Place Your Crypto Bets!
It's time to talk crypto gaming.
Elon Musk once famously said, “Paper money is going away.”
Alluding to cryptocurrency, Musk suggested that “Crypto is a far better way to transfer value than pieces of paper, that’s for sure.” Musk’s prediction seems to be coming true, as crypto is becoming a very popular currency form to not only invest in but also to use in a variety of things.
It’s known that includes a wide range from the famous bitcoin pizza all the way to purchased real estate... and fund a player’s online gaming wallet?
No, not video games. Gaming, as in casino games that offer various options to WAGER in.
Yes, Crypto has made its way into Gambling.
Gambling and Crypto
In 2020, many businesses including land-based casinos saw a temporary halt to their operations due to COVID-19. During that time, online gaming and cryptocurrencies rose in popularity. The global online gaming revenue hit approximately $66 billion in 2020—an increase of $8 billion when compared to 2019.
But this isn't a new thing- gambling and crypto have a history together.
Cloudbet Casino is a well-known crypto casino site, which has been running since 2013. They offer a nice crypto welcome promotion for new players that consists of a 100% match deposit of up to 5 BTC/BHC/ETH/PAXG, depending on the cryptocurrency in use.
MBit Casino is an online gambling venue that went live in 2014. It's a strictly crypto-only casino that supports BTC, BCH, ETH, DOGE, USDT, and LTC. So far, crypto gamers can enjoy over 900 bitcoin games, spread in multiple game categories.
Keeping Up With Demand
Keeping up with new technology and consumer demands, cryptocurrencies offer a variety of benefits to players and operators.
It’s a lot cheaper for gaming operators to process cryptocurrency payments compared to processing payments made with fiat currencies, resulting in operators offering better bonuses and promotions on crypto gaming platforms which leads to player acquisition and retention.
Another important aspect of cryptocurrency is transparency. Eliminating fraud and ensuring fairness is a top priority for gaming operators. A safe and secure gaming platform is a very attractive component for players looking to join online casinos- and trust them.
Also, players using certain cryptocurrencies can benefit from a high level of anonymity. Cryptos such as Monero are highly preferred due to their private and anonymous nature. According to TKEY, “Crypto players using XMR [Monero] can be sure that no third party will get access to their personal data and know about their gains and losses.”
Personal Data Issues
Recently the protection of personal data has become an extremely important part of many industries. So when gaming operators include cryptos such as Monero, it helps build trust between the player and operator—resulting in more business.
The crypto-gaming space still faces many hurdles such as transaction speeds, regulations, and value fluctuation. These obstacles will take time to tackle as crypto and blockchain are a new and evolving technology.
Many payment processing companies have started adding pay-in and payout support for cryptocurrencies—indicating a growing interest in digital currency in the retail, travel, and software space. Will cryptocurrencies stay pertinent for the online gaming industry?
Only time will tell. Please place your bets.
Author: David Gonzalez
Digital Dave is from South Florida and has 17+ years of experience in the fields he loves to write about: finance, crypto and sports betting.