4 Crypto Gambling Trends Which Will Transform the Industry in 2023
It doesn't exactly take a rocket scientist to guess which of the four predicted trends in crypto gambling will almost certainly take effect in 2023, sooner than later. That would be increased regulatory scrutiny.
The collapse of the FTX Exchange and subsequent arrest of that firm's founder to close out the year assures enhanced security and consumer protections will take center stage in the coming year.
We should note that these types of situations should almost never affect the online gambler who simply uses crypto as a means of transferring funds.
The key focus for gamblers is to search the net for best bitcoin casino reviews and compare. If you start seeing the same casino name over and over again, there is a good chance it's among the safer crypto sites out there with all the top benefits of a legacy currency-based web casinos.
Bitcoin online casinos are generally known for their transparency as you can monitor transactions via the blockchain.
Enhanced Security
The Sam Bankman-Fried FTX debacle is a black eye on the crypto sector, but it also underscores the need to set up a separate cryptocurrency wallet as an intermediary between an exchange and the casino website.
A Bankman-Fried or similar character of bad ilk does not have access to your wallet unless there is a security compromise (i.e. a bad actor has hacked into your phone).
The transfer process typically takes just over an hour. As an example, payouts show up in your wallet. You will then copy an address from the exchange into that wallet and click on "send". Your transaction usually is confirmed on the blockchain in about 45 minutes (don't fret it it occasionally takes longer). Once the funds land in the exchange, transfers can be done in approximately three minutes. This way your money is not sitting in the exchange where it is most vulnerable.
Bank accounts and credit cards can be attached to the exchange. Once the transfer is initiated it's on the way to your bank.
Online casinos need to do a better job of stressing the need for wallets and stop encouraging customers to transfer funds directly between the casino and exchange.
This isn't just about security. Exchanges typically prohibit using the platform directly for gambling activity.
The regulations anticipated will primarily focus on investments such as buying up cryptocurrencies to take advantage of price rises. Many a millionaire has been made through bitcoin investing.
Australia's Treasury is now inviting feedback to determine the proper framework for regulating crypto service providers.
"Unfortunately, our regulatory architecture has not kept pace with changes in the market," Australia's Treasurer Jim Chalmers and Assistant Treasurer and Minister for Financial Services Stephen Jones offered as part of a joint statement this week. "In many areas, the previous government sat on its hands. In other areas, it made announcements but didn’t deliver."
The Growing Interest in and Usage of Ethereum and Litecoin for Online Gambling
More and more online casinos are adding Ethereum and Litecoin to complement bitcoin transactions and that trend should continue through 2023.
Bitcoin (BTC) currently accounts for 72.80% of all transactions, followed by Ethereum (ETC) 13.45% and LiteCoin (LTH) 6.45%.
Ethereum is widely considered one of the most secure and resilient blockchains with nominal, if any, platform risk.
Litecoin transactions are known for being fast and cheap.
Virtual Reality, Maybe
It might not be 2023, but Virtual Reality is coming to the casino sector and cryptocurrencies as well as the blockchain will play a pivotal role.
The immersive gaming component takes the live dealer platform to a whole other level. Because of the speed of digital currency transfers, by the time you leave the virtual table to use the restroom and return, funds should already be in your account.
Yes, we can see a situation where the entire casino experience is implemented into VR sites, everything from bathroom and smoke breaks to visiting friends at the bar.
Micropayments and Microbetting
We started to see more mention of micropayments and online casinos in 2022. That trend is certain to continue in 2023.
What are micropayments?
Players make micropayments that are equivalent to fractions of a cent. In a perfect ecosystem, there will be no intermediaries.
Have fun playing without worrying about breaking the bank.
Micropayments should also play a critical role in the growing popularity of online lotteries.
Until recently, micropayments have mostly been associated with loot boxes where virtual goods are available for purchase within video games. Watch them to catch on with internet casinos as well in 2023.
B.E Delmer, Gambling911.com
