Crypto Exchanges: Why You Need Them for Online Gambling?
Recently, we have seen the growing integration of cryptocurrencies into online gambling. While traditional online casinos have been embracing major virtual currencies, new gambling sites focusing on electronic money have only recently emerged.
Crypto-friendly casinos today accept a multitude of digital currencies, allowing players to find the option that suits them best. If you have Bitcoin or any other crypto asset, you can start your casino adventure instantly.
But what if you want to use cryptocurrencies to gamble online but don’t have any? In this case, you’ll need to use cryptocurrency exchanges. They make cryptocurrencies easily accessible not only for gamblers but also for casinos. This article analyses the fundamental connection between crypto exchanges and online gambling.
The Role of Crypto Exchanges in the Online Gambling Ecosystem
Crypto exchanges allow users to buy, sell, and convert cryptocurrencies. As such, they serve as the starting point for new gamblers entering the crypto world. Hence, they are indispensable when it comes to funding online gambling activities unless a player obtains cryptocurrency in some other way.
At the same time, crypto exchanges ensure liquidity for online casinos, allowing them to accept various virtual currencies. Facilitating transactions between users and casinos, they make the overall gambling experience smooth and efficient.
The Appeal of Crypto-Friendly Online Casinos
Crypto casinos enable faster transactions at lower fees while granting greater anonymity and security. In addition, blockchain technology ensures fairness, offering provably fair games. In essence, they let players verify the fairness of each round.
Modern crypto casinos go further and integrate exchange services, thus allowing users to deposit and withdraw with ease. In some cases, crypto-based gambling sites also integrate Decentralised Finance (DeFi) features, allowing players to earn rewards for lending or staking their crypto assets. Staking and yield farming are some of the concepts involving interest and rewards for crypto users at online casinos.
Emerging Crypto Casinos: Taking Banking to the Next Level
In 2024, we saw the launch of several crypto-focused gambling platforms that allow players to buy crypto without leaving the site. By integrating trusted cryptocurrency exchanges and wallets, these casinos make it easier for players to get their hands on digital assets and start playing almost immediately.
One of these platforms is Playbet.io Casino, where players can use their credit cards, Apple Pay or Google Pay to obtain cryptocurrencies. By integrating Mercuryo, a fully licensed crypto wallet, the gambling site facilitates transactions, ensuring every step happens on-site.
Another example is Genie Jackpot, offering players even two options to buy digital currencies. Here, players can exchange fiat for crypto through MoonPay or Banxa. Ybets Casino also lets players buy, sell and swap electronic money on-site through the crypto exchange platform MoonPay.
All these new casinos support major cryptocurrencies, enabling players to make quick and secure transactions.
Things to Keep in Mind When Using Exchange Services at Crypto Casinos
If you decide to use exchange services directly on crypto casino sites, it’s essential to consider factors such as fees and supported cryptocurrencies. Conversion fees depend on the banking option you use and can range from 1% to 4.5%. Usually, the highest fees are charged when using credit or debit cards to buy cryptocurrencies.
Besides fees, you should pay attention to the reliability of an exchange platform. These platforms should be licensed and offer round-the-clock customer support. Transaction times and withdrawal limits are also factors that should not be neglected.
If you have any questions or doubts about using a crypto exchange integrated into the online casino you want to play at, consult Cryptowisser. Our comprehensive and searchable database will help you find all the answers in no time.
The Future: How Crypto Exchanges Will Impact the Evolution of iGaming
Blockchain technology and cryptocurrencies have taken the online gambling industry by storm, with operators offering players plenty of provably fair games and banking options. Some even have proprietary digital currencies. At the same time, the integration between casinos and crypto exchanges has been taking place, providing innovative solutions.
Using DeFi protocols, crypto exchanges offer decentralized services like liquidity pools, yield farming, and staking, allowing users to access these services while retaining control over their assets via smart contracts. So, centralized financial intermediaries are entirely excluded from the equation. We expect the relationship between exchange and casino platforms to further deepen in the years to come. This can lead to more decentralized casinos or platforms fully powered by DeFi.
Will crypto exchanges venture into online gambling and offer their own platforms in the future? It remains to be seen. However, one thing is certain: the online gambling industry will provide more possibilities for players and casinos to benefit from upgraded and completely new concepts. So, it is of the uttermost importance to keep up and be prepared for innovative features that may enhance the gaming experience.