How to Offer a Cryptocurrency Payment Option on your Gaming Site - Future of Fintech, Business Banking & Gaming regulation Center

How to Offer a Cryptocurrency Payment Option on your Gaming Site

Simply put, by offering your players a cryptocurrency payment option you can increase the number of players on your gaming site. There are players that prefer using cryptocurrency and if your site doesn’t offer this option they will go elsewhere for their gaming. Digital currency and cryptocurrency has changed the gaming industry forever. Many online casinos already offer a digital currency payment option. The best crypto casinos have certain standout features you should be aware of. If you are planning to open a new crypto casino or add a cryptocurrency payment option to your existing gambling website then you will need a crypto casino license.

Why offer players a cryptocurrency payment method for deposits?

  • Lower transaction fees – cryptocurrency withdrawals and deposits incur smaller transaction fees
  • Faster transactions – deposit/withdrawal of cryptocurrencies can be completed within minutes
  • Additional payment option – increase your conversion rate by attracting players who prefer to use cryptocurrency

Note: Cryptocurrency transactions are anonymous and once a payment has been made no refund or cancelation of the payment is possible. For this reason players must be careful to choose a reputable online gaming website that will not disappear once they have made a cryptocurrency deposit. Only play on licensed online casino sites.

How to acquire a crypto casino license?

Cryptocurrency casinos are licensed in the same way as any other online casino. They must meet certain requirements and abide by certain restrictions set by the licensing jurisdiction. For example in Curacao licensed online casinos are forbidden to offer exchange or financial services. This means the casino cannot receive cryptocurrency and convert it into a different currency. This restriction can be bypassed by using a 3rd party PSP to process the exchange. Curacao gambling licenses are recommended as the eGaming application process goes quickly if you have all the necessary documentation.

How to get a Curacao gambling license?

  1. Incorporate your business as a Curacao e-zone company; you can also incorporate in other jurisdictions like Belize.
  2. Apply for a Curacao Gaming sublicense with the help of GBO gaming experts.
  3. Prepare all of the necessary documents including personal documents of the beneficial owners and company documents. The documents must show that the company and owners are in good standing.
  4. Apply and open a Euro business bank account, establish payment options, PSOs and a merchant bank account.
  5. Create your online gaming platform, establishing the system and website that will be the “face” of your company. Iron out any technical issues and insure that the site can run efficiently and smoothly. You could use a white label solution to save time and money.
  6. Introduce yourself to online players by marketing your site. In order to succeed you need players and the only way to get players is to tell them about your site through online marketing. If you are not an expert in online marketing use the services of a professional to bring players to your site.