TMCnet Feature Free eNews Subscription
February 16, 2022

How Crypto is Changing Online Casinos

Cryptocurrencies have exploded in popularity in recent years. It's almost impossible to listen to the news or browse the internet without coming across a reference to Bitcoin, Dogecoin, Ethereum, or other virtual currencies. Blockchain technology has also changed the world of gaming, with popular titles such as Axie Infinity becoming household names. So, it's no surprise that the technology behind Bitcoin has started to influence how online casinos do business.

If we look back at the origins of gambling, we can see that while casino games have evolved, a lot has stayed the same. However, technology has transformed how we think about casinos, with crypto becoming one of the biggest game-changers of all. As online casinos have become more popular, customers have sought alternative ways to pay, and many casinos have embraced crypto and blockchain technology.

Keeping Things Private

Anonymity is a central tenet of blockchain tech, and if you pay with crypto when visiting online casinos, your identity remains anonymous. If you've already ventured into the world of crypto, you know that crypto wallets provide anonymity and don't expect you to reveal any identifying information. Online casinos that accept crypto operate in the same way. If you pay using crypto, the casino won't have any private information about you from that source.

On the other hand, if you use your credit card to pay for an online casino, your bank has a record of where you've spent your money. When you pay with crypto, you protect your identity and personal information.

Increased Security

Anytime we pay for something online, there's a risk that cybercriminals will get ahold of our financial information, which is a concern for many people who pay for things over the internet. Blockchain technology has many advanced features that make it extremely difficult for someone to hack your account.

Every transaction completed using crypto is recorded on a virtual ledger with a unique identifying code, making it almost impossible to modify. Plus, blockchain technology uses end-to-end encryption and stores information securely.

These safeguards make crypto transactions more secure than paying with fiat money. It also minimizes the risk someone will be able to complete an unauthorized transaction using your account.

Get Your Winnings Quickly

Blockchain transactions happen much faster than bank transfers, which often take several days and even longer if you request a payout on the weekend. The lack of a middleman means online casinos pay you directly. Sometimes you'll get a payout in a matter of minutes. Once the blockchain verifies the transaction, you'll receive your money.

Save Money

If you want to save money when playing in online casinos, paying with crypto will help you do it. When you use cash, credit, or debit cards to play online casino games, your bank may charge you a fee, especially if it's an across-border transaction.

If you use a credit card to place a wager, your bank will probably charge you a cash advance fee. There are no fees associated with using digital currencies, whether you're receiving a payout or depositing money at an online casino. The lack of fees makes crypto a money saver for anyone visiting online casinos.

Since cryptocurrencies are decentralized, there is no intermediary standing between you and the online casino. Banks justify imposing additional fees because they have to verify the legitimacy of a transaction. In contrast, transactions made with crypto are verified on the blockchain. Online casinos and players both get hit with charges when using banks. Using crypto allows both to save money.

What Does the Future Hold?

Many industry experts expect crypto to become the primary way people pay for online casinos in the future because it's advantageous to casinos and players alike. In the near term, more and more casinos will accept Bitcoin and other cryptocurrencies as one of their payment options. As technology evolves, we can expect blockchain and crypto to play an important role in online casinos.

» More TMCnet Feature Articles
Get stories like this delivered straight to your inbox. [Free eNews Subscription]


» More TMCnet Feature Articles