Crypto Casinos: The Future Of Online Gambling
Cryptocurrency-driven casinos have a lot to offer to players online. The future of online gambling is set to be revolutionized by blockchain-based technology.
Digital currencies, driven by blockchain technology, have revolutionized the way financial transactions take place around the world. Not just monetary transactions, but the blockchain technology contributes in numerous ways towards an online casino. From advanced functions to robust security protocols, online crypto casinos are changing the way online gambling takes place.
Here in this article, we’ll explore the latest trends in crypto casinos, as well as how crypto casinos are shaping the future of online gambling.
Table of Contents
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The Rise Of Crypto Casinos
Online casinos have been around since the late 1990s, however, it has been popularized in the early and late 2000s, with a global audience joining in and exploring various forms of online casinos.
Cryptocurrency came into existence with the launch of Bitcoin in 2009. The amalgamation of cryptocurrency and blockchain technology along with online casinos became popular in 2013, with the first bitcoin-driven online casino coming into existence. After that, developers started experimenting with different cryptocurrencies and other vertices of blockchain technology to improve on the online casino experience in different ways.
Advantages Of Crypto Casinos
Converting your online casino into a crypto-enabled casino will offer numerous benefits. Below we’ve discussed the same.
1. Instant & Global Transaction
Traditional banking-based transactional methods such as wire transfer, netbanking, or credit card payments involve a long processing time, often spanning hours or even days, especially if it’s an international transaction. But cryptocurrencies work almost instantly or within minutes.
Moreover, not all payment gateways or payment methods are supported by every online casino. To process online casino-related transactions, special payment gateways are required. Payments via cryptocurrencies are a global solution to this problem and one of the most popular trends in crypto casinos.
2. Better Security & Privacy
Online casinos are often subjected to various security threats and concerns including identity theft and financial fraud. Blockchain-based cryptocurrency payment options are one of the most effective and safest ways of eliminating this threat. It is completely encrypted end-to-end, and also anonymous. So, from the player’s account to your business account, it’s transferred easily without fail or fraud.
3. Lower Transaction Fees
Another advantage of cryptocurrency is that the transaction charges are often zero, or minimal. While in case of other payment options, there’s a heavy transaction charge involved. Especially for international transactions, these charges can build up and take away a big chunk of your ROI. Cryptocurrencies don’t have this problem.
4. Provably Fair Gaming
Provably fair gaming is highly popular currently among the global players. Online casinos depend on RNG or Random Number Generators to produce outcomes, but users often have doubts in their minds whether the outcomes are fair or rigged. Provably Fair allows users to actually verify the outcomes and ensure its fairness. It is only possible by blockchain and crypto technologies.
5. Supports Innovative Features
Blockchain and crypto technologies also support various other innovative features like smart contracts, NFT-based gaming, decentralized operations and so on. Smart contracts are used to automate game logic and payouts without manually signing the contracts, and it ensures fairness. NFT-based games contain Non-Fungible-Tokens that are electronic assets, but have real value even outside the gaming environment. These advanced features attract a lot more players to your online crypto casino.
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Challenges In Crypto Casinos
Amidst all the advantages of setting up a crypto casino, there are also a number of limitations and challenges associated with it, such as:
1. Regulatory Fluctuance
Crypto casinos often operate in a legal grey area as there is a lack of standardized rules and regulations around cryptocurrencies, as well as online casinos, in a lot of countries around the world. Regulatory bodies for these technologies are still evolving, and compliance requirements often tend to change in certain countries. This inconsistency can make it difficult for online crypto casino platforms to scale globally. Moreover, compliance requirements also require constant updates to business practices. So, operators need to closely monitor changing regulations and update accordingly.
2. Volatility
Another major challenge regarding cryptocurrencies is their highly volatile value. When a player makes a deposit with cryptocurrencies, its value can quickly decrease or increase significantly, which will cause problem for either the player or the business. This volatile nature of cryptocurrencies unnecessarily complicate finances for the business too. However, one way it can be handled is by offering instant conversion against a cryptocurrency deposit.
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Future Of Crypto Casinos
The future of crypto casino is set to be driven by smart technological revolution and rapid growth in the online casino industry, introducing us to many more stunning trends in crypto casinos. Blockchain and cryptocurrency go hand-in-hand to transform the way the world gambles online.
Blockchain integration currently facilitates functions like decentralized operations and smart contracts, besides a robust, encrypted security system. In future too, it is expected that this technology will further strengthen the safety and security of the platform.
Cryptocurrency on the other hand helps a player make financial transactions smoothly and seamlessly, with anonymity and complete protection from internet threats. Cryptocurrency and blockchain technologies, when blended with advanced techs like NFT, AR, and VR, will revolutionize the user experience.
Below are some more trends and features that casino game developers are enthusiastic about.
1. Metaverse Integration
Metaverse is a popular concept in gaming. In future, crypto casinos are expected to integrate metaverse-type environment with highly immersive gaming technology. It will facilitate players to have their own digital assets, real estate, and other valuable tokens, and enjoy gaming in real time.
2. Cross-Chain Gaming
The cross-chain function allows players to use multiple cryptocurrencies across different blockchain networks. This allows players to transfer digital assets among different platforms without any compatibility issues. This is a groundbreaking advancement in crypto casino gaming because it allows an expansive gaming ecosystem that’s highly exciting for players.
3. DAO Management
Another interesting change to expect in future is management through DAO or Decentralized Autonomous Organizations. This allows more players to not only participate, but more actively engage in creating the platform rules, vote on platform features, rewards, and game additions. This will create a more community-driven environment for online crypto casinos.
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Key Takeaways:
- With cryptocurrency, online casino players can enjoy safe and anonymous transaction without relying on traditional banking-based financial system. It offers an encrypted, fast, and fail-proof way of payment for players.
- Blockchain technology enables provably fair gaming, robust end-to-end encrypted security, decentralized operations, smart contracts, and many more advanced features and functionalities in a crypto casino.
- The future of crypto casino is bright, but there are also significant challenges attached to it. Regulatory fluctuations and volatility of its value are some of the most concerning hardships faced by crypto casinos.
Written by: Prish K
Prish K, Head of Marketing at TRUEiGTECH, holds an experience of more than 10 years in the iGaming domain. Starting from strategic planning and digital marketing to team leadership and cross-functional collaboration, he is a master of his domains. For more than a decade, he has shown a promising commitment to fostering result-driven and creative work outputs. Beyond guiding newcomers and established iGaming operators with the right software solutions for their business needs, Prish also wants to share his industry expertise and knowledge through insightful blogs and articles
