The current online gambling landscape is quickly changing and turning to acceptance of crypto assets. Traditional fiat casinos become hybrid to cover the interests of a wider audience. The numbers speak for themselves: statistics show that virtual money casino players spent about $2,9 billion betting in Q1 2021.
In the same period of 2022 – there was $6,3 billion – an increase of over 116%. Currently, many companies are trying to take their niche, and BitLine is one of those industry players that are revolutionizing and reshaping the casino payment landscape.
We carefully analyzed interviews of Richard Jones (BitLine CEO) and its company’s recent partnership with FinClusive to bring you a big picture about the future of casino payments.
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Key Advantages BitLine by Ibanero Can Bring
Given his significant experience in creating a professional network and native applications for football teams, Richard Jones definitely understands the needs of both customers and casino providers.
He has actively implemented the blockchain approach for over 4 years already, mostly because of its value as a service. As for cryptocurrency, BitLine aimed not only at volatile cryptocurrencies like Bitcoin or Ethereum but also stablecoins, including USDT and USDC.
The limits here are really impressive: up to $1,000,000 and more. Along with convenience, BitLine allows casino clients to conduct transactions much faster and in a more secure environment.
Ease of Use
(Source – Art Rachen )
Modern online gambling platforms are about comfort. Crypto and https://payid-casinos.com are the best examples of that since they allow you to process transactions without providing bank account statements, routing codes, etc. Another important feature to consider is compliance.
Gamblers always prefer those services that allow them to access their finances quickly, 24/7/265. Ease of use was one of the main reasons for collaboration with FinClusive. While BitLine offers powerful financial tools, FinClusive can boast quick and reliable KYC/AML services.
Additionally, FinClusive developed the perfect approach for detecting and dealing with financial crimes (FCC). The main advantage for casino providers is that they can easily scale this service. FinClusive expertise can help deal with regulatory issues. First of all, it relates to travel and BSA requirements.
Security Issues
For many players, blockchain is still associated with something like a Wild Wild West where danger awaits you around the corner. BitLine does its best to change this paradigm and implements the KYT (Know Your Transaction) approach for deposits and withdrawals.
It means you can easily monitor all transactions, the time when they were processed, assets source, etc. Are you interested in the nature of a deposit you made 3 years ago? No problem – move the blockchain backward and get all the info you need by spending no more than a few minutes.
Along with transaction time, you can easily check the integrity of crypto assets. After the cooperation of FinClusive, BitLine can additionally use the advantage of the following tools:
- FinClusive ID for hassle-free digital attestation and client verification;
- CDD Check for quick verification of Legal Entity Identifiers;
- CaaS Gateway for processing multi-form payments, controlling clients’ settlement needs, etc.
The best news is that casino clients may use all those perks while depositing and withdrawing more significant sums compared to those they can use with fiat payment gateways.
Trust Building
(source Michał Parzuchowski )
This is an often underestimated gesture of blockchain technology that comes from its decentralized nature. Using blockchain, clients and casinos get better transparency, remove the need for gatekeepers, etc.
Transaction participants can collaborate freely without long and boring approval/verification procedures by third parties. It is especially important given multiple cases of fraudulent activity and dishonesty in the online gambling industry. Thus, it can contribute to building trust and transparency between clients and casinos.
Final Words
It’s no secret that online gambling is already closely connected with blockchain technology and that, in the future, this connection will only develop. Such companies as BitLine actively participate in the transformation of this connection into the most convenient one for both the client and casino sides.
Thanks to the advantages of blockchain technologies, BitLine introduces transparent, the most reliable, and convenient payment methods without additional fees available globally.
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