How Cryptocurrencies Are Revolutionizing Online Poker, Slots, and the Broader iGaming Industry

Examine the wave of digital transformation sweeping businesses and industries, and you’ll notice that mobile payments have emerged as one of the most effective tools for reaching more customers. You might have encountered them by using online banking with biometric authentication methods or paying via digital wallets like Apple Pay. Either way, they streamline user experiences and help industries achieve greater financial success.

If you’ve read our previous post on the latest technologies shaping the mobile payment industry, it highlights cryptocurrencies, such as Bitcoin and Ethereum, as alternative payment methods that deploy blockchain technology to reduce transaction costs and enhance transparency. Whether or not you’re one of the millions of users now adopting crypto coins as a convenient means of payment, there’s no denying that the trend has caught on—to the extent that key industry players are leveraging the payment technology, such as fintech company PayPal introducing the U.S. dollar stablecoin PayPal Coin.

However, more than just changing the mobile payment ecosystem itself, cryptocurrencies are also revolutionizing other sectors, particularly the highly digitized and modernized internet gaming (iGaming) industry. How exactly do rapidly developing cryptocurrencies benefit iGaming and betting’s market growth and user experiences? Continue reading to find out more.

An overview of the growing iGaming industry

True to its game-based nature, the iGaming industry has been competitive enough to become a major player in the global digital economy. If market value equated to scores, then iGaming continues to win, garnering $81.9 billion in 2023 and a projected value of $156.7 billion by 2030, according to a ResearchandMarkets.com report. The steady increase can also be observed in its user base. By 2028, top platforms like 888 Holdings, Betway, and Playtech are expected to grow their teams and record a total of 243.2 million online gambling users.

In this billion-dollar industry, the online casino segment is undeniably the MVP, driving impressive growth worth $17.13 billion in 2023 and spanning key regions like North America, Asia Pacific, and Europe. In the same way players have special skills and equipment, online casinos are armed with the card game poker and chance-based slots as their most popular and frequently used weapons. Both games have proven their power by helping set record-breaking gaming revenues, particularly in the United States. 

Without a doubt, factors like regulatory changes and consumer preferences have also played a role in this growth. However, as digital transformation was previously highlighted, technologies like cryptocurrencies present themselves as powerful tools for innovating online casinos and the broader iGaming industry. Curious about their advantages and use cases? Read the following section to learn more about cryptocurrency in online poker and slots.

Advantages of cryptocurrencies in online casinos

Safe and secure payments

Your knowledge of online casinos might start with ads that promote their beginner-friendly games and tournaments, but a significant portion of their revenue comes from high-stakes transactions. You can find daily cash buy-ins of top poker tournaments that range from a whopping $1,000 to $10,000. Maximum bets in online slots and table games may also surprise you, as they can go as high as $500 to $1,000.

If you’re a gamer dealing with this amount of money for each buy-in or wager, wouldn’t you look for a safe, secure, and reliable payment method for deposits and withdrawals? This is where cryptocurrencies come in, as they reduce identity theft and fraudulent transactions by using a digital ledger in lieu of personal financial credentials.

Lower transaction costs

You’ve probably heard or even experienced how convenient and efficient mobile payment systems like merchant accounts, online banks, wire transfers, and debit/credit card terminals are when paying for products and services. However, their involvement of third parties may accumulate transaction fees over time. 
Thus, players can feel discouraged from using them, as they want to maximize their winnings, especially for huge payouts ranging in thousands of dollars. Fortunately, cryptocurrencies come in to save the day. By being decentralized and requiring little to no intermediaries, crypto coins lower the transaction costs for players and online casinos alike—ultimately creating a win-win situation with better payout rates and bonuses.

Wide range of payment options

Once you’ve entered the world of crypto-based payments integrated into online gaming platforms, it’s time to enjoy the wide range of options to suit your financial needs and preferences. The successful Winning Poker Network operates online poker sites like Americas Cardroom and welcomes a bigger selection of cryptocurrencies than most platforms—with over 60 of the top crypto coins accepted for tournaments and cash games.

What’s more, Americas Cardroom allows online poker players to use crypto coins like Bitcoin, Ethereum, and Litecoin safely, efficiently. Armed with sophisticated software features like the ACR Reshuffle and Player Protection, you can say goodbye to predatory practices or malicious actors attempting to infiltrate your games, whether you play the multi-day Mystery Bounty or seek adventure in the Poker Races.

Global accessibility

But what if an iGaming platform is based in a specific country or region? In that case, it may encounter challenges in deploying conventional banking systems and electronic wallets, which can be limited by geographical locations. Fortunately, there are some bright spots for the future of iGaming. Cryptocurrencies are platforms’ best bet, as they can pave the way for globalized and borderless transactions. You’ll see this info is backed up by Chainalysis, a blockchain analysis firm, which revealed Central & Southern Asia and Oceania as crypto adoption hotspots.

For example, if you look at data from 2023 and 2024, the value of Indonesians’ cryptocurrency transactions amounted to $157.1 billion. Meanwhile, India and Singapore can thank local cryptocurrency exchange and wallet providers like ZebPay for helping their respective crypto markets thrive. Such developments have resulted in a mutually beneficial situation. This means residence doesn’t matter, and users can enjoy playing online poker, slots, and other casino games regardless of where they live. iGaming operators, on the other hand, can cast a wider net and capture larger audiences.
In summary, cryptocurrencies drive growth and transformation in iGaming through safe, cost-effective, diverse, and accessible payments.