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How Cryptocurrency Has Enhanced Online Gambling

How Cryptocurrency Has Enhanced Online Gambling
  • On February 18, 2020

It’s no secret that the ubiquity of smartphones has had a significant part to play in the rise of online gambling, through their ability to provide players constant access to their favourite casino games. The online gambling industry has emerged as a massive market and this is a trend that continues to grow. But what has added an interesting dynamic is the introduction of cryptocurrency and how pervasive its influence can potentially become. 

Already we are starting to see an acceptance of cryptocurrency from heavyweight businesses across numerous industries: Starbucks, Xbox, and Expedia to name a few. Considering that the market is already expected to be worth $850 billion by 2024, this comes as no surprise. Although still in its early stages, cryptocurrency has struck a chord with the online gambling community due to the number of advantages it offers to players. The acceptance of cryptocurrency by online casinos is signalling that we are potentially entering a new era in online gaming and the gambling industry.

Source: Unsplash

The Appeal of Cryptocurrency

Possibly the most valued advantage of cryptocurrency when it come to online gambling is the anonymity it offers to players when moving money. Cryptocurrency cannot be traced, meaning that players have the luxury of depositing and withdrawing money from any location. Any cryptocurrency is part of the blockchain framework; a framework that has no phone numbers, no names, and no email addresses, which ultimately eliminates any traces of identification from users. 

Unlike the traditional payment method of using debit cards, cryptocurrency offers quicker transaction processes to players, which is a real selling point. For example, if you choose to play bingo and are lucky enough to win, with a traditional payment scheme you might have to wait up to eight working days until your withdrawal is completed. Cryptocurrency withdrawals take seconds, not days. Players can also enjoy withdrawing funds at minimal transaction costs. This cost-effective solution enables online casinos to provide players with lower house edges than the standard currency casinos.

Source: Unsplash

Lower House Edge

Casinos operating online generate money from a term called ‘house-edge’ – the mathematical advantage that a casino has over players. Some games have a higher house edge than others and, as a general rule of thumb, the lower the house edge the better chance you have of winning. However, the introduction of blockchain technology has provided players with the opportunity to compete with a zero house-edge, creating a fairer environment to gamble in.

Enhanced Security

Gamblers worship at the altar of transparency and security when playing their favourite casino games. Players participating in online casinos that use blockchain can be guaranteed that they will be playing in a fully transparent environment that eliminates the possibility of games being rigged in favour of the house. 

The Future of Cryptocurrency in Online Casinos

Arguably, the online casino gaming industry is trying harder than others to integrate cryptocurrency as a valid form of payment. Digital currencies offer innumerable benefits to online casinos. Based on the momentum gathered from the proliferation of digital technology, it doesn’t look like online gambling will be losing its appeal anytime soon.