In 2020, blockchain technology has made a breakthrough in the gambling industry. It is revolutionizing online casinos and introducing conventional gamblers to iGaming portals. Cryptocurrencies are being actively accepted on almost every online casino platform in the world.
According to a market research study, the global market for regulated gambling registered a value of over $450 billion in 2019. The study also specifies that around 11% of these revenues are coming from the iGaming or online gambling sector, where cryptocurrency is a major contributor. Based on these states, crypto casinos are already a multi-billion dollar industry in 2020.
How Cryptocurrency Penetrated the Casino Market
Online casinos were among the first early adopters of cryptocurrencies in the world. In 2019, several iGaming and online gambling companies decided to take a leap of faith and run a business in crypto tokens. Gradually, online gamblers started understanding how these tokens can replace their fiat currencies and serve as chips on their casino tables.
The mainstream adoption of cryptocurrencies in online gambling began in late-2019 when multiple regulated gambling companies in the US started accepting Bitcoins for payments. In a few months, the crypto transition made casino owners realize that blockchain helps the operators as well as the players. Crypto gained positive popularity in the online gambling sector. By early 2020, several benefits of running a blockchain casino were promoted organically across the industry.
Crypto Benefits in Online Casinos: Secure Deposits and Fast Withdrawals
The two biggest benefits of crypto-driven online casinos were fast transactions and secured deposits. Payments done in fiat currencies were offered liquidity, but crypto transactions were rewarded with high gambling credits. Crypto payment gateways were integrated with iGaming portals. Casinos were partnering with leading crypto trading platforms for superfast conversion and exchange. You can withdraw your earnings at any time and make instant payments with cryptocurrencies such as Bitcoins.
Before switching to crypto, casinos were concerned about the safety of this digital money. Instances of hackers looting digital money were in the news. However, within weeks, the robust security mechanism of blockchain technologies made Bitcoin casinos safer than real-world casinos. Gamblers could trust some iGaming platforms and store millions of dollars’ worth of Bitcoins in their online casino accounts.
Using Cryptocurrency in Online Casinos
From the best bingo games to the world’s biggest online poker tournaments, you can play with cryptocurrencies at almost every iGaming portal. And, there are multiple ways in which cryptocurrencies are used in the online casino industry.
Near-Zero Processing Fees
To begin with, Bitcoins and other cryptocurrencies are inexpensive when it comes to processing their payments. Most online casinos use their native, in-house utility tokens to trade your crypto wealth for adding some wager on your hand. Thanks to negligible fees, you end up saving additional expenses at online casinos, regardless of whether you’re losing or winning.
Transactional Ease
Crypto payments are easy to conduct in online hyperactive gaming environments. There is no loss of money due to data leaks, and you can make countless transactions simultaneously. In addition to this, there is no cap on how much money you can transact via your digital wallet, apart from the cap imposed by casinos on your maximum and minimum spending limits.
Rewards
Unlike traditional fiat currencies, cryptocurrencies make sure you take home something at every hand dealt with you on your online casino table. From sign-up bonuses to high wager discounts, you get rewarded at almost every stage in your game. These rewards can be encashed or exchanged to spend on other games or withdraw for personal use.
Predicting the Future of Crypto Casinos in 2020 and Beyond
According to casino experts, the operational costs of online casinos are brought down to nearly 1% when operated fully on crypto money. The distributed ledger technology of blockchain streamlines the payouts for casinos. As per CasinoNewsZ & a Forbes article suggests that the adoption of crypto in online casinos will grow aggressively until 2025 and attain a worldwide prevalence. Even if casinos are reluctant to part with money, crypto will make sure that you get paid if you’ve won fair and square. However, the use of cryptocurrencies in online casinos needs to be more legalized and regulated in the near future.