The gambling industry is highly dynamic, and more innovations come into the market by the day in a bid to make gaming more convenient for players. Once gambling went online, it became clear that operators of online gaming sites would have to look for suitable payment methods. A market that once thrived on credit cards soon started accepting other forms of payments such as PayPal, and soon the cryptocurrency began.
It is clear that cryptocurrency has come a long way, with more people understanding how it works and its benefits. With its rapid growth, online gaming sites can rely on it for transactions and gamers can now place wagers using the same, something that has led to increased efficiency in gaming. Here are some of the benefits of this trend:
Ease of payment
Many online sites now allow gamers to place bets using cryptocurrencies and they can also withdraw their winnings in the same form. Though some sites have been reluctant in following this route, it is quite evident that this form of payment could in the future take over the payment methods owing to its benefits. Once online casinos started to accept crypto, players were able to gamble anonymously, and this increased the number of gamers in the industry. You see, with players being able to do away with creating accounts and filling in their data, they felt that they were getting more protection when playing, especially those playing in regions where there are stringent gambling laws. Another good thing about not submitting personal data to gambling sites was that players could protect their financial data which is prone to hacking when transacting online.
The use of blockchain in the payment methods also ensures that players do not incur fees when depositing or withdrawing monies. In the traditional payment methods, there is a middleman who must get his cut before sending money to the players and this system affects gamers’ winnings. Without this middleman, players can now access their money faster and use it in other places, and they can also deposit it just as quickly. From the financial point of view, gamers using cryptocurrencies have a lot to gain as opposed to those using traditional payment systems.
Decentralization
Though a decentralized system points at improved security, it is not all that the structure has in store for users. Players too can get in on the profits by becoming members of their favorite casinos. Some sites allow the gamers to fund the casinos and take home a part of the gains in the form of dividends. Decentralization also allows for sites to come up with a range of betting types such that each transaction works under different rules. The sites can monitor the winnings in this manner as can the players, making gaming even more exciting.
Transparency
Any transaction that takes place in the blockchain gets recorded automatically, and nobody can alter the records. As such, if a player deposits money and wagers it on a given game, they can later refer to the files to confirm that the transaction took place. This system enables online sites to prove that they are transparent in their dealings and this creates trust in their players. Sites such as Baccarat have such systems which allow their baccarat players to view what they have won as they access their monies fast. The assurance of honesty in dealings is another thing that cryptocurrencies have proven to have over traditional payments.
Security
A cryptocurrency wallet is hard to hack owing to the identification procedure in place. As such, if a swindler was to access the site’s database, all they can do is get the site’s money but not that of gamers using cryptocurrencies. If a player were to get into trouble with the law, they could rest assured that the government cannot freeze their wallet as they money in it is not fiat currency. Additionally, government agencies do not play a part in the opening of such wallets, and therefore they do not have a say.
Efficiency
Say for example that a player wishes to place a wager in dollars using traditional means, and they have rubles, and the online site deals in Euros. In such a case, the site would first convert the rubles to Euros before changing them to dollars. If the player won, it would be the reverse process, thus ensuring that there is a double conversion. The problem with this method is that a player ends up waiting longer for the transactions to take place and they can lose money in the process. Using cryptocurrencies does away with the double conversion, making wagering efficient.
With all these benefits in store for gamers using cryptocurrencies, many players are opting to use this form of payment. More online betting sites are also offering this as an option to get a more significant share of the market. It is evident that the online gambling industry is yet to exploit all the opportunities offe