How Crypto May Revolutionize the Gambling Industry
The gambling industry is growing steadily after successfully fighting off its bad reputation. Its recent dip in market size was only during the coronavirus pandemic. But even as most land casinos struggled to attract players, the online gambling market was almost reaching the horizon.
According to the report by Research and Markets, the online gambling industry market value may grow from $72b to $112b in the next four years. And given the industry’s resilience during the pandemic, there’s no expected disruption to its growth in the future. One factor driving this growth is the embracing of technology, more so the cryptocurrency network.
The Rise of Crypto Gambling
Many gambling firms have discovered the potential of cryptocurrency and how it simplifies online transactions to suit both the players and the casino. The currency’s blockchain-backed technology is the most secure and has attracted top gambling sites such as Zamsino in Australia.
Developed by Erik King, zamsino offers you a list of the best online casinos offering Bitcoin gambling at a minimum in Australia. This adoption is, of course, expected to bear many benefits to crypto casinos and the entire gambling world. Here is a look at how it may revolutionize the whole gambling industry.
1. Gambling Maybe Become More Secure
Security is arguably one of the most significant areas where online gambling continues to struggle. Given that most online sites have extensive player data stored on their servers, the need for a much more secure transaction platform that ensures this data is well protected has been long overdue.
The adoption of cryptocurrency may change all this and restore a measure of trust in all the transactions. In addition, vulnerability to hacking which is still a primary concern for players, may be a thing of the past.
Cryptocurrency ensures that online casinos only get a hold of the customer’s public key. All other information is highly decentralized. The only concern is for the player to ensure the security of their cryptocurrency wallet. Besides, Blockchain backed technology that powers the crypto world is highly secured and almost impossible to pass through.
2. Players May Enjoy the Much-needed Anonymity Online
One of the experiences most players are seeking when playing online is being anonymous. This is essential, mainly if you don’t want other parties to find out whether you’ve spent money on gambling or not.
With crypto gambling, anonymity may be possible, making it easier for players to enjoy gambling without fearing for their identity reveal. Being a digital wallet, there’s no submission of any of your financial information. In addition, not sharing your financial data online also means you’re anonymous to hackers too. The result is that third parties don’t have any way of finding out your information or establishing whether you’ve spent your money on gambling.
Gambling with traditional money right now exposes your data to all the financial institutions you deal with. This may put your credit score at risk. Financial institutions may even be more reluctant to offer a loan if they establish your involvement in gambling activities.
3. Transaction speed will be much more improved.
Speed of transaction is a key factor hampering the efficiency of online casinos worldwide. Sometimes players are forced to pass through many hurdles before accessing their winnings. The transaction speed is even worse if you’re dealing with an online casino from a different region.
However, the adoption of cryptocurrency may change the whole spectrum of making payments and withdrawing winnings at casinos. For instance, playing with cryptocurrencies such as Bitcoin allows you to access your winnings instantly. This is because the currencies operate on ledger-based digital wallets, and you don’t have to wait for long before your winnings reflect on the ledger.
Faster withdrawals also means that you can spend your winnings faster than before. With only a few minutes of transaction time, we should expect a boom in the industry business as players will be eager to play more games with the hope of winning. This may also entice players inclined to play in brick-and-mortar casinos to join the wagon and play online.
4. It Will Increase Gaming Cost-Efficiency
Currently, sending your money in a PayPal or Skrill account attracts charges. Other casino payment methods are even more expensive. But because cryptocurrencies are decentralized, there are no charges on any transaction.
There’s no governing body that examines the validity of your transaction. This is a welcome shift from the traditional currencies that will always charge you additional costs and transaction fees.
If well embraced, cryptocurrency may force people into shunning the use of credit cards. Casinos may also remove additional costs that apply to all players. Where applicable, gambling with cryptocurrency will cause these additional fees to reduce significantly. This way, gaming is poised to become much more cost-efficient to players.
5. It’ll Be Much Challenging to Regulate Gambling.
The gambling world has faced many challenges before finally gaining this much attention. Several regulations have been passed in different countries banning players from not ever accessing any gambling sites. Some countries are still hesitant about the idea of allowing gambling and have placed complete bans on all forms of gambling.
Players will consider cryptocurrency as a much-needed absolution from these strict regulations. Not only does it make gambling on banned sites easier, but it also keeps them anonymous from the prying eyes of regulatory authorities.
Previously, gambling might have been more accessible even from all the banned sites. By using VPNs, many players could still access and play on prohibited sites. However, the challenge only came at the time of depositing funds in these sites.
Cryptocurrency has emerged at a pretty good time where no one now cares about traditional currencies. Any cryptocurrency-enabled transactions on these platforms render one invisible even from the government. Players may simply play on their sites of choice without fearing regulatory authorities.
While the use of cryptocurrencies is still widely debated, no one can confidently downplay its expected impact on the gambling industry. It’s one of the future technologies that may completely change how we gamble online.