Bitcoin and other cryptocurrencies have revolutionised online casinos and sports betting. Their introduction to the market was just as significant as the first online platforms around the year 2000. Cryptocurrencies have made it easier than ever to pay and have already created a protective barrier between banks and players.
Today, there are several key benefits to using Bitcoin and Altcoins to fund your casino account. These benefits vary depending on where you are based, but in any case, they make paying with crypto a viable and convenient solution.
Online Casino Payments
One of the most important features of an online casino is the list of supported payment methods. If an online platform has the interest to enter into a particular country or market, it needs to support the local fiat currency through a number of popular payment methods.
This can slow down the casino’s expansion plans and create additional bureaucracy and due diligence. All this comes at a cost.
Cryptocurrencies offer a better and more global solution. Since they are not controlled by any single or central authority, they are used freely across the world. A casino that is, for example, operating in the UK can start accepting payments from players in other nations almost instantly.
Another important benefit of Bitcoin and Altcoins is that accepting them does not incur any fees. Unlike cards, payment vouchers, and other popular payment methods, casino operators don’t need to pay a percentage of the transaction to a bank or financial services provider.
Whilst most casino deposit options today provide instant transfers, withdrawals are not always as convenient. In fact, withdrawals to cards or bank accounts can last a frustrating number of days. Internal processing aside, cryptocurrency withdrawals are just as quick as deposits.
Security remains a major concern when using cryptocurrency. Unfortunately, as this modern currency gains traction it becomes increasingly attractive to cybercriminals.
Cryptocurrency users normally store their coins in either hot or cold wallets. When they fund their casino account, they transfer the funds to the casino’s own wallet. At that point, users can do very little to protect their funds apart from not allowing anyone to access their accounts.
Blockchain technology and industry best practices have come a long way and today cryptocurrency wallets are safer than ever. Perhaps more importantly, users are increasingly aware of scams and ways to prevent them.
For casino operators the world over, one of the key benefits of supporting cryptocurrency payments is cost-cutting. These companies do not only save money on transaction fees, but also on significant administration work. They, therefore, have a clear incentive to accept Bitcoin, Ethereum, Litecoin, and a host of other coins and tokens.
To encourage their players to switch to crypto payments, many online casinos have begun offering enhanced welcome bonuses and ongoing promotions. Instead of the typical, 100% match deposit bonus, for example, it is becoming much easier to find 150%, 200%, and even 250% match bonuses for crypto payments.
Due to the low cost of cryptocurrency payments, online casinos are more prone to offer the much-loved, no deposit bonuses. These are offers that players get just for signing up or completing simple tasks that don’t involve depositing funds.
There are, of course, some online casinos that have embraced cryptocurrencies above all others. They have, as a result, decided to only accept crypto payments.
Some of these platforms have an innovative and intriguing way to reward their players. Capitalising on the power of crypto, these casinos have created their own native tokens which players can buy, trade, or receive after completing tasks. At the end of each set period, those who hold these tokens in their wallet receive a dividend on the casino’s profits.
Predictions for the Online Crypto Casinos of the Future
It is difficult to say with certainty what awaits online casinos in this third decade of the new millennium.
There will be, without much doubt, a push towards more crypto games. These are a relatively new genre of casino game that depends on blockchain technologies, such as smart contracts, to work. Their benefits include better player odds, faster payouts, and a more transparent algorithm.
The possibilities for the future are, as always, endless. Within a short amount of time, cryptocurrencies have improved the casino’s user experience and have lowered cost and improved player bonuses.
Online casino emerging markets, including the US, have already started to embrace Bitcoin and Altcoins over traditional currencies. As a result, it is safe to assume that crypto casinos will only increase in number in the coming years.