Improving the payment process
CoinGaming CEO Tim Heath on why operators need to solve the problem of payments to offer users a truly âon demandâ mobile experience
Over the past three or four years, the growth of mobile gaming has fundamentally changed the nature of the average punter.
Todayâs modern, mobile gambler expects an utterly seamless experience that is tailored to their requirements and available on demand.
On the whole, providers have done a good job offering this. Sportsbooks have implemented new features that simplify the betting experience; casino providers have built a new generation of slots and table game content made specifically for mobile.
The range of content operators can now pick from on mobile is impressive, and there are more releases by the day; just recently we saw an innovative title from OneTouch that redesigned Blackjack as a game that can be played on the go with a single finger.
Despite this progress, there is one area that is still holding back the mobile revolution: payments. The majority of the current payment options offered by operators on the mobile channel fail to live up to the demands of modern players.
The primary issue is that while operators have no problem serving up content instantaneously and on demand, they are not able to serve up a playerâs winnings in the same manner.
You would be hard pressed to find a regular sports bettor or casino player who has not been frustrated by the standard three-to-five day wait to process the withdrawal of a big win.
Unless this issue is addressed, there is a genuine threat that the gaming sector could lose a generation of younger users who expect instant gratification to extend to the way their winnings are paid.
Fortunately, there is a solution to this problem – digital currencies. Cryptocurrencies including bitcoin have been entering the mainstream in recent months, and offer innovative gaming operators an opportunity to differentiate themselves from competitors on the payments front.
This opportunity has become more pronounced since the UK Gambling Commission announced in August that it was adding digital currencies including bitcoin to its listed of accepted payment methods from October. Other regulators are expected to follow.
Faster payments
It is only a matter of time before more operators begin integrating bitcoin payment solutions. Our bitcoin platform, which is used by brands including Bitcasino.io and Sportsbet.io, processes payments in an average time of just two-and-a-half minutes.
The benefits of this are far-reaching. When players know they have easy access to their account funds, they are more likely to deposit. First-time deposits made in bitcoin also tend to be larger than with fiat currencies.
Bitcoin opens up gaming to new audiences that may otherwise be frozen out by the traditional banking infrastructure. In the developing world particularly, where a growing middle class now has more disposable income and the mobile technology to use it, the opportunities could be significant. The ability to offer these new players safe and secure deposits without charging large processing fees will only increase the appeal.
Of course, there are challenges to overcome, particularly in terms of educating people about digital currencies. On the security front, it is possible for a Bitcoin casino to implement stronger KYC and AML analytical tools to trace the origin of money than fiat casinos which accept credit card deposits, yet many still hold negative associations when bitcoin is mentioned.
This will be an on-going process and progress is being made, as seen by the Gambling Commissionâs decision to accept its usage from October.
Ultimately, payments are the missing piece of the jigsaw when it comes to offering players a truly flexible mobile gaming experience, and there is no reason why bitcoin cannot be the key driver of mobile gaming growth over the coming years.