Cryptocurrencies revolutionized payment systems. Decentralized options like Bitcoin are becoming more popular every day. They offer a secure payment method with no third parties. That makes them tempting for gamblers around the world.
Online casinos are following this trend. The industry understands the importance of cryptocurrencies, and it’s interesting to see what the future will bring. Check out expert suggestions on what we could expect in 2021 and beyond!
1. More Casinos Will Offer It as an Option
You won’t find many reputable online casinos that allow gambling using cryptos. The good news is that the number of platforms accepting these currencies is increasing. This industry has one of the stiffest competitions, and providers look for options to get that edge.
Online casinos cover all the popular payment methods. That includes e-wallets and credit cards, bank account transfers, etc. The crypto’s popularity is what makes operators consider adding this option. The sheer number of users that use these currencies makes it a worthwhile investment.
2. Players’ Knowledge and Use of Cryptocurrencies Will Grow
Cryptocurrencies are a trend, which is why they attract more interest than usual. A true gambler understands the importance of staying informed. That includes reading about the new payment options and finding the most suitable one.
Casino players are aware that cryptos like Bitcoin have many advantages. That includes the following:
There’s no middleman. This is important because the banks and other central authorities can’t see and control how you spend your resources.
Improved anonymity. If you play at online casinos, you might prefer to keep that discreet. Crypto transactions don’t use your bank accounts or credit cards. The casino only requires the address of your digital wallet.
More secure. Online gambling platforms are generally safe. However, many players are still wary of leaving credit cards and other sensitive financial information on those sites. That’s why cryptocurrencies can be an excellent alternative.
As more players discover these benefits, the number of those using digital currencies to play online will increase.
3. More Than a Bitcoin
Bitcoin is the dominating cryptocurrency, but other options are surging, too. Ethereum seems to have positioned itself as stable crypto with a decent value. Dogecoin, Litecoin, and other BTC alternatives also receive more attention than ever. The reports indicate that the crypto market capitalization exceeded $2.5 trillion, which is impressive.
It’s in the interest of online casinos to spread their cryptocurrency selection. Many gamblers invest in crypto, and they have different digital currencies in their wallets. The option to use them to play their favorite games could attract them to a specific gaming site. It’s how a casino could edge the competition and increase its market share.
4. Speeding Up the Transactions
Some online casinos take time to process crypto transactions. It depends on the provider and the desired transaction. Most providers try to make deposits instantly since players might require funds quickly. Missing the next playing round could make them mad at the casino, which is not something they want happening.
The situation is different with withdrawals. Most casinos will require hours or days to deliver the funds to your crypto wallet. Those platforms that speed up the transactions could attract more players in the future.
5. Making Everything More Affordable
Apart from the withdrawal speed, another trend that we could see involves crypto withdrawals with no or minimum fees. Banks and other payment services often include a processing charge for every cash-out request. That’s never the case with crypto transactions, which come free from intermediaries and their fees.
The only remaining thing is the casino fee. Gaming providers will look for ways to make the process more affordable. We could see operators giving up on the charge for their service to attract players to cryptocurrencies.
6. Crypto-Focused Bonuses and Promotions
Online casinos could decide to motivate players to use cryptocurrencies. That’s why we could see providers offering crypto-focused promo deals.
Here are some examples that web casinos could use:
Offering a special deposit match boost for those who use cryptocurrencies.
Designing a loyalty program where you earn more complimentary points if spending BTC on the site.
Promoting particular games that run on blockchain technology.
7. Using Crypto in Other Areas of Online Gaming
Forward-thinking companies around the world take Bitcoin seriously. MicroStrategy revealed they want to acquire more than 100K BTC for their holdings. Those reports are the best evidence that cryptocurrencies play an integral role throughout various industries. It won’t be a wonder if we see them present in other online gaming areas.
Cryptocurrencies are already an option on many internet sports betting platforms. Online bingo providers could be keener on adding crypto in the next couple of years. The next in line could be playing games of skill and winning digital currencies for outsmarting other players.
The longest path seems to be implementing BTC and other cryptos into online video games. That includes popular PC and console titles that gather millions of users in web sessions. The legislation is the biggest problem there. The developer that figures out a way to add cryptocurrencies could make a real breakthrough and increase its market share.
8. Regulating the Gambling Market
The effect cryptocurrencies had on the world surprised everyone, and that includes governments and other institutions. Today, they put much effort into keeping up and regulating these payment methods. According to reports, there are discussions about potential digital currency solutions issued by central banks.
The governments worry about revenue but also protecting their citizens. That’s why online casinos need to acquire gaming licenses to offer their services in certain locations. Blockchain technology can automate the process, and regulation can be part of the protocol. There’ll be no way to tamper with blockchain-operating games. That will contribute to player safety and make the jobs of gaming authorities easier.
There’s no doubt the cryptocurrency will only become more popular in the coming years. It’ll be more present than ever in online gambling. Web casinos will expand the selection of cryptocurrencies offered and offer special benefits for using those payment methods. It will be a win-win for players and gambling brands. Users will appreciate fast and secure payment options, while casinos can attract new customers and increase their market share.