Once understood only by technology enthusiasts, cryptocurrencies have now become a part of daily living. You don’t have to understand blockchain technology to use cryptocurrencies to pay for products and services. Experts see plenty of cryptocurrency payment processing companies, Bitcoin wallets, and Bitcoin ATMs in the near future. You may even, one day, consider using cryptocurrencies to purchase your groceries.
A strong relationship has always existed between cryptocurrencies and the online gambling industry. Online gambling and mobile gambling, just like cryptocurrency use, is attracting more and more people as the days pass. Understandably, consumers are demanding innovative products that implement the latest technology.
Many would, therefore, consider online casinos that refuse to accept payments through cryptocurrencies such as Bitcoin, Litecoin, Dogecoin, Tether, Bitcoin Cash, Ethereum, and others as out-dated. One of the first thing that most young players check for when looking at a potential online casino is whether they accept Bitcoin and other popular cryptocurrencies. Online casinos that do not have crypto as one of their banking options tend to lose out on a lot of younger players.
Whilst there are already many Bitcoin enabled casinos, you will find a dearth of online casinos that accepted other cryptocurrencies. This should change in the next couple of years as other cryptocurrencies catch up with bitcoin and developer a bigger user database around the world.
What is the reason for the rising popularity of crypto gambling? Why do online gamblers, especially those residing in countries where gambling is technically illegal, but practically permitted, prefer to deposit and withdraw with cryptocurrencies? You have to study gambling laws in various countries to get the answer to those questions.
Many countries have either banned gambling or passed strict gambling laws, but very few of them have thought about crypto gambling. The common loophole in all gambling laws is that they apply only to wagers placed in fiat currencies, not cryptocurrencies. The best and maybe the worst thing about cryptocurrencies is that they do not come under the control of any government, bank, or financial institutions. This makes them ideal casino payment methods for players residing in unregulated markets.
However, a number of governments are looking at bringing in new regulations to govern the use of cryptocurrencies.
Two Types of Crypto Casinos
Currently, you will find two types of crypto online casinos in the industry—licensed online casinos that accept cryptocurrencies as one of their banking methods and anonymous casinos that support only cryptocurrencies.
The former is like any online casino you might have played at. They operate on a gambling license and comply with gambling regulations. You have to undergo a proper Know Your Customer (KYC) or verification procedure to deposit, withdraw, and play at these online casinos.
The latter operate without a license and allow you to play without revealing or confirming your identity. Naturally, you cannot expect these casinos to comply with the laws, which makes them dangerous to play with.
Needless to say, players prefer the former because, unlike the latter, they operate in well-regulated environments, comply with gambling regulations, support responsible gambling, and have the added advantage of crypto support.
Benefits of Offering Cryptos at Online Casinos – Why Players Demand Cryptos
The number of players who want to deposit and withdraw with cryptocurrencies is on the rise. The reasons for the same are many, as mentioned below:
Anonymous: If you don’t want your bank, your government, your family members, or anyone else to know how much you gamble, you can choose cryptocurrencies as your preferred payment methods. This way, you don’t have to reveal your banking or credit card details to the online casino. And you can stop your gambling-related transactions from appearing in your bank or credit card statements.
Attract Players: Offering cryptos is a great way for an online casino to attract new players and retain existing ones. All players don’t have credit cards or bank accounts. And even if they have, they don’t want online casinos to know their financial details. They, therefore, look for alternative banking methods such as cryptos.
Efficient and Cost-effective: Traditional banking methods such as credit cards and bank wire transfers are safe and reliable, but time-consuming and expensive. On the contrary, cryptocurrency transactions not only come with nominal fees but are fast, enabling you to see your casino winnings in minutes.
Safe and Secure: Once you execute a cryptocurrency transaction, nobody can modify it in any way. This adds an extra layer of security to your transactions, eliminating risks of Internet cheating and fraud.
Available Worldwide: Cryptocurrencies are borderless. Their value doesn’t change from one country to the other, which makes them ideal for players worldwide. Cryptocurrency transactions are fast, secure, and anonymous irrespective of your country of residence.
Support Deposits and Withdrawals: Traditional casino payment methods such as credit cards, prepaid vouchers, and Bank Wire Transfer support either deposits or withdrawals but not both. This is not so with cryptocurrencies, which support deposits as well as withdrawals, which is why they are widely preferred among players residing in grey jurisdictions.
Bottom Line
Considering all the advantages of offering cryptocurrencies and given the fact that it is possible to do so in a safe, secure, and licensed online gambling environment, one can safely conclude that online casinos are missing out by not offering cryptos. Of course, there are unlicensed anonymous casinos that offer only cryptos, but they aren’t attractive to players who prefer the security of gambling at licensed casinos.
