Ahead of his appearance at the Payment Expert Summit, Peter Heneghan (Principal, Bettor Capital) shared his thoughts on crypto and iGaming.
Crypto is evolving from hype to practical integration, driving real value in regulated industries like gaming.
If payments were one big happy family, crypto would most likely be the moody, unpredictable teenager, still figuring itself out.
It’s gone through phases and experimented. No, not growing out a mullet, but dabbling in things like NFTs and meme coins. It’s tried most things, though not always wisely or responsibly.
There’s always been a rebellious streak, too. It wanted to go its own way, staying decentralised, anti-establishment and defiantly different from the rest of the payments pack. And it has always craved recognition, chasing mass adoption and mainstream respect.
However, lately, it looks to be maturing. Where the industry once obsessed over speculation and slogans, crypto is now quietly integrating itself into the infrastructure of real-world payments, especially in regulated verticals like gaming.
Peter Heneghan, Principal at Bettor Capital, noted this shift to Payment Expert, pointing out that the industry has moved toward a focus on integrating blockchain solutions with demonstrable ROI.
“While there was a period of time where it seemed that every pitch needed to mention ‘blockchain’ or ‘crypto’, it now seems that there is an increased focus on finding use cases for which there is a clear business case, whether that involves back-end efficiencies or new consumer experiences,” Heneghan said.
The convergence of crypto and fiat
That business-case mentality is particularly evident in gaming, where crypto’s role is evolving fast. Heneghan acknowledges, user payments have grabbed most of the headlines, but feels the real opportunity might lie beyond the front end.
“Within iGaming, it seems that much of the conversation has been around crypto as a payment method for users, which has undoubtedly been a massive growth driver within the industry,” Heneghan explained.
“However, given our B2B investment focus, we are seeing a lot of opportunity for innovation outside of B2C operators.”
It’s here where crypto’s next chapter is starting to take shape, not as a replacement for fiat, but as a complement to it. In gaming, this means offering consumers more choice through hybrid setups, which combine the speed and flexibility of digital assets with the stability and familiarity of traditional systems.
This same mindset is beginning to shape the broader payments landscape. As adoption moves further into the mainstream, the divide between crypto-native and fiat-first operators is narrowing.
Heneghan believes the next wave of growth will come from convergence, where companies on both sides begin adopting each other’s infrastructure and experiences.
“We would expect to continue to see an increasing convergence of ‘crypto’ and ‘fiat’ operators,” he said.
“This might include crypto-native operators launching fiat products, or ‘traditional’ operators launching some of the content and payment methods that were popularised by crypto operators.”
It’s clear. No longer is it a question of choosing one path or the other. The more mature crypto becomes, the more likely it is to coexist with and improve the systems already in place.
Stablecoins are making waves
A perfect example of this convergence in action is stablecoins.
While still regarded as the new kid on the block, stablecoins have gained significant popularity over the past 12 months. In just the first half of 2025, global on-chain volume passed $8.9trn, with projections suggesting it could top $35trn by the end of the year.
Much of the attention has understandably centred on the US, where regulatory momentum has helped legitimise the space. However, stablecoins aren’t succeeding because of policy alone. Their real advantage lies in how they integrate into existing systems rather than trying to replace them.
It’s not just major financial institutions like Bank of America taking notice; gambling operators are increasingly exploring their potential as well.
From enabling faster deposits and withdrawals to supporting seamless cross-border access in markets with currency restrictions, stablecoins offer practical advantages which traditional assets struggle to match. Their price stability means players can avoid the rollercoaster volatility of assets like Bitcoin or Ethereum, while still enjoying the speed and efficiency of digital transactions.
Heneghan sees particularly strong potential in the less visible parts of the stack.
“I think that certain back-office applications of stablecoins are very interesting. Global payment and treasury rails are extremely complex, and it would appear that there will be ample opportunities for stablecoin-related solutions to work alongside the traditional parts of the payments ecosystem,” he noted.
“It would seem that stablecoins and CBDCs have the potential to have a material impact in regulated industries such as gaming.”
Much of the impact, he suggested, will likely arrive gradually rather than all at once. Because of gaming’s regulatory complexity, stablecoin adoption may lag behind other industries, but the long-term opportunities are growing steadily.
Looking ahead, the rebellious teen might still have a few unpredictable moments, but crypto’s path into adulthood looks increasingly focused and collaborative.
As crypto-native firms increasingly take cues from legacy systems, it’s clear the divide between digital and traditional is becoming less relevant. Instead, the focus is shifting toward what works.
The moody teen hasn’t vanished, but it might just be starting to grow up.
“The vast majority of customers likely don’t care about exactly how their payment is processed, but just want seamless, low-cost, and effective solutions,” Heneghan concluded, who will be speaking at the SBC Summit.
“While traditional payment rails will undoubtedly learn from crypto, I think the opposite will be true as crypto-native companies look to fiat in an effort to onboard new users and capture mainstream wallet share.”
SBC Summit will take place from 16–18 September at the Feira Internacional de Lisboa and MEO Arena, bringing together 30,000 industry stakeholders for an unmissable three-day experience.
Looking to attend? Here’s how:
- Secure your place with a VIP Event Pass – Enjoy full access to all conference sessions, the exhibition floor, exclusive networking events, and complimentary food and drink throughout the summit.
- Bringing the team? Take advantage of our Group Pass Discount — purchase three or more VIP Event Passes and pay just €400 per ticket (saving €200 off the standard price).
- Operator or affiliate? You may be eligible for a complimentary VIP Event Pass, which includes full access to the exhibition, conference, and exclusive networking events. Apply now to reserve your spot.
- Expo+ Pass: Gain access to the full exhibition floor and all conference sessions across the three days. This does not include access to our exclusive VIP evening networking events.
Source: https://paymentexpert.com/2025/07/22/how-crypto-is-maturing-into-mainstream-payments/
