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Among all gaming industry sectors, casinos perhaps have the most to gain from fully integrating cryptocurrency. Since Bitcoin was created in 2008, many other forms like Ethereum, Namecoin, and Dogecoin — the joke currency-turned-crypto record-breaker — have been steadily attracting support. Just last year, over 50 million blockchain wallet users were recorded.
Despite all this, the mainstream reach and legitimacy of cryptocurrency are still in their infancy. Showing no signs of slowing down following the rapid digitalization of 2020, it is a fair question to ask whether cryptocurrency has a role to play within the casino industry?
Bank-free Account Funding
For places like the US, cryptocurrency could be the key to legalizing popular online games. An article on cryptocurrency and poker points out that the Interstate Wire Act of 1961 prohibits gambling sites from accepting online wagers.
However, cryptocurrency doesn’t require bank intervention. Therefore, it doesn’t infringe on the law. US-facing poker sites like Americas Cardroom are using cryptocurrency as a means to legally fund online poker accounts, and many are hopeful that this approach can even push the nationwide legalization of online poker and online gambling.
Reinforced Data Safety
Unlike wiring fiat currency, blockchain-based currencies are anonymous. Players will not be at risk of their sensitive data being hacked because there is no need to provide such information in the first place. Because blockchain technology is safeguarded by redundant records and unique codes, manipulating these transactions for ill gains is next to impossible.
This proves beneficial for operators, too, since players tend to see crypto adoption in a casino as a sign of advancement and credibility. What’s more, this lessens operating costs for typical security software on both sides.
The beauty of blockchain is that while users can stay anonymous, there is also a trail to validate transactions. An example of this can be seen in online slots. An exclusive advantage of crypto casinos, Provably fair marked crypto slot websites can let players verify the result of any spin they make.
This leaves no room for allegations of cheating or house alterations since blockchain numbers are irrefutable. Because cryptocurrencies are not managed by any one nation, their ethics and conduct are not vulnerable to language barriers.
Mobile Gaming Friendly
It is estimated that three billion people currently have smartphones, of which 2.4 billion play mobile games. This increase in online consumption has pushed a 7.91% compound annual growth rate (CAGR) I the online gambling market.
Being that many cryptocurrency traders do so via mobile apps, transacting from one platform to the other is more streamlined. In just a few taps, you can fund your casino account and check your current altcoin value.
Though its value is currently skyrocketing (with Bitcoin leading at more than $56,000), it is not immune to sudden market swings. For example, Bitcoin dropped over 11% in one day last March. This is not the first time that this has happened and won’t be the last. For casino operators, unexpected dips like this can cost them tens of thousands, as well as potentially millions in claims.
Regulations Are Still Undetermined
Because cryptocurrency was such a niche product for a long time, many governing bodies did not take it seriously enough to impose regulations until recently. While this has allowed for crypto to be free of any middlemen and overhead taxations, it has also left a stability gap. In the above-mentioned Bitcoin drop, for instance, part of that was credited to the Turkish Central Bank’s sudden banning of crypto.
Seeing the rapid digitalization of most industries, it is safe to say that cryptocurrency is going to play a larger part in online casinos. That being said, it’s best to understand cryptocurrency trading before taking the digital leap. The more crypto literate players and operators become, the smoother cryptocurrency adoption will be.