...

What can we expect from cryptocurrency gambling in 2021?

August 16, 2021
Array

If there are two things that have had an abundance of popularity lately, it’s a cryptocurrency and online gambling. Cryptocurrency has been making headlines for years while online casinos have been seeing more visitors each month. Although these seem like quite distinct fields, their futures are destined to be intertwined. As blockchain technology has seen further utility, and online casinos have grown in numbers, it’s no surprise the crossover has already occurred and that it will grow in popularity.

Although the future looks bright for online gambling with crypto, we already have the option to gamble with such currencies today. As Bitcoin was the first blockchain-based currency and is the most well-known cryptocurrency in circulation, most—if not all—casinos that accept crypto will accept Bitcoin as payment. In such casinos, people can deposit money and withdraw their earnings with Bitcoin. In fact, there are quite a few popular Bitcoin casinos in Japan where this cryptocurrency is the primary source of funds. Beyond the acceptance of various cryptocurrencies, people have even gone so far as to make cryptocurrencies specifically for online gaming. For example, CasinoCoin is a relatively new coin that’s powered by the XRP Ledger. The coin allows for low transaction costs, instantaneous transfers, and the utmost security. With the addition of coins specifically designed for gambling, we can only dream about what other advances will come in the future. Regardless of what exactly happens, we know that online gamblers will choose to use cryptocurrency for several reasons.

When it comes to bringing blockchain technology to the online casino industry, the inherent security features lend perfectly to the gambling industry—they protect the casinos and gamblers. Online gamblers do not need to register themselves on the platform. They don’t need to prove their identity, submit credit card information, or do anything else that risks their personal information. They can gamble online without the need to protect their account information and their funds. Rather, they can simply deposit their cryptocurrency, which will instantly be validated, and begin playing. The online casino will know nothing about the player except the wallet address from where the crypto came.

Cryptocurrencies are already an option on many internet sports betting platforms. Online bingo providers could be keener on adding crypto in the next couple of years. The next in line could be playing games of skill and winning digital currencies for outsmarting other players. The long-term trend seems to be implementing BTC and other cryptos into online video games. That includes popular PC and console titles that gather millions of users in web sessions. The legislation is the biggest problem there. The developer that figures out a way to add cryptocurrencies could make a real breakthrough and increase its market share.

Currently, many crypto casinos are offering software-based games only. Only a few platforms are now starting to offer live dealer games using cryptocurrencies, and this could be the next big trend to keep an eye out for in the industry as the technology improves. Another similar trend is that of virtual reality (VR) crypto gambling.

One of the most important factors driving crypto gambling is cost-effectiveness. As cryptocurrencies are decentralized, there is no governing body to check the validity of a transaction. While it’s already been mentioned that this increases the speed of transactions, it also reduces the cost of transferring crypto. This is a benefit to both the online gambler and the online casino. Neither one of the two parties will have to pay a significant transaction fee. For this reason, many online casinos have been offering the acceptance of bitcoin and other major coins, and this is only increasing as time passes.

Additionally, Cryptocurrency transfers are nearly instantaneous. When online gamblers deposit crypto into the gambling platform, they do not need to wait for a bank or third-party company to verify the transaction. Rather, the player is in full control of their currency. They make the deposit, the blockchain verifies the transaction in real-time, and the online casino will know in a split second whether the transaction was successful or not. This is far better than how fiat currency transactions work, which can take a long time to be verified and to show up in your gambling accounts.

Thus, in the near future, cryptocurrency may become the primary source of funding for online casinos. Thanks to the myriad of benefits this currency source offers, more casinos will begin to adopt crypto. As there are already countless websites hosted around the world that accept crypto, the only likely future is that casinos expand the types of cryptocurrencies they accept.