We’ve all probably heard something in recent years about how cryptocurrencies are the future. They’re the future of the internet, of finance, of pretty much any sector you can imagine. But how much of all this is really true?
When it comes to one industry, gambling, it’s pretty clear that crypto is definitely a long-term solution for the evolution of the sector. There are so many applications for crypto and reasons that it solves many of the problems the industry has.
Today, we’re going to look at some of the key reasons why this is the case.
Undoubtedly, one of the biggest problems facing the gambling industry and the online marketplace in general is privacy. Cyber attacks are more common than ever—around 30-40% of businesses are affected every year, resulting in around 1,200 major data breaches on average. This is a huge problem for the consumer.
With crypto casinos, there is never any reason to give up any of this information. You only need a wallet for your coins, and no personal, sensitive information is needed for the site. This is one major reason crypto is a solution to one of online gambling’s biggest issues.
Following on from that, this huge confidentiality means that, with crypto, you can gamble pretty much anywhere, anytime. Crypto, not needing to go through any central bank or financial authority, can be used to bet all over the world.
Region locking of certain games and betting markets has been a big problem for online gambling. People want to be able to gamble on a wider range of things now, and that is much harder using traditional currencies. You have to go through currency exchanges, which takes time and incurs fees.
Crypto does away with all of that. In general terms, crypto massively improves convenience.
While we might not think about it as much as we once did, the fact is that traditional digital banking is still rather slow and inefficient in many ways. It can be cumbersome and even the smallest transaction can incur many stages of verification.
Again, crypto does away with this by having verification built in. Everything is verified and viewable on the blockchain, meaning that your security is always protected. You don’t need to submit documents to verify your identity or address, as betting with cryptocurrency is never contingent on such details.
Betting online with crypto is simply easier. And it’s not only easier, it’s overall more efficient on every level.
Firstly, one of the other problems facing online gambling businesses is delays in deposits and withdrawals. This is a very common problem. Winnings can take days or weeks to leave the site and arrive in the customer’s account. Crypto eliminates this problem. Average withdrawals on crypto casinos like Coincasinos take 1-2 minutes, and that also has implications for in-play betting. Customers can now make near instant deposits to bet on an ongoing event.
And crypto is not only faster—the fees are far lower. Though, again, we might not always think about it, there are a lot of hidden fees involved with traditional banking. The site will take a fee, too, and you’re left with a deal less money than you actually won.
Crypto transactions have tiny fees. On one Bitcoin transaction of around $19 million USD, the fees were less than a dollar.
This clearly has huge implications for the industry, and unless traditional banks can catch up, then crypto is sure to take over.
The trend that we have witnessed over the last twenty years in increased online presence has led to one thing: transparency. Everything is a great deal more visible than it once was. We can all see what businesses are doing a lot more clearly.
For the online gambling industry, that has, in part, led to a lack of trust. People have become more and more aware of how weighted casino games and betting are against the player.
Crypto casinos, though, simply do not have the same edge that ordinary casinos do. Whereas a typical casino or bookmaker might have an edge as high as 10%, the average edge for crypto betting is as low as 0.3%. Some might think of this as bad news, instead of a solution, but it is bound to attract new customers. This will be great for the industry.
Gambling has not been an industry without its problems. There are many issues associated with the amount of private information that you need to surrender in order to sign up, as well as with the efficiency of all the processes involved. Crypto is one clear solution to many of these issues. It solves the problem of privacy and of efficiency, and as the technology continues to develop in the coming years, these solutions are only going to get more robust.