Will Crypto Dominate in the Gambling Industry in 2020

Thursday April 16, 2020

There is no denying that the online gambling market has gone a long way since the very first virtual casino was brought into being more than two decades ago. Perhaps, back then, no one has expected that the industry will see such a makeover through the introduction of instant-play and mobile casinos. Gambling started evolving greatly, thus giving players a choice from a much wider selection of table and card classics, slots, video poker games, jackpot games, and live-dealer solutions.

Another major shift took over with the introduction of cryptocurrencies. Digital currencies have picked up much pace of recent because of the promptness and safety of the payments. Whether cryptocurrencies will enjoy continued success in the year ahead or their popularity will dwindle is yet to be seen.

The Dawn of Gambling with Cryptocurrencies

Contrary to what some people believed, digital cryptocurrencies did not turn out to be a fad as instead, they now rank among the fan-favorite banking solutions for lovers of casino games. In essence, an ever-growing number of players start gravitating towards interactive casinos where they will have the chance to handle their payments through Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin, or another digital currency because of the enhanced speed of the payments and the unmatched safety levels.

That being said, when digital currencies entered the scene, casino operators were certainly not prepared to deal with this innovation, which made many of them go their own way. Something that should be noted about such casinos is that most of the time, they utilize gaming software they have designed on their own.

Presently, an ever-growing number of casino operators decide to move away from the common payment system to a banking system that is either entirely crypto-based or such that combines traditional banking solutions with digital currencies. What gives the latter a greater advantage is that most of the time, such gaming platforms already have a proven track record and have been operating for quite some time.

One probable explanation of why cryptocurrencies continue to gather momentum among virtual players is their greater accessibility. Unlike the common payment solutions such as prepaid cards, digital wallets, and debit cards, for example, that are available in a limited range of territories, this is not the case with digital currencies as they can be employed nearly by all people.

The reason why such casinos continue to be under the microscope is that since payments through cryptocurrencies are ultimately digital, making verifications and audits are a rather tough task. This is not the case with payments that are handled through fiat currencies where casino operators and players are easy to identify.

Interestingly enough, the development of crypto and blockchain gambling technology in Japan has become a much-discussed topic because of the ever-increasing popularity such payments continue to gain there.

Benefits of Crypto Gambling

The online gambling market is hugely populated with websites where digital currencies are offered, and such casinos are expected to dominate the gambling realm in the year to come. It is expected that such casinos will continue to pop up, which makes it no surprise that the Venezuelan president announced the establishment of a new crypto casino at the beginning of this year. Still, there are many lovers of casino games that keep on wondering if switching from fiat currencies to digital currencies is worthwhile. For that reason, we have compiled some of the most obvious benefits crypto gambling has.

Among other things, there has been an official statement of the UK Gambling Commission about the blockchain technology and crypto-assets that aimed at responding to the question if digital currencies can be utilized to supply gambling products or to fund gambling businesses. Giving the statement a once-over might be a good idea if you want to learn more about the updated guidance of the commission.

One of the prime reasons why the popularity of crypto gambling is already off the charts is the cost-effectiveness of this way of payment. While handling your payments through Bitcoin or any other digital currency, players will not need to rely on any monetary payment system, which cuts the expenses dramatically. If fact, the costs are nearly non-existent, which does not apply to traditional payment solutions like bank transfers, for example.

Another strong point of crypto gambling that points out to the fact that digital currencies will continue to dominate in the gambling realm in 2020 is the privacy this way of payment guarantees. Transactions are fully anonymous, which is what most gambling enthusiasts appreciate about this way of payment. Security-oriented players turn their eyes to cryptocurrencies also because the bulk of the casinos where they are accepted do not require going through drawn-out or complicated registration procedures.

That way, players are given the opportunity to maintain their privacy from the outset of their gambling adventures. That way, players’ sensitive information will not change hands even if someone gots into their gaming account, which might be the case with one of the other virtual casinos.

The improved speed of the transactions is yet another reason why the popularity of digital currencies is expected to continue thriving. Payments through cryptocurrencies and cashouts, in particular, take less time when compared to withdrawals via traditional payment systems.

Finally, bonuses pose as yet another game-changer as virtual players might be spoiled for choice when it comes to the crypto-oriented promotional offers.

Conclusion

Digital money systems are already spread all over the world, and the impact they have in the gambling industry is likely to become even more marked during 2020. The future of crypto seems bright as an increasing number of casino operators adopt this payment method, thus leaving virtual players with a huge array of options in terms of where to gamble.

Furthermore, once you take into consideration the benefits of using cryptocurrencies while gambling, it is easy to figure out why such casinos have already succeeded in carving up a niche and will start playing an even more prominent role in the gambling market.