Intrigued by the world of cryptocurrency and all its possibilities? One of the newest and most exciting frontiers of crypto is in the realm of online gambling. Regardless of whether you’re a seasoned gambler or just curious about this emerging technology, using crypto in online gambling can provide a range of benefits.
Keep reading to discover the various ways that cryptocurrency is transforming the world of online gambling in the digital age.
Growing Popularity of Crypto Gambling
Cryptocurrency and online gambling are both experiencing rapid growth in popularity. A recent NBC poll found that one in five American adults has either invested in, traded, or used cryptocurrency. At the same time, online gambling is taking off worldwide, especially in the US where online sports betting is now legal in twenty-two states and Washington, D.C. This sets the stage for the two industries to merge and create new opportunities for growth.
In 2022, a survey by blockchain analytics company Chainalysis revealed that there were about 70 casinos currently dealing in cryptocurrency. In 2021, this industry generated an impressive $10 billion in revenue, marking a 64% increase from the previous year, which is a clear indication that the popularity of crypto gambling is on the rise.
But what exactly is it about crypto gambling that makes it a success amongst gamblers?
Opportunities for Gamblers
Faster Transactions
Unlike traditional banking methods that can take up to five business days to process transactions, crypto transactions are remarkably fast, with most being processed within a few minutes. Bitcoin, the most well-known cryptocurrency, typically takes around 40 minutes to complete a transaction, depending on the fees involved. But if you are looking for even faster processing times, tokens like Cardano and Solana, can be handled almost as if in real-time!
Lower Fees
Cryptocurrency transaction costs are minimal compared to traditional banking channels. With crypto, you could pay anywhere from 0% to 1.5% of the transaction amount, and even that can vary depending on whether you’re buying or selling. Plus, the type of cryptocurrency you use could also affect the fees. Compare this with the charges on traditional payment channels, for example credit card processing fees that range from 1.5% to 3.5%, it’s clear that crypto gambling is the more cost-effective option.
Convenience
Most online gamblers using traditional payment methods have to fulfill the Know Your Customer (KYC) requirement. This means that the players are required to provide personal information such as their name, address, and date of birth to the casino, which is used to verify their identity and prevent fraud. Although this regulation is there for a good reason, some players are uncomfortable sharing their personal information online and prefer to gamble anonymously. While there are others who just find the process taking up too much time.
To cater to this specific group, we now have No-KYC casinos that allow players to deposit and withdraw funds using cryptocurrencies. The player just has to enter their email address and they can immediately start betting.
Although these casinos offer greater privacy, it is important to proceed with caution as they may be more susceptible to fraud and hacking. As with any online activity involving financial transactions, it is crucial to do thorough research and read reviews before choosing an online casino that does not require KYC.
Bonuses and Promotions
As the crypto gambling industry continues to grow, casinos are leaving no stone unturned in promoting their offerings. One effective way they do this is by offering bonuses to players. These bonuses come in different forms, such as welcome bonuses, free spin bonuses, refill bonuses, and no deposit bonuses. They make the gaming experience more exciting and increase the chances of winning prizes.
Final Thoughts
Gambling with crypto certainly has its benefits, but it’s important to remember that it also comes with some risks. To ensure a positive experience when taking part in online gambling activities, it’s vital to gamble responsibly and only with money that you can afford to lose. It can be so tempting to get swept up in the excitement of the game, but setting some limits and sticking to them is essential for staying in control and avoiding any negative consequences. And of course, it’s a no-brainer that you have to thoroughly research and select a reputable online casino before placing any bets. By following these simple steps, you can enjoy the fun of crypto gambling while also protecting your interests.
Links
- https://www.cnbc.com/2022/03/31/cryptocurrency-news-21percent-of-adults-have-traded-or-used-crypto-nbc-poll-shows.html
- https://www.nbcnews.com/tech/crypto/crypto-casinos-bitcoin-opened-new-online-gambling-world-rcna23062
- https://www.statista.com/statistics/944355/cryptocurrency-transaction-speed/
- https://worldcoin.org/articles/cryptocurrency-exchange-fees#:~:text=Percentages%20can%20range%20from%200,based%20on%20the%20cryptocurrency%20itself.
- https://www.nationalmerchants.com/what-is-a-processing-fee/
- https://coindoo.com/the-rise-of-crypto-in-the-online-gambling-industry/#:~:text=Crypto%20gambling%20provides%20players%20with,simply%20entering%20an%20email%20address.