Opinion The Quiet Revolution – Cryptocurrencies are Transforming the Online Casino Industry

The Quiet Revolution – Cryptocurrencies are Transforming the Online Casino Industry

November 2, 2019

When it comes to industry-wide adoption of a certain technology, it could be argued that no one took on cryptocurrencies faster than the casino industry. This is even more prominent when it comes to online-only casinos. Many of these have been supporting crypto payments, especially the use of BTC for online gambling for years. In fact, a huge number began accepting crypto payments for longer than most individuals and even media organizations even knew this phenomenon existed.

Today, the good relationship between these two domains has not been jeopardized in any shape or form. The use of cryptocurrencies is widespread in the online gambling world. For many, this represents the notion of a key entrance point for new crypto adaptors.

It is true that the people began using cryptocurrencies as a way to easily access online gambling. Today people all over the world prefer using Bitcoin or some other pick other cryptocurrencies to access gambling services. All this shows a small all but definitely real quiet revolution in one of the important domains that will define the future of cryptocurrency use in the mainstream audience.

The History of Crypto Betting

Over a decade has passed since the birth of the first trip to currency in the world – bitcoin. Since then the same sector has seen unprecedented growth not just in terms of the number of cryptocurrencies but also the adoption rates. The same applies to the use of underlining technologies, not just the basic blockchain tech that is present in almost all of the cryptocurrencies.

When BTC was launched many saw in it a decentralized democratic means of storing and transmitting value that was open to all without having any connection to the banks or the central government. At the same time, I’m the same central bank and even governments very disturbed by this development. Many of them began considering cryptocurrencies as a growing threat not just to the basic economic setup but also to the ability of these traditional structures to enforce their authority.

But there was no way of putting the genie back into the bottle. As the years went by, more and more individuals began to see the real-world application of cryptocurrencies in their own lives. Since then more and more industries also began paying more attention to this developing field of IT. Yet no one could deny that the online casino industry always had the biggest level of involvement with cryptocurrencies

Benefits of using Cryptocurrencies

There are loads of advice that come with using cryptocurrencies in a betting environment. Firstly, digital currencies offer a means of splitting bets into incredibly small amounts. This means that for example, a punter could decide to bet only single USD cents on any individual bet. The same option is a practically unheard possibility in the domain of fiat currency betting. Then there is the benefit of using the incredibly fast transaction times that cryptocurrencies provide. While a regular bank transfer could take days a cryptocurrency transfer will likely take minutes.

Naturally, this might vary between different blockchain networks and their current states but when all works as intended, there is no doubt that crypto is much faster than any traditional settlement system. Add to this the fact that cryptocurrency transfers also come with really low costs and fees – if there is even any cost – and you get a more superior means of transferring money. Finally, cryptocurrencies provide a level of anonymity that no banking system can give to its clients no matter how important or well paying they might be. Bitcoin or any other major cryptocurrency users that enjoy online gambling can be safe in the knowledge that their identity is not known to the casino provider.

Matter of Necessity

While cryptocurrencies do provide many benefits there is also the question of necessity. In many countries across the world, gambling is simply illegal. In other locations, there is the question of specific jurisdiction. For example, the UK is notorious for its strict gambling laws and an overall divisive and segmentational approach to providing licenses. Because of this, gamblers in the UK are left with no choice than to seek crypto betting alternatives.

Other nations have similar problems all over the globe and these are not only countries from a specific region or even at the same level of development. Here nature of cryptocurrencies comes to the forefront – they are decentralized and operating on a peer-to-peer principle. This makes it a go-to solution for the gambling industry and its representatives that have ambitions to operate on a global scale. In the current state of the online gaming industry, this practice covers every online casino there is.

Fair Gaming

Besides the benefits and the necessities, cryptocurrencies also offer through their blockchain system a means of providing a fairer environment for the development of the actual games. This means that the gambling process from the perspective of the users is more transparent and offer a higher level of fairness. No doubt that there are not many gamblers in the world who do not appreciate the same potential.

On the other side of the development process, the companies making the games are also embracing this characteristic. In this regard, the development of crypto games is exactly like the development of esports and regular video games. The same applies to bonuses and promotional offers, all of which are much easier to establish and provide on a blockchain or a blockchain-enabled system.

Further Steps

There is no doubt that many casinos are hesitant about the potential and usability of cryptocurrencies both from a legislative and practical point of view. Yet the sheer amount of advantages that come from using them make cryptocurrencies definitely part of the future of the gambling industry.

This applies to any sub-niche of the online gambling market. True, some might jump on board later while others might be interested in joining in sooner. However, it is certain that no one is not thinking about them in the boardrooms of online casinos.