Crypto Casinos Set Flourish according to New Report
Slotegrator has been looking at the growing roles of cryptocurrencies in the online gambling market. As blockchain technology — and currencies built upon it — advances, it has become more relevant to the iGaming industry.
While, at present, cryptocurrency gambling makes up just a small segment of the industry, looking at Google trends shows that there is a steadily growing interest in the industry. There are a number of reasons for this. Chief among them is the privacy and security offered by blockchain transactions, as well as the very low fees.
There are a growing number of casinos that support automated payments using smart contracts. However, one drawback at present is that there are a relatively small number of games that allow for wagering in cryptocurrencies. Companies like SOFTSWISS are working on addressing the payments issue by making crypto exchanges for casinos. On the other hand, both operators and players are attracted by the security, transparency, and anonymity offered by cryptocurrencies.
Crypto casinos are also able to make use of smart contracts to automate payments and automatically verify the results of a game, ensuring fairness. For some players, this will provide a heightened sense of trust. Of course, one of the biggest advantages is the speed of transactions. When depositing or withdrawing with a cryptocurrency, the transactions are processed instantly and are often complete within seconds.
At present, there is very little legislation that relates specifically to crypto casinos. However, those features that most attract players, in particular anonymity, are likely to worry governments the most. For instance, they are likely to be concerned about the potential for money laundering. As such, it is possible that legislation will begin to appear in the near future, with the UKGC likely being among the first to introduce some form of regulation in the space.
One downside for players and operators is the volatility of cryptocurrencies. Bitcoin and Ethereum have both seen major price fluctuations in recent times, and this adds an element of unpredictability to the business model. However, for now, it appears the consensus is that the pros outweigh the cons when it comes to crypto casinos. As such, it is likely that more and more casinos will begin to accept cryptocurrency deposits.