Cryptocurrency may be a new kind of money, but that doesn’t mean that it can’t be used in the same way as traditional money. Humanity has gambled ever since it evolved, so crypto gambling is perhaps an inevitable development. That said, crypto betting, boosted by the recent growth in no Know Your Customer (KYC) casinos, is a hot property, and we think that there are ways that the wider world of business could learn from the best crypto casinos. Let’s take a look at some of them.
1. Incentivise your customers
When you sign up for a crypto casino, you get a range of incentives to play. Depending on where you join, you could get tokens, cashback, or betting bonuses for signing up. You could also get rewarded for making deposits, or for playing regularly, or for referring people to the site. This gives people a reason to get involved with the casino, and it can lead to happy customers. We think that there is a very strong case for incentives with all manner of businesses. If you reward people for taking part in whatever it is you are doing, that gives them more reasons to use your services.
2. Make the signup easier
Have you ever tried to sign up for a service, only to stop because it is too complicated, difficult, or annoying? You aren’t alone. A report suggested that 90% of companies lose customers during the onboarding process. In other words, people are willing to sign up for something, they like the idea of it, but they don’t go through with it. Crypto casinos have a reputation for being easy to start working with. Customers can, in many cases, enjoy a quick, easy, frictionless, and stress-free sign-up process. The result is that crypto casinos have a lot of happy customers, and businesses might want to follow their example and create easy, straightforward ways to sign up.
3. Tokenise to build inclusion
One of the key points about both blockchain finance and Web3 is tokenisation. The idea is that you can create a token that represents something in the real world. In effect, crypto casinos take that idea and run with it. Many crypto-based iGaming sites have their tokens, which can be used to make bets, pay any fees, help run the site, or even to get paid out as rewards. Businesses can learn from this. It doesn’t matter whether it is a fully-fledged cryptocurrency or a kind of points scheme; tokens can help customers feel like they are a crucial part of a business.
4. Use affiliates and influencers to spread the word
Crypto casinos are pretty much trailblazers when it comes to moving beyond traditional, paid marketing. Working with influencers and affiliate sites gives them an edge when it comes to getting their message out there and, therefore, turning a profit. Affiliates get custom links and dashboards that help them track referrals, while a lot of them get lifetime revenue shares, which means they get a certain percentage of any losses incurred by players who sign up through them. Meanwhile, influencers who stream their play on the likes of YouTube and Twitch show potential players how the games work and give out bonus codes. Traditional companies could well consider using their customers to do their marketing for them by using a tiered affiliation program.
5. Get onboard with new technology
Something that crypto casinos are, at their core, all about is embracing new technology right at the time that it starts to be usable. They use blockchain technology to run the show, cryptocurrencies to make payments quickly, and use smart contracts to help things go smoothly and make sure the games keep working. Crypto casinos were one of the first places to give cryptocurrencies a real-world use case, while players can use cryptographic proofs to check that the games are fair. An integration with decentralised finance (DeFi) means that people can stake tokens, earn rewards, and even take part in running the site. Companies can learn well from this. Being an early adopter of technology – even if it isn’t 100 per cent perfect – and showing that you can be innovative can help you grow trust in your brand and, with it, customers.
6. Privacy and transparency aren’t rivals
Two things that help crypto casinos build a loyal customer base and, by extension, a profit are a commitment to both privacy and transparency. Now, it might seem that these things could contradict each other, but that isn’t the case. This is because the two things affect two separate parts of the customer experience. Crypto gamblers like having their privacy protected, so a site that can offer a quick sign-up process that lets them give over as little personal information as possible is good for them. Similarly, the transparent ways in which games can show how fair or not they are attract both players and, on a wider basis, customers. Businesses can follow crypto casinos’ example by allowing for more anonymous payment options and decentralised ID, while also using tools that show exactly what is going on and where.
7. Quick payments lead to happy customers
People who play in casinos do so in the hope that they will win money. With online gaming, the goal isn’t just to win on the website; it is to get that money off the internet and into their wallet. Crypto casinos have a well-deserved reputation for being incredibly quick payers, with people getting money into their wallets in a matter of minutes, if not seconds. Not only that, but the sites loaded quickly too, even on computers and mobile phones that weren’t the newest or the most powerful. Speed of access is crucial for regular businesses. A quick, easy, and straightforward site helps the user experience enormously and can make customers loyal.
So there you have it. Crypto casinos focus on ease of use, user experience, and customer loyalty, and, in doing so, have built up an enthusiastic fanbase. If you are running a business, you can take a look at what crypto casinos have done and use that to help grow your company.
