Hi everyone! I'm new to the casino niche and have been in the game as a fulltime affiliate marketer for 10+ years. So far this forum has been super helpful to me. Can anyone can give me an idea as to why most offshore casino affiliate programs prefer to pay their affiliates in crypto? It seems fiat payments are much more of an inconvenience for networks. Even gambling programs that are fiat-based, not crypto casinos, seem to prefer to pay out affiliates in crypto. I understand this is speculation, but is this to skirt the legalities associated with promoting offshore casinos in areas where there are legal grey areas as to whether or not they're legal? Is it because people prefer to launder money and not pay taxes? Am I missing something? At least for me, in the USA, converting crypto to USD is a pain and expensive. Thanks in advance.
New to the niche, question about payments
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AussieDave
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Everything you learnt in, whatever marketing niche you were in for 10+ years, most likely is, as useful in this industry as, 'tits on a bull'... Moooo!
I should also point on, if you've been lead to believe it's a cash-cow, you've been sorely mislead.
That ship sailed years ago.
Not trying to discourage you but even seasoned (old timers) like myself, are getting shafted by programs we've partnered for 1 or 2 decades. Everyone is being bent over these days.
As far as your question... Web wallets are fine IF your in a jurisdiction which allows igaming. If your not, then the wallet wont allow affiliate payments. Neteller and Skrill are good examples.
Bank wires... With more and more regulatory frameworks, KYC and AML protocols, processors who process these affiliate payments and send to banks to wire funds, are being challenged with more and more ridiculous hoop jumping.
Just a couple of months gone, there were a few aff programs who simply could NOT send wire payments because the processors banks were demanding to know the who, where, why and site URL's, targeted GEO's for those affiliate sites etc., etc., etc.
Imagine the person hours required to chase all that info up and get it to the processor, who then had to provide that to the requesting bank. 1 HUGE clusterfuck!
Crypto avoids all that cross-border shenanigans. It's decenteralised. It's not about avoiding tax, it's about using a payment system that lessens the drama and overall expense. I shudder to think how much money was wasted with this latest fine tooth BANK comb, back in June 2023.
I should also point on, if you've been lead to believe it's a cash-cow, you've been sorely mislead.
That ship sailed years ago.
Not trying to discourage you but even seasoned (old timers) like myself, are getting shafted by programs we've partnered for 1 or 2 decades. Everyone is being bent over these days.
As far as your question... Web wallets are fine IF your in a jurisdiction which allows igaming. If your not, then the wallet wont allow affiliate payments. Neteller and Skrill are good examples.
Bank wires... With more and more regulatory frameworks, KYC and AML protocols, processors who process these affiliate payments and send to banks to wire funds, are being challenged with more and more ridiculous hoop jumping.
Just a couple of months gone, there were a few aff programs who simply could NOT send wire payments because the processors banks were demanding to know the who, where, why and site URL's, targeted GEO's for those affiliate sites etc., etc., etc.
Imagine the person hours required to chase all that info up and get it to the processor, who then had to provide that to the requesting bank. 1 HUGE clusterfuck!
Crypto avoids all that cross-border shenanigans. It's decenteralised. It's not about avoiding tax, it's about using a payment system that lessens the drama and overall expense. I shudder to think how much money was wasted with this latest fine tooth BANK comb, back in June 2023.
Thanks for the insight! I'm doing well in the niche so far, I just wanted to try to figure out the best way to get paid moving forward. I'm in the US, and from the research I've done it's extremely unclear whether I am technically "allowed" to be an affiliate for offshore casinos. I was thinking that it was for this reason that networks/programs prefer to send via crypto. Thanks again
AussieDave
24 years & still going!
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With the USA slowly becoming a regulated market, I'm sure at some point, given how the DoJ and others acted when the UIGEA was enacted, thy may want to find a scapegoat(s), to scaremonger others. I've not heard of any action like that yet. But and reiterating, the DoJ flexed its powers-personified against everyone USA or not. If it was me, I'd be having a chat to a lawyer who is well versed in this type of law.
Taking advice for these matters, from forums isn't exactly in your best interests, given the possible ramifications I've outlined above. All the best!