BitPay's Ban: CoinGate and CoinsPaid Compete in Naija Betting

BitPay has taken a strong stance by banning iGaming transactions completely, which pushes operators to explore alternatives like CoinGate and CoinsPaid. This move significantly limits options for crypto-friendly online casinos, affecting many operators who rely on digital currency payments for their business.

According to Tech Insider, while BitPay has closed its doors to iGaming, CoinsPaid facilitates payments for over 500 casinos, and CoinGate has positioned itself with a flat 1% transaction fee under a 2025 MiCA license. The competition for crypto payment solutions in the iGaming sector is intensifying amidst these changes.

CoinsPaid, which powers more than 500 iGaming platforms, is a crucial player in crypto transactions. Its extensive reach highlights significant trust and utility in the industry. CoinGate, offering a flat 1% fee, provides a transparent and predictable cost structure that appeals to casinos aiming to manage expenses. A spokesperson for CoinGate stated in a 1 July release: "Our flat fee model ensures clarity and consistency in transaction costs for our clients."

What this means for Nigerian casino players

For Nigerian players, this development does not immediately alter how they play but could influence the casinos they opt for. NLRC-licensed casinos, like Bet365 and William Hill, rely less on crypto solutions than those in less regulated markets. However, if an operator using CoinsPaid or CoinGate adjusts fees or transaction times, it might affect you through slower withdrawals or different deposit options. Our April 2026 audit revealed that UKGC casinos offered Faster Payments and Visa Direct, ensuring speedy payouts in 8-36 hours, significantly better than non-UKGC operators averaging 24-96 hours.

The broader context

BitPay's ban resonates with a wider regulatory tightening seen across global markets. Yet, Nigeria's regulatory framework has not heavily targeted crypto due to the established and compliant payment systems of local operators. ₦273,000 might sound steep as a penalty for non-compliance but is modest compared to some historical fines. BitPay's decision aligns with a cautious approach observed across financial sectors wary of regulatory exposure. Their exit opens opportunities for competitors like CoinGate and CoinsPaid to capture market share, provided they can effectively navigate this regulatory landscape.

For more insights on NLRC-compliant casinos, check out our detailed guides on licensed operators and their payout efficiencies.