Crypto Currency and Casinos – A Shifting Landscape

[Guest Post]

Photo Credit: Art Rachen/Unsplash

Rise of the Machines

It might feel like every company in the world has found a blockchain solution in the last six months and words like ICO, cryptos, token, and others are taking over the radio waves. Today, cryptocurrency has become a reality, and most online casinos are changing their banking options to include this digital money. Payouts and payment options have become more varied and the use of cryptocurrencies is much in line with payment trends in the gambling industry. 

Digital Currency by Default

Cryptocurrency and blockchain are having an impact on the casino industry, but the effect is perhaps most significant in the world of online slot machines where the technology is being adopted by companies, developers and even players. New mobile technology has also brought online casino gambling and sports betting into the mainstream, completely transforming the industry as we know it. Currently, cryptocurrencies are about to do the same, taking online gambling to a whole new level.

There is also a significant increase in the number of casinos accepting cryptocurrencies. Although in many countries the market is not regulated, those that can legally provide this service have the opportunity to attract users from all over the world. Why – because there are little to no restrictions as to how they invest or use digital currency. This may also provide a useful avenue for someone who doesn’t have access to a credit card for online transactions.

Unparalleled Online Access

However, to ensure player safety, regulations are needed in most cases. If not, this puts players at risk when a ban is enforced, since there is no protection if they encounter problems. But with the growing popularity of cryptocurrency, these improvements will no longer be an obstacle because rules can now be implemented within the blockchain protocol and can be used to produce 100% accurate results. In other words, online casino games cannot be controlled, and therefore require less regulation.

Online gambling is not allowed in all countries or states. Depending on your location, you may not have access to online sports betting sites. New Jersey, for example, is one of the few states in the United States that allows you to bet on sports online. In this state, several companies have recently opened their doors. 

Canada offers quite an open market when it comes to cryptocurrencies for gambling -since Canadian players can gamble online and access both casinos regulated in their province as well as offshore casinos, they may easily find casinos which will accept playing with currencies such as Bitcoin. Because cryptocurrencies are not considered a legal tender and are not legally considered real or actual money, Canadian players or any other players based anywhere in the world, should be wary of where they use their digital money.

Because blockchain technology is programmed to perform functions previously performed by humans, automated casinos can significantly reduce costs and fees associated with gambling transactions, allowing consumers to maximize their revenues. The more successful these attempts are, the more likely it is that the blockchain will be used to process more transactions than ever before, including machine-to-machine operations and interactions between individuals.

Playing with Bitcoin or any other cryptocurrencies has great advantages for the player. Firstly, Bitcoin is transacted using an alias, which means that players can be comfortable with the fact that their transactions are unlimited and difficult to track. Participants are required to submit their bank account details or use PayPal for most online casino games. But there is no need to enter your personal information for blockchains. You have the luxury of being completely anonymous. The BTC address is all you need and that’s it.

Mathematically, the longer a player stays on the tables or slots, the higher the probability of losing. The lower the edge of the house, the better the player, which means that he will lose fewer games played in the same amount of time. Cryptocurrency-based models change the way these profits are made. With a house advantage at zero, the player and the house will have an equal chance of winning. Despite the potential risks of playing with cryptocurrencies, people are quickly getting into the game. Furthermore, the vast majority of transactions are related to decentralized gaming applications on some blockchain networks such as TRON.

Although reports suggest that there are no better cryptocurrencies to use for gambling, some people prefer to use those connected to blockchain networks that process gambling transactions more frequently. Furthermore, since Bitcoin is the first and best-known cryptocurrency, it is probably the most accepted alternative in existing casinos to allow such transactions. Despite setbacks, online casinos remain a growing industry with the potential for continued innovation. It may be a failed attempt to wait for the blockchain equivalents to come along. If you’re ready to gamble, choose from the market leaders and get on it!