Thought's on many major fiat-crypto payment gateways ditching casino business's?

[DoublerHunter]

Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.
One shouldn't blame them for the decision to ditch casinos but be hopeful instead that other crypto- payment gateways would be developed to facilitate fiat- crypto payments for emerging casino businesses who are yet to discover this looming issue.

^ This was what I thought too, in addition, this situation could also lead to opportunities for the development of specialized payment solutions catering specifically to emerging casino businesses. We know there will always be innovation in this there is potential for new gateways to emerge and provide the much-needed infrastructure for fiat-crypto transactions within the casino sector. The decision by fiat-crypto payment gateways to distance themselves from casino businesses probably indeed be influenced by the unique challenges and regulatory scrutiny that the casino industry often faces. These gateways could be prioritizing stability and compliance to ensure their long-term viability, that is my personal opinion only.

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[dothebeats]

They are limiting themselves on a huge market that is booming. Perhaps, they don't want to be associated with other casinos that are simply just not up to their 'standards.' Or maybe they also want to transition into a different space but keep their big clientele for a steady cash flow as the transition happens. Plus, the condition that they will only warm up to US and UK clients only means that they are looking to serve only these people in these countries first. It's really a bad image to portray, but someone will surely step up and fill the gap these payment gateways will leave.

[uneng]

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

It's all about money. If they aren't giving access to new casinos it means it's highly profitable to stick exclusively with the consolidated ones. More profitable than it could ever be if they accepted new casinos onboard. I think it's a pitty it happens this way, because crypto is totally about decentralization and decentralization was supposed to solve the issue with treating businesses and people differently depending their financial status and contacts network. Unfortunatelly the big guys will always be treated with exclusivity in this world. That is the reality, and if you want to be treated like that, you have to fight to be one of the big guys.

[bhadz]

If those payment processors are being monitored by their local regulators and there's a rule that they need to follow to cease accepting new casinos into their platform that shall use their services then they have to follow and obliged to obey. As much as for the sake of business, they'll surely love to follow and allow everyone to use them. But I guess there has to be a reason like the regulators that are closely monitoring and have became strict on their protocols so, they have no choice but to stop their partnership on them.

[Weawant]

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

I don't see any problem here because I believe new providers will be created and they'll offer their services to the other casino not having a crypto to fiat payment gateway yet and that's if they'll need one. I believe they'll do this because they'll want to establish their brand.

And the best way to establish your brand in an industry that's already dominated by similar projects is to collaborate with casinos that are already popular but don't have a fiat to crypto payment getaway yet. That's just the way things always work out through collaboration.

But this gateways are becoming less popular as gamblers are preferring to withdraw their profits or make deposit through cryptocurency because they're fast and very reliable unlike the payment gateway that can be slow at times and unreliable due to failed or poor network.

[TimeTeller]

If those payment processors are being monitored by their local regulators and there's a rule that they need to follow to cease accepting new casinos into their platform that shall use their services then they have to follow and obliged to obey. As much as for the sake of business, they'll surely love to follow and allow everyone to use them. But I guess there has to be a reason like the regulators that are closely monitoring and have became strict on their protocols so, they have no choice but to stop their partnership on them.

They just don't want to ruin their business by complying with what they are told to do.
Maybe, they have directive from their management not to accept any casino business anymore for the time being.
But once the regulators are fine with it, they will surely accept more of this in the future, because it is business.
We can't tell what's their reasoning but for sure they have valid one, because there are so many online casinos now that they do need such kind of payment gateway.

[Ever-young]

Transak on the other hand are just straight up removing themselves from the gambling industry altogether.

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

Gambler are not only limited to funding there account through any of those payment gateway providers, they have other means of acquiring crypto which they want to use for there gambling activities. All they just need do is either buy from any merchant either through DEX P2P or use centralized exchange which have P2P option or which ever platform that permits direct deposit, those purchased coins can then be transferred to the betting account.

There is nothing too big about the monopay payment gateway rather than the gambling sites trying to make things easier for there customers so anything making those payment gateway to stop offering there service to casinos will definitely have something to do with regulation as both parties are gaining from the service they provide to each other.

[worle1bm]

I would have make some researches about what you posted, but my findings would be of waste because I can not remember the last time I used fiat to deposit or withdraw on a gambling site. I used crypto for deposit. Bitcoin and other cryptocurrencies makes this easy, all the gambling sites that have announcement thread on this forum are all accepting cryptocurrencies.

With these crypto casinos I also prefer them instead of depositing money from the accounts and leaking all the information although KYC is there but still prefer crypto deposits only.But the fun with fiat one's is in physical presence where you have that kind of feel so for online deposits crypto suits me well.

[michellee]

I would have make some researches about what you posted, but my findings would be of waste because I can not remember the last time I used fiat to deposit or withdraw on a gambling site. I used crypto for deposit. Bitcoin and other cryptocurrencies makes this easy, all the gambling sites that have announcement thread on this forum are all accepting cryptocurrencies.

With these crypto casinos I also prefer them instead of depositing money from the accounts and leaking all the information although KYC is there but still prefer crypto deposits only.But the fun with fiat one's is in physical presence where you have that kind of feel so for online deposits crypto suits me well.

After getting to know crypto casinos, I feel like this is what I hoped for because by gambling using crypto, I don't have to go to a physical casino like other people. I could gamble at home and no one would know what I was doing. Besides that, I can also choose whichever coin I want to gamble with.

The presence of this crypto casino helps me to get convenience in gambling so that I can get entertainment and pleasure in gambling. It's normal that crypto casinos also cooperate with payment gateways like Moonpay or others because crypto casinos also know that some people prefer fiat as their deposit rather than using crypto for their deposit.

But sadly, for the KYC issue, crypto casinos nowadays have started implementing KYC for their users. And those of us already using crypto casinos should also consider choosing casinos that have not fully implemented KYC for all their members.

[piebeyb]

I think people who play at crypto casinos use more crypto by buying crypto first on exchange sites then sending it to the casino, it seems a bit complicated but I'm sure it's been a long time and is often done so people think it's normal and not there are things that are troublesome, even so something that is actually easy don't make it difficult.

After all, not many people want to make deposits with fiat money let alone exchange fiat to crypto directly at the casino, on average most of them buy crypto on exchange sites then deposit it at the casino. most gamblers in crypto casinos use their crypto money more than fiat. but that's what I caught from some gamblers that I often see on streamers and influencers also doing the same thing maybe. 

[davis196]

1.You should move this topic to the Gambling Discussion forum.
2.I can assume that all fiat-crypto payment gateways are using fiat banks to handle their incoming fiat transactions and most of the banks want to stay away from the gambling industry.
I haven't done any research about this topic and I don't understand why would a crypto casino want to accept fiat deposits. Accepting fiat deposits means that the crypto casinos will have to compete with the big fiat casinos. Staying in the crypto niche means less competition and less expenses for implementing and maintaining such fiat-to-crypto payments(by paying the payment gateway companies, that are providing such payment gateways).

[dezoel]

Who uses the "buy crypto" feature on the casinos anyway? Isn't it easier to just buy from an exchange and send it either straight to your gambling account or send it through your wallet which would probably cost you less than paying the fees when you make a purchase using your credit or debit card? I don't remember if I have ever used such a feature where I bought cryptocurrencies straight at a platform because I wanted to use it there, doesn't sound fun.

So, I believe these things won't really make much of a difference because most people probably just deposit and withdraw cryptocurrencies on casinos that are mainly cryptocurrency-based and might accept fiat deposits optionally. The percentage of people using fiat-crypto on-ramps would be really low in my opinion.

[Hispo]

Who uses the "buy crypto" feature on the casinos anyway? Isn't it easier to just buy from an exchange and send it either straight to your gambling account or send it through your wallet which would probably cost you less than paying the fees when you make a purchase using your credit or debit card? I don't remember if I have ever used such a feature where I bought cryptocurrencies straight at a platform because I wanted to use it there, doesn't sound fun.

So, I believe these things won't really make much of a difference because most people probably just deposit and withdraw cryptocurrencies on casinos that are mainly cryptocurrency-based and might accept fiat deposits optionally. The percentage of people using fiat-crypto on-ramps would be really low in my opinion.

I have always got the impression those options are set for people who are really new into the world of cryptocurrency but have gambled before, so they ended up on Stake (or any other major Crypto gambling site) because someone recommendation or because some advertisement campaign.

They enter and realize they have never used Bitcoin or altcoins, since casinos would not like those new users to go without trying that the website has to offer, it is a question of common sense for them to have something set up so newbies into crypto can buy and gamble right away, since most FIAT gamblers are likely to have a credit card, I would argue those payment processors indeed accomplish a purpose in crypto casinos that can afford to have them.

[bhadz]

If those payment processors are being monitored by their local regulators and there's a rule that they need to follow to cease accepting new casinos into their platform that shall use their services then they have to follow and obliged to obey. As much as for the sake of business, they'll surely love to follow and allow everyone to use them. But I guess there has to be a reason like the regulators that are closely monitoring and have became strict on their protocols so, they have no choice but to stop their partnership on them.

They just don't want to ruin their business by complying with what they are told to do.
Maybe, they have directive from their management not to accept any casino business anymore for the time being.
But once the regulators are fine with it, they will surely accept more of this in the future, because it is business.
We can't tell what's their reasoning but for sure they have valid one, because there are so many online casinos now that they do need such kind of payment gateway.

Yup, they're running a business and that's why they need to take care of it and whichever policy is being imposed they have no option but to follow it. And if that takes to stop making business with the casinos then they have to obliged with that. But I am thinking of a solution like them making a company B and that's solely going to offer the same service exclusively for the casinos. That's happening and they're just going to rename it and still follow some protocols and rules whatever is made for them to protect their business so, they can't also lose clients and revenue.

[slapper]

Who uses the "buy crypto" feature on the casinos anyway? Isn't it easier to just buy from an exchange and send it either straight to your gambling account or send it through your wallet which would probably cost you less than paying the fees when you make a purchase using your credit or debit card? I don't remember if I have ever used such a feature where I bought cryptocurrencies straight at a platform because I wanted to use it there, doesn't sound fun.

So, I believe these things won't really make much of a difference because most people probably just deposit and withdraw cryptocurrencies on casinos that are mainly cryptocurrency-based and might accept fiat deposits optionally. The percentage of people using fiat-crypto on-ramps would be really low in my opinion.

I have always got the impression those options are set for people who are really new into the world of cryptocurrency but have gambled before, so they ended up on Stake (or any other major Crypto gambling site) because someone recommendation or because some advertisement campaign.

They enter and realize they have never used Bitcoin or altcoins, since casinos would not like those new users to go without trying that the website has to offer, it is a question of common sense for them to have something set up so newbies into crypto can buy and gamble right away, since most FIAT gamblers are likely to have a credit card, I would argue those payment processors indeed accomplish a purpose in crypto casinos that can afford to have them.

These payment processors serve a purpose for newcomers to the crypto world, especially those who've migrated from the fiat gambling arena. It's a terrific move by casinos. Really smart people behind that decision. However, these platforms should be expanding their financial offerings beyond credit cards and other pedestrian payment methods.

Why? We're talking about a progressive industry. We're in the crypto space, folks. The future of online gambling rests upon technologies that haven't even been invented yet. So, yes, the basics are essential for beginners, but what about seasoned gamblers who demand something more sophisticated?

[Bushdark]

If those payment processors are being monitored by their local regulators and there's a rule that they need to follow to cease accepting new casinos into their platform that shall use their services then they have to follow and obliged to obey. As much as for the sake of business, they'll surely love to follow and allow everyone to use them. But I guess there has to be a reason like the regulators that are closely monitoring and have became strict on their protocols so, they have no choice but to stop their partnership on them.

They just don't want to ruin their business by complying with what they are told to do.
Maybe, they have directive from their management not to accept any casino business anymore for the time being.
But once the regulators are fine with it, they will surely accept more of this in the future, because it is business.
We can't tell what's their reasoning but for sure they have valid one, because there are so many online casinos now that they do need such kind of payment gateway.

Yup, they're running a business and that's why they need to take care of it and whichever policy is being imposed they have no option but to follow it. And if that takes to stop making business with the casinos then they have to obliged with that. But I am thinking of a solution like them making a company B and that's solely going to offer the same service exclusively for the casinos. That's happening and they're just going to rename it and still follow some protocols and rules whatever is made for them to protect their business so, they can't also lose clients and revenue.

I think the US and United kingdom have more strict rules to be obeged compare to other regions where there are lesser strict rules. Everyone want to keep there businesses to prevent sanctions which can attract a bigger fine. This is why some of the reliable international monetary companies are very careful on who they add to there lists and the cooperation they make will new businesses if they are not regulated to prevent a scene that can atract sanction on them. Since the old players had been in the game for long, they are bound to enjoy more of the services.

[vv181]

Who uses the "buy crypto" feature on the casinos anyway? Isn't it easier to just buy from an exchange and send it either straight to your gambling account or send it through your wallet which would probably cost you less than paying the fees when you make a purchase using your credit or debit card? I don't remember if I have ever used such a feature where I bought cryptocurrencies straight at a platform because I wanted to use it there, doesn't sound fun.

So, I believe these things won't really make much of a difference because most people probably just deposit and withdraw cryptocurrencies on casinos that are mainly cryptocurrency-based and might accept fiat deposits optionally. The percentage of people using fiat-crypto on-ramps would be really low in my opinion.

I have always got the impression those options are set for people who are really new into the world of cryptocurrency but have gambled before, so they ended up on Stake (or any other major Crypto gambling site) because someone recommendation or because some advertisement campaign.
~

Exactly, many popular cryptocurrency casinos are advertising excessively to reach as many audiences as possible, and most of them are not specifically targeted at cryptocurrency users. So it is expected that they offer this feature to make the convenient for non-crypto users to be able to play easily within the site. Indirectly it interest other to build their own crypto casino business. This leads to my assumption as follows.

My view regarding strict acceptance of fiat-crypto payment gateway is that since it is easy to make a new casino, it is necessary from their side to rely on a legally sound license as what MoonPay asks for any new casino requests to use their service.

[bettercrypto]

Ever since I got here in crypto business, and when I do gamble I only use crypto not any fiat in any of the casino in this field of business.
And just like that others using cryptocurrency is more cheaper than a fiat currency. That's what I had observed through my experienced in playing gambling here in the crypto space.

And this is more attractive rather fiat actually in my own opinion only.

[ethereumhunter]

If those payment processors are being monitored by their local regulators and there's a rule that they need to follow to cease accepting new casinos into their platform that shall use their services then they have to follow and obliged to obey. As much as for the sake of business, they'll surely love to follow and allow everyone to use them. But I guess there has to be a reason like the regulators that are closely monitoring and have became strict on their protocols so, they have no choice but to stop their partnership on them.

They just don't want to ruin their business by complying with what they are told to do.
Maybe, they have directive from their management not to accept any casino business anymore for the time being.
But once the regulators are fine with it, they will surely accept more of this in the future, because it is business.
We can't tell what's their reasoning but for sure they have valid one, because there are so many online casinos now that they do need such kind of payment gateway.

Yup, they're running a business and that's why they need to take care of it and whichever policy is being imposed they have no option but to follow it. And if that takes to stop making business with the casinos then they have to obliged with that. But I am thinking of a solution like them making a company B and that's solely going to offer the same service exclusively for the casinos. That's happening and they're just going to rename it and still follow some protocols and rules whatever is made for them to protect their business so, they can't also lose clients and revenue.

I think the US and United kingdom have more strict rules to be obeged compare to other regions where there are lesser strict rules. Everyone want to keep there businesses to prevent sanctions which can attract a bigger fine. This is why some of the reliable international monetary companies are very careful on who they add to there lists and the cooperation they make will new businesses if they are not regulated to prevent a scene that can atract sanction on them. Since the old players had been in the game for long, they are bound to enjoy more of the services.

That is clear because the old players already understand the rules in advance and can adjust their business to the rules if the rules change. Old players can find the right people or companies to support their businesses to grow bigger. That may be why payment gateways are no longer accepting new casinos to their list due to regulation changes as regulators are always monitoring each casino and providing further instructions to payment gateways.

However, new casinos may not use payment gateways if the regulations do not allow adding new casinos. New casinos can immediately use crypto as payment at their casino regardless of whether there are later adjustments to new regulations from the regulator.

[Hispo]

Ever since I got here in crypto business, and when I do gamble I only use crypto not any fiat in any of the casino in this field of business.
And just like that others using cryptocurrency is more cheaper than a fiat currency. That's what I had observed through my experienced in playing gambling here in the crypto space.

And this is more attractive rather fiat actually in my own opinion only.

It is attractive to you because you are already accustomed to using crypto wallets and exchanges to move your money in and out a casino or other custodial services. Now try to imagine what a pure FIAT gambler would feel if they wanted to try a crypto casino and after signing up they realize they cannot gambler immediately, but need to also sign up in an exchange, go through KYC verification again, wait for it to be approved,  then buy crypto there and learn how to withdraw from there to the casino.

To you, it sounds obvious and it would be something you could do within seconds, but in the eyes of the average non-crypto user/ gambler, it may be a hassle they are not willing to go through to try a new casino. Hence the importance of payment gateways.