The global online market continues to experience significant growth, projected to reach approximately $88 billion by 2025 and poised to more than double by the early 2030s, according to Grand View Research. However, a report from RYKI, a Virtual Asset Service Provider (VASP), indicates that the industry's payment infrastructure has not kept pace with this expansion.
As digital asset payments become increasingly relevant, RYKI highlights estimates from industry analysts suggesting that crypto-funded wagers comprise nearly 17% of all iGaming bets worldwide, with over 30% of online operators already accommodating cryptocurrency payments. Yet, much of this demand relies on outdated payment systems designed for a different time, leading to extensive delays and additional costs in cross-border transactions.
Pain points within the industry are evident. International payments processed through SWIFT and correspondent banking channels can take three to seven days for clearance, with foreign exchange conversions adding 50 to 100 basis points per transaction. Furthermore, operators often face double conversion issues. For example, those without a gaming-friendly settlement partner in the Western Hemisphere may find crypto off-ramps settling in euros, necessitating a second conversion to U.S. dollars, thus incurring additional costs.
"The largest operators are on payment infrastructure that was never designed for how their customers actually behave," said RYKI's CEO, Lennon Sweeting. Compliance challenges also arise, as generic banking relationships can cause unforeseen holds and fund freezes when crypto-linked flows are detected, hindering operations and tying up working capital. Additionally, the absence of an accessible on-ramp for crypto-native customers is prevalent, preventing high-value players and exhibitors who possess stablecoins from easily converting them into gaming credit.
Manual reconciliation across different currencies, events, and counterparties further elevates the operational overhead, taxing finance teams' time and resources. RYKI, registered in the British Virgin Islands, understands these challenges well. Since its inception in 2020, the company has processed over $1 billion in trades and has introduced a specialized service line catering to the global gaming sector.
“Gaming has become a financial business as much as an entertainment one,” Sweeting stated. “The largest operators move high volumes, hold customer funds, and carry foreign-exchange risk at institutional scale, but they are doing it on payment infrastructure that was never designed for how their customers actually behave.”
RYKI’s solution provides a streamlined pathway for casinos, online gaming operators, iGaming platforms, software providers, and conference organizers to accept stablecoin and crypto payments while enabling same-day settlement into fiat currency and effective treasury management across various jurisdictions.
This gaming service builds on four key capabilities. Firstly, it offers stablecoin payment rails and direct fiat settlement, eliminating fragmented, multi-step processes. Direct access to U.S. dollar liquidity replaces the euro intermediary, resulting in lower transaction costs and same-day settlement timelines.
Secondly, clients’ digital assets are maintained in audited, compliant custody, negating the need for operators to establish their own crypto handling systems amid regulatory uncertainties. Treasury management is another critical component, allowing operators to hold, convert, and settle over 150 currencies with real-time visibility, thereby managing foreign exchange risk effectively.
Lastly, RYKI provides sector-specific compliance support and a premium onboarding experience. With expertise anchored in its status as a registered VASP, RYKI aims for smooth compliance reviews to prevent unexpected fund freezes, supported by a dedicated team at each stage.
As a fully registered entity with the British Virgin Islands Financial Services Commission, RYKI enables gaming companies to access regulated crypto payment solutions without the burden of creating in-house infrastructure or depending on traditional banking methods which can hinder digital asset transactions.
Operating under separate gaming licenses, gaming companies remain regulated operators while RYKI supplies the compliant digital asset and payment framework. RYKI's expertise is already evident; in collaboration with one of the world’s leading online gaming operators, the company has reportedly streamlined operations by eliminating the repetitive euro-to-dollar conversion process, resulting in same-day settlements and reduced compliance burdens.
The potential for growth is particularly notable, with RYKI estimating that over $50 billion in crypto holdings among high-net-worth players remains untapped by elite gaming establishments.
In the realm of events, RYKI facilitates stablecoin payments from international exhibitors, enabling same-day booth confirmations and diminishing sponsorship-payment fallouts while automating reconciliation across diverse events.
Sweeting remarks, “Operators are not improvising a crypto strategy through channels that were never built for it; they are collaborating with a registered, supervised firm. That is the gap we built this service to close, measurably and at scale.”
The timing of RYKI’s focused offering aligns with the growing convergence of market demand, technological advancements, and regulatory frameworks. As stablecoins gain acceptance as mainstream payment options and as regulations like the GENIUS Act in the U.S. and MiCA in the EU provide clearer guidelines, gaming operators are now considering the implementation of digital assets rather than debating their acceptance. RYKI asserts that working with a fully registered VASP is increasingly becoming the norm, as same-day settlements and digital asset transactions turn from innovation into expected standards. Operators that lag behind in adopting such infrastructures risk losing valuable, crypto-savvy customers to more agile competitors.
