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Will Mainstream Casinos Offer Crypto Banking?

Author: Delma Wilson

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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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The iGaming industry is always following the latest trends. Any time a new game type hits the market, online casinos have it. They also follow trends in terms of technological features and payments too. When it comes to the latter, crypto payments are all the rage right now, with many casinos having already accepted them.

However, there’s a catch. Due to licensing regulations and the fact that cryptos are not accepted worldwide, at the moment, only smaller casinos have them. Those are usually licensed by the government of Curacao, with rarely any mainstream casino accepting cryptos.

Why Do Mainstream Casinos Avoid Cryptocurrencies?

As you probably already know, Bitcoin and the bunch are not globally accepted. Some smaller countries such as El Salvador have fully embraced Bitcoin, while others are contemplating the same move. In some countries, cryptos are legally restricted. In some countries, they are outright banned, and if a licensing body comes from such a country, a casino will be legally prevented to offer crypto payments.

For example, Casumo online casino currently accepts only mainstream, established payment methods as it is licensed by the UK Gambling Commission which has strict policies when it comes to cryptos. While it does recognize crypto as a cash alternative, the UKGC requires its licensees to comply with various anti-money laundering principles which make it hard for operators to add cryptocurrencies to the list of payment methods.

Currently, only mainstream casinos reject cryptocurrencies, even if it knows their advantages. Rarely any big casino accepts them, afraid that it may bring trouble with their licensing authorities or the law. There are simply too many obstacles in the way, and no mainstream casino wants to tarnish its reputation by offering unsafe payments.

Of course, the blockchain is safe, but another major problem is anonymous transactions. Cryptos offer payments without sharing your bank details, and due to that, they’ve largely been associated with illegal payments. With the iGaming industry also being scrutinized as unsafe by some players and experts, no one wants to add fuel to the fire.

Will Cryptos Ever Get to the Mainstream?

The legal landscape for cryptocurrencies around the world is constantly evolving. According to many experts, the world is facing a financial crisis soon, with country debts hitting head-spinning amounts. Countries such as El Salvador have made a bold move to switch to Bitcoin fully, but some time should pass before we see the results of the experiment.

As time passes and the world realizes the full potential of cryptocurrencies, we expect casinos to follow suit. While it’s too early for mainstream gaming sites to start accepting Bitcoin or Ethereum, it may come soon. We can see a future in which online merchants and casinos openly accept Bitcoin, especially since PayPal has added crypto support.

Big companies are changing their tune on Bitcoin and cryptos, and mainstream casinos may follow suit. We may be years off that kind of move, but with the world on a verge of a financial crisis, it might happen sooner rather than later.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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