TESTA Crypto Nuances
Contending that crypto will hit mass market adoption, Jenny Ramstedt, Head of Sales at TESTA, explains what operators need to do to ensure they successfully integrate it into their offering.
Crypto is taking the industry by storm right now but is this just a fad or is it here to stay?
It’s important to first note the term “crypto” is used to describe a range of applications. You can also see it as something niche that brings specific benefits to online gambling, or more broadly and how it fits into a wider ecosystem. For most, crypto is a smooth, fast and efficient way to transfer money – online sportsbooks and casinos are transaction-heavy and often with payment friction, so crypto can help to overcome this. For operators, it can also mitigate the significant fees they pay to banks and processors while bringing added benefits around transaction speed and security (the anonymity of crypto is a big draw for some players). Crypto is also global and this can bring a lot of upsides to multijurisdictional operators.
Tis industry is fast to adapt and while mainstream adoption is still a little way off – mostly due to regulatory hurdles – it will happen. Crypto is absolutely not a passing trend but the extent of its success will be influenced by how regulators approach it and to what degree it’s accepted and adopted by the industry. If you look at emerging markets like Nigeria, you’ll see that crypto wallets are dominating, and in my opinion, it won’t be long before the same starts to emerge in more established markets.
What’s your advice to CEOs and MDs keen to jump on the crypto bandwagon?
Tey need to really educate themselves before taking any action. Tey need to understand the nuances of cryptocurrency as well as the technology behind blockchain and how it can benefit their
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operations. Teir approach needs to be strategic and not driven by FOMO. Tis includes ensuring their platform is ready for both the technical and regulatory aspects of integrating crypto payments, especially things like compliance with KYC and AML. In terms of the crypt-based gaming product and experience they are offering, they need to really understand who their customers are, what they are seeking and how they meet those needs. For example, a traditional gambler will need to be educated as to the benefits of using crypto, while a crypto enthusiast is looking for much more than simply playing traditional online casino games with Bitcoin.
It seems like making a move into crypto takes more than just adding Bitcoin to the cashier...
Absolutely. Crypto is more than just a payment option – it is based on an entirely different banking system with its own set of rules. Operators need to understand this, and how those rules apply to their infrastructure, systems and processes if they are to successfully integrate crypto payments into their ecosystem. Tey also need to consider aspects such as customer support, wallet management, volatility in currency value, tax and compliance as well as maintaining their usual focus on fraud prevention and risk management but within the wildly different context of crypto transactions.
What do operators need to do differently when it comes to acquiring crypto players?
Tis is the million-dollar question and if I had the answer to how to go about attracting whales and big crypto players, I wouldn’t be
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