Cryptocurrency has created a surge in the global economy, thus extending its branching reach to the gambling industry. However, most gambling companies try to tread more carefully than others due to the volatilities of these currencies. Regardless, there has been a marginally high increase in the number of online casinos that have adopted crypto payment methods in recent years. This development benefits both industries as cryptocurrencies gain more popularity and the gambling industry and expanded payment method section. There are a lot of excellent gambling platforms out there, and a typical example is a 22Bet platform that punters can access via the official website at https://22bet.ng/mobile/.
ONLINE GAMBLING PLATFORMS AND CRYPTOCURRENCY
The spread of cryptocurrencies into online gambling has been sporadic of late. At first, it was just Bitcoin and Ethereum on most platforms. Now, most betting avenues have extensive crypto resolutions with the inclusion of others like LiteCoin, DogeCoin, and Bitcoin Cash, among others.
For instance, in most Asian countries, especially Japan, Ethereum happens to be the most preferred cryptocurrency for online gambling as it can not be controlled or tampered with by the Japanese government.
An NBC News poll reviewed that at least one in every five persons in the US has used cryptocurrency in one way or the other. Now, the reality is that most online sportsbook and casino platforms are now interested in selling our products or getting involved with people carrying cryptocurrencies instead of real money. However, all the crypto platforms surveyed by the NBC News poll were not based in the US, making the oversight by government authorities even harder.
There has been enormous growth in the crypto casino business, and the development will only wax stronger. Based on the analysis carried out by a blockchain analytics company – Chinalysis, they found about 70 crypto-friendly online casinos in operation, with an estimated incurred cryptocurrencies worth over 2.8 billion dollars in 2022 so far. Moreover, compared with 2021, the total income on cryptocurrency was worth over 10 billion dollars, a 65% increase from the net income in 2020.
WHY DO GAMBLERS PREFER CRYPTO OVER OTHER CURRENCIES?
Aside from being very popular in the financial world, there are many reasons why any gambler would prefer gambling in cryptocurrencies. These reasons are given below in short paragraphs.
Cryptocurrencies have always been complicated to trace because they provide little to no tags on the persons who own them. If you like your privacy, gambling with cryptocurrency can undoubtedly be a terrific choice. Moreover, these tactics help players keep information about themselves safe and intact without worrying about external hacks and intrusion that might lead to the theft of this information.
If ever you are worried about the safety of online gambling platforms, employing the use of cryptocurrencies affords these platforms the additional one an extra protective layer of blockchain technology. This technology enables the automatic listing of payment transactions by assigning specific codes to each, making it hard for anyone to interfere or change this information to perpetrate fraudulent activities.
Crypto is a decentralised currency, and it is not bound to any banking organisation. Therefore, it is not influenced by territorial governments or individual organisations. Consequently, no matter how large your gambling winnings are, they can not be investigated by anyone or any organisation.
However, some demerits could adversely affect the gaming company and individual punters. Due to these crypto funds’ instability, a currency that holds a strong position in the market could end up with a shallow margin before a casino gaming event is completed. However, this possible development could lead to a loss on the part of players and the online casino. Although for reasons known, most online casinos do not offer crypto gamblers welcome bonus offers, there are a limited number of promotions that gambling platforms could provide to players with crypto accounts. This all stems from the instability of the currency.
THE FUTURE OF GAMBLING
Despite the instability in the crypto world, it has won over the hearts of many who prefer to gamble using cryptocurrencies rather than actual hard cash. These persons have joined up to create some fan clubs to oust the use of regular currencies in the gambling world. Although crypto enabled gambling still has a long way to go, the future certainly looks bright.