Everything is inevitably going paperless. It is one of the reasons you must have elevated from being an offline bookie to pay per head sportsbook. Along with these changes come the end of cash or physical transactions.
Cryptocurrency bridges the gap by allowing users to deposit their funds and withdraw their winnings from a gambling platform. Below, we look at the top three reasons you also need to switch to crypto currencies.
Confidentiality is highly appreciated, especially by gamblers. So, if you could allow your clients to send funds to their betting accounts and withdraw their winnings through anonymous methods, you would earn a good reputation.
Every government has a way to regulate cash to prevent the thriving of illegal activities. This is a good thing, and you should also have a system to monitor large transactions to avoid money laundering. However, gamblers are bound to make big wins once in a while.
You must ensure that your clients feel safe and guaranteed to receive their money without government bodies prying on your business. By using cryptocurrency payment methods, you are guaranteed confidential transactions.
Each jurisdiction has a set of laws to control illegal gambling. For example, the U.S. has the Wire Act and UIGEA. These prevent illegal transactions between banks in the country and offshore gambling platforms.
This leaves you with a limited number of banks willing to process money to and from offshore gambling platforms. However, if a cryptocurrency wallet is in the middle, a bank cannot flag a transaction as there would be no information showing the money came from a gambling site.
So, your clients can complete transactions securely without tipping government bodies. You can easily get your funds, and your clients can continue enjoying secure services.
Another reason you should switch to cryptocurrency is that it is widely available. In other words, users do not have to be somewhere to use cryptocurrency. They can easily create a wallet and move their funds from their banks through the wallet to a gambling platform.
The global availability of cryptocurrency can allow you to expand your business. This is because your new clients can find ideal crypto methods, unlike FIAT options available in specific jurisdictions. For example, Interac is popular in Canada and not the USA.
As a bookie, you need to think about your business constantly and allow room for growth. One of the things you can do is to switch to cryptocurrencies as more players prefer it to FIAT options.
In fact, you can use it as a marketing strategy to gain new clients looking forwards to globally available, secure, and confidential payment methods.