Online gambling is nothing new, and pretty much as soon as there is a new platform of any kind, someone will find a way to make money off of it, likely from betting on anything and everything. However, there is a new way to fund these ventures, and that is through cryptocurrency. In a setting where people routinely bet the farm on a single roll of the dice or slot machine pull, taking on a volatile asset as payment doesn’t seem like a big deal.
Gamblers Will Love Cryptocurrency
It is, but it’s a big deal in a good way, as it allows for gambling without restrictions. How? Well, some of the biggest headaches and costs that come from running one of these ventures is due to the regulation woes that are required for dealing with fiat. Online casino operators quickly found that by accepting Bitcoin, that they could quickly cut the costs for their ventures. That means less licensing headaches, and no dealing with finicky merchant services or banks, who are hesitant to deal with this industry anyway. In fact, many of them have outright bans on accepting payments for anything that is related to gambling, only making the transition to cryptocurrencies a more logical one.
What’s more is that cryptocurrency is a global payment system, it is not tied to any particular region or country. This makes it perfect for cross border payments or remittances, and it allows people to participate in cryptocurrency gambling that may otherwise have been excluded due to their location or currency. This provides a much larger influx of capital to these operator’s businesses than they would get if they were operating on fiat currency alone, and many casinos only take cryptocurrencies now because of their ease of use. There are a lot of added costs with having to convert and transfer foreign currencies, and now thanks to cryptocurrency, those costs are gone completely.
Great Crypto Gambling Experience
This world is only going to get bigger, and it won’t stop at dice and slot machines. Several projects are working on bigger and better systems that allow for sports betting or prediction markets that literally turn anything into an event that can be gambled on. Soon users will not need to be content with playing casino games, they can literally create their own gambling markets in a decentralized exchange. Crypto gambling is becoming an inclusive experience that not only has its own ecosystem where banks will soon not be welcome, but it is growing to accommodate even more users and products that give it a more robust presence.
The players are embracing these new payment methods as well for the same reasons. They can now participate in markets that they were once excluded from, and they can achieve financial privacy, something which has been quickly deteriorating over the years. Your cryptocurrency wallet won’t question or block your purchases like your bank or credit card company may try to do, and for the often neglected industries that traditional payment processors tend to shun, cryptocurrency looks like a match made in heaven.