Can the Popularity of Crypto Casinos Help Drive the Cryptocurrency Market?
Over the past decade or so, one of the most exciting advancements in internet technology has been the blockchain. This new way of transferring data has opened up multiple opportunities and uses for a more secure, decentralized system of online transactions.
Cryptocurrencies make up a vital part of the blockchain and its many uses. Mass adoption of crypto and the blockchain has been the main aim for blockchain companies and enthusiasts.
As a result, it is always exciting to see crypto being used out in the real world and crypto casinos are an excellent example of just that.
More and more casinos are offering cryptocurrencies as a payment option, just like Ahti Games casino, which you read all about with this review on bestcasinosites.net.
Some online gambling firms have even begun further-exploring potential uses for blockchain tech in the online gambling industry.
This all sounds like great news for cryptocurrency investors who will be hoping the whole crypto market gets a boost from the buzz around these casinos.
But is the popularity of crypto casinos going to help drive the cryptocurrency market forward? This article will highlight some of the main factors involved to answer this key question.
The Benefits of Crypto Casinos
Without a clear set of advantages over traditional online casinos, there will be no reason for crypto casinos to ever gain enough traction to boost the market. Here are some of the main benefits crypto casinos could have for both gamblers and providers.
Transparency and Security
Casinos being operated on top of blockchain technology offer a level of transparency that traditional online casinos do not. Since all of the data transferred becomes visible on the blockchain, there is no way for the casino to hide any nasty surprises.
The blockchain works kind of like a public ledger of all the data transactions related to the casino. This makes it simple to prove that games are fair and also means there can be no dispute when it comes to cash transactions.
Crypto casinos can also offer an additional layer of security to customers since there will be no need for them to enter any personal information. This simply isn’t required when depositing a cryptocurrency like it is when using your bank.
This is great news since we all know online businesses, particularly casinos have a bad reputation when it comes to data-sharing.
Casinos that use cryptocurrency as a payment form open themselves up to an entire world of customers. Crypto like Bitcoin can be used as a payment method from anywhere in the world and there are no banks to stop you from depositing funds wherever you wish.
Some countries and states around the world also restrict access to casinos that operate from specific locations. This means these citizens become limited for a choice of legitimate casinos and can easily get caught out with illegal providers.
Crypto such as Bitcoin gets around this problem since it cannot be restricted so people can deposit funds and play on all the most reputable websites around the globe.
When playing in a traditional casino, customers have to absorb the transaction fees associated with bank and credit card transfers. In many locations, there are also taxes and duties that will need to be paid from any winnings. Together, these make gambling much more expensive than it may appear.
Crypto makes gambling cheaper by almost eliminating transaction fees. The transaction fees are either zero or extremely low.
As a result, casinos don’t need to charge their customers any unwanted additional fees, which makes their casinos much cheaper to use.
Factors Driving the Crypto Market Forward
Currently, the crypto market is growing very nicely as a result of Bitcoin’s surge to extraordinary new all-time highs over the past few months. This kind of price-action can catalyze the entire market but we need other avenues of adoption for the market to truly take off.
As I mentioned throughout the article, crypto casinos look set to become a crucial part of boosting the cryptocurrency market. There are some important factors taking place that can lead to this growth.
More Use Cases Outside of Payment Methods
Using cryptocurrency as a payment option was the obvious first step for online casinos. However, this doesn’t begin to showcase the potential of blockchain technology and online casinos when used together.
The addition of a crypto like Bitcoin, Litecoin, or Dash for depositing funds in casinos won’t be enough on its own to expose more people to the market. Ideally, we need to see a growth in crytpo-only casinos first. Once more people realise the benefits of using only crypto to deposit and withdraw funds, the market should see the results.
But again, this isn’t going to be enough. The main boost for the market will come when gambling providers fully adopt the blockchain to run their online casinos.
The advantages to this have been noted already and, as long as it is done well, the first few casinos to operate fully on the blockchain can be the pioneers for the new wave of online gambling websites.
An exciting example of a company looking to revolutionize the online gambling industry is Edgeless.
Edgeless provides a totally transparent and provably fair online casino on the blockchain by using the Ethereum blockchain and smart contracts. They also offer a 0% house edge, which is of course unheard of in traditional casino gambling.
Exposure to the Mainstream Audiences
Unless companies such as Edgeless are advertising themselves to the right audiences, adoption will be minimal. Too many crypto-based companies focus their efforts on proving themselves to the crypto market and others in the space.
More effort needs to be put into advertising themselves to their end-users. The gambling industry as a whole are experts in marketing and attracting the right customers to their services.
For example, Bet365 made huge strides in their sports betting sector when they partnered with the English Premier League. A 3-year deal back in 2016 helped the company to reach over $3 billion in revenue, which was almost a 100% increase over that 3-year period.
Following a similar trend to Bet365, we have seen some crypto-focused gambling companies getting involved with the premier league. StormGain and Crypto Millions Lotto agreed advertising deals with Newcastle United and Wolves respectively.
This is the kind of mainstream advertising crypto casinos will need to look into in an effort to boost visibility to the target audiences.