The Impacts Cryptocurrency has had on iGaming
In the early 21st century, one of humanity’s favorite pastimes throughout history, gambling, saw a major change. The introduction of online gambling (or iGaming), made it possible for players (high-stake and low-stake, or even casual) to access a poker match, roulette wheel, or even a slot, from the comfort and security of their own home. Throughout the years, online casinos have grown in popularity, hitting their apex in 2020.
In 2009, Satoshi Nakamoto, an anonymous computer programmer, unveiled his latest creation to the public. Bitcoin was the first cryptocurrency. A digital, decentralized, completely anonymous form of currency, which one could buy, sell, or trade, much like a stock investment. Since then, over tens of thousands of cryptocurrency have hit the market, though none have reached the popularity of the first.
So, the question we pose today is, how do these two things correlate? What impacts has cryptocurrency had on the world of online gambling? In this article, we will look at a few examples.
Crypto-based Online Casinos
Online casinos have been around for a couple of decades now, and have recently become more popular than ever. The practice is especially big in countries like the UK, Germany, Switzerland, and New Zealand. For example, 13% of New Zealand adults have said that they gamble at online, and considering only 2% of them say that they use foreign websites, setting up an online casino in New Zealand is not a bad business venture.
But what role does crypto play in all this? Well, due to the popularity that Bitcoin seems to have among online gamblers, many online casinos have now begun to accept crypto-based deposits and withdrawals. A lot of reputable online casinos now let their user base bet Bitcoin, Ether, and any number of other prominent cryptos. Some online casinos have even taken up the practice of only allowing crypto-based bets. This is one of the most prominent ways in which cryptocurrency has changed the world of iGaming.
Crypto-based Betting Sites
Another change is that; many betting websites have now begun accepting cryptocurrency as a viable method of wagering as well. Sports betting is one of the most popular activities among sports fans, and with some sports having a fandom in the billions, that means that the sports betting industry is booming.
As betting sites grow in popularity, not just in their native country, but on the international scene, they must find new methods to appeal to the general public. Many betting sites now accept currencies from different regions in the world, though the most notable ones are still the British Pound, the US Dollar and the Euro. However, to better pander to the international market, many online betting sites have decided to accept wagers made with Bitcoin, or various other cryptocurrencies. This has led to our final point on this list…
Accessibility
Cryptocurrency is accessible to people from all over the world, which means that crypto casinos and betting sites that accept crypto are a lot more accessible on the international scene. While online gambling sites that accept exclusively FIAT currency can still be accessed from anywhere, it would require the user to make an exchange of currency, and thus a fee will be deducted. With cryptocurrency that is not the case. The player, or punter, will be paid out exactly what they have earned.
Conclusion
To conclude this article, cryptocurrency and online gambling seem to be interlinked, and their connection is likely to grow even bigger. Many are predicting that land-based casinos are going to start embracing cryptocurrency en masse very soon, and others believe that crypto casinos and betting sites will become all the more popular in the coming future.
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