The global online market is experiencing remarkable growth, with its valuation projected to reach approximately $88 billion by 2025 and expected to more than double in the early 2030s, as highlighted by Grand View Research. However, RYKI, a Virtual Asset Service Provider (VASP), has pointed out that the industry's payment infrastructure is lagging behind this expansion.
Digital asset payments are becoming an essential part of the online gaming landscape. RYKI indicates that analysts estimate crypto-funded bets account for nearly 17% of all iGaming wagers worldwide, and over 30% of online operators already incorporate some form of cryptocurrency payment.
Despite this rising demand, much of the current payment infrastructure relies on outdated systems designed for an earlier era. International transactions often depend on correspondent banking and wire transfers, leading to multi-day settlement periods, foreign-exchange fees, and banking cut-off delays.
Gaming businesses are facing significant challenges, particularly with slow and expensive cross-border settlements. Payments processed through SWIFT and corresponding banks can take anywhere from three to seven days to clear, and foreign-exchange conversions can add an additional 50 to 100 basis points to each transaction.
Additionally, operators without a gaming-friendly settlement partner in the western hemisphere may experience issues with double conversion, where crypto off-ramps settle in euros, necessitating a second conversion to dollars and incurring extra costs.
Compliance issues also pose problems, as generic banking and payment relationships may lead to holds and frozen funds when crypto-related flows are detected, disrupting operations and tying up necessary working capital.
A lack of on-ramps for crypto-native customers is another prevalent issue. Many high-value players and exhibitors holding stablecoins lack compliant methods to convert them into gaming credits or to pay for event fees.
Manual reconciliation across various events, currencies, and counterparties further complicates operations and drains resources from finance teams.
RYKI, based in the British Virgin Islands and having conducted over $1 billion in trades since its inception in 2020, is aware of these challenges. The company recently launched a dedicated service line tailored for the global gaming industry.
"Gaming has become a financial business as much as an entertainment one," said RYKI CEO Lennon Sweeting. He noted that large operators handle significant volumes, maintain customer funds, and bear foreign-exchange risk on an institutional scale, yet operate on payment infrastructure that wasn’t designed for actual customer behavior.
RYKI offers a streamlined solution for casinos, online gaming operators, iGaming platforms, software providers, and conference organizers. Its service enables the acceptance of stablecoin and cryptocurrency payments, same-day settlement into fiat, and efficient treasury management across different currencies and jurisdictions through a fully registered counterparty.
The service encompasses several critical capabilities. The first is stablecoin payment rails featuring direct fiat settlement. RYKI simplifies the fragmented payment process into a single execution pathway, allowing for direct US dollar liquidity that eliminates unnecessary euro conversions and associated spreads, further ensuring same-day settlement as opposed to the slower SWIFT timelines.
Clients' digital assets are secured in compliant, audited custody, which alleviates the burden of developing in-house crypto systems and navigating regulatory challenges.
RYKI also provides treasury management services across over 150 currencies, enabling operators to manage high-volume flows and foreign-exchange risks with real-time visibility.
Additionally, the company ensures a gaming-aware compliance framework with dedicated onboarding support that aims to facilitate smooth processes and limit unexpected fund freezes.
RYKI is fully registered with the British Virgin Islands Financial Services Commission, providing gaming businesses with a regulated pathway to access crypto payment rails, custody, treasury, and settlement services. This arrangement allows gaming companies to retain their gaming licenses and operate as regulated entities while RYKI supports them with compliant digital assets and payment solutions.
The effectiveness of RYKI's offerings is already evident in their engagements within the gaming sector. For example, in a recent partnership with a prominent online gaming operator, RYKI eliminated the need for euro-to-dollar conversion, streamlining transactions and reducing compliance friction, allowing for same-day settlements and freeing up finance resources.
For high-end casinos, RYKI has created a model enabling VIP players to utilize digital assets as gaming credits without the need for forced liquidation, achieving on-chain verification in about 60 seconds compared to traditional bank processes that can take up to five days.
RYKI estimates there are over $50 billion in untapped crypto holdings among wealthy players, presenting a significant opportunity for premium gaming venues. The potential extends beyond just gaming, as RYKI aids gaming conferences in accepting stablecoin payments swiftly from international exhibitors and sponsors, accelerating processes that typically involve lengthy wire transfers.
According to Sweeting, these examples highlight the potential impact of RYKI's infrastructure as operators enhance their digital asset capabilities. "Our customers already hold digital assets. What they have lacked is a regulated counterparty that can settle quickly, custody securely and clear compliance without surprises," he stated.
With increased demand, stablecoins are becoming more mainstream, and regulatory frameworks like the GENIUS Act in the US and MiCA in the European Union are offering greater clarity, prompting gaming operators to focus on how to incorporate digital assets into their operations. RYKI believes that collaborating with a fully registered VASP will soon become the norm. As expectations for same-day settlements and digital asset payments rise, operators lacking the necessary infrastructure risk losing high-value, crypto-savvy customers to more agile competitors.
