Online gambling is a sector that grows daily and has a solid capital base — according to estimations, in 2021 the market was expected to rise up to about $72.02 billion internationally. Reports regarding the accuracy of the forecast are still in the works, but the growth rate is evidently huge. However, people are still hesitant to gamble online. They are concerned with the security of their bets and payments, as well as data protection. Delays during funds withdrawals and high commissions also remain significant issues for players.
But all these problems can be addressed by blockchain. The transparency and controllability that the network provides will make online gambling more trustworthy. Furthermore, gambling websites on blockchain technology are not something new anymore. Crypto gambling Winorama offers control over game fairness through blockchain. Slots, roulette, lotteries, and card games with English, Italian and French interfaces can be found at Winorama — all transactions are protected via encryption and a dedicated blockchain network, plus it’s possible to gamble with BTC and ETH.
Blockchain Casinos & Regular Online Casinos
Blockchain has become an important part of the global financial market. In December 2021, the crypto market capitalization already reached $3.3 billion — and the blockchain has risen alongside the tokens. According to CoinGecko, this growth will not stop.
Advantages of Blockchain Technology for Online Casinos
Blockchain casinos and regular ones don’t have any visible differences. However, the possibility to pay with cryptocurrency and use blockchain technology has many advantages. First and foremost, crypto means more user-friendly payments:
- Crypto is cheaper. Bitcoin transactions are not processed by the bank. The only charge is the miner’s fee (up to two percent), which is still cheaper for both receiver and sender, especially considering that most online casinos do not monetize through commissions at all.
- Crypto is faster. Without banks, transactions also become faster, which is good for both crypto casinos and customers as well. No verification is required for making a deposit or withdrawal (except casino verification). Both transaction types are processed within no more than two minutes.
- Crypto is borderless. Another great advantage for players is that your location does not matter. All you need is internet access and a crypto wallet. But that doesn’t make casinos illegal: that just means you can play from wherever you are.
Blockchain as the technology itself has already been applied in different spheres. But, it makes playing in online casinos easier and more convenient.
Provides a System of Trust
Blockchain technology is commonly used in many different spheres besides cryptocurrencies. It consists of blocks and chains, where a block is encrypted information and a chain is a link from one block to another. There is no central body that administers the information in blocks — it’s done by the whole community of blockchain users (but: they cannot access the info in blocks; only people who own the info can.) Decentralization and distribution of data across the network guarantee the users a system of trust. Every change in the network is recorded in the next block; fraud and attempts to change anything in transactions become immediately apparent when transaction records are decrypted.
The trust in blockchain-based transactions in online casinos appears not from the relationship between the player and the casino. It is stimulated by the technology itself; blockchain technology is very challenging to hack. If a casino would want to change the outcomes of the game, making players lose, they would know about it as soon as the first outcome is revealed. Online casinos are more trustworthy than regular ones.
Security
Another issue every gambler faces before registering in the ordinary online casino is security. Even if the company provides encryption, security still concerns many players. But security is essential for crypto casinos, and it’s maintained well. What’s recorded on blockchain virtually cannot be manipulated. That guarantees the safety of your data.
Along with security problems comes a lack of transparency in the traditional online casinos. Gamblers who frequent them complain about losing their bets because of an unfair system. Such problems can be avoided if playing in the crypto casino, given the level of transparency of the network. Not a single step of the player will be lost by the system — and not a single step of the system will go unnoticed by players.
User Anonymity
In some BTC casinos, you can play without even disclosing your real name or any other personal information. Crypto casinos offer the possibility to make anonymous deposits using cryptocurrency. Most likely, your transfer will be converted to BTC or native casino tokens. Here’s how you can make anonymous deposits:
- Go to the casino website and press the “Login” button.
- Select the “Make a deposit” option.
- Choose a method of payment (for example, Bitcoin).
- Fill out a form with the information of your crypto wallet.
- Wait for the transfer confirmation.
- Start playing.
Once you have registered an account in the crypto casino, blockchain will keep your information private. It means that even the number of your wallet will be anonymous — good protection from hackers.
Bear in mind, though, that not every casino allows you to play anonymously because of strict anti-fraud policies in some jurisdictions. Also, some countries forbid owning a cryptocurrency at all.
Ease of Transactions
Cryptocurrencies provide not only fast and low-cost transactions but convenience and ease within financial operations. Betting on fiat always takes verification from the bank, and the situation is even worse for withdrawals — often, you need approval from both the casino and the bank. This problem disappears if you use Bitcoin or Ethereum or other cryptocurrencies.
All you need is to have a crypto wallet and a smartphone app for it. From this point on you can buy, send, receive and even gamble with whatever coin you prefer. The whole process of installation and connecting profile to casino takes a few minutes.
Summary
Every year, the growing cryptocurrency market attracts more investors. Hence, the crypto industry grows and improves. It is becoming more secure, convenient, easy, and reliable. In 2022, more than 300 million people own a cryptocurrency worldwide. Around 18 thousand businesses, including online casinos, have already started accepting crypto payments.
Crypto investment is not riskier than investment in fiat currencies. That is why crypto casinos are not riskier than regular online casinos — only more secure and convenient.
