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Why Online Casinos Have Embraced Cryptocurrency

13 March 2020 14:39, UTC
Why Online Casinos Have Embraced Cryptocurrency

With reports showing that more than $1 trillion of cryptocurrency transactions were carried out in 2019, it is no surprise some major industries are getting in on the act. The resistance to digital currency shown by traditional banks has not been backed up by many businesses who are more interested in understanding and embracing new technology.

Tailor-made payment option

One of the industries that seem almost tailor-made for cryptocurrencies is online gambling. This is a business where users make regular deposits and withdrawals and where anonymity, privacy and security are important. Digital currencies and blockchain platforms provide a ready-made solution for users at both ends.

A strong incentive for players

With the number of crypto users still growing, offering currencies such as Bitcoin as a payment option is a good selling point for online casinos who are keen to attract new customers. Most casinos offer incentives such as free spins and sign-up bonuses but allowing clients to link cryptocurrency payments to their account is a novelty that may swing many new users. A list of casino bonuses and offers as well as those that accept Bitcoins can be found here. Some casinos have even been known to offer bigger bonuses for users who sign up using crypto deposits, so keep an eye out for similar offers if you are thinking of playing.

A whole suite of gaming options

But it’s not just casino games you can play. Most of these sites also offer video slots, sports betting, lotteries, bingo, scratch cards and spread betting. In most cases, there are zero fees and unlimited daily transactions. This is important for users as well as the anonymity associated with digital payments. It also means players can transfer to sit in different jurisdictions where certain other payment options might not be compatible. The global nature of crypto is all part of the appeal.

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Image: Pxfuel

New regulations may come into play

The potential drawbacks such as the monitoring and regulation of gameplay at a global level have nor prevented many sites from adding these new payment options. This may even force a change or a relaxing of regulations in the future as this would be easier than trying to hold back the wave as digital currencies continue to force their way into the mainstream.

This also makes it difficult to calculate how many players are using digital currencies, but with many casinos accepting payments and some others already adopting blockchain technology, this suggests that new technology will play a big part in the future online gaming, and not just at the payment level. Blockchain can also be used to drive Random Number Generators to ensure fair gaming for players.

Experts are still divided about what the future holds for cryptocurrencies but keeping an eye on key industries who have adopted them as payment methods could give us a clue. So far, it looks like digital cash is set to continue its meteoric rise to run parallel with FIAT currencies in the global marketplace.

Title image: Pixabay



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