Casinos have always looked for ways to make gambling easy for players. When casinos were mostly land-based, players could carry cash or swipe their cards for chips. This convenience allowed them to play even when they did not have actual cash on them. When casinos went online, they doubled down on this convenience. Soon enough, sites like those on this UK online casinos list accepted card payments alongside e-wallet payments. So, players who did not want to link their cards could still pay for games. Better yet, they also accepted wire transfers for players who wanted to cash out large amounts.
More recently, casinos have embraced cryptocurrencies in the rise of artificial intelligence, virtual reality, and other emerging technologies in the casino space. We look at how they have done this, their motivations, and how this move affects players.
How Cryptocurrencies Have Benefitted Casinos
Dealing with a lot of money leaves casinos exposed to various financial issues. For example, many cybercriminals target these sites as they know they can make away with hundreds of thousands of pounds. As a result, many casinos have seen the light in using cryptocurrencies for the following perks:
Security
There are two ways to look at security concerns. The first focuses on the security of casino deposits. If someone were to access these funds, casinos would make losses so big that they might be unable to pay winners. The second focuses on the player accounts. If players get hacked and lose their money, they stop trusting a casino and can cash out and move to other casinos.
So, can cryptocurrencies solve this issue? Why, yes! Unlike cards and e-wallet payments, which are sometimes easy to bypass, it’s almost impossible for someone to crack a crypto wallet. Not only are the authentication procedures high-tech, but the passwords are also often so complex that hackers have difficulty getting into the accounts. As such, the transactions between the casino and the player remain inaccessible to unauthorised third parties, ensuring that neither party suffers financial losses.
Privacy
While many people are open about their gambling habits, some people prefer keeping their activities secret. They do not want their hobbies getting in the way of accessing things like loans, jobs, etc. So, they would rather play in private. But when you’re paying by card, it’s easy for people to link you to a casino site.
Cryptocurrencies solve this in a significant way. They allow people to hide their identities, as transactions cannot get traced back to them. For example, if a player takes money out of their crypto wallet and funds their playing account, the casino cannot tell who the player is, what bank they use, or other details that would expose the player. In the same way, if a player funds their crypto wallet using their card or e-wallet, the bank or other financial institution cannot tell if the money has been used in a casino.
Thanks to this ability to play in a vacuum, many people have now embraced playing in casinos that accept cryptocurrencies.
Speed
In traditional casinos, you get paid when you win. As such, you don’t have to wait days before getting what the casino owes you. Of course, if you win substantial amounts, you may need to wait a while as the casino must withdraw the funds and will likely have you sign a contract attesting to receiving the money.
But in online casinos, the waiting times vary from days to weeks. For example, players who prefer wire transfers may sometimes wait several weeks before receiving their funds due to the long processing periods. But those using cards usually wait a few days to get their cash. While these periods may seem brief, they can frustrate a player who prefers cashing out fast.
Cryptocurrencies solve this issue by allowing players to cash out instantaneously. Not only can you make deposits within minutes, but you can also withdraw your money at a moment’s notice. Compared to other payment methods, these are the best for people who would rather not wait to enjoy their earnings!
Costs
Transaction costs often weigh heavily on players. Take the example of those who pay by card. They must incur card processing fees. The same goes for those who use e-wallets. The intermediaries charge a percentage of the whole amount, which eats into their earnings.
So, do cryptocurrencies solve this issue? Of course! Since these payments do not have intermediaries, they do not incur any costs. Instead, if a player makes X amount, they will receive X. The lack of costs also reflects in the deposits. If a player wants to deposit Y amount, they can do that as they will not have to deduct any fees.
These payment options are thus best for players transacting huge amounts who would rather avoid the percentage processing fees. They also work for players on a budget who do not want to lose money to intermediaries.
Besides the perks above, cryptocurrencies are also investments. Players who choose the best crypto options can watch as their money gains value in the market, thus earning profits from just holding the currencies. And in a world where almost everything is digital, using a digital currency feels like the perfect fit!
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/01/how-online-casinos-are-embracing-cryptocurrency-for-a-new-era-of-gaming