fully embraced crypto, others remain cautious, concerned about volatility, regulation and shifting player behaviours. Those who move early, however, have the opportunity to position themselves as leaders in a space that is set to expand significantly in the coming years. 

Blockchain and transparency in gambling 

One of crypto’s most significant contributions to igaming is its foundation in blockchain technology – a decentralised and immutable ledger that records transactions transparently. In an industry where fairness and security are paramount, this level of visibility is a game changer. 

Blockchain enables provably fair gaming, where players can verify the integrity of each game outcome. This challenges the traditional reliance on third-party auditors, offering an alternative method of ensuring fair play. Additionally, smart contracts – self-executing agreements coded into the blockchain – can further automate payouts and loyalty rewards, reducing friction in transactions. 

The role of NFTs in online gambling 

While NFTs (non-fungible tokens) initially gained traction in the art and collectibles space, they are now finding applications in igaming. Unlike traditional digital currencies, NFTs allow for unique, verifiable ownership of digital assets, potentially reshaping loyalty programmes, in-game rewards and even player identities. 

For online casinos, this introduces new ways to engage users. NFT-based VIP memberships, tournament entries and tradable assets could provide players with more value beyond standard promotions. Though adoption is still in its early stages, the flexibility of NFTs presents a compelling opportunity for brands willing to experiment with new engagement models. 

What’s next for crypto in igaming? 

The increasing adoption of crypto in mainstream commerce – from Tesla to Microsoft – signals that digital currencies are here to stay. In igaming, their potential extends beyond simple payment methods, opening doors to more transparent and efficient systems. 

However, widespread adoption will depend on regulatory developments, the stability of major cryptocurrencies and player demand. Operators willing to invest in crypto solutions now may find themselves well positioned to capitalise on a shift that, while gradual, appears inevitable. 

For an industry desperate for innovation, crypto could prove to be more than just a payment method, it could define the next chapter of online gaming. At iGP, we recognise the importance of staying ahead of this shift, ensuring our partners have the technology and expertise needed to integrate crypto seamlessly. The future is digital, and we are ready to help operators navigate this evolving landscape. 

Inesa Glazaite was appointed as chief commercial officer (CCO) at iGP in January 2024 and oversees the development and implementation of a long-term commercial strategy, identifying new business opportunities in key markets worldwide and evaluating mergers and acquisitions to enhance the company’s market position.