How crypto and iGaming formed a strong partnership

The cryptocurrency and iGaming markets have formed a strong bond, integrating seamlessly. In fact, it could be argued that there is an exceptionally strong partnership between them.

The two have become intertwined with each other, complementing each other in a way that many other industries would potentially struggle to achieve. Indeed, many benefits have emerged that have highlighted the positive relationship that each of them shares.

Why has iGaming and crypto worked so well together?

The adoption of cryptocurrency has been widespread worldwide. Around 560 million people globally hold some form of digital currency, representing around 6.8% of the total population. The adoption rate has been alarming for some, with its increase being significant. Over the last two years (2023), it has increased by over 33%.

The iGaming industry has capitalized on this. They’ve been able to create sites that allow players to use virtual currency to enjoy the games they provide. If you’re interested, you’ll want to use our curated selection of the best Bitcoin casino experiences, as these have been tested and reviewed by our experts who primarily play with crypto over traditional and conventional payments.

In fact, it’s why so many have started using a casino that accepts crypto and why the two industries have merged so well, with ownership of these coins increasing significantly over the past two years.

What are the benefits of using crypto at an online casino?

Compared to traditional payment methods that use fiat currencies, crypto transactions offer numerous advantages to players. Casino operators can also benefit significantly when they make them available, enhancing the experience for everybody.

Transactions can become quicker. Players may find that they can deposit immediately using traditional options, but with crypto, they can also enjoy speedier withdrawals. Instead of waiting for around a week, withdrawals can be instantaneous. This is because they are decentralized, meaning no intermediary must check the transaction, thus reducing the delay that can be experienced.

By bypassing a third party, players can also save on costs when withdrawing. Sometimes, transactions can incur fees. With crypto, these are minimal, if not eliminated. Players get more for their money and can withdraw their funds from their accounts without having to pay for the privilege of accessing them.

Aside from enhanced transaction speeds and reduced costs, security is greater. Transactions made using cryptocurrency are more secure because of the technology used. Each deposit and withdrawal are encrypted, making it harder to intercept and steal. They are made on the blockchain, which provides transparency while keeping individuals anonymous. Transactions also don’t require as much personal information as conventional payment methods, increasing the level of privacy that can be obtained.

Casino operators have been able to use cryptocurrency to enhance their own products using the same technologies. For instance, brands can provide secure sites that foster a level of trust from players. Additionally, they can use tech to create new game experiences, including titles that are provably fair. These allow players to check and authenticate their randomness, building trust further.

Other benefits can include improving accessibility to a site. Operators can make themselves available in more regions, including those where the local fiat currency may be banned from being used for online gambling. Geo-restrictions can be passed as they don’t have to comply with certain regulations, giving players the opportunity to play where they may not have initially had options to do so.

Will the partnership remain strong?

Given the current benefits, it wouldn’t be surprising to see the relationship between iGaming and cryptocurrency continue to forge stronger bonds.

The benefits already in place can be extremely appealing and encourage players to switch to using crypto for all their wagering needs. As the adoption of virtual assets continues to increase, it wouldn’t be a shock if we saw more players use them to enhance their experiences.