Cryptocurrency is an increasingly useful payment method for both gamblers and casino operators. Not only does crypto allow for lower transaction fees and faster payments than legacy payment channels, but it’s also more transparent and safe, too.
While players benefit from this transparency through a more trustworthy gaming experience, so too do the operators. Thanks to the magic of blockchain technology, operators can deliver gambling that is provably fair, as well as automatic settlement on the blockchain with the help of smart contracts, and other, more efficient processes.
For these, and countless other reasons, a growing number of casinos are now switching their focus to cryptocurrency. Many see crypto as the next big innovation to shape the future of gambling online, with an impact that could be as significant as the arrival of online gambling or the first betting apps.
For some casinos, cryptocurrency already goes to the heart of their vision. Bspin.io Casino is one example, developing its site around a proprietary casino gaming platform built on the bitcoin blockchain.
Set up by industry professionals with over 15 years’ experience in gaming, Bspin puts BTC first. Crypto isn’t an afterthought – it’s the whole point of the casino. Gamblers deposit and withdraw in BTC, as well as playing games on-chain. Game data is recorded to the blockchain creating a perfect, provable audit trail, plus automatic settlement. As a result, Bspin hopes to benefit from lower operating costs against non-crypto online casinos, as well as offering a guaranteed fair platform for its players.
Now, the casino has gone a step further in securing a partnership with BTC marketplace Paxful, which looks set to introduce the bitcoin casino platform to a new global audience.
Announced in a joint statement by Bspin.io and Paxful earlier in the week, the agreement will see the Paxful providing Bspin Casino with access to seamless crypto payment services. Payments will be handled through Paxful’s payment protocol, Paxful Kiosk.
A Wider Range of Payment Methods for Gamblers
The integration into Bspin’s site means players will also now be able to exchange crypto within their casino account, for added convenience and security. But while non-crypto online casinos might support credit/debit cards and a handful of payment wallets, the Paxful integration has the advantage of supporting a huge range of payments.
Paxful currently supports some 300 different payment methods, including obscure payment options like Xbox Live gift cards and other gift vouchers. Thanks to the integration, these can be exchanged in-app for crypto, which users can then bet with in the usual way. Players simply top up their crypto balance with any supported payment method of their choosing, and Paxful kiosk handles the rest.
For its part, Bspin has publicly acknowledged the benefits of supporting a wider range of payments, which it says is crucial to encouraging the widespread adoption of cryptocurrency it believes will take the industry forward.
But there could be other benefits to the tie-up with Paxful for Bspin – in particular, the firm’s rapid growth in emerging gambling markets.
Bspin Casino Means Emerging Opportunities for Crypto Gambling
As of latest numbers, Paxful boasts over 3 million registered wallet addresses, of which 800,000 were created this year. There’s no sign of a slowdown on the horizon for the firm, which continues to pick up new users daily. But crucially, around 45% of those registered wallet addresses belong to Paxful users in Africa, a huge potential emerging market for both cryptocurrency and casino gaming.
The practicalities of buying bitcoin in Africa are often challenging. Access to exchanges in particular is an option for many, who simply have no way of accessing the services required to change money for crypto. And in emerging markets with political instability or developing payments infrastructure, cryptocurrency is often the answer to so many questions.
This provides Bspin with access to what is also a key emerging continent for the global casino and gambling sectors. As economies develop, gambling participation rates naturally rise. And with igaming in Africa already posting aggressive growth year-on-year, the timing could benefit both Bspin and Paxful.
Cryptocurrency-first casinos are likely to become more common, with many in the industry predicting they will one day become the norm. Casinos like Bspin are already ahead of the game, and the Paxful integration is likely to pay dividends for the operator.
No doubt others will be watching closely, including major casino operators considering increasing their own emphasis on bitcoin gambling, crypto payments and systems.