Online casinos have seen a shift in recent times as an increasing number of players are opting for digital currencies to fund their online gambling. Bitcoin casinos are still a recent phenomenon that is increasingly gaining traction thanks to its myriad of benefits.
Bitcoin casinos have made it easier to gamble online without leaving any trails and since they are considered one of the safest and most convenient sites around, more and more people are turning to digital currencies.
With cryptocurrencies, you can order and process transactions instantly without having to submit your personal or financial details. Since there is a high level of safety and security in place, cryptocurrencies have paved the way for a faster and more convenient online gambling world.
What is cryptocurrency?
Cryptocurrencies are essentially digital currencies which an increasing number of people are adopting as a means of exchange. Since it uses cryptography, it secures all of its transactions, controls the creation of extra units and verifies the transfer of assets. Moreover, cryptocurrencies are decentralised, so they work independently of banks and other third-party institutions.
New Bitcoin casinos provide players with a safe and private way of making deposits and withdrawals without having to share their personal details with the online gambling site. Furthermore, Blockchain technology which underlies most digital currencies can often be used to produce provably fair games.
Many players have long suspected that some online slots and casino games are not rigged. Provably fair games squash that rumour and allow players to check that the results produced are indeed random and fair.
Benefits of using digital currencies at Bitcoin casino sites
The online gambling industry has been quick to adopt blockchain technology. Here are some of the benefits of digital currencies for players.
Tight safety and security measures
Many players are genuinely concerned about the possibility of hackers stealing their personal and financial information. Each transaction at crypto casinos is securely and recorded in a distributed ledger. Since the ledger is decentralised, every participating system in the blockchain needs to be confirmed to reduce the possibility of fraudulent transactions.
Crypto casinos benefit significantly from blockchain technology’s security features since they are implemented across the board. Moreover, players do not have to register for an account at a Bitcoin casino or authenticate their identity. They can simply deposit Bitcoin, confirm it and play at their chosen online casino with no issues.
Convenience factor
Players who are based in countries or states with gambling restrictions can take advantage of the convenience of crypto casinos. Players can simply sign up for an account and gamble safely.
Anonymity factor
You can stay anonymous if you want to play at Bitcoin casinos. You may already be aware of e-wallet options that enable you to use them without supplying any personal information. Similarly, crypto casinos allow players to play anonymously so they can simply play the games of their choice.
Similarly, online casino games will not harm any credit scores or the possibility of getting a load. Crypto transactions will never show up on your bank transactions.
Fairness and transparency
The blockchain makes sure that a bitcoin casino is fair. Many traditional online casinos use various gimmicks to lure more customers. These include bonus offers with suspicious terms and conditions, high withdrawal limits and eye-catching designs. They promise to the player a lot of things without following through.
With crypto casinos, they hide nothing and they are open about all their processes.
Decentralisation
The decentralisation of the entire crypto process is one of the biggest advantages of the best Bitcoin casinos. A government or a bank is the main conduit when transferring funds and wagering with traditional fiat currencies.
Instead of the funds going through an intermediary, they are delivered from one person to another whilst gambling with digital currencies, resulting in quicker and more effective deposits.
The removal of a middleman implies that both deposits and withdrawals to and from a Bitcoin casino will be far less expensive. A fee may still be attached to a Bitcoin transaction, but it will be significantly lower than the fees associated with other forms of payment.
Perks and Rewards
One of the biggest advantages of Bitcoin casinos is the fact that crypto casinos throw many perks and rewards at their players. Often the casino bonuses are far more generous with far more lenient terms and conditions. That includes lower-than-average wagering requirements, high caps on winnings and low minimum deposit and withdrawal thresholds.
Crypto casinos often run loyalty schemes and VIP programs that are widely accessible to all players, whether you are a low or a high roller. Often, these points-based loyalty schemes allow players to collect points by simply making real money bets on their favourite games. The points help them move between different levels helping them unlock bigger and better rewards and benefits.
These may include a higher cashback percentage, bonus cash, free spins, luxury trips abroad and much more.
How many players are using digital currencies to gamble?
Each week, circa 30,000 casino players are turning to digital currencies to play at Bitcoin casinos. That means that circa 4,000 players are using cryptocurrencies every day at around 300 crypto casino sites all over the world.
Most crypto players engage with crypto casino sites that use three main digital currencies: Bitcoin, Ethereum and Litecoin. It has been reported that more than $60 million in wagers were spent in one week alone at 10 leading crypto casinos in 2021.
It was also estimated that crypto-gambling currencies were worth around $1 billion in 2021 alone. In 2014, Bitcoin casino users wagered more than $4.5 billion in Bitcoin. These numbers have thus increased considerably since then.
Crypto gambling and the sports world
Sports and the world of digital currencies are currently becoming increasingly intertwined. The number of sports clubs that now accept digital currencies is higher than it has ever been before.
A large number of sports clubs are partnering up with various crypto iGaming platforms. For example, RCD Espanyol from the Spanish La Liga is one of the first Spanish football clubs to accept crypto payments.
Mexican football club Tigres have also partnered up with crypto companies to enable football fans to buy their football tickets in Bitcoin. Tigres is a premium soccer league that regularly packs its stadium with 40,000 spectators.
Crypto payments are not solely reserved for soccer teams though. The San Jose Sharks ice hockey team has been accepting crypto payments since 2021. This pro ice hockey club is one of the first NHL clubs to make a significant move to cryptocurrencies. The Sharks also accept cryptocurrencies in payment for season tickets, partnerships and suite leases.
The Dallas Mavericks is another leading sports team that is hooked on cryptocurrencies, just like their owner Mark Cuban. In 2021, The Mavs announced a partnership with a leading crypto company to allow Dogecoin payments. This deal enabled all sports fans to buy tickets and merchandise using either memecoin or other crypto assets.
In March 2020, the Oakland Athletics baseball team also announced that it would start to accept Bitcoin for private suites. The team’s President Dave Kaval said at the time that the price of the season suite will fluctuate depending on whether it was purchased, adding a high degree of thrills and excitement.
Effects of cryptocurrencies on the online gambling industry
Since crypto casinos provide safe and faster transactions, they are often chosen by players who have been bitten before by more traditional online casinos using fiat currencies. Often players are subject to long delays when it comes to KYC and the processing of their own withdrawals. These issues are a thing of the past as more players are turning to the best Bitcoin casinos to eliminate any potential issues well ahead of time.
While cryptocurrencies have only been around for a number of years, more players are using them to make their transactions. Digital currencies have also benefitted crypto casinos as well since they have seen a surge in the number of players signing up.
Blockchain technology cannot be disregarded even though it comes with its own controversies. This is especially true when you have entire business models that are heavily reliant on technology, such as online casino sites. While blockchain technology is still in its infancy, experts predict that it will revolutionalise every sector, specifically the online gambling market in the upcoming decade or so.
With the rise of new crypto casinos, more and more players will favour transparency and fairness thanks to this new and emerging technology. While there are some regulatory concerns when it comes to the implementation of blockchain technology, there are some changes to be expected in the coming years when it comes to legal cash in specific jurisdictions. There is a wait-and-see approach right now, but players and Bitcoin casino sites are taking charge of the moment and enjoying a no-holds-barred activity.
Nevertheless, the accessibility and ease of use of digital currencies have paved the way for user-to-user payment systems that have thoroughly benefitted many businesses, especially the online gambling industry which is always one step ahead of other verticals when it comes to the development of digital currencies.
The online gambling industry has all the right technology to improve its integrity of this industry with high safety and security features, anonymity, validity and cost-effectiveness.
Source: https://en.cryptonomist.ch/2023/02/22/crypto-gambling-in-the-modern-world/