The Impact of Cryptocurrency on the Evolution of Online Gambling
Online casinos and the iGaming industry as a whole closely follow the latest technological trends. The latest innovations often find their way to online casinos, so we can see the entire industry constantly growing and evolving. When crypto payments exploded in popularity across the world, it was only a matter of time before we would see them make their way to online gambling. Sure enough, today, many online casinos accept cryptos as a payment method, and we even have pure crypto casinos without traditional fiat payment methods.
At online casinos, players can use crypto to play all of the casino games, starting with European Roulette, all the way to scratch cards and bingo. What was once futuristic, is today normal and standard at online casinos. Cryptocurrency allows players to enjoy all of the benefits it has to offer, contributing to a safer and more fun gaming experience.
Advantages to using cryptocurrencies as a player
There are many advantages to using crypto at your favorite online casinos. Many players embraced this innovation and don’t seem to have any intentions of going back to the traditional payment methods any time soon. Some of the most obvious benefits of crypto gambling are:
- Anonymity
- Faster withdrawals
- Lower fees
- Lucrative bonus promotions
That’s right; cryptocurrencies have brought a plethora of innovations to the world of online gambling. Players can enjoy a great deal of anonymity when playing in crypto. No more explaining to your spouse why there are so many Skrill or Neteller transactions on your bank account. With the exclusion of a governing body, the fees for paying with crypto became miniscule.
Since the transfer of funds on the blockchain takes only a few minutes, players can now receive their winnings much faster. Many casinos today actually encourage crypto payments by offering players lucrative bonus promotions on top of their deposits. You can even find some casinos with a great no-deposit sign-up bonus. All of this works in favor of the player.
Benefits to iGaming operators
Using cryptocurrencies is often a win-win situation for the casinos as well. Crypto is easier to handle and there’s much less workload for the operator. Some benefits the casinos reap from crypto are:
- Faster payments for better cash flow
- Lower labour cost
- Better security
- Access to new markets
- Chance of making a profit
The faster an operator processes a withdrawal and keeps his players happy, the more the player will play in the future. In the end, this amounts to a better cash flow for both the casino and the player. Since crypto is decentralized, the overall labor cost for the payments is lower. Some casinos even have automatic payments, reducing the number of personnel to a minimum. The blockchain is secure by itself, minimizing the risk of misuse. Another great advantage is the lack of options for chargebacks, as with credit/debit cards. Once the funds go through, there is no way to get them back.
But the biggest advantage and evolution of the online gambling world is the access to new markets. Crypto casinos can offer their services to new markets, due to the lack of regulation. This means more players and in the end more profit for the operator. Also, the casino has a chance to make a profit from the crypto itself. The price of crypto can rise, significantly increasing in value.
The future of cryptocurrency in the online gambling world
Crypto gambling can only continue to rise across online casinos. At first, players could only play with Bitcoin, but today, you can easily find casinos accepting Ethereum, Tether, Litecoin, Dogecoin, and many more. As crypto grows in popularity, online casinos are sure to follow. Many players will surely make the move to crypto from traditional payment methods and enjoy all of the perks it has to offer. Who knows, someday, crypto casinos may very well dominate the iGaming industry.