Cryptocurrency has changed the world as we know it. Everything from finance and technology to the way governments regulate online payments has been affected.
One of the industries that has been almost completely disrupted by cryptocurrencies is the iGaming industry. Here, we look at five ways the world of iGaming is changing due to cryptocurrencies.
Faster deposits and withdrawals
It is no secret that payments in local fiat currency are usually much faster than cryptocurrencies. In fact, many of them only take a couple of seconds to complete. However, it’s also no secret that international payments are quite slow by comparison, often taking days per transaction.
With crypto, this is not a problem. Average transaction time varies from a few minutes to less than an hour, depending on the currency involved. As such, cryptocurrency allows players to make faster deposits and withdrawals.
In recent years, cryptocurrency has been used more and more in cross-border payments. This is true for literally hundreds of industries, and iGaming is just one of them.
Another issue with fiat online casinos has been the issue with security. This is not true for some of the more reputable casinos. However, those iGaming websites have also had to deal with many regulations and geographic restrictions.
On the other hand, unreputable casinos that are not subject to these limitations have had trouble getting people to trust them. This is not surprising as there have been many scams involving online casinos over the years.
When it comes to crypto casino sites, a large part of those concerns are removed due to the secure payment gateways that must be used when transferring cryptocurrencies.
Contrary to popular belief, crypto payments are not untraceable, they are simply anonymous (i.e. a third party cannot discover the name of the parties involved without additional information). As such, it stands to reason that tackling cryptocurrency-based gambling fraud would be much easier as well.
No Regional Restrictions
Although we have mentioned how certain casinos block players based on where they are, we think this point deserves another mention.
There are many fiat-based iGaming websites that are not accessible in much of the world. In fact, some of the best known and most loved fiat online casinos in the US are not even accessible.
Crypto casinos, on the other hand, generally have no regional restrictions. While there are some crypto casino sites that are overly regulated, there are more than enough websites that can be accessed from almost anywhere in the world.
While future regulation may make this advantage obsolete, cryptocurrency-based gaming platforms will likely always enjoy somewhat looser restrictions compared to their fiat counterparts.
An increased focus on bonuses
While this is not true for all cryptocurrency casinos, it is true that there is now a greater focus than ever on providing withdrawals and other types of bonuses.
This is because cryptocurrencies have enabled more people to access iGaming websites than ever before (see above). With more potential customers now visiting casinos, there is more competition which is sure to be better for the consumer.
As such, it is not uncommon to see bonuses that match the deposit amount by up to 200%. To be clear, this would mean that you receive 2 BTC for free with a deposit of 1 BTC. Most crypto casinos now also run weekly promotions that allow players to get their hands on lots of free coins.
Another piece of good news is that the arrival of more crypto casinos has also required fiat-based platforms to increase rewards. As such, bonuses today are higher across the board than they were a few years ago.
Casinos have more control
Cryptocurrency has also allowed casinos to have more control over their business. Remember that we don’t mean it in a bad way, as the following two examples illustrate.
1. Since casinos don’t have to deal with third parties to handle withdrawals and deposits, they can save a lot of money in the long run. These savings can be passed on to the consumer.
2. Opening a casino is much easier when using cryptocurrencies because the business has to deal with fewer regulations.
As such, it comes as no surprise that we have seen many new crypto casino sites go live in recent years. In addition to that, many traditional online casinos now also offer crypto-based payment methods. This number is continually increasing, which means that cryptocurrencies will continue to have a lasting impact on the iGaming industry.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.