The impact of rising crypto market on the gambling industry

Cryptocurrencies have taken over the world in the last few years, offering consumers a brand new way to pay for services and other purchases online. As many started recognizing the potential of Bitcoin and other cryptocurrencies, the iGaming industry also started implementing crypto in its betting system.

Nowadays, you can come across a wide range of interactive casinos that support payments via Bitcoin, Ethereum, Ripple, Dogecoin, and a number of other popular cryptocurrencies. At first, Bitcoin casinos were a novelty and one could hardly find a website to bet with cryptocurrencies. However, as the crypto market continued to grow, the gambling industry became more accepting of the new payment alternative. 

Today, various cryptocurrencies compete for traders’ attention and you can even see crypto coins other than Bitcoin rank as the most traded cryptocurrencies. Inevitably, this has also had a huge impact on the gambling industry, revealing new opportunities for players who wish to use cryptocurrencies.

Features of Cryptocurrencies Appreciated by Online Casino Players

There are several features that are specific to cryptocurrencies, making them very popular among online casino players. Since payments via Bitcoin, Ethereum, Tether, or other crypto coins offer fast, secure, and easy transactions, many virtual players have switched to crypto payments.

Blockchain technologies offer a brand new way to pay for purchases online or receive money. As transactions are processed in an entirely different manner, many find crypto payments a lot more secure. Decentralization is one of the key features of blockchain, giving everyone access to the data shared in the system but at the same time, it is not controlled by any government or other authority.

Since everyone can keep a track of the data in the system, this ensures transparency that other payment solutions cannot provide. And while transactions are easy to be tracked, users remain anonymous via encryption technology used in blockchain. Another reason why payments via cryptocurrencies are considered very secure is the low possibility of hacking. Since no one is allowed to make any changes without using a specific access code, one’s payments are well-protected from hacker attacks.

How Online Casinos Started Utilizing Cryptocurrencies

As crypto payments started attracting more attention in the last few years, virtual casinos also started integrating them into their operations. Bitcoin and Ethereum casinos started launching, allowing their patrons to handle their casino payments via one of the two cryptocurrencies. As crypto payments started gaining huge popularity around the globe, more players started seeing the many advantages of using Bitcoin or other crypto coins for their casino deposits and withdrawals.

As players from certain countries have limited access to other payment solutions, cryptocurrencies have become an easy way to handle your casino transactions if you have no other option. As Bitcoin and Ethereum are not controlled by any local authorities, players from different countries can enjoy their favorite casino games without worrying about their safety and anonymity.

With crypto casinos becoming more widely accepted by virtual players, gaming websites started expanding the range of cryptocurrencies they support. Nowadays, you can easily find gaming and betting websites that accept payments via at least four or five of the most traded cryptocurrencies at the moment.

Are Crypto Casinos the Future of Online Gambling?

With the introduction of mobile gaming, nowadays, it is extremely easy to take your favorite casino games with you, no matter where you go. This made online gaming and betting sites even more popular, attracting even a larger player base. Since many online casinos like bestcasinosites started to accept crypto payments, the number of players further increased, showing casino fans an even easier way to fund their gaming accounts.

One thing that should also be mentioned is that many countries do not recognize cryptocurrencies as a legit counterpart of fiat currencies. This often leaves players with the impression that they do not gamble with real money but may convert any potential winnings into any fiat currency they prefer. According to the estimates in this report, since 2014, just in three years, the Bitcoin stakes that were placed at online casinos reached $4.5 billion.

Online casinos also take advantage of cryptocurrencies being treated as anything but real money. This means that payments processed via crypto coins do not need to meet the standard regulations imposed on casino operators. This may potentially lead to even more interactive casinos welcoming crypto payments and further increasing the number of their regular patrons.

As we live in a highly digitalized environment, it comes as no surprise that cryptocurrencies became so popular. The gambling industry makes no exception, with numerous players finding it easier to handle their casino transactions via any popular cryptocurrency. 

One thing to keep in mind, however, is the lack of real regulation when it comes to crypto payments. As they are difficult to track, this is often used by players who are not legally allowed to gamble online but still can bet anonymously by using cryptocurrencies. This is the reason why crypto payments are still not accepted by many online casinos that are licensed by strict authorities like the UK, Sweden, or any other similar jurisdiction.

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