When Bitcoin gained mainstream media attention for its rapid growth in 2013, few could have predicted its longevity. Even the most optimistic of Bitcoin owners couldn’t have fathomed it would reach $67,000. Almost a decade later and despite the recent drop, it’s clear that Bitcoin and cryptocurrency in general is here to stay. With popular figures advocating for its widespread usage and people spending more than ever online, it’s an opportune time to consider its application for poker and casinos too. That’s why in this post we explain why crypto-currency has a big part to play in the future of internet gambling.
Gamblers take risks
It’s logical that gambling and crypto-currency have synergy and parallels between each other. Cryptocurrency is considered a risky venture among investors and poker and other casino games in particular have high elements of risk. Therefore, it should be no surprise to see internet gambling sites accepting cryptocurrency as a deposit and cash-out method. The anonymity, security and speed of transactions are all perks that attract online gamblers to deposit at a crypto casino. Gamblers are an impatient breed at times so near-instant deposit and cash-out times will play a big part in them using crypto.
Lower fees than normal
Another reason we can expect cryptocurrency to be at the forefront of internet gambling is the elimination of bank fees. Using a credit card or PayPal incurs fees both ends of the transaction. This is painful for the gambler but for the operator too. Consider the volume of transactions flowing through an online poker site. Now, imagine how much that amounts to per year? Operators are businesses, seeking to save money and increase profit margin wherever possible.
By implementing systems that permit the use of cryptocurrency, they are meeting the need of players and reducing costs too as cryptocurrency fees are non-existent.
Expect operators to promote cryptocurrency
The gambling industry is one of the largest to gain from the booming cryptocurrency market. Not all parts of the economy have been as welcoming with some still reticent to accept payment. As such, the operators can retain players who already use this method but also attract new customers to gambling. With lower fees and increased profit margin, we can expect casino operators to heavily promote cryptocurrency on their portals. I’m sure you’ll see a surge in various bonuses and rewards schemes that incentivise people to use cryptocurrency. It wouldn’t surprise me if they use celebrities too.
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Crypto has global appeal due to restrictions
The amazing thing about cryptocurrency is the global appeal it has. The fact it is not regulated like banks on a domestic level is a big plus for gambling enthusiasts. It affords people who live in areas of the world with tight restrictions the chance to gamble. People love the anonymity it brings and when you combine it with VPN software, it’s the perfect storm for people to gamble. Even in areas where gambling is permitted and tax free, the attraction exists as people like to keep their gambling successes and failures private.
Summary
In short, I fully expect cryptocurrency to be a big part of the future of online gambling. There are lots of gambling sites emerging exclusively focused on cryptocurrency, sites accepting crypto and forums dedicated it for gambling. As it gains popularity among regular investors and confidence in its use grows, we can reasonably expect it to rival traditional banking methods for gambling too.
Narciso Baldo
Narciso Baldo is the Director and Head Coach of Texas Hold'em Questions. He has been playing poker for over 16 years. After spending many years as a professional, he now runs UK poker training site Texas Hold'em Questions. Narciso regularly writes poker articles sharing tips, strategy, news and experience with gambling enthusiasts. Narciso also writes for reputable gambling portal Casino City Times, (bio here). Contact: [email protected]
