Several factors are contributing to the growing popularity of cryptocurrencies in the modern gambling industry. Factors like privacy, security, and quick payouts are a few of several reasons why a majority of punters are shifting towards crypto gambling. While a handful of major industries have slowly begun adapting to the crypto movement, the gambling industry was the first to accept Bitcoin.
The Perks of Using Cryptocurrency in Gambling
Although Bitcoin is the most popular name in crypto sports betting, several other coins like Ethereum, Dash, Litecoin, and Dogecoin have emerged in the past few years. And these cryptocurrencies have changed the way people gamble since they offer several interesting benefits. Let’s discuss the major perks of crypto gambling and analyze their impact on modern betting.
Unlike traditional transactions that need a central server, cryptographic transactions are recorded on a blockchain network. This decentralized setup keeps transactions free from third-party interference. Traditional payment modes like bank transfer, credit/debit cards, mobile wallets, etc., can be traced back to the source, which could compromise privacy. By using cryptocurrencies, players don’t need to share personal information like name, bank details, or location with the casino/sportsbook.
As the players’ personal information isn’t being stored on a central database, there is no need to worry about data breaches and unauthorized access. Traditional online casinos and sportsbooks need to store and verify player credentials before granting access. Crypto casinos aren’t bound by the same rules. Since the transactions are all stored using blockchain technology and the revenue is tax-free, there is no need to verify player credentials. Players need a crypto account to sign up, and all transactions are made using a single account.
Traditional casinos take between 24 and 72 hours to process withdrawal requests due to government regulations. Crypto casinos don’t have such restrictions. All transactions are completed instantly, and there is no need to wait for extended periods. Unlike fiat currencies, crypto transactions don’t need a payment gateway. This reduces intermediary charges and saves time.
International transactions using fiat currencies are a cumbersome process since they involve hefty exchange charges and fees. Since crypto transactions aren’t governed by regional bodies, they’re free from geopolitical boundaries. Hence, punters can wager on offshore platforms instantly without worrying about government restrictions or delayed payment intervals.
Traditional casinos can withhold payments even after a withdrawal request is processed. This isn’t the case with crypto transactions, which are irreversible. Payments once made cannot be returned even if financial agencies drop an urgent request. Hence, punters prefer crypto casinos over traditional bookies.
The Impact of Cryptocurrencies on the Gambling Industry
Due to these benefits, cryptocurrencies perfectly complement online gambling. As mobile betting is growing popular by the day, crypto casinos are making it more convenient for new players to sign up and wager without enduring a lengthy registration process. Moreover, punters can sign up on the go and bet at their leisure.
The lack of government intervention and taxes are added benefits. These have tremendously helped overcome the traditional geographical borders imposed on online casinos. While several nations continue to outlaw online gambling, players from these regions can sign up on crypto casinos and sportsbooks without fearing prosecution as these transactions are difficult to trace.
The Future of Cryptocurrencies in Modern Gambling
Crypto casinos are here to stay. As the major industries start to adopt blockchain currencies, their popularity will only increase with time. Since crypto transactions are the most secure payment mode, players will continue signing up on crypto casinos. Moreover, crypto transactions will continue to offer the best solution to traditional security concerns as the world embraces digital currencies.
This is an interesting concept unknown to most. But that is quickly changing as more people are slowly opening up to the idea of cryptocurrencies. At this pace, paper currencies will soon be out of fashion, although that’s a debate for another day.