The iGaming industry is one of the fastest-growing segments of online business. This industry includes online casinos, sports betting, poker, and other gambling games, and it may reach a volume of $107.6 billion in 2025.
Despite the rapid development of the sphere, owners of iGaming platforms face serious difficulties in processing payments. The sphere's reputation as a high-risk sector, strict financial regulations, and increased commissions from traditional payment systems create many barriers for operators.
In this article, we will examine how iGaming platforms work, what problems prevent owners of such businesses from accepting payments efficiently, and what payment solutions can be used by this type of company.
iGaming Services: Industry Peculiarities and Risks
iGaming or interactive gaming covers gambling in digital format. Platforms operating in this sphere offer users the opportunity to participate in various types of games, from virtual casinos to betting on cybersports. Unlike offline gambling, online gambling is convenient, accessible from anywhere in the world and gives users a wider choice of entertainment.
The key difference of the iGaming business is its high financial activity. Platforms must quickly and securely process hundreds and thousands of transactions per day. This requires reliable payment systems that can adapt to user requests by providing various payment methods.
However, the iGaming industry is categorized as a high-risk business. This status is due to several factors. First, the high probability of fraudulent transactions and chargebacks makes payment processing complex. Second, laws in different countries often restrict the operation of platforms. For example, gambling is banned in a number of states, forcing owners to look for workarounds to accept payments.
Besides, the industry's high competition forces companies to offer players bonuses, instant payouts, and flexibility in replenishment, which further complicates interaction with traditional financial systems.
iGaming Payment Reception Difficulties
iGaming operators face numerous barriers in dealing with traditional payment systems. Banks and aggregators, seeking to minimize risks, often refuse to work with such companies.
Even in cases where cooperation is possible, it is accompanied by strict conditions. For example, a platform may face sudden blocking of an account without explanation. Even large iGaming companies have to pay higher acquiring fees.
The strictness of regulators such as European and U.S. financial authorities exacerbates the situation. The introduction of anti-money laundering (AML) regulations and mandatory customer identity verification (KYC) make payment processing more complicated. As a result, many platform owners are forced to find more flexible and convenient ways to accept funds.
Payment Reception Methods for iGaming services
There are two main payment acceptance methods available to iGaming business owners.
Online payment processing
Internet payment processing includes bank and online payment systems that accept payments via cards and other instruments. Some services are willing to work with high-risk projects, including iGaming, but the chance of rejection remains high.
The main challenges:
- Strict requirements. Connection involves an extensive package of documents and compliance with the legislation and the terms and conditions of the service.
- High commissions. Services set higher fees due to reputational and fraud risks, as well as potential frequent charge checks.
- Risks of sudden rejection. Banks or aggregators can block an account without explanation, especially in the case of suspicious transactions.
Despite this, Internet acquiring remains one of the legal ways of accepting payments, suitable for large iGaming platforms ready for complex connection procedures and high costs.
Crypto payment gateway
It is an innovative way of accepting payments, ideal for international and high-risk businesses, including iGaming. Such systems do not separate high-risk companies into a separate category, cooperating with them on standard terms.
The advantages of crypto acquiring include:
- International coverage. Transactions in cryptocurrency cannot be restricted, which allows you to work with a foreign audience, despite sanctions and restrictions.
- Low commissions. Commissions of cryptocurrency payment systems average 1–2%.
- Security and confidentiality. Blockchain technology provides high security of transactions, and user data remains anonymous.
- Absence of blocks. Crypto payments do not depend on banks and financial regulators, which eliminates the risk of sudden denial of service or canceled transactions.
Besides, sanctions and difficulties with traditional payment systems complicate the work of iGaming companies with an international audience. Connecting crypto payment processors allows these obstacles to be bypassed and allows companies to continue to attract users from any country.
Crypto acquiring is not only reliable but also a cost-effective solution for accepting payments in today's market conditions, especially for high-risk industries.
Accepting Payments in Cryptocurrency with CryptoCloud
Cryptocurrency payments are becoming increasingly popular among iGaming companies due to their versatility. You can use CryptoCloud to automate their reception.
CryptoCloud is a cryptocurrency payment system for casinos and other iGaming services and offers merchants the ability to automate the acceptance of cryptocurrency payments and some useful tools. For example, business owners can activate AML checks and conversion of incoming payments into USDT stablecoin.
Many ready-made integration options are available, which allow for quick system connection. The service supports payment processing in popular cryptocurrencies and charges a small commission (from 0.4%).
Payments for iGaming Business
Accepting payments is one of the key tasks for the successful operation of iGaming platforms. Given the industry's high risks and the constant tightening of regulatory requirements, traditional transaction processing methods, such as bank acquiring, are becoming less efficient and reliable.
Modern alternatives, such as CryptoCloud, open new opportunities for iGaming service owners, allowing them to bypass geographical and legal restrictions, reduce fees and ensure stability of payment transactions.
