The Impact of Cryptocurrency on the Gambling Industry
It is no secret that the gambling industry is ever-changing, and technology is continuously developing. But the past couple of years, we have seen what is arguably the biggest shakeup since online gambling began. We are, of course, talking about the growth of cryptocurrency and its recent integration with gambling sites across the globe. In this article, we look at what this means for the industry as we know it. What will change, and is it all for the better? Keep reading to find out.
The History of Cryptocurrency in Gambling
The world’s first decentralised cryptocurrency launched in 2009, and Bitcoin has grown exponentially since. Fast-forward to 2021, and there is plenty of competition from Ethereum, Binance, and Cardano, to name a few. Despite a busier market, Bitcoin is still top of the crypto food chain and is becoming a popular payment choice with online casino players. Gambling sites have been accepting crypto since as early as 2012, but very few of them. There are more accepting cryptocurrencies than ever before, and SuperCat Casino is one of the most successful, alongside Bitstarz and Mbit.
Benefits of using crypto while gambling include safety, security, and complete anonymity. It avoids mixing gambling transactions with day-to-day spending, which can be a real sticking point for mortgages and other credit lines. Not only is it private, but it’s also safe and secure, which is the reason why many opt to use it.
Crypto to Eliminate Slow Payment Processing
Different payment methods have varying processing times, but it’s not out of the ordinary to wait up to 3 days to receive your funds from a gambling site. This is a combination of both lengthy procedures with the operator and transaction delays with banks.
Crypto is single-handedly changing the gambling industry by promising players faster payouts than any other deposit or withdrawal method. As long as the user has a cryptocurrency wallet, their winnings can be back to them in as little as 24 hours. This is also having a knock-on effect for other payment methods, with PayPal, Neteller, and Skrill being used less for gambling transactions.
Increasing Player Numbers
Many people have been avoiding online gambling up to now because of privacy concerns. There is nothing discreet about gambling money going in and out of the bank. Using cryptocurrency for online gambling allows players to enjoy their favourite games without leaving any footprint on their credit file or payment history.
We believe that this is one of the biggest reasons for opting to use crypto over traditional payment methods. Because of this, online gambling player numbers are likely to increase, attracting those that would typically avoid the platform.
More Competition Between Casinos
A handful of online casinos have dominated the market for many years and become household names during this time. Despite there being plenty of other options, these brands traditionally attract more players than anywhere else. But, they’re falling behind with the cryptocurrency crowd.
The support of crypto is much more common with newer gambling sites built with modern payments in mind. Most long-established casinos don’t yet allow crypto and may have no plans as of yet to do so. This is a real opportunity for new gambling sites to take advantage and might just be the best chance of beating the market leaders.
This increased competition is great news for casino fans. Gambling sites will likely continue to compete through the means of big welcome bonuses and sign-up offers for new players. So, if you’re a cryptocurrency fan that uses it for gambling online, you are going to be in for a fun ride over the next few years.
by GilfHelm on 2021-05-17 10:23:29
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