The estimated value of the global sports betting market ranges from $700 billion to $1 trillion, with the online gaming industry expected to reach $59.79 billion in volume by 2020, reports The Daily Hodl.
It’s a massive market with an ever growing number of gaming and betting platforms, including an explosion in Bitcoin casino options. These are proving popular due to better house odds over conventional gambling sites – around 1.5-2% – and the ability to offer ‘provably fair’ games, with the option of anonymity on sign up.
So, whether online casinos or gaming platforms offer crypto-only gameplay, or augment their current payment options by accepting Bitcoin (the most popular digital currency in the sector) and a growing number of altcoin deposits, enabling cryptocurrency deposits is increasingly becoming a non-negotiable.
However, acceptance alone is not enough. To attract and retain players, these platforms need to combine a slick user interface with seamless functionality to create a customer experience that meets player expectations and their demand for instant gratification.
In fact, the gambling and gaming industry is so focused on delivering exceptional customer experiences that conferences devoted entirely to addressing this specific requirement are hosted around the globe.
Providing a seamless experience enables players and gamers to immerse themselves in their preferred activity, without rigidities or a limitation of choice in terms of how and when they play.
And a pivotal element of the gaming and gambling customer experience is the ability to transact and make deposits or withdrawals instantly.
However, this can prove exceptionally challenging for cryptocurrency payment gateway providers, because multiple confirmations may be required before a transaction can be processed. This can take anywhere from 10 minutes to a few hours, which severely compromises the customer experience.
Crypto payment processors targeting the gambling industry also need to meet and surpass the functionality offered by entrenched traditional payment enablement solutions to ensure their relevance and applicability in the sector.
To do so requires, first and foremost, a credible service and solution that meets specific requirements around fraud detection and prevention, and provides security for data and transactions. A suitable payment gateway must also be easy to integrate, and cost effective.
GAP600 is a solution that addresses all of these pain points for cryptocurrency payment gateway providers that operate in the gambling and gaming sectors. GAP600 makes instant, risk-mitigated cryptocurrency transactions on gaming and gambling platforms possible by recognizing unconfirmed (0-conf) Bitcoin and Bitcoin Cash transactions as final.
This is done using a proprietary risk engine that analyzes and performs live risk scoring for each transaction as it reaches the mempool. This enables GAP600 to guarantee cryptocurrency payments before they reach the blockchain.
Integration is soft and simple, requiring minimal time to set up and activate. Once the service is switched on, customers can start playing immediately following a deposit. Importantly, anonymity and customer privacy are also guaranteed, because the GAP600 system never requires customer information to enable the transaction.
However, despite the anonymity of crypto payments, this intelligent solution also helps to mitigate instances of fraud, which is a high-risk factor in the gaming and gambling sectors according to GAP600’s market experience. Anonymous games in particular are vulnerable to fraud, and the capacity exists to attempt fraud multiple times if the correct safety and security checks are not in place.
GAP600 therefore supports gaming and gambling platforms by leveraging that experience when dealing with crypto deposits, payments and withdrawals, with the ability to guarantee and secure transactions. These capabilities ensure that online gaming and gambling operators build credibility among their customers, while crafting a memorable user experience by meeting the demand for instant deposits, which is rapidly becoming the industry standard.