Expansion of Cryptocurrency Utilization in the Online Gaming Industry

The online gaming industry was one of the first to recognize the potential of cryptocurrencies and their uses.

Due to this, there are plenty of online casinos that have incorporated crypto payment infrastructure in their systems. Some even offer payouts in the form of crypto tokens.

So, before we move on further, let’s take a look at the following.

What Are Cryptocurrencies?

Cryptocurrencies are digital assets that were first introduced more than 10 years ago with the creation of Bitcoin or BTC. What makes cryptos so unique is that they are not issued by any government or central monetary authority.

Bitcoin and other cryptocurrencies allow users to transfer/receive funds freely without having to make use of traditional banking and finance infrastructures. Because of this, it is possible to send large quantities of funds easily without any waiting periods.

Additionally, cryptocurrencies allow individuals to make pseudonymous payments, thus helping them protect their privacy. All of which makes cryptocurrency an ideal asset for those who need a fast, anonymous way to send or receive funds.

This has naturally resulted in severe consternation from governments worldwide, irritated by cryptocurrencies’ capabilities. It has also made cryptocurrencies a great choice for online casinos looking to get an edge over their land-based counterparts.

And while governments continue cracking down on cryptos, each crypto casino has started to legitimize crypto transactions and update their compliance requirements.

For example, most online reputable casinos have begun implementing KYC guidelines and other procedures to ensure that they remain compliant with government regulations.

But these requirements have done little to stop online casinos from embracing the cryptocurrency revolution. In fact, it has probably encouraged more sites to accept these digital assets en-masse.

So, with that in mind, let’s take a look at some of the top reasons why casinos have begun adopting cryptocurrency payments.

Why Have Casinos Adopted Cryptocurrencies?

1. Cryptocurrencies are anonymous

Gambling and games of chance have acquired a somewhat unsavory reputation over the years. Often, punters and gamblers tend to be stereotyped as being irresponsible or untrustworthy individuals with poor impulse control.

This couldn’t be further from the truth because most gamblers are responsible members of society just looking to have some fun. Some enjoy the thrill of betting while others just want to let off some steam.

Regardless of their motivations, gambles sometimes face judgment from friends and family for their activities. Because of this, a respectable punter may instead want to keep his/her betting private.

And it is for this exact reason that online casinos have become so popular. Such sites allow customers to gamble in peace from the comfort of home, and with cryptocurrency payment now available, there’s no need to worry about having their transactions being traced.

Recognizing this need, online casinos have begun accepting payments made with popular cryptocurrencies. And as cryptos become more mainstream, we can only expect this number to grow significantly.

2. It offers better safety and privacy

The internet can be a dangerous place at times with cybercriminals and hackers constantly on the prowl. Because of this, punters and gambling fans may not feel comfortable sharing their financial details over the web.

So, rather than using credit/debit cards, they can instead opt to use cryptocurrencies. Crypto payments do not require participants to reveal any information, instead, you only need to transfer funds to the casino’s wallet address.

This significantly reduces the risk of your financial data being intercepted and stolen by a cybercriminal.

Online casinos recognize the threat faced by their customers which is why they choose to accept cryptocurrency payments. Sites that do not cater to these requirements will find themselves losing clients as punters choose to take their business elsewhere.

3. Allows for faster withdrawals and payouts

Quick withdrawals and payouts are a major draw for any punter. An online casino which ensures its clients get paid quickly can build up a loyal base fairly easily.

In the past, punters had to wait several working days for their winnings to be deposited into their account. This was probably due to the delays caused by transferring funds from one bank to another.

But thanks to cryptocurrencies, punters now can receive their winnings instantly without the previous waiting period. This is because cryptos circumvent all banking infrastructure instantly but instead, moves via its own blockchain, thus allowing customers to enjoy their winnings faster.

4. Crypto gambling attracts a new generation of players

While land-based casinos will always be popular, younger punters are slowly but steadily making their way toward online casinos. Besides being more accessible, online casinos offer a larger variety of games compared to their land-based counterparts. And this is often a strong drawing point for younger players who value variety.

Besides the convenience and variety of games offered, options for cryptocurrency payments are a strong attraction for some punters who favor the privacy and speed it offers. A casino that doesn’t offer these as options is naturally bound to lose out on much-needed customers.

Online casinos are here to stay and so will cryptocurrency payments. However, you should always be well aware of the risk associated with using them. Besides being highly volatile, cryptos are also outlawed in several countries.

So, if you intend on betting with cryptocurrencies, make sure that you’re not breaking any laws in your home country.