The explosion of interest in cryptocurrency betting is disrupting the gambling industries in ways that were completely unforeseen except for a fortunate few.
Mega popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin make digital deposits and withdrawals to online betting accounts fast and safe. As fate would have it, the advent of cryptocurrencies is perfectly suited for gamblers who value anonymity, speed, transparency, and the ultimate digital safety of transacted funds.
What Is Cryptocurrency?
Cryptocurrencies are digital currencies that are executed on blockchain ledgers using advanced cryptography and encryption algorithms for maximum safety and security as peer-to-peer electronic transactions.
A peer-to-peer transaction is solely between a buyer and a seller, with no third-party entities like banks, payment processors, credit card merchants, and most importantly, state-run governments involved.
The Blockchain is a decentralized financial (DeFi) network of users that maintains an immutable digital ledger of every crypto transaction made. Once a cryptocurrency entry is stored on a Blockchain, it can’t be altered or deleted by any hacker or central authority. Blockchain transactions are completely transparent and can’t be manipulated in any fashion.
Benefits to Casinos Using Crypto
The financial and business incentives for launching an online casino with cryptocurrency instead of fiat currency are staggering. From a business standpoint, the logistics of launching a casino accepting cryptocurrency as its primary payment method is simpler and faster, with a new casino opening in mere weeks instead of months.
As the adoption rate of cryptocurrency increases, so will the market for new players expand with daily unique visitors ramping in correlation with interest in gambling with virtual currencies. Competition for market share in the online gambling industry is less fierce since there are fewer specialized digital gambling options than more traditional casinos.
Cryptocurrency casinos are highly profitable business endeavours in unstable economic environments, due to their relatively low-cost investment requirements and mobility in the face of political turmoil. It’s for more cost effective to launch a crypto casino than a traditional brick and mortar casino by orders of magnitude.
Cryptocurrency also offers superior fraud protection to casino operators from players with the elimination of voluminous and lengthy dispute resolution, which results in significant cost savings for the business.
Regulatory requirements for crypto casinos are lax since games are not run using fiat currencies, therefore, no licensing requirements exist. However, many casinos obtain licensing to build consumer trust and enhance their brand image for practical business purposes.
The market for cryptocurrency players continues to expand and the adoption rate for cryptocurrency in general expands, and there are no incremental expense considerations for expanding gaming product lines since all products and services are digital software with minimal hardware requirements.
Benefits to Players Using Crypto
Player benefits are also fueling the conversion of online casinos from fiat operations to cryptocurrency-driven enterprises as well. Due to the lower cost structure of running games without the burden of central banking middlemen, cost savings are passed on to players in the form of bonuses and incentives to expand the player market.
Nevertheless, players have incentives of their own accord apart from those offered by casinos, in the form of greater privacy, faster transaction deposits and withdrawals, low or non-existent transaction fees, and wider global access to beloved games.
Throw in the ease of registering for a crypto casinos account, the convenience of 24/7 play, and the elimination of geographical restrictions, and a perfect storm of demand is unleased upon the industry.
The Bottom Line
The plethora of benefits that accompany the use of cryptocurrencies for online gambling have sparked a wave of optimism in the future of all online transactions, and not just for gamblers.
Cryptocurrency is destined to disrupt almost every industry that relies on fast inexpensive transaction processing to lower costs, increase profits, and expand markets.