In online casinos, more jurisdictions regulate and legalize online gambling, and millions of new users have flocked to Internet casinos for convenient entertainment. At the same time, cryptocurrencies like Bitcoin, Ethereum, and others have exploded in popularity as secure digital payment methods. The rise of crypto and the growth of the online casino industry were destined to intersect.
Rise of online casinos
Before we dive into crypto’s role, let’s quickly review the growth of the online casino sector. Just two decades ago, the very concept of an Internet-based casino seemed silly to most people. How could spinning slots or betting on blackjack work without a physical venue? The doubters were proved wrong. Advancements in encryption, connectivity, mobile technology, and payment processing infrastructure have enabled safe online casinos to thrive. In 2020 alone, the global Internet gambling industry processed over $66 billion in bets, according to Statista. Individual markets like the United States continue passing legislation to fully legalize the activity.
The innovation driving online เว็บตรงจากต่างประเทศ ไม่ผ่านเอเย่นต์ comes from transactions and payments. To operate safely and profitably on the Internet, casinos have gone to great lengths to develop secure cashier and banking systems. Players want to know their funds are protected when depositing and withdrawing — and operators must comply to stay in business. This priority on transaction technology made online gambling a perfect match for digital currencies like Bitcoin from day one. Next, we’ll reveal why cryptocurrency and Internet casinos pair so well.
Advantages of cryptocurrency gambling transactions
- Faster payouts
The most straightforward benefit crypto brings to online casinos is quicker payouts. Bitcoin and other digital tokens be sent globally at near-instant speeds. There’s no need to wait days for bank wires or other legacy options. This allows players almost immediate access to their cash once they initiate a withdrawal.
- Enhanced privacy
Anyone who’s played at online casinos knows privacy is sometimes a concern. Players typically must submit copies of ID documents, utility bills, and other personal info to register accounts. This leaves users exposed to potential data leaks or identity theft. Cryptocurrencies like Monero and Dash offer players more anonymity. Transactions occur on the blockchain without names attached.
- Better bonuses & rewards
To incentivize crypto adoption, many Internet casinos now offer enhanced bonuses and loyalty programs to players depositing in digital coins like Litecoin or Ripple. These include improved matched deposit bonuses, free spins, and better comp point conversion rates. Savvy gamblers look to take advantage of these improved rewards.
- Accessibility
Cryptocurrency significantly expands accessibility to online gambling for casual users or those in restrictive jurisdictions. Converting fiat cash into crypto through P2P trades removes friction in signing up to play. Unbanked consumers also benefit from easier access to traditional financial products. Finally, using decentralized crypto opens gambling access regardless of overly strict local laws.
- Transaction cost savings
One commonly overlooked benefit of crypto online gambling deposits is vastly reduced fees. Costs to process payments eat into industry profit margins. Large transaction costs also discourage users from funding accounts. Cryptocurrency payments sidestep expensive card processing and eWallet fees charged by middlemen. Lower costs benefit both players and casino operators.