Is Cryptocurrency Changing The Online Gambling Industry?

Jump to page contents

Is Cryptocurrency Changing The Online Gambling Industry?

The gambling industry is just one of many that the internet has radically transformed. Gambling is no longer just for the elites in exclusive clubs, it’s something the everyman can do on his phone from the comfort of his own home.

Nowadays, gambling is in the midst of another transition, brought on by the rise of cryptocurrency payments. This modern approach to gambling is growing in popularity, but what does it mean for the future of the industry? Will cryptocurrency make the classic casino obsolete? Let’s investigate.

Why do gamblers use cryptocurrencies?

To understand why gamblers are flocking to cryptocurrencies you first need to understand fiat currencies. These more familiar, conventional currencies such as dollars and pounds are less prone to fluctuations in value than cryptocurrencies. In contrast, gambling with currency such as Bitcoin brings the potential for further profit due to their constantly changing value.

There are further benefits to this method. Gamblers enjoy the higher level of control that cryptocurrencies offer. If you’re gambling using a fiat currency transferred from a traditional bank, the payment can be blocked for appearing suspicious. There’s no chance of that happening with cryptocurrency, where you have full control of your wallet.

How is cryptocurrency changing the online gambling scene?

Cryptocurrency is still a developing entity in the world of online gambling. The majority of leading online casinos in the UK still don’t support the use of cryptocurrencies. Despite this, it’s inarguable that it’s had a bigger impact on the industry than just offering an alternative payment method.

While using cryptocurrencies does not give you full anonymity, it does provide it on a level above what traditional currencies can. Many gamblers see this as offering additional freedom. When making payments with cryptocurrencies there are no names or details attached, but it is still a legitimate service.

Casinos have never been known as particularly trustworthy, it’s rigged against you and that’s part of the game. With cryptocurrencies, transparency is less of an issue. Online casinos have been able to rig games to their benefit for years, however, games that run on blockchain technology are carried out in a transparent environment that is impossible to manipulate. It has evenly distributed the balance of power in gambling. This also removes the house edge, which casinos use to generate profit. With cryptocurrencies, there is no house edge, and both sides are at equal footing.

But cryptocurrency needs the online gambling industry to change more

The first thing cryptocurrencies need to do, to really make it big, is crack America. The use of these currencies for online gambling is still illegal in the United States. Even in places such as the UK where it is legal, many casinos are reluctant to accept a currency they haven’t used extensively before. The demand isn’t quite there at the moment to force a legal change or convince the casinos to change course, but as this method becomes more popular in the western world we should expect things to change.

With developments such as JP Morgan Chase announcing their own cryptocurrency in 2019, the first to be issued by a big international bank, it seems they’re finally moving into the mainstream. The regulation surrounding cryptocurrencies still has many a grey areas. Nevertheless, its rapid rise in the past decade would suggest a continued forward momentum in the next that would surely include the legalization of gambling.

R.I.P traditional casinos?

So in embracing cryptocurrency are we saying goodbye to the glitz and glam of traditional casinos. The short answer is, no. Just like with brick and mortar casinos, there will always be a market for this setup. Going to a casino is more than just gambling, it’s the experience of taking your chances with friends in a totally unique location.

The cryptocurrency gambling market will continue to grow, and may well become a dominant force with some legislative changes. If it does though, it will be a strong alternative to traditional casinos, rather than replacing them.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar Guides

Latest Guides

Cryptocurrency

How Does Crypto Lending Work? Full Updated Guide

Since its inception, the crypto market has been growing in leaps and bounds. With hundreds of features, thousands of tokens, millions of investors, and billions of dollars, it is clear that the problems of decentralization, anonymity and cross-border payment it solves are seen as valuable. These questions have quickly arised: what is crypto lending, and […]

13 October, 2021
Cryptocurrency,DogeCoin

How Many Dogecoins Are There?

Dogecoin is a digital currency that started as a form of satire of the cryptocurrency market. It was created by Billy Markus, an IBM software engineer, and Jackson Palmer, an Adobe software engineer. The aim was to create a digital currency with peer-to-peer features that could reach a wider demographic than Bitcoin, which is the […]

8 October, 2021
Coinbase,Crypto Wallets,Cryptocurrency,Exchange Platforms

BlockFi vs Coinbase: What’s the Final Verdict?

The advent of cryptocurrency has brought about quite a number of financial and technological innovations that are shaping the financial investment sector. One of those innovations is cryptocurrency exchange platforms. Crypto exchange platforms combine both financial and technological features to enable you to trade and invest in any digital currency of your choice. These crypto […]

30 September, 2021
Cryptocurrency

Best Crypto Credit Cards List

What Are Crypto Credit Cards? Cryptocurrency has taken the world by storm and it has revolutionalized the financial sector and further laid an argument for cryptocurrency as the future global currency. There are now several things you can do with cryptocurrencies. You can trade, invest and exchange for goods and services. Another innovation that cryptocurrency […]

24 September, 2021
Altcoins,Litecoin

All you need to know about Litecoin ATMs

Litecoin has the reputation for being the second cryptocurrency that was created after Bitcoin, so it makes sense that Litecoin ATMs are on the rise. It can be used as a medium for payment anywhere around the world without any interference from a third party. Litecoin has $11 billion and a maximum supply of 84 […]

1 September, 2021
eToro

Comprehensive Guide For eToro UK Users

eToro is a fintech start-up and is considered among the first pioneers of social trading. It was founded in 2007 in Tel Aviv, Israel. It is headquartered in Greater London, United Kingdom, with offices in Limassol, Cyprus, Sydney, and New Jersey in the US. The fact that it’s headquartered in London makes it appealing to […]

26 August, 2021
Crypto Mining,Cryptocurrency

Make your Own Cryptocurrency

Cryptocurrency is a decentralized digital currency that is not issued by a central financial authority. Cryptocurrencies are also used as a form of exchange for products, services, and also fiat currencies. The majority of these cryptocurrencies are created by tech and financial companies to serve specific purposes. For example, the Ethereum technology is used for […]

19 August, 2021
Bitcoin,token

Crypto Coin Vs Token — Which One To Choose In 2021?

There are so many things to learn about cryptocurrency, the learning never stops. When it comes to Crypto coin Vs Token, there are a few things you need to know to be able to differentiate between these two digital assets. Some of the things you need to know about these crypto-assets include their definitions, functionalities, […]

11 August, 2021