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Cryptocurrencies have been experiencing steady growth these past few years. Since Bitcoin’s popularity took off, crypto enthusiasts have multiplied, and despite the recent market crisis, interest in the sector remains robust. The online gambling industry has embraced cryptocurrencies, and their influence is unlikely to diminish. Blockchain technology is also likely to be used to develop betting platforms.
In adopting modern technology, iGaming has always remained on the cutting edge. Online casinos and sportsbooks have always been quick to incorporate new technology and platforms to stay up-to-date with the constantly evolving landscape of iGaming. Cryptocurrency gambling is no exception to this trend. New betting platforms supporting Bitcoin and other cryptocurrencies have emerged over the past few years.
Considering the pace at which cryptocurrency is being accepted, it is only a matter of time before the Metaverse also becomes widely accepted, with ETH gambling becoming more popular. At this point, crypto gambling is a multi-billion dollar industry with the potential to grow further.
The Benefits of Using Cryptocurrencies for Gambling
There are various benefits of using crypto for the purpose of gambling. These include the following:
Convenience
Players from countries where gambling is not allowed may benefit from the convenience of crypto-friendly casinos. Players can also place bets at online casinos safely and economically using cryptocurrencies.
This is usually prohibited since most traditional online casinos do not let players from specific countries sign up. Players can manage their winning conveniently at a cryptocurrency casino. This is usually because anyone with a crypto wallet may immediately access their funds anywhere in the world.
Improved Security
Many casino players constantly worry that cyber criminals will steal their financial data while they gamble online. Blockchain technology is an excellent option for securing crypto because it has in-built security features. Every transaction involving a specific cryptocurrency is logged on a distributed ledger, and the coin's entry is defined.
Because the ledger is decentralised, any system utilising the currency’s blockchain must be acknowledged and authorised over what transactions have occurred. This reduces the possibility of suspicious transactions taking place.
Decentralisation
One unique benefit of crypto casinos is the decentralisation of the entire process. When betting with conventional money, a player’s money passes through a financial institution or their relevant government.
When gambling using cryptocurrencies, the funds are sent directly from one person to another without the involvement of an intermediary. That makes it noticeably faster and more effective than conventional alternatives.
No Hidden Costs or Taxes
As mentioned, cryptocurrency is decentralised and not monitored by any financial institutions or the federal government. In this case, hidden transaction charges do not apply to a player’s casino winnings after cashing out.
Hence, players can potentially save money and use it for other expenditures. While using cryptocurrency coins, crypto users can also try different bonuses without worrying too much.
Anonymity
Players can maintain anonymity by utilising cryptocurrency to play at online casinos. Crypto wallets do not require disclosure of any private information to use them. They can then focus on gambling since they cannot observe their development.
What to Expect from Crypto Gambling in the Future
The revolution in online gambling is already here, owing to blockchain technology becoming widespread. The following trends are expected to emerge in the near future:
Metaverse Casinos
Players will significantly influence online gambling in the Metaverse as it gains popularity. As a result, casino platforms can offer a more immersive and realistic gambling experience by letting players design their virtual worlds.
Imagine walking into a casino in VR, interacting with other players, and playing against them. Another conceivable concept is learning to master your poker face while playing poker. All in all, the possibilities are endless.
A Bigger Level of Control
At some point, the crypto gambling sector can also expect additional regulation. Governments may start to take notice of crypto-friendly gambling as it continues to evolve. Consequently, we expect more countries to consider passing laws regulating crypto gambling.
In the future, regulated markets are more likely to be accepted by the general public. Moreover, regulated markets can lead to more significant innovation and better consumer goods and services, as we have witnessed with iGaming.
The Increased Popularity of Decentralised Gambling
Since crypto-friendly gambling is decentralised, it has various benefits over conventional gambling methods. All the game control and money are distributed among multiple entities rather than one.
Although this makes the establishment more resistant to government regulation, the possibility of sharing earnings with users also increases. Overall, decentralised gambling is the future.
The future of gambling is mysterious yet fascinating. Only time will determine how the future of crypto gambling will evolve in the next few decades, but it is hard to imagine that the area will not evolve tremendously.
Author - Nerijus Grenda
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.