Cryptocurrencies went from a vague periphery of the worldwide financial system to over 400 million users in less than a decade. The industry experienced its most significant explosive growth between Q3 2020 and May 2021.
Bitcoin reached a peak market cap above $1.2 trillion during the last crypto bull market in November 2021. Acceptance into mainstream finance also helped Ethereum soar to a nearly $600 billion market cap and a price touching $4,500.
With BTC and ETH holders anticipating more institutional adoption via regulated ETFs, prices could skyrocket “to the moon.”
That makes blockchain and crypto highly appealing to the online casino industry.
Do Casinos Use Blockchain?
Top offshore casinos like BetUS, Bovada, and BetNow offer special bonuses for crypto deposits. Since these gambling sites get regulated outside of the U.S., they allow players to use crypto.
Crypto offers worldwide transactions without interference from the traditional banking system. Smaller fees for players and gambling companies help growth within the industry.
As the offshore gambling industry expands, those companies create jobs in countries and territories like Costa Rica, Curaçao, Panama, and Gibraltar.
Crypto options at offshore gambling sites include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- USD Tether (USDT)
- Litecoin (LTC)
What Are the Benefits of Blockchain Gambling?
Other than a reduction in fees, there are a variety of benefits associated with blockchain gambling. Players get anonymity and privacy rather than using personal information and bank accounts.
For example, players may use addresses attached to encrypted wallets when making a crypto deposit and withdrawal. While most casinos provide encryption regarding online transactions, crypto offers an added layer of security.
Crypto is also the fastest method for withdrawals at online casinos. A bank transfer could take three to five days after a casino’s internal review process.
That means players might have to wait five to eight business days for a withdrawal.
With crypto, casinos may provide withdrawals within 24 hours. Players might even receive a crypto withdrawal to their wallet in less than ten minutes!
Creating a fun and rewarding user experience is crucial in a highly competitive market.
Worldwide, players get access to their favorite casino games with the ease of crypto deposits and withdrawals. Another added benefit is that their winnings could increase in value as the industry grows in price and scope.
In contrast, winnings from an online casino in USD decrease in value over time.
For that reason, most online players continue to prefer crypto over dollar devaluation.
Bonus Rollovers at Betting Sites
With crypto welcome bonuses, players get a chance to win extra cash. However, players must complete a wagering requirement to unlock their bonus money and any winnings.
Regarding how betting rollover works, there’s usually a 10x playthrough requirement to clear your bonus.
You must check the casino’s terms and conditions for more information about your welcome or crypto deposit bonus. Usually, players must wager 10x their bonus amount.
For example, say there’s a 100% deposit match up to $1,000. The rollover requirement may pertain to the bonus amount or the deposit and the bonus.
A 10x wagering requirement for a $1,000 bonus equals $10,000. Players need to bet a minimum of $10,000 to unlock their bonus.
If your 10x rollover includes the deposit and the bonus, a $1,000 deposit plus a $1,000 bonus would come with a $20,000 playthrough ($1,000 + $1,000 = $2,000 x 10 = $20,000).
Wagers at specific games may also count differently toward contributing to your rollover. Online slots might count as 100%, while table games like blackjack or roulette may only contribute 10% to 20% toward completing your wagering requirement.
For example, a $1 bet at slots would count as $1 toward your rollover. That same bet at blackjack or roulette might only count as $0.10 or $0.20.
It helps to check the terms and conditions attached to your bonus.
Transparency with Blockchain
Transparency in a public ledger is another significant advantage of blockchain casinos. Most online casino games use random number generators (RNGs) to ensure the odds remain the same for every potential outcome per round.
Providing fair games at blockchain casinos entices players who prefer crypto transactions for online gaming.
Even at regulated sites in the U.S., you’ll see lots of complaints from players about unfair payouts at casino games. Top casino companies operate as big businesses. So, their RNGs ensure that casinos continue to profit from online players.
Offshore casinos and betting sites are small businesses that cater to players’ needs. Blockchain casinos reflect the appeal of crypto and players who prefer transparency over hidden RNGs.
Increased transparency at blockchain casinos allows players to check previous bets and outcomes. Traditional casinos may offer a different kind of “transparency” to protect their bottom lines.
So, blockchain at regulated offshore gaming sites offers a better product to players worldwide.
The Future of Blockchain in the Casino Industry
Blockchain and crypto deposits and withdrawals remain a relatively new concepts at online casinos. During bear markets, they might be less popular among players.
However, with bull markets, there’s usually a higher volume of daily active users. When that happens, players may increase their online gambling activities.
Gamers who hold crypto might use their profits at casino games online, too.
As markets mature, a steady increase of crypto users may form most online casino deposits and withdrawals.
Source: https://blockchainreporter.net/whats-the-role-of-blockchain-in-the-casino-industry/