Long before Bitcoin went on its historic bull run, cryptos played a major role in online casinos. By nature, gambling online with cryptocurrency has many positive attributes. Transactions remain anonymous with no personal information tied to money transfers. Moving cryptos in and out of an online gambling account is easy to do. Most times, this can be done for free or with low costs or fees.
Ties between blockchain technology and the online gambling industry go back several years. In more recent applications, the online casino itself only operates with the use of digital currency such as bitcoin.
How Are Cryptos Continuing To Impact Online Casino Gambling?
Many online casino sites continue to push gamblers in the direction of cryptos. Some sites will even offer added bonuses for funding an online account with cryptocurrency. Bitcoin remains the currency of choice. Yet, those choices are starting to expand with the entire crypto marketplace expanding at an accelerated pace.
Privacy remains the No. 1 reason why cryptos have become such a big part of online gambling. Transactions are recorded through a unique number. This number does not have any ties to financial institutions or governmental regulatory organizations.
The idea of gambling online anonymously is extremely appealing to both casual bettors and high rollers. All cryptos can be stored in an electronic wallet that is safeguarded by a unique password.
These funds can be stored in a wallet for future use. They can also be converted to fiat cash through crypto exchange sites.
Cryptos are also extremely appealing due to flexibility. Both small and large bets can be placed by breaking down cryptos into betting units. One bitcoin may be worth over $50,000 in today’s market prices. However, online casino sites will let you bet .50 cents worth of bitcoin on a single game.
The move to mobile betting through a handheld device with internet access is also on the rise. More and more online players are gambling on the go. Turning to cryptos further eases the process.
Mobile gambling technology has made online casino sites much more assessable to players around the world. This gives gamblers the ability to pick and choose when and how they play. Increased accessibility increases overall betting volume. Online casinos and cryptocurrency appear to be a match made in heaven.
Actual crypto casinos are popping up all over the internet. Players can only use cryptocurrency to bet on their favorite casino games. Winnings are paid out in crypto but they can easily be converted into cash over any number of fiat currencies. This includes:
- US Dollars
- British Pounds
Many other country’s currency could be added to this list.
Cryptos also open the door to online gambling in countries where the legality of this practice comes into question. Since all gaming is through cryptos, not government-backed cash, enforcing these laws have become next to impossible. The ease of converting cryptos to cash is another driving force.
This trend should only increase over time as cryptos in general become more mainstream.
• Source: The Impact of Cryptocurrency on the Gambling Industry from Financemagnates.com On February 24, 2021.