Guest Post

How Cryptocurrency Managed to Get the Approval of the Gambling Industry

Cryptocurrencies have come a long way, and it seems like the buyers are more confident in investing in crypto. Back in 2017-2018, the same could not be said, especially when bitcoin dropped significantly at one point which left everyone pretty shaken up. Nowadays, people are only regretting not being more patient with their crypto, as the big names seem to be more stable and valuable.

Today we have more retailers that accept digital currencies, and we also have online betting platforms that allow you to bet with crypto. Clearly, people are becoming more familiar with how cryptocurrencies work, so let’s see what made retailers more open to adding crypto as a payment option.   

Growth of cryptocurrency

Since 2009 there have been a lot of ups and downs in the world of cryptocurrency. Many saw it as just another way to make a quick buck and leave it behind, the market was filled with pump and dump scams, so it was understandable why there was a lot of doubt surrounding the whole idea. Today, however, bitcoin has rebuilt the trust and support from users and investors and it is soaring high once again. In other words, the user base has expanded significantly, which is another reason behind this steady growth. Casinos are simply following business logic to cater to a larger group of users. In other words, it could do more harm than good by not allowing digital currency payments. 

They make casinos are more credible

One of the main selling points for cryptocurrencies is innovative and secure payment networks or blockchain. The reason why people trust this system is that it’s far less susceptible to fraud compared to the current systems we have in place. One of the problems real money casino apps have is building trust and proving they are a safe option to transact with. This is because there were fraud scams involving online casino payouts, so new users are rightly skeptical when they encounter an online casino they never heard about. Allowing crypto transactions is one of the ways of showing it is a secure and legitimate platform.

Fast and secure payment method 

Payment processing can sometimes cause real problems, as banks or MSBs have to do their due diligence and comply with regulations. This can always cause major delays and users are typically frustrated when it happens. Improved efficiency is one of the benefits of blockchain technology in payments, mainly because it removes the middle man from the equation. With fewer hurdles along the way the processing time is significantly reduced, as well as the chance of unforeseen delay.  

Cross-border payments have been a big pain point when it comes to money transfers, and banks have a lot of factors to consider and examine before they can clear a payment. Considering how a large portion of people who play online casino games do so because there are no casinos in their country, funding the account and transferring funds become international payments. In these situations, crypto transfers are an ideal solution for that problem. 

Conclusion

These are the main reasons why cryptos are more prevalent in the world of online casinos and online betting. Because of the user needs, and the necessity to facilitate positive user experience casinos were strongly encouraged to make crypto payments available. A lot of players play to win, and if there is a problem with gaining access to those winnings it will result in a negative experience. Whether it had to do with the casino or a bank it won’t matter in the end because their story will affect how other customers approach the platform. Crypto is a perfect means to mitigate those risks, and it’s the right business move for any retailer, let alone a casino.   

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Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: [email protected]

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