The future of MGA casinos with cryptocurrencies
Online casinos have become a popular fixture on the Internet. People all around the world like to engage in gambling from time to time. The allure of being able to score big wins is quite irresistible—especially in today’s economy and market situation.
In many ways, online casinos and cryptocurrencies are cut from the same cloth. Both attract opportunistic people hoping to create a better future for themselves and their families. In this article, we go over what the future of crypto casinos looks like; especially under the Malta Gaming Authority.
MGA is a big player in the iGaming industry
The Malta Gaming Authority, also known as MGA, has long been one of the largest online casino overseers in the world. Since the early 2000s, this governing body has been offering licensing services to online casino operators. Without a proper license, an online casino cannot function legally.
In addition to having a long history in the industry, the MGA license has also become known for being one of the most robust licenses. If a casino wants to go for maximum trustworthiness among the gambling populus, applying for an MGA license is an effective way to do so. Read more here to educate yourself even further.
It is hard to estimate how many MGA-licensed online casinos are currently available. Some estimates come close to 200 online casino and sportsbook brands in operation.
Cryptocurrencies are also on the rise
Cryptocurrencies have had a similar path to prominence as online casinos. Both are part of what could be called a digital revolution. Whenever a new technology arrives on the scene, people tend to look at it as something foreign and dangerous. The broad cryptocurrency market has definitely had a history of having a bad reputation. To make matters worse, this history still has not quite gone away as some politicians are still calling for the whole asset class to be banned. Just recently, the EU announced that it was going to crack down hard against potential money laundering and anonymous money transfers.
Thus far, cryptocurrency has been around for around 16 years. In 2008, a mysterious person going by the name Satoshi Nakamoto invented Bitcoin. There have since been speculations about this person possibly being billionaire Elon Musk, Ethereum co-creator Vitalik Buterin, or some other prominent figure. Whatever the case may be, Bitcoin has come a long way from those times.
At the start of 2024, the United States Securities and Exchange Commission, SEC, approved numerous Bitcoin ETFs, making it easier for the public to buy and hold Bitcoin. Many pundits have seen this as a central step on the way to crypto mass adoption. Some analysts have even estimated that the market value of Bitcoin will grow by around 500% in the year 2024 alone.
MGA and crypto casinos
For a long time, the Malta Gaming Authority has maintained a rather cautious stance on crypto casinos. While there are already several casinos that accept cryptocurrencies under Curacao and Anjouan licenses, the MGA has held off on its decision to license such brands. However, lately, we have seen a growing number of Estonian-licensed casinos with cryptos, so it was only a matter of time before the MGA would join the fray. In fact, just recently, a few crypto brands have already been able to score an MGA license.
Future looks bright
Although the MGA has only now dipped its toes into cryptocurrency, the future definitely looks bright for those yearning to gamble with their virtual assets. As the popularity of cryptos continues to rise, there is no doubt that more casinos—as well as the MGA—will want to get their hands on the market. After all, money more or less runs the world and affects decision making. If the will of the people is to have more safe crypto casinos, then that is what will eventually end up being delivered.
Bureaucracy and political decision making is rarely quick. If you are paying attention, you can already see what is going to happen before it actually does. Cryptocurrencies becoming more popular with licensing bodies, lawmakers and customers is one such thing!
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