The Influence of Cryptocurrencies on the Gambling Market

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2020 has been quite a year for cryptocurrency users as once again, Bitcoin’s value has peaked. It was in 2017 when Bitcoin made a noise for being value at around 20,000 US dollars. However, last year, Bitcoin was able to surpass that amount.

Today, Bitcoin is now valued at over 35,000 US dollars. This is the highest value it ever had since it was created in 2008. This is why cryptocurrencies are now gaining more popularity. More and more people are now showing interest in buying digital currencies and businesses are now also adapting its use.

The gambling industry has been one of the industries that noticed the potential of cryptocurrencies. Many USA Online Casinos and sports bookies now accept cryptocurrency payments and transactions. There are even casino sites that exclusively cater to cryptocurrency users.

Why is Cryptocurrency Gambling Gaining More Popularity?

More gamblers are now keen on using cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and many more when it comes to online gambling. This is because cryptocurrency can be beneficial and this isn’t only to the gamblers but also to the operators as well. Here are some great reasons why people are now gambling with Bitcoin and other cryptocurrencies.

  • Ease of Transaction

If you have transacted on platforms like PayPal, Skrill, and Neteller before, then using cryptocurrencies shouldn’t be hard for you. It’s really simple as you only need to exchange or buy Bitcoin or other cryptos with your fiat currency. Once you already have some cryptos, you can just store them in a wallet. To be able to make a transaction with this, you will only really need a wallet address. It’s just like how you send PayPal funds to another user.

  • Safety and Privacy

Cryptocurrencies run on blockchain technology which makes it easy to track your transactions. Because of this technology, it’s also impossible to manipulate the transactions you make. Many gamblers also prefer gambling privately and using cryptocurrencies allows them to deposit their gaming accounts anonymously.

  • Better Promos and Bonuses

It’s generally cheaper to process cryptocurrency transactions as it is end-to-end. No middleman is involved for you to receive cryptos and to send some as well. This is why Online Casinos USA that exclusively caters to crypto users can offer the best promos and bonuses to their customers. This is a win-win scenario for the players and the operators.

Is Cryptocurrency Gambling the Future of the Industry?

Generally, many experts are saying that cryptocurrencies could very well be the future of online transactions. Since 2020 has been a great year for Bitcoin users, we will likely see more of its use this year. We can expect that more online casinos will start to accept cryptos and even land casinos too.

Recently, International Game Technology Plc (IGT), the world’s largest maker of slot machines have announced that they received a patent for a way to transfer cryptocurrency between a player’s gaming-establishment account and an external cryptocurrency wallet or account.

What that means is that players could then be capable of moving Bitcoin or other cryptocurrencies from their virtual wallets to a slot machine with the use of a mobile app.

IGT’s spokesman Phil O’Shaughnessy spoke said in a statement, “IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”

IGT also said that this move will help casinos cater to younger gamblers. This is because younger gamblers, particularly the millennials, are now more interested in digital currencies. According to reports, the pandemic has increased the millennials’ interest in Bitcoin with 44 percent of them having plans to buy digital currencies in the next five years. IGT mentioned that the guests in Caesars Palace in Las Vegas are mainly people ages 21 to 40.

IGT also announced that they have already gotten the regulatory approval for using cashless wallets on Slot Machines. With this, players can now use a Resort Wallet loyalty card to deposit funds into slot machines.

Conclusion

The value of Bitcoin will likely continue to go up in the next few weeks. Whether it goes up or down in the next few months, many have already seen its potential and we can expect that there will be more cryptocurrency wallets that will be created this year. That only means more potential customers to the online cryptocurrency gambling sector. This will also mean that more online gambling sites will start to cater to cryptocurrency users this year.

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