Exploring the Impact of Cryptocurrencies on the Growth and Transformation of the Online Gambling Industry

The world is changing quickly, and so is the online gambling industry. What once started as a mere alternative payment option, cryptocurrency is now becoming a driving force behind a new era of online gaming. And as crypto continues to gain mainstream attention, it is bound to play a bigger role in how people gamble online.

In today’s world, all you need to place a bet is your device, a crypto wallet, and access to a world of games. This setup offers more privacy, faster transactions, and global reach. Wonder how much the introduction of crypto payments has revolutionized the online gambling scene? Our crypto analyst, Kate Richardson explores the connection between cryptocurrencies and iGaming here.  

What is Crypto Gambling?

Diverting from just cool tech, crypto gambling offers a whole new experience that is immersive. It refers to an approach where digital currencies like Ethereum but mostly Bitcoin are used to place online bets. Players get to make direct deposits and withdrawals from their wallets to play games like roulette, sports betting, poker, and others. 

Picture this, rather than funding with euros, dollars, and other fiat currencies, digital assets are used to fund accounts. It happens to be gaining traction for these reasons:

• Transactions are settled in speedlike mode.
• Zero divulsion of sensitive banking information.
• Global access to various regions with no traditional restriction.

The global virtual gambling market is booming and crypto is playing a significant role. 

The Crypto Magic: Why is it Booming in Online Gambling?

Brian Armstrong once remarked saying, “My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy.” 

Well, given the multiple benefits of crypto adoption for individuals, it’s no surprise that the online gambling industry is opening up to the medium.

A mix of control and coins makes players own their money. Besides, there is no middleman nor time restrictions, it is all self-regulated. Unsurprisingly, bitcoin gambling is on the rise and has become one of the most widely accepted assets in online casinos. 

The Bitcoin gambling protocol offers an appeal beyond transparency and security, accessibility equally reigns supreme. How is it changing the rules?

• Deposits and withdrawals happen in quick succession.
• Lower charges on transactions.
• Elimination of currency barriers.

Is Bitcoin Gambling Legal?

This is a question of relativity as it depends on the location of each player. Some countries like the United Kingdom highly regulate the adoption of crypto assets in casinos, although generally accepting their usage. However, in countries like the United States of America, adoption varies, depending on the laws of each state. While it is not a nationwide ban situation, individual states can decide on the nature of its legality.

The lack of blanket regulation also makes it easy for the operation of shady platforms. However, regulation is catching up and aims to cover not only crypto assets but also gambling platforms capitalising on crypto exchanges. 

Reimagining Real Money Gambling

This introduces the comparison between cryptocurrency and fiat currency. Striking a difference between the traditional and crypto mode of gambling. 

Crypto gambling offers a better user experience through faster transaction processing, high anonymity, lesser transaction charges, fewer geographic restrictions, and developing regulations. 

Traditional gambling on the other hand still leads to consumer protection. With medium to high transaction charges, more geographic restrictions, longer transaction days, low anonymity, and rigid regulations. 

The real money experience is beyond currency of exchange, it exudes value. In this case, cryptocurrencies are definitely high end in this regard. Crypto gambling is not just about entertainment anymore. It integrates economics, digital identity, and user privacy.

However, beyond the glamour, it is important to ensure the platform boasts of clear licensing, secure wallet protocols, and publication of fairplay audits. 

The Future of Crypto Gambling: What is Next?

The world is edging towards a full-blown global village which translates to all processes being digital. The online gambling scene is not only following suit in digitalization but equally tending towards being decentralized. With the inclusion of more platforms infusing crypto, there is an assurance of:

• Absolutely decentralized casinos with no central operating systems.
• Automated payouts where players bet against each other and other processes are handled by smart contracts.
• Loyalty programs are run by tokens through blockchain technology. 

Gambling is an obvious and vibrant use case of digital technology. Platforms are capitalising on innovation, global interest increases at a rapid rate, and crypto ensures a faster and safer betting system. 

Even better, crypto-based gambling has proven to complement real money gaming. Most online casinos offer the option to convert your funds between fiat and crypto seamlessly. This is in addition to exciting perks like bonuses, licensing and security as well as top-quality games. 

Final Thoughts

It was Brock Pierce who said, “Every smart person that I admire in the world, and those I semi-fear, is focused on this concept of crypto for a reason. They understand that this is the driving force of the fourth industrial revolution: steam engine, electricity, then the microchip – blockchain and crypto is the fourth.”

Cryptocurrencies are changing the entire playbook of the online gambling industry. Improving experiences, building trust, and ensuring security. Players can only own their full experience by staying curious, staying informed, and bet smartly. Cryptocurrency has evolved from being a part of the game, it is the game.