Cryptocurrency has seen a meteoric rise in trading and usage in recent years, in turn, an increasing number of betting operators are beginning to take notice of its potential as a payment method.
Speaking to Rasmus Sojmark, CEO of SBC, in the latest edition of the Double Espresso Show, three experienced executives in the payments sector discussed cryptocurrency as a transaction method for the betting and gaming industry, in addition to other payment related topics.
Demonstrating the most optimistic views on cryptocurrency’s relationship with gaming was Lorenzo Pellegrino, CEO of Skrill, Neteller and Income Access at Paysafe Group, as well as Philip Fayer, Chairman and CEO of Nuvei.
Pellegrino focused on consumer demand for cryptocurrency, noting that as Nuvei is a ‘consumer business’ which takes customer considerations into account, the firm began to integrate crypto into its operations via a partnership with Coinbase after listening to user feedback.
He stated: “We didn’t want to start from scratch and get a crypto-exchange license, because we wanted to test the waters, so we decided to establish this relationship with Coinbase – they actually just went public a few days ago – they are a great company and we have a great relationship with them.”
Meanwhile, Fayer identified crypto as a ‘fascinating topic,’ not just in relation to the US betting and gaming industry but also because of what the sector ‘does around the world’.
He added: “Coming back to our philosophy of making sure we enable our merchants to accept any form of payment, it’s logical that a few weeks ago we announced support of over 40 crypto currencies for the way in and the way out.”
He further detailed the core elements of Nuvei’s approach to crypto payments, revolving around customers, commissions and merchants, adding: “We want to solve real world problems, and and we want to help our customers connect with their customers, so we’ll let the market drive how crypto responds and what wallet share it takes.”
Discussing the use of cryptocurrency for betting companies and their customers, Pellegrino further detailed: “Consumers don’t even know that the minute they are buying or selling on Skill that they are actually doing that on Coinbase.
“The beauty of that is that once they do that they can also do many other things with Skill, as you know they can send money to gambling operators and e-commerce operators.”
However, Joe Pappano, CEO of Sightline Payments, was more apprehensive about the potential benefits of cryptocurrency as a payment method for both the gaming industry and its customers, stating that Sightline is instead prioritising cashless transactions as a way for operators to better engage with wageres.
“We are definitely keeping a mindful eye on the movement,” he began. “At Sightline we like to say we have ‘eyes on the vision, ears to the ground’ – we are watching the movement and the impact of cryptocurrency, or a derivative of crypto leveraging like blockchain technology.
“There is a parallel financial system that is being created in support of cryptocurrencies, but from our lens it is incredibly important to stay disciplined and make sure we are focused on providing a safe, secure and seamless payment ecosystem that has the inherited consumer protection and allows them to move financial transactions in and out of wagering accounts in a responsible manner.”
You can watch the full episode which explores the future of payments in North America here.
The Double Espresso Show, made in collaboration with GamblingTV, focuses on expert advice and key information from leading industry experts in an interview with our CEO Rasmus Sojmark. Over the coming weeks and months, more great interviews will follow this one.
