How Cryptocurrency is Shaping the Future of Online Casinos
Cryptocurrencies have made the iGaming sector a better place. They’ve led to the appearance of crypto gambling sites that grant players more anonymity and by extension more security. Extensive KYC checks, concerns pertaining to sensitive data, and slow processing time, are slowly becoming a thing of the past. In essence, they’ve attracted blockchain enthusiasts who want fast-paced games of luck and quick cashout methods. For those who want to find trusted online pokies with fast withdrawals in Australia, cryptocurrency brands stand as an excellent solution. The fast transaction speed along with advanced security measures make it one of the top choices for both newcomers and experienced users.
In this article, we will discuss key advantages of cryptocurrency for online gambling and showcase how blockchain payments are transforming the online gaming industry.
Privacy and Anonymity
The biggest benefit of using crypto is the absence of tiresome KYC checks. This is what gives them the edge over traditional payment methods that often have longer processing time because of the obligatory due diligence.
Many brands simply require you to have a crypto wallet and allow you to transact via a QR code. That’s why, according to the study made by Statista, 12.7% of men and 11.1% of women use crypto coins to wager online.
What’s more certain gambling brands have made a native coin that players can use on their site. It’s easy to exchange with other cryptos and operators often have special promos to incentivize the use of their token. Just for the heads up, these coins aren’t necessarily internal some of them can trade externally on CEX or DEX. If that’s the case you need to pay close attention as they tend to be more volatile compared to stable coins.
Transaction Fees and Deposit Speed
Crypto coins will almost always have lower fees compared to clearing channels that are built on top of legacy banking systems. This applies to both players and operators leading to better offers and quite possibly higher returns.
According to a survey by CoinGeek, the average transaction fee for Bitcoin Cash which is among the most popular cryptocurrencies in online gambling, was below $0.01. The credit/debit card fees on the other hand were between 1.5% to 3.5% of the total transaction amount.
Furthermore, deposits and withdrawals with cryptocurrencies are much quicker compared to other options. Cross-border transfers may take days to process since banks need to approve them manually. Crypto transactions take minutes to hours at most. This makes it possible for players to begin playing or get their winnings within a short span.
Global Access
Cryptocurrency can break down geographical boundaries in online gambling. Operators regulated in the EU and US do not accept foreign players. What’s more, they aren’t allowed to accept crypto payments. Offshore brands don’t have the same constraints though. They still have some geo-restrictions but they tend to accept players from different jurisdictions. And to avoid slow deposits and withdrawals, offshore brands heavily promote the use of crypto.
According to a Mordor Intelligence report, the online gambling market is expected to grow at a CAGR of 10.44% in the years 2024-2029. The report also states that crypto payments are one of the main driving forces behind this expansion.
Decentralized and Secure
The first Bitcoin transaction in an online casino occurred in 2011, and the use of cryptocurrencies in the industry has only grown since. Now that players have had time to witness first-hand how effective blockchain payment systems can be, more of them are eager to use them. The decentralized systems are significantly harder to hack, which should alleviate concerns from both players and operators.
Smart contracts, a feature of many blockchain operators, can automate many gaming features, fairness of the games, payments, and more. Moreover, each crypto wallet has 2 cryptographic keys, private and public. Your private key is known only to you and you use it to make deposits. The public one is used for withdrawing funds, which makes it safer than other traditional options.
Potential for Exclusive Bonuses
Cryptocurrency brings new opportunities for bonuses and promotions in the casino. What’s more, operators prefer gamers who use this method.
As stated the most important aspect is the processing speed and security for both parties. Casinos aren’t too keen on players who wish to pay with credit cards for example. This is because they might try to do a chargeback and casinos would have to comply. So it’s no wonder they give out bigger promotions or exclusive bonuses to those who use BTC, ETH, or other cryptos.
Key Benefits
The emergence of crypto gambling sites attests to the fact that more people are seeing the value of blockchain payments. It’s a way to transact more efficiently, and it also brings casino entertainment to those regions that are underbanked.
The increased privacy is something many gambling enthusiasts truly appreciate. Again, this is made possible through crypto payments given how they aren’t subject to strict KYC checkups. What’s more both players and operators get to enjoy a higher level of security. The wallets are harder to hack, and there are no chargeback scams.
Finally, we have crypto-exclusive promos that further incentivize users to rely on this method, and the bonuses make it worth their while. In turn, this helps the crypto community grow, and instils more trust in this payment method.
