7 Most Common Cryptocurrency Solutions in iGaming

Data & Research / 04.08.2020

The gambling industry is growing exponentially globally. In 2019, revenues from gambling reached 468 billion dollars. Betting and gambling online through iGaming isn’t too far behind in this trend. Cryptocurrency technology is bringing a new wave of advancements in the iGaming industry.

While sometimes used interchangeably, there are several significant differences between iGaming and traditional gambling. iGaming is more accessible than conventional gambling and is available day and night. Furthermore, iGaming offers a variety of currencies to operate with, therefore, cutting currency conversion fees. Whereas traditional gambling mainly provides a single currency, and one may need currency conversion fees.

Cryptocurrency is managing to make the iGaming user experience much better. An excellent example of a crypto iGaming solution is offering instant payouts to the users. In contrast, traditional gambling is time-consuming, especially during payouts, as it takes many days to reach the gambler’s account.

What are some other standard cryptocurrency solutions in iGaming? What features do these solutions offer? This article will address seven of these new technological innovations in iGaming.

ByteBulls

ByteBulls is a decentralized Beijing iGaming solution founded in 2017. It enables you to build blockchain games on its platform. ByteBulls offers all the major cryptos for gaming, including tether, bitcoin, and many more. This iGaming solution is secure because only individual users have private keys for their blockchain containing funds.

ByteBulls is also time-saving and straightforward because it has a quick settlement speed enabling faster transactions. Moreover, this iGaming solution is cost-effective and doesn’t charge its users any extra fee.

An outstanding feature of ByteBulls is that you can be given your virtual currency and use it when gaming. A portion of game turnover spreads in the dividend pool. Here users can buy and stake their token so that they can get the dividend. Users taking part in staking enjoy stable profits.

Coinspaid

Coinspaid is a Tallinn-based iGaming solution established in 2014 that provides a solution for crypto payments. Coinspaid contains over 100 iGaming companies and facilitates online casinos, gambling, and betting. The platform has a simple to use interface, and is fast; therefore, many big casino companies such as Bitstarz and Betchain use it.

Coinspaid also contains a tool called Provably Fair. This tool enhances legitimate practices and facilitates fair games when one is using this platform. Coinspaid supports over 140 cryptocurrencies and also avails a crypto auto converter for traders. 

CashBet

CashBet is also known as CashBet Alderney. It is an Oakland-based iGaming solution launched in 2012. CashBet offers an iGaming platform for casino operators, game developers, and players, and it supports both fiat and crypto coins. It’s a platform with a variety of mobile-optimized high-quality games and caters to over 450 games globally. 

CashBet is very scalable and is available for both mobile and desktop devices. Furthermore, it’s an iGaming solution that is customizable to the operator’s needs. 

SoftGamings

SoftGamings is a Riga-based iGaming solution founded in 2008. It is widely used by online casinos that support gaming and online gambling. SoftGamings offers more than 3000 games. It is effortless to set up and also has a clear interface. Opening an account with this iGame solution is instant and does not require a lot of procedures.  

SoftGamings is fast and has easy integration. It is also cost-effective because it offers low rates on the market, therefore saving on costs.

DAOBet

DAOBet is a Singapore-based iGaming solution established in 2017. DAOBet automates and verifies all transactions. This iGaming technology reduces friction from physical interactions among players and game providers.

DAOBet is a fast and time-saving solution that ensures gaming operations are not interrupted. This iGaming solution can even process 3000 transactions every second. DAOBet offers a wide variety of online games from gambling content providers.

FastToken

FastToken is an Ethereum based iGaming solution established in 2017. FastToken enables operators to build iGaming businesses. FastToken contains a tool known as provably fair, which facilitates fair games and honest experiences. This iGaming solution is fast, thus enabling ease of transactions to the users.

FastToken is cost-effective because it has no extra fees. Security is also guaranteed because there are no centralized authorities with access to accounts. Only individual users have access to their private keys and passwords. FastToken offers about 20 cryptos and more than 50 games.

Xaya

The Autonomous world limited found Xaya in 2018. This iGaming solution uses provably fair, which is a tool to enable honesty practices while gaming. It is a highly scalable iGaming solution that supports a variety of games and a lot of players. Xaya has atomic trading. In atomic trading, individuals have full rights of their private keys, and there is no third party involved, which makes fraud very impossible. Xaya has no centralized servers as it uses decentralized servers, which gives players full control of their assets.   

Why Use Cryptocurrency iGaming Solutions?

Cryptocurrency iGaming solutions have many benefits over physical gaming or gambling. Cryptocurrencies ease transactions because they are instant, thus improving the user experience. 

These iGaming solutions also offer transparency and privacy during online gambling. The solutions allow some degree of anonymity to the users who do not want to reveal their identity. On the other hand, traditional betting is partly regulated by the government, which requires confirmation and validation of gambler’s personal information before gambling. Also, the gambler’s ledger is public when using iGaming solutions to gamble, ensuring transparency, and avoiding claims of illegitimate refunds by fraudsters.

Cryptocurrency iGaming solutions are also cheap. They allow for direct transactions with no intermediaries, thus reducing extra fees. Security is guaranteed when using these iGaming solutions, which ensures honesty experiences when online gambling.

There are many advantages associated with cryptocurrency iGaming solutions. So, why don’t you try these platforms the next time you’re gambling online?

After realizing the setbacks of centralization in the financial industry, Carol has dedicated her career to apprise everyone on the benefits of blockchain technology. When she is not writing, she’s probably somewhere in the park reading a book.