Is Cryptocurrency Changing The Online Gambling Industry?

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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.

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