Online gambling has truly become a mainstream success. It seems that with each passing day, online casinos are becoming a much bigger industry. For good reason too, as these websites have a lot of upsides over land-based establishments.
For example, online casinos are a lot more convenient. The 21st century’s hustle and bustle leaves little time for casinos. However, if you can access those casinos through your PC or smartphone, then the whole thing is a lot simpler.
There is also the fact that online casinos offer different payment options. In a land-based casino you have two-choices: cash or credit. These two pale in comparison to the wide variety of transaction methods available online. Of them, the most popular is crypto currency.
Crypto’s Growing Popularity
One of the biggest phenomenon in the world of finance in 2024 is cryptocurrency. Though crypto has been around since 2009, it wasn’t until recently that it became a huge hit. Nowadays, most people are aware of cryptocurrency. It is no longer the niche, internet culture secret that few knew about.
With the popularization of cryptocurrency, a lot of businesses have hopped on the bandwagon. You can now spend crypto in Starbucks, Home Depot, and even on certain Microsoft products. Among the first markets to embrace the phenomenon was the iGaming industry.
For those who don’t know, iGaming describes any and all online casinos. For example, if you’ve ever played at any online casinos, you’ve participated in the iGaming industry. A lot of online casinos find intriguing ways to engage an audience. For example, you can get a bonus at Lucky Spins which can help new gamblers get their start.
But, how does crypto factor into gambling? Well, that is what we are here to discuss in this article. So, without further ado, let us delve into the iGaming industry, and how it has adopted cryptocurrency.
Cryptocurrency and Gambling
If you visit any online casino, you will find that crypto is a viable option for deposits and withdrawals, more often than not. While not all online casinos may have embraced cryptocurrency, a vast portion of them have, and it is much more likely that you could gamble using Bitcoin and Ethereum, than not.
But, what is the purpose of betting with cryptocurrency? Are there any benefits to doing so? And what are the downsides? That is exactly what we want to focus on. Let’s take a look at the biggest benefits of crypto betting, before we discuss some of the downsides.
The Pros
One of the biggest pros of betting and gambling with crypto is that transactions are incredibly fast, and require small fees or no fees at all. Anyone who has gambled for any length of time online will know that transaction fees are unavoidable. However, because crypto is a peer-to-peer system, there is no need to pay fees to a middleman.
Another massive advantage of crypto-based transactions is that they are quite safe. Crypto transactions are nigh-untraceable, because crypto is a decentralized currency. So, because these transactions can’t be traced, they are inherently much safer. However, with every new form of currency, there are inevitable downsides.
The Cons
There is one major con when it comes to crypto-based gambling. However, it is a pretty big downside. Most crypto-enthusiasts are quite familiar with the word “volatility.” The crypto market is one of the most volatile trading markets in the world right now. Prices change quickly and unpredictably.
This, of course, has a significant impact on the gambling market. While most crypto skeptics do misunderstand the market’s volatility, there is no denying that it is there. And, it can have some pretty disastrous consequences on gamblers.
Crypto Casinos
Despite the cons, and because of the pros, crypto-based gambling has become a major aspect of the online casino industry. In fact, it is so popular of a phenomenon, that many online casinos have foregone any other payment method to focus solely on cryptocurrency. These are called crypto casinos, and they’ve become quite a hit recently.
Whereas most online casinos will allow crypto-based transactions, more often than not they focus on the big names; Bitcoin, Ethereum, Tether, and that is about it. Crypto casinos are different. Here, you can wager any crypto you like, or at least a broader amount of notable cryptocurrencies. However, the one thing to be careful of when playing at crypto casinos is their legitimacy.
Legitimacy of Crypto Casinos
Most experienced online gamblers know that the way to determine if a website is legit or not is by looking for a license. However, because crypto casinos are a relatively new phenomenon, many of them function unlicensed.
There is a common misconception going around that crypto casinos can’t get licensed because they operate using cryptocurrency. However, that could not be further from the truth. Crypto casinos are just like any other online casino. They can file for a license, and once reviewed, will be issued one if they are deemed safe and legit.
So, don’t buy into the idea that crypto casinos can’t be licensed. Furthermore, if a license is not enough for you, there are a ton of websites that review online casinos, and crypto casinos, and share what they like or don’t like about these websites.
The Future of Crypto Gambling
Cryptocurrency, while a decade old, has only recently been discovered by the mainstream. That means that, as far as most people are concerned, the currency is still in its infancy. Who knows what the future holds. But, at the rate it is going, we can definitely assume that crypto casinos will become a lot more widespread.
Indeed, one of the theories is that crypto-based finance will become a lot more popular in general. Many experts predict that a lot of businesses will attempt to emulate the success of Starbucks and Microsoft, and begin implementing crypto-based options. If that, indeed, does occur, then we can definitely expect that crypto-based casinos will become a lot more popular.
To many people, FIAT money is still the way to go. That is why, online casinos do their best to embrace both old-school gamblers who prefer credit cards or direct transfers, as well as the newer generations, who like to use crypto or digital wallets.
