How the Casino Industry is Becoming More Open to Cryptocurrency
Our entry into the digital age can be said to have roughly commenced at the beginning of this century and it has had many effects on society. One notable development has been the dramatic rise of online gaming.
The overwhelming majority of the games that people play in 2022 take place in the online realm. Many of them are casino gaming ones including free slot spins at Virgin Games being the ones that enjoy the most widespread popularity.
That is because online slots are less complex and intimidating for people than other casino games. Poker has its audience, but it is a more select one.
This enthusiasm for online casino gaming has coincided with the emergence of cryptocurrencies as another result of the world ‘going digital.’ Now we are beginning to witness these two sectors come together.
The Basics of Cryptocurrency
A cryptocurrency is a form of currency that does not exist in any real world form, such as paper money or coinage. It is a purely digital thing and is stored on networks that utilize blockchain tech – basically a sort of virtual ledger that records all transactions.
Currencies such as Bitcoin and Ethereum are touted by crypto industry insiders and investors as the future of finance. The lack of any central authority such as state governments or banks is viewed as liberating, while encryption technology is considered to make crypto transactions extremely secure.
Despite that, it cannot be said that cryptocurrencies have truly crossed over into the mainstream yet, although more people are now aware of them. The online casino industry is starting to adopt them though, which would mark a key inflection point towards that, because so many people play at those sites.
In fact there are a number of valid reasons why cryptocurrencies are attractive to the online gaming sector.
- Greater security
The issue of customer data security is one that online casinos have had to wrestle with since they first started to appear during the 1990s. The ones that survive into this era are those that have worked the hardest to protect the personal and financial info of their users.
The blockchain technology at the heart of cryptocurrencies reduces the risk of cyber-crime by recording everything on a decentralized ledger that cannot be altered by any one person.
Furthermore, people playing online casino using crypto are not required to provide as much personal or banking information as those using standard currencies. That is a big crypto plus point for casinos because the less sensitive data they have to store, the less risk of a security breach they will face.
- New customers
Online casino is a growth industry and maintaining that means winning over new players all the time. Another reason why the industry is taking a more open approach to cryptocurrencies now is that they offer the potential to achieve that.
A lot of countries around the world still impose very tight restrictions on casino gaming. Although online casinos are based in places with light regulations, people in nations where the rules are strict are sometimes unable to use their national currencies for online betting.
Because cryptocurrencies are not tied to any nation and bypass governments and financial institutions they allow people in that position to play at online casinos. Much of the appeal of internet casino lies in its convenience and the casino companies have cottoned on to the potential of crypto to enhance that further.
- Cheap and easy transactions
It is in the interests of casino providers to make transactions as cheap and simple as possible. They are starting to embrace cryptocurrencies because financial transactions that involve banks or online processors like PayPal usually require the customer to pay a fee.
In some cases the charges for online financial transactions conducted using traditional currencies can be as high as 5%, with international ones costing even more. That is a significant burden on the customer and thus a problem for the casino provider.
Crypto transactions eliminate that, as well as frustrating delays, which encourages people to spend more time and money enjoying the games at the casino site.
Casinos Embracing Crypto
Given all of the clear benefits that crypto offers them, the widespread adoption of it among online casino companies actually seems overdue. In fact, May of 2012 was the date when the first online casino added Bitcoin to its list of payment options.
That move did not lead to this becoming a general policy among the owners of casino sites at the time though. Crypto has had to overcome a lot of skepticism in many quarters over whether it is a legitimate and viable currency option.
Now, in addition to more and more casinos agreeing to let people play using Bitcoin, the industry is also becoming open to other types of cryptocurrency – including Ethereum and Ripple. However the clearest sign yet that the world of crypto has genuinely transformed online casinos is the arrival of currencies that are designed purely for the sector – with one example of these being CasinoCoin.
Investing in cryptocurrencies carries an element of risk, as they are highly volatile, but then so does casino gaming. That is part of the appeal for enthusiasts of both, so it can be argued that they are natural bedfellows. We can expect that the relationship between the two will continue to grow in the future.
