Online gambling is a $70 billion industry according to research firm Statista. The sector’s rapid growth is fueled by increased adoption in countries like India, South Africa, Canada and the US.
Being a large industry with hundreds of millions of users, online gambling is credited for helping crypto spread around the world. But how exactly do online casinos help crypto grow?
1. Crypto Casinos
Crypto casinos, like the ones you can find on onlineunitedstatescasinos, are becoming more popular around the world. There’s a perfect explanation. Crypto is decentralized and unregulated, meaning crypto gambling websites can welcome customers from all parts of the world.
All you need is a crypto wallet and an account at a crypto casino. Depending on the website, you can deposit your funds through Bitcoin, Ethereum, Bitcoin Cash, Shiba and a few other well-known coins.
Crypto casinos have several benefits over non-crypto websites. For starters, there are no standard limits. You can deposit from $1 to $1 million worth of crypto. The best part: crypto payments are generally cheap.
In fact, crypto payments don’t require fees in the traditional sense. There’s no intermediary when you send Bitcoin to a casino. However, digital currencies require payment verification. The people who own the computer nodes used to verify crypto transactions are paid what’s known as miners’ fees.
2. Blockchain Casino Games
Cryptocurrencies operate through a decentralized system known as the blockchain. It first came out with the launch of Bitcoin in 2009. Blockchain operates like a ledger in that it keeps records transparently.
It also provides a platform through which developers can create decentralized apps like banks, social networks, streaming websites and casino games. Slot machines and poker games built on the blockchain are provably fair, one of the reasons they’ve become so popular.
To expound more, provably fair means you can verify the fairness of a casino game. You see, traditional slots and table games provide no way of proving they’re fair. However, they work with casino regulators to ensure they offer fair games.
With crypto casino games, you can check the software used to design a casino game for fairness. This ensures there are no cases of rigging. If you win, you win fairly. The vice versa is also true.
3. Online Casinos are Trendsetters
Being a multi-billion industry, online casinos are a huge trendsetter. Anything the iGaming sector embraces almost always turns into a success. Take mobile gaming as an example.
More than 60% of online casino players use their smartphones for gaming. In turn, mobile gaming is now larger than PC and console gaming. When it comes to crypto, not every casino supports it.
However, iGaming was one of the first industries to embrace crypto. The first crypto casino launched in 2011. Since then, dozens of gambling sites have added Bitcoin and Ethereum to their list of supported payment methods.
Crypto adoption has been a boon to both iGaming and crypto. Casinos have become appealing to people who love Bitcoin and altcoins. On the other hand, crypto fans got a way to spend their coins.
Studies show that cryptocurrency has been growing as more industries adopted it. Back when no industry wanted to do anything with Bitcoin, it was almost worthless. A decade later, banks, sports franchises and eCommerce businesses all support crypto. In turn, Bitcoin is worth more than $20,000 at the time of writing.
4. Crypto Casino Bonuses
Online casinos don’t just support Bitcoin deposits. They also welcome every new crypto user with a bonus. The exact bonus you receive varies from one casino to another.
If you’re lucky, you can receive a no deposit crypto bonus. These promotions are rare—you get free spins or money to play slots before you make a deposit. The most popular bonuses are based on your first deposit.
For example, you can get a 100% match deposit on your first deposit. If you deposit money through a credit card or digital wallet like PayPal, the biggest bonus you can get is $1000 or $2000.
Crypto casinos take bonuses to the next level. You can get a 100% match Bitcoin bonus for a maximum of 5BTC. Now, let’s break it down into pounds. If one BTC costs $20,000, 5BTC would be worth $100,000.
Keep in mind the standard gambling site has multiple promotions and not the welcome bonus alone. You can earn a bonus every time you reload funds to your account. Additionally, you can get cash back and holiday bonuses, all of which come in larger amounts than what you would get for using a conventional payment app.
5. Providing Credibility
Before iGaming became a global industry, it struggled to prove its credibility to the world. Crypto had a similar problem. But thanks to support from casino sites, more people have learned to trust Bitcoin and altcoins.
People generally won’t endorse a product they don’t trust. In the early days of Bitcoin, the digital currency was associated with illegal activities. Banks avoided it and governments were prohibiting it left, right and centre.
With time, Bitcoin got a solid fanbase in iGaming. Online casino users were quick to use Bitcoin for payments because they also had a problem getting trustworthy payment partners.
Some banks still refuse to process casino transactions. However, crypto has no such problems. With crypto, it doesn’t matter how you intend to use your money. There’s no bank or government to block your payments.
6. Secure and Borderless Access
Bitcoin was created to provide secure, borderless financial transactions. Unfortunately, it couldn’t grow without the adoption of other industries. That’s where iGaming comes in.
Online casinos provide millions of people with ways to use their crypto securely regardless of they come from. With some crypto casinos, you don’t need to reveal your personal information.
You can play slots and table games without revealing your name or place of residence. But there’s a catch. Crypto casinos that provide anonymous gambling aren’t always safe.
It’s not easy to differentiate a good from a bad casino. Due to this, it’s in your best interest to choose a licensed, safe and well-known crypto casino.