The gambling industry has come a long way from simple betting platforms and basic slots. Today, it’s a massive entertainment system featuring live dealer tables, sports betting, live sports betting, esports and modern casino games. As the industry grew, so did the audience that was searching for new ways to deposit and withdraw funds, in replacement of the outdated banking systems and payment processing centers.
A true change came with the adoption of cryptocurrencies as a form of payment in online casinos, which gave us crypto casinos,online platforms that accept digital assets. Cryptos went from being a niche that interested only a small circle of people familiar with writing code to a revolution that transformed how people manage their money.
In recent years, the interest in cryptos has grown to seismic proportions, not only in the trading markets, but in everyday life. Today, players are mostly using Bitcoin, Ethereum and Litecoin as their means of payment, while other digital coins, like meme coins and altcoins, are also gaining footing in online casinos. Major platforms have adopted almost every crypto that’s available on the market, and to see if your coins got picked up check Stake crypto casino to gain access to faster transactions, instant payouts, better bonuses, more privacy and lower fees. Crypto casinos also resolve a couple of burning issues that plagued online casinos for years, slow withdrawals that could take days, and local banking laws that imposed restrictions in some parts of the world.
Anonymity and Privacy Issues
Privacy is one of the most cherished things among players. Before crypto casinos, in order to start playing, people would have to go through a lengthy process of creating an account that required identity check, physical address, bank accounts, proof of residency, uploading personal documents and phone number confirmations. Online casinos were not the ones asking such detailed questions, but they had to comply with strict financial regulations imposed by local laws. It was frustrating to casino operations as much as it was to players.
Cryptocurrencies eliminated every single step of the registration process and allowed players to create accounts with only their email and password, bypassing suffocating laws and giving people the freedom to visit casinos without displaying their personal data. Online casinos were super happy about the new way of doing business, where players would just transfer their coins from their wallets in minutes and start playing. On the other hand, players were over the moon with the new system that let them keep their finances and their entertainment expenses separate.
Privacy in online casinos is also a big issue in countries where gambling is either illegal or not socially and culturally acceptable. Crypto casinos make it easier for players in these regions to access games without dealing with banking limitations or state laws. Online casinos can now offer their users a chance to play games without being tracked.
Faster and Cheaper Transactions
Faster and more affordable transactions were one of the best perks cryptos brought to online casinos. Before, people would have to go through bank accounts to transfer money, which took a couple of business days to process since banks were using payment processing centers that acted as a middleman. In practice, this meant that players were paying double fees, to the bank and to the middleman. Withdrawals were even slower, with the bank requesting tons of paperwork and verifications to send the money to the casino account.
Cryptocurrencies resolved all of this in a very simple manner. Players would buy cryptos on the market, put them in wallets and transfer coins to their casino account. This process, depending on the network and time of transaction, could take from a few seconds to several minutes. Also, fees are almost symbolic, from a few pennies to a couple of dollars. Before creating an account, check out what crypto Stake accepts and go from there to transfer funds.
This is because blockchain does not use banks to move money, but an open, decentralized system where transactions are done instantly. Players who take part in live betting or table games found this especially useful, since they don’t want to interrupt their sessions dealing with banks. It’s also great for people who switched to using digital coins in everyday purchases and bill payments, to just add entertainment to their wallet. And lastly, the fees. Banks charge absurd fees for lousy service, while blockchain networks bypass all banks and only charge insignificant amounts regardless of the number of coins transferred. There’s no commission, transfer fee, bank fee, payment center fee, or any other silly charges. Needless to say, players loved it since, at the end of the day, they were left with more money in their wallets.
Access Without Borders
Global access worked like a charm both for players and for the online casino platforms. Many times, players were met with blocks from their government and banks and were unable to gain access to online casinos because licensing laws or currency restrictions prevented people from creating accounts and depositing money.
Cryptos know no borders, and they were the long awaited solution to this global problem. Digital assets can be sent from one country to another regardless of the local laws and limitations. That does not apply to cryptocurrencies. That way, players don’t need to pay currency exchange fees, on top of everything else. They can simply transfer their cryptos to the online casino account and start playing.
Cryptos were also a lifesaving trick for people who travel often or live abroad. Digital coins act like a world currency that’s accepted everywhere without fees. It’s a level of freedom and flexibility that traditional systems simply can’t match.
Also, it’s worth mentioning another old problem that was solved by introducing cryptocurrencies. In online casinos, players would have to transfer their money to the casino’s account and keep it there in case they need it and don’t want to leave the ongoing game. This made many people uneasy, since a security breach could swipe their account clean. This vulnerability to hacking was one of the main concerns among players, so they were usually transferring money for one or two games, and then waiting for days for another bank transfer to process. Since the adoption of Bitcoin in most online casinos, players can transfer their funds in seconds without interrupting their game, and without keeping large sums on the casino’s account. Two flies with one stone.
Provably Fair Games
At the time, it was a completely new and confusing concept that seemed to resolve a long standing problem in the casino community. Proving that the game is not rigged was almost impossible. Online casinos were using RNG, Random Number Generator, but there was no way for players to double check the results. Instead, they would have to take the casino’s word for it, which is a tricky business.
Crypto casinos are taking a completely different approach with a provably fair system. At the end of the game, players can get a “client seed” which they can compare to the platform’s digital code that produced the outcome of the game, and see that it wasn’t manipulated or influenced in any way by anyone. It changed how players interact with platforms and eliminated the tension between casinos and users that was building up for decades.
On the other hand, platforms gained a lot of new users since they implemented cryptos and provably fair games. Trust and loyalty became a trend again, the two very components that were stalling the relationship between players and casinos.
Game Variety
Crypto casinos are pushing the limits of the gaming industry. Instead of just updating old games, casinos created completely new games that are based on blockchain, and NFTs. These games come with new mechanics, multiplayer options and customizable betting, while others who went a step further even give players an option to adjust odds and choose the volatility level. These platforms are built with the newest technology and are attracting younger generations who have already implemented blockchain in their everyday activities, who are also more flexible and more open to experimenting.
Online casinos that missed the crypto train are developing more slowly, lagging in new tech and are falling behind in the market. On the other hand, crypto casinos were built to adapt, so any change that comes their way, they are ready to accept and implement.
Better Bonuses and Rewards
Bonuses are a big part of online gambling and can be the difference between winning and losing. Players noticed that apart from having numerous benefits, crypto casinos also give bigger bonuses. This is true for a couple of reasons.
First, crypto casinos are free from dealing with banks and other payment institutions, which means there’s more cash left in the casino’s account. In return, they can afford to treat their players with fatter bonuses and rewards. Other than that, crypto casinos operate independently, meaning that their operations are not hampered by bureaucratic procedures and paperwork that often cause delays and problems. Again, platforms find this very profitable and they share that with their users in the form of rewards.
Some crypto casinos even have systems that give back a portion of every bet, whether the player wins or loses. These cashbacks can only be found in crypto casinos, since traditional online casinos don’t have the means to give back cash to players. For this, and many other features, crypto casinos seem to be pushing old versions of online casinos into history.
Also, there are ongoing promotions on almost all crypto platforms that are tied to a certain digital coin. This is a normal and very regular feature that is used to motivate players to switch to cryptos.
Better Security and Player Control
Security issues were raised almost immediately with the first online casino. Players were forced to transfer money to the casino’s account and hope that their funds would stay there and not be a target of a cyber attack.
Cryptocurrencies, on the other hand, are kept in players wallets, which means that everyone has control over their money and they don’t have to worry about the casino’s safety features. Players are only sending money from their wallets to the casino account, and if they need more or they want to withdraw funds, they can do it in a matter of seconds without waiting.
Also, every crypto transaction is embedded in the blockchain, so there’s always a record of coins changing wallets. Even though there are no personal names involved with wallets, every transaction can still be seen and scrutinized. This makes it harder for casinos to cheat or hide suspicious activity, giving players a sense of security.
Many crypto online casinos are implementing smart contracts. These are self executing files and documents that completely eliminate the need for human interaction. Every time a player wins, there’s a smart contract on the chain that will trigger the payment and transfer the winnings to the user’s account instantly. There are no interactions from customer service, or players waiting for anyone to verify their identity or an account number. Players welcomed this with open arms since many were frustrated with dealing with customer service people, and waiting sometimes days for their money.
Clearer Rules Are Bringing Confidence to Crypto Gambling
Some people are just not familiar with cryptocurrencies, so they continue to use fiat even in casinos. Others, however, are concerned about legal issues. The fact is, many countries don’t have clear laws about cryptos and even fewer regulations about crypto gambling, so the only way for these casinos to exist was in the grey zone of the law.
Regulators are trying to keep up with the latest technology, but the process is slow and obscure. Several regions now recognize Bitcoin as legal property, while others have passed laws to license crypto casinos under fair and transparent regulations, which gives players some sense of security. At some point, lawmakers are going to catch up with crypto casinos and make them fully regulated and legal in all parts of the world.
This doesn’t mean that crypto casinos will become like traditional ones. They will still have big bonuses, tight privacy and security systems, and cheap and fast transactions, but they will also have more oversight, which will help players feel safer and attract more users who were on the fence.
