TMCnet Feature
January 25, 2021

Six Examples How Cryptocurrency Affected the Gambling Industry



The online casino industry in Poland is evolving really fast as the iGaming industry is quick to integrate the latest technologies to give their players a better online gambling experience. For example, the online casino industry has been quick to adopt virtual reality and cryptocurrencies to give players an immersive gambling experience.



Guest author Jacek Michalski focuses on how cryptocurrencies have impacted the online casino industry in the last few years. To find out more about Jacek Michalski, visit here.

Blockchain Technology

Before we jump into cryptocurrencies and how online casinos and players from Poland have benefitted from the use of crypto, it is important for us to address blockchain technology. Blockchain is the technology that powers digital currencies.

It makes use of cryptography to link together several blocks, which contain records of various transactions made on the blockchain. Each block contains the cryptographic hash of the block that comes before it.

Cryptocurrencies are popular mainly because of blockchain technology. This technology allows casinos and players to protect themselves from being hacked and leaking sensitive financial details into the hands of hackers and scammers.

Online Casinos Embrace Crypto

Cryptocurrencies allow the casino population to enjoy a superfast deposit and withdrawal process at online casinos in Poland. Many cryptocurrencies and crypto-friendly casinos also allow players to gamble anonymously using crypto.

Polish players love to play at crypto-friendly casinos as the crypto market is growing at a rapid rate in Poland and so is the online casino market. Polish players who are looking for a reputed crypto-friendly casino, can play at joycasino.

Players from around the world understand the benefits of using cryptocurrencies such as Bitcoin, Litecoin, Dogecoin and others at online casinos.

Today, you will see two major types of Polish online casinos in the industry cryptocurrency - only casinos and traditional online casinos that offer cryptocurrencies as one of their banking methods. The former offer only cryptocurrencies such as Bitcoin, Litecoin, Bitcoin Cash, Ether, Tether, Dogecoin, and others while the latter offer cryptocurrencies along with traditional banking options such as credit/debit cards, electronic wallets, and Direct Bank Transfer.

The following are six ways in which cryptocurrencies have impacted the gambling industry:

Tax-free Gambling Profits

Cryptocurrency gambling is fast gaining popularity because cryptocurrencies are decentralized. This means that they are not under the control of any government or financial institutions. Online casinos that operate in unregulated markets such as Australia and the USA can safely and legally offer cryptocurrencies such as banking options without getting into trouble with the law.

If players withdraw their winnings to their cryptocurrency wallet, they can easily hide their casino income from their tax authorities. This helps them to save money on the taxes that some governments impose on casino winnings.

Available All over the World

As cryptocurrencies are not under the control of any government or bank, cryptocurrency online casinos can accept players from any part of the world. This gives players from all over the world a wider range of choices when it comes to online casinos.

Free Casino Payment Methods

Traditional casino payment methods in Poland such as credit/debit cards, electronic wallets, Direct Bank Transfer, and others are associated with fees. Even if the online casino doesn’t charge you for making deposits and withdrawals with these methods, banks and payment processing companies charge a variety of processing, currency conversion, and transaction fees.

Using Bitcoin and other cryptocurrencies such as Litecoin and Bitcoin Cash is free of charge. You don’t have to pay the online casino any fee for using these methods. You may choose to pay a nominal fee if you want faster confirmations, but you don’t have to do so.

Gambling Anonymously

Cryptocurrency gaming is anonymous. If you choose to play at cryptocurrency-only online casinos, you don’t even have to register an account. You just have to fund your account and start playing. The cryptocurrency online casino in Poland doesn’t want to know your name, physical address, and other details, eliminating the need for long-drawn verification procedures.

Things may be different at traditional Polish online casinos that offer cryptocurrencies along with other banking methods. You will have to register to start playing for real money. The online casino in Poland may also ask you for copies of your identification documents at the time of first withdrawals. But still, you don’t have to provide your credit card or bank account details to the online casino if you choose to deposit and withdraw with cryptocurrencies.

Cryptocurrency Games

If you visit the game portfolios of cryptocurrency online casinos or traditional casinos supporting cryptocurrencies, you will come across a separate category of games called “Crypto Games” or “Bitcoin Games.” These are games that accept cryptocurrency wagers and yield prizes in cryptocurrencies.

You can expect to see many such games shortly.

Plenty of Opportunities

Right now, cryptocurrency gambling revenue in Poland is much lower than traditional online gambling revenue. But cryptocurrencies are expected to become very popular in the next few years, bringing with them plenty of opportunities and leading to great industry growth.

Conclusion

One of the reasons why the online casino market in Poland will continue to experience exponential growth in the coming years is because cryptocurrencies will become more mainstream.



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