How are cryptocurrencies revolutionising gambling?
For the last decade, we have seen a rise in a new form of digital currency, sometimes just referred to as crypto.
The most famous and the first is, of course, Bitcoin. This currency has become synonymous with the crypto revolution that is taking over the world.
With the rise of crypto, so has many new industries and technologies come to be that has never existed before. One sector that has benefited from digital currencies is the gambling industry. Once bound to brick and mortar locations and often not allowed in many countries or, if allowed, heavily regulated. In the last decade, gambling has moved to online casinos and bookmakers. These casinos now offer every slot game and sporting event from across the world.
Crypto has unlocked the world for the online gambling industry, and the rise of these cryptocurrencies has made it possible for everyone to partake. No more can governments stop you from depositing money at an online casino. You can now use your chosen crypto to deposit to any of a number of online casinos and bookmakers, which can be found at Betting.net and play to your heart’s delight.
Governments have noted this change in their citizens’ behaviour and are now rethinking or changing local laws in line with international trends. Changing laws allows governments to unlock additional revenue streams that are sorely needed.
Why use Crypto?
Using digital currencies come with many benefits, one of which is that national borders do not bind it. Anyone from almost anywhere in the world can buy cryptocurrencies by going online. These coins do not need to be transacted through a central bank as you would with normal fiat, making them exceptionally easy to send to any person in the world.
Safety and security
Cryptocurrencies offer unparalleled safety since there is not a single governmental body that controls your money. Your personal details are not stored anywhere on the blockchain; in fact, other than your wallet address or public key, there is no way to identify who owns a wallet. Blockchain transactions are encrypted and are almost impossible to tamper with, making it highly unlikely for anyone to alter the ledgers. This level of security is highly appealing to the online gambling industry. They can now offer their service while their customers can be assured peace of mind when transacting with them. You do not need to provide any credit or debit card information that can be intercepted and used for nefarious purposes.
Another very appealing aspect of crypto is the fact that transactions are very fast. Your crypto can be sent from one wallet to another within minutes. Yes, fiat can be fast in some instances but can also be exceptionally slow. Who has not tried to withdraw your winnings from a bookmaker to only have to wait days for the transaction to be processed. Free from all the regulations and most laws, these casinos can have your money back in your wallet in no time.
The online gambling industry is there to make money, and transaction fees cut into their bottom line. Therefore they try to minimise this as much as possible. With crypto, you can significantly reduce these costs for both the casino and the players. Casinos can now remove third parties from the transaction process and maximise their returns.
The blockchain uses no middlemen in the traditional sense that it charges a fee. Instead, you need to pay “gas” fees for the transaction to be recorded on the blockchain; however, these fees are traditionally much lower. Most digital wallets will allow you to pay a lesser fee for a slower transaction, saving you money if you are not in any hurry.
What are the future for the gambling industry and crypto?
It is quite possible that cryptocurrencies could become the primary funding source of online casinos. More casinos are enabling digital currencies on their site, allowing deposits and withdrawals in a wide array of crypto. Casinos that do not move with the times will lose out on a wider customer base, especially since the newer generation of gamblers is much more tech-savvy than their predecessors.
It is clear that Cryptocurrencies and gambling will be moving into the future hand in hand.