THE RISE OF CRYPTO GAMBLING IN THE ONLINE GAMBLING INDUSTRY

Experts foresee that the online gambling industry will be worth more than $565billion in 2022, which is a significant growth considering how far the gambling industry has come. The industry is quickly adapting to innovative technologies to stay competitive in the modern world. Blockchain technology and cryptocurrencies are modern technologies developing at a fast rate and have already penetrated the world of online gambling. Today, about 50% of crypto transactions are related to online gambling.

If you wonder how cryptocurrencies and online gambling are related, worry not because you are in the right place. You will learn more about cryptocurrency gambling works, its advantages, and how to find the market spread in crypto.

What is crypto gambling?

Crypto gambling is the use of cryptocurrencies such as bitcoins instead of fiat currencies such as USD when gambling in an online casino. Cryptocurrencies are digital coins that you can use to buy goods or services. Like casino chips or tokens, many companies now have developed cryptos that you can use to access their goods and services.

Blockchain technology underpins the use of cryptocurrencies. It is a decentralized technology spread over multiple computers, and its purpose is to track and record all transactions made via cryptocurrencies. Many people prefer using cryptos to fiat currencies in online transactions because blockchain provides more security and anonymity when transacting.

The secret behind crypto gambling

Firstly, cryptocurrencies make it easier for players to access the online gambling market, especially in jurisdictions where it is prohibited. Blockchain technology guarantees anonymity when transacting, which makes that possible. Secondly, crypto gambling is advantageous for players who do not want their gambling transactions to appear in their bank statements making it easy to deposit and withdraw funds in an online casino.

Thirdly, blockchain technology and the use of cryptocurrencies in an online casino guarantees the safety and fairness of the games. Since all the crypto transactions are registered in blockchain technology, it increases trust in online casino operators and consequently minimizes chances of foul play.

Last but not least, cryptos like bitcoins are easier to move around and manage, something that appeals to online gamblers. With hundreds of cryptocurrencies worldwide, the use of cryptos in online casinos is undoubtedly expected to grow, given the security and convenience that they offer.

What is a crypto casino?

Now that you know what crypto gambling is, it’s time to learn about crypto casinos. A crypto casino is an online casino where you can use cryptocurrencies such as bitcoins or ether to fund your gambling account. Just as you would choose a conventional way such as wire transfer to finance your gambling account is the same way you would use cryptos to play in an online casino.

The use of cryptocurrencies in online casinos has emerged as a viable solution for players who do not like to provide sensitive data when depositing in online casinos. They provide control and anonymity for users.

How to identify a good crypto casino

If you want to fund your gambling account with cryptocurrencies, you must identify the best crypto casino to play at. But first things first, ensure that the casino you consider registering at is licensed by a renowned gaming authority. Here are some of the other things to consider.

• Check if they accept the cryptocurrency you consider using.
• Check the security system of the online casino, for instance, examining the software they use.
• Examine the welcome bonuses and other promotional offers.
• Ensure the customer service is top-notch.
• Check if they have a mobile app or if the website is mobile compatible.
• Ensure there is plenty of game choices inters if crypto casino games.

Why crypto gambling continues t get more popular

The use of cryptos in online gambling provides plenty of conveniences, security, and opportunity for players around the world. Crypto gambling is not likely to fall back anytime in the future due to the many advantages it offers.

• Speedy transactions- crypto transactions are processed faster than conventional money transactions such as bank transfers. In most cases, it only takes some minutes or seconds to verify crypto transactions.
• No transaction fees- digital currency transfer takes place in decentralized technology, so no single institution is there to benefit from transaction fees, payments, and other commissions. The only fee the user has to incur is the miner fee, which is significantly less than traditional financial institutions’ transaction fees.
• Security- digital transactions on the blockchain cannot be deleted or rejected. The history of transactions remains in the system. Therefore, there is no room for any fraud. Online casinos that utilize blockchain and cryptos earn more customer confidence.
• Anonymity- when using cryptos in an online casino, you don’t have to provide your details. That means even players from prohibited countries can access gambling platforms thanks to the anonymity of crypto gambling.

Final thoughts

Today, many online casinos facilitate crypto gambling, and the trend is only expected to grow in the future, given the many advantages of crypto gambling.