Gambling enthusiasts are already familiar with online casinos. They know what to do, what to expect, and what common pitfalls they should avoid. However, the latest craze in the iGaming industry is making these platforms more popular than ever.
With the crypto market steadily growing, online casinos are among the industries leading the charge through their widespread adoption of cryptocurrencies as a payment method. For anyone interested in joining this growing craze, an understanding of crypto’s inner workings is useful before signing up.
It’s also essential for users to ensure the crypto casino they choose is trustworthy and secure. The frustration of over-regulation and tedious restrictions mean that many players are turning to crypto casinos as this generally means that these will be casinos without Gamstop. While Gamstop restrictions serve a worthy cause as they provide a voluntary self-exclusion process that helps establish limits, they can also become restrictive.
This also means such casinos won’t be licenced by the UK Gambling Commission (UKGC). However, this doesn’t mean that these online platforms are completely unregulated as most are licensed via offshore authorities like the Malta Gambling Authority or the Curacao Gaming Control Board instead.
Crypto was famously introduced in 2009, with Bitcoin being the first. Although cryptocurrencies are digital currencies, the success of Bitcoin has led to thousands of new tokens being minted, with new ones popping up every day. The fact that they can translate to real-world value has changed the global financial system forever. By 2013, cryptocurrency markets began to skyrocket and show no signs of abating.
Fast forward to today, digital currencies are more readily being accepted as a means to pay for day-to-day things. For instance, for everything from online shopping, crypto gambling, real estate and even international vacations, their adoption as a medium of exchange is gaining more widespread adoption with each year.
One paramount contributor to this new wave of crypto growth is the fact that many crypto casinos offer anonymity. For many users, this is a major benefit as it means they can play privately, in some cases, without needing to even register or part with any personal information. Unlike traditional casinos, players do not need to traverse know-your-client procedures (KYC) checks when they first join.
Another crucial factor is that most crypto casinos are globally accessible and players generally do not need to worry about large withdrawal fees. Consequently, these casinos also boast fast and secure transactions, secure payment channels, and the chance to play using a variety of different cryptocurrencies.
As an added layer of security, most cryptocurrency casinos utilise Two-Factor Authentication (2FA) in addition to other stringent security measures. This provides their users more peace of mind knowing their crypto holdings are better secured.
Lastly, many crypto casinos have started tailoring bonuses and promotions exclusively aimed at crypto users. Despite all these obvious perks, new users are urged to first do proper research about the intended platform before using it. Fortunately, many casinos offer trial or demo versions of games where users can first learn the mechanics before staking any of their crypto on them.
Many technological advancements are also being made, many of which are leveraging the merger of AI and blockchain technologies. These advancements create the opportunity for more bespoke experiences and the chance for player patterns to be flagged so problematic habits can be identified and addressed earlier.
According to a Softswiss report, in the first quarter of 2022, 35.96% of online casino bets were made with cryptocurrencies. This represents a 10% increase from the previous year. Crypto casinos are clearly a rising phenomenon. Time will tell just how much cryptocurrencies will grow to dominate the financial landscape. However, if online casinos are a good barometer, it seems they may soon one day become as popular as fiat money.
