The flow of cash has accelerated significantly in recent years, with the introduction of digital payment systems catalyzing transfers far beyond anything that was possible in the past. But the lag between initiating a transaction and receiving funds remains a frustration in many contexts, with iGaming a perfect example.
The realities of sluggish online casino withdrawals might have been enough to put off players, were it not for the fact that alternatives exist. Specifically, it’s the use of cryptocurrencies which makes all the difference, allowing for truly instant cashouts. Here’s the lowdown on this trend, and why it’s good news for gamers.
Ending the Slow Transaction Issue
Transferring money between bank accounts happens faster in some parts of the world than in others. The US is notorious for lengthy processing times, with some customers still waiting 3 to 5 business days for the cash they’re entitled to to arrive.
In an online casino scenario, this is obviously less than ideal. If a player wins big and a traditional withdrawal is the only option, the funds will feel stuck in limbo once the transaction is confirmed. That’s bad for the player experience and worse for trust in iGaming providers.
The move to crypto assets for deposits and withdrawals alleviates this obstacle entirely. Because crypto isn’t beholden to traditional financial infrastructures, transaction times can be seriously swift, and in many cases near-instantaneous.
Players still want flexibility, of course, and that’s what the top iGaming services offer. Take the example of Impressario’s official casino site and its varied banking options. Deposits made with cryptocurrencies like Bitcoin and Ethereum are credited to players’ accounts instantly, and withdrawals using the same methods are also processed instantly once approved.
Conversely, the same platform can only promise a minimum withdrawal time of 3 business days if a credit card is the chosen method. This is not something these casino operators are happy about, but since it’s the standard for payment cards and banking services, it’s beyond their control.
Embracing Other Benefits
Players ditching credit cards in favour of crypto when depositing and withdrawing at online casinos is only partly motivated by the promise of instant settlements. The other advantages of this approach have helped to cement its growth.
First, there’s the anonymity. Crypto transactions take place on the blockchain, and while the records are publicly viewable, they contain no personal information. So, for anyone who’s reluctant to give their financial details to a third party, choosing to use crypto at online casinos is a no-brainer.
Then, there’s the security. Payment fraud is expected to cost over $58.3 billion a year by the end of the decade. It impacts both individual users and businesses, with new tech making it even harder to detect and deflect attempts. Escaping this entirely is possible when crypto is the preferred method of transfer.
This combination of speed, privacy, and security explains why there’s ever-growing interest in cryptocurrencies as a means of adding cash to and withdrawing wins from online casino platforms.
Final Thoughts
The last point to note about gaming fans choosing crypto over credit cards is that this trend is also driven by the global nature of online casinos. The payment hang-ups of traditional transaction methods are only ever exacerbated when people from one country want to play at iGaming sites hosted elsewhere in the world.
Since crypto knows no borders or boundaries, the speed of its transactions is just one of many motivating factors behind its use, and should bring more players on board as interest in online casinos grows.