A cryptocurrency customer is worth double the value of a player who has yet to embrace the new payment method, according to Winning Poker Network (WPN) CEO Phil Nagy.
In a warts-and-all session at the Amsterdam Affiliate Conference yesterday (Thursday), Nagy and his team detailed the mistakes they had made since being an early adopter of crypto back in 2014.
However, with crypto having increased from 2% of the company’s business to 60%, Nagy insisted that gambling-related businesses must adopt the payment method or risk being left behind.
“The average player value of a crypto user is double that of a player using traditional processing methods, so our customer value has doubled with cryptocurrency,” Nagy (pictured) said.
“At its core, crypto is faster, cheaper and better. If you’re an operator, an average crypto transaction is one-tenth of the cost of a different payment transaction and customers have more confidence in you because the transactions are quicker.
“There’s not a person in our office who doesn’t believe in crypto and use it themselves and one thing we have noticed is that once people have moved over to crypto and learned about it and gained trust and faith in it, they don’t go back.
“At the same time, you will lower the cost of your transactions. So why isn’t everybody already doing this? It’s because there is no guidance out there and crypto is unforgiving and scary.
“Back in 2014, we were able to learn from our mistakes with crypto without it costing us a fortune.”
One of the mistakes, according to Gustavo Granados Medina, head of development of the cashier platform at WPN, was to try to adapt traditional systems in order to handle crypto.
“Your system just won’t be prepared,” he said.
Nagy added that crypto, despite being predominantly used by his company for poker, is transferrable to other forms of online wagering.
“We take 60 different cryptocurrencies and I know that it can be transferred to other online and mobile gambling methods,” he added.
“Everything points towards crypto as the future, because it’s good for all of us and our customers have gravitated towards it.”
Joe Williams, a consultant for WPN, added: “Crypto right now is like the internet in 1993. We have to teach everybody how to use it, because customers are going to demand it.
“It’s better to jump on the train before it comes along to hurt you.”