In What Way Does the Increase in Crypto Impact the Casino Industry?

In 2009, after more than a decade of theoretical discussion, Bitcoin was launched. It was the first of what would become known as cryptocurrencies, and it changed the financial world forever.

The first Bitcoin valuation and purchases were made in 2010 and rival cryptocurrencies began launching in 2011. Over the following decade, they grew from fringe concepts to internationally recognised currencies.

Spectacular spikes and crashes in value meant cryptocurrency became a regular feature in the headlines and curiosity about it grew. Early adopters have made millions of dollars and, today, Bitcoin and its ilk are becoming increasingly integrated into everyday life.

Crypto carriers can now use their digital currency to make purchases and trades in many ordinary situations. Online markets are quickly adapting to accept crypto, as are many in-person businesses.

Many online casino providers, such as Virgin Games and their excellent Slingo Casino range, now accept crypto as standard. As you can imagine, this change has impacted the casino industry in a number of important and interesting ways.

• Security

Until now, online casinos have been required to collect a significant amount of personal and financial data from their customers. While complex security features mean most transactions will be safe, the security of this data has long concerned many users.

The blockchain technology used in crypto brings next-level security, increased anonymity, and decreased data requirements to online transactions. Secure crypto deposits require only a wallet ID, removing personal data sharing and vulnerability almost entirely.

• Cost

An advantage of crypto being decentralised currency is that no banks or authorities are in control of its use. This means there are no fees, on the payer or payee, for using it to make digital transactions.

Standard currency has to be converted and moved in digital format by banks and credit cards, often incurring fees. By using 100% cost free crypto all the money is kept strictly between the player and the casino.

• Free access

Each nation has its own rules regulating the playing of casino games both online and off. Even in offshore casinos, the national currencies of countries where casinos are outlawed are often prohibited from being used.

As they are decentralised, crypto currencies are unaffected and unrestricted by national borders and regulations. This means if a casino accepts crypto you can access it from anywhere in the world, wherever it is based.

• Anonymity

For many people, anonymity is one of the core attractions of crypto and it underpins many of the other benefits. Sharing personal data online isn’t just a security risk, it's undesirable to some for a huge range of reasons.

With online casino it isn’t just about what gets shared with the casino, it's what gets shared with the banks. Crypto transactions do not appear on bank statements, so they cannot affect loan applications or eligibility for other financial products.

• Speed

Another positive side effect of removing intermediaries from the online payment process is enhanced efficiency. While modern online casinos work hard to allow quick withdrawals of winnings, it is not always in their hands.

Banks and credit card companies have their own processes which can significantly slow the movement of digital funds. With crypto, both deposit and withdrawal are always instant, meaning no more frustrating waits for players using those currencies.

• Transparency

While most online casinos are honest and respectable organisations, not all are and it can be hard to distinguish between them. If you use crypto when you play casino games, however, you have a secret weapon that ensures transparency.

Cryptocurrency online casinos have their transactions recorded on a public ledger allowing anyone to view their receipts and payouts. This means every claim a casino makes about large jackpots or return-to-player rates can be easily verified by any player.

Of course, despite its increased notoriety, there are still relatively few people who own crypto compared to more established currencies. It’s new and, to many, frightening, and it has taken a long time to build trust in the wider population.

We all see the positive headlines about how much crypto can be worth and can increase in value. But we also see the stories of how it can crash, or even be trapped in passworded hard drives.

This has, understandably, made many people sceptical about moving their savings into cryptocurrencies, and many businesses shy about accepting it. In recent years, however, mainstream confidence and acceptance of Bitcoin and its peers has grown significantly.

Today, some of the biggest companies on the planet will readily accept Bitcoin and select crypto as payment. Some of these include:

• Microsoft

The original computer giant will readily accept crypto to pay for Xbox Live, Microsoft apps, games, and other digital content.

• Wikipedia

Perhaps the greatest collection of free knowledge the world has ever known, Wikipedia is happy to accept crypto donations.

• Paypal

The most famous secure payment intermediary in the US and beyond is helping millions of merchants begin transactions in crypto.

•  Starbucks

You can’t yet buy coffee in stores with crypto, but you can top up your digital wallet and use that.

• Home Depot and Whole Foods

While the goods these companies provide are very much offline, you can buy them with crypto via an online wallet.

• Fast Food

In 2022, you can even satisfy your hunger with crypto. Pizza Hut and Burger King in Venezuela, KFC in Canada, and several Subway outlets all accept crypto payments.

In short, cryptocurrencies are becoming better understood, better trusted, and more accepted by more individuals and businesses each day. The casino industry has been at the forefront of this and clearly demonstrates the impact, and advantage, of adopting crypto.

So, next time you log in to your favourite casino, perhaps ask if it could be better with crypto?

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