With the cryptocurrency industry entering the mainstream and seemingly booming with each year that passes, virtual currency has become near-impossible to ignore for many businesses – and governments – around the world.
Indeed, the iGaming industry is one such market sector that has also noticed how big crypto has become, which is perhaps why we have seen a growing number of online casinos start to accept cryptocurrencies as a valid form of payment.
Although it is not quite widespread now, this trend is only likely to continue, as more and more people become aware of the benefits of using cryptocurrencies and the advantages that many can enjoy when they use their favourite tokens to participate in gambling.
Why has cryptocurrency become popular in the online casino industry?
There are many reasons why cryptocurrencies are becoming increasingly popular in the online casino industry.
Whilst many will have been rather happy using the Casumo online casino platform with fiat currency because of the wide selection of games that they continue to offer, there will be many that will have started to become aware of the major benefits that digital assets are able to provide them, especially when they gamble.
For one, they offer a level of security and anonymity that is not possible with traditional payment methods. Perhaps most importantly, however, is the fact that cryptocurrencies can be used to make deposits and withdrawals from online casinos without the need for a bank account. This is a huge advantage for players who live in countries where gambling is not legal, or for those who simply prefer to keep their personal and financial information private.
Additionally, transactions made with cryptocurrencies are typically processed much faster than those made with credit cards or other fiat currencies. This is a huge benefit for those who wish to be able to play their favourite titles as soon as possible, whilst others will be rather happy that they can withdraw any winnings that they may have in a quicker fashion, too!
Regarding the transactions that are made with crypto, they are also generally cheaper to make for all parties involved. As virtual currency is decentralized, there is no need for a financial institution such as a bank to process the transaction or potentially look at it and decide to decline it for whatever reason that they may have.
Why should casinos look to fully embrace crypto?
As mentioned, the cryptocurrency market appears to be one that is far too big to simply ignore these days, whilst it would also have to be considered a move that would mean leaving money on the table if they were to simply ignore it.
Consumer behaviours and the way we pay as a population continues to change, with more and more people looking to try and be securer with their money and the details that are involved. There has been a shift from cash to digital methods in recent years, which is perhaps why some are considering crypto as the way forward financially.
Additionally, there has already been a rise in the number of Bitcoin casinos and the number of crypto gamblers within the industry, which is another reason why online casinos need to start fully embracing digital assets.
Lastly, there are several new games to have been created that are specifically created with crypto in mind, with titles that are known as ‘Crash Games’ and ‘Provably Fair Games’ already boasting a significant level of popularity.
Overall, cryptocurrencies have a lot to offer the online casino industry and it is important that the iGaming sector looks to fully embrace them. There is no denying that there has been a growing trend in recent years, and we do not anticipate this slowing down any time soon.