Thirteen years after its inception, it turns out crypto was not a passing trend. The opposite has happened; the use of cryptocurrencies has been so expansive that there is rarely an industry that doesn’t offer crypto payment options.
Cryptocurrencies have even infiltrated casinos and the iGaming industry. So what has been the impact of cryptocurrencies on the gambling industry and casinos in particular?
First, all we had were brick and mortar casinos, and the only way to gamble was to go to a casino physically. Las Vegas was the place to go, and we saw the development of places like Macau. Then came online gambling where gaming developers like Netent Games put the casino experience in our hands.
One could play their favorite slots and even poker in their PJs at home. Now we have virtual reality and cryptocurrencies in the market. Every online casino offers cryptocurrency as a payment method, whether to deposit or withdraw. This practice ensures casinos are relevant and offer clients more payment options when playing.
Crypto Casinos
With the first Crypto casino operating in October 2013, the face of online gambling changed. These casinos deal with crypto as their currency and work the same as most online casinos. With a growth rate of 10% annually, there is something that draws players there.
The first is anonymity; crypto casinos are decentralized, which means transactions can never link to a player’s identity, just their crypto account. This aspect of anonymity allows players from restricted countries to gamble online. Taiwan is one of the countries with strict gambling laws, but there has been a spike in online gambling, mainly because of cryptocurrencies.
Pros
Another reason players prefer crypto casinos is the ease of payments, be it withdrawals or deposits. Payments are instantaneous with no waiting period. This is the leverage crypto casinos have over traditional online casinos. Most cryptocurrencies also have low or no fees attached to them, which is a big plus for players.
Adapting to cryptocurrencies has its advantages; one of them is tax regulations. In most states, cryptocurrencies are not taxed as they are not regulated, though this could change in the near future. As an online casino operator, it would be foolish not to incorporate cryptocurrencies in your casino as crypto users are growing rapidly.
Cons
There are a few negatives of cryptocurrency in gambling, as most sites are unregulated, making it difficult for players to lodge complaints regarding payments.
Another problem is that cryptocurrencies have rapid fluctuations. Your massive winnings today could be peanuts tomorrow.
Lastly
Considering that the casino market is worth an estimated $60 billion and growing, it only makes sense for online casinos to be adaptable to changes and embrace the use of cryptocurrencies and crypto casinos by players. Crypto is not the big bad wolf we thought it to be. It offers more secure convenience and gives the industry a new market of players. Cryptocurrency and blockchain are the future of online gambling.