Bitcoin and Its Big Role in the Gambling Industry

There is no doubt that Bitcoin has had a significant impact on the gambling industry, with the cryptocurrency having been able to disrupt one of the world’s fastest-growing sectors in a highly positive way.

According to research that was conducted back in 2014 about the connection that the two industries had, it clearly showed that they were becoming intertwined with each other and were starting to show just a glimpse of what the two could achieve when put together. The results that were recorded showed that $4.5 billion had been bet using cryptocurrency. This works out to be an equivalent to being around 24.5 million transactions via the use of Bitcoin and other various digital coins that have started to become accepted by a number of different operators. The token, though, has become a mainstream payment method for many active gamblers, with it believed that there are a total of 337 holders making a wager every single minute using three coins when playing casino games with crypto.

With the data having been provided back in 2014, it is no surprise that so many had thought that the future of the online gambling industry was linked to how well crypto would perform and with the benefits and advantages that the digital coins provide, it is easy to understand why both sectors have managed to boom as much as they have.

Huge benefits

One of the main reasons that the two sectors have become intertwined and benefit each other is because both parties involved can reap the rewards. Anonymity, decentralisation, security and transaction speed are all reasons why Bitcoin has become a favoured payment method for many gamblers.

Anonymity

A huge advantage that can be experienced by bettors when playing crypto casino is that it will provide them a level of anonymity. This will mean that they are as protected when making transactions as their identity is kept hidden as much as physically as possible. For instance, only a few details such as a username and password, as well as an e-wallet account will be needed when signing up and playing crypto casino games, rather than having to be required to input a number of payment details that can often be necessary with fiat currencies.

Decentralisation

The anonymity benefit is also linked to the fact that crypto is decentralised, which also provides a series of benefits to both the casino and the bettor. This is because there is no need for financial institutions to be involved in the process of checking the transaction against the extremely strict rules and regulations that they have. Bitcoin is able to bypass these restrictions, which means the casino can process the transaction at a quicker speed when deposits and withdrawals are made, whilst bettors can simply look to enjoy the best games that they want to play in a matter of moments. In addition, the amount of bonuses and promotions that can now be made available to bettors who use crypto are a lot better than they have ever been before, with many of them simply not possible at traditional fiat currency casino platforms.

Security

Included in the overall use of cryptocurrencies, holders will now be able to enjoy a gaming environment that will provide them with the highest levels of security. As mentioned, a degree of anonymity will be provided to users whilst their security will be guaranteed by the blockchain technology that the digital tokens use. Blockchain technology will see all of the transactions made be recorded and then assigned with their own codes, which will then help to protect these transactions from being stolen by any hackers that may be looking to try and steal the money available. Furthermore, the use of the system also means bettors will know that the funds won from the online casino are safe, secure and reliable, therefore they are able to simply enjoy the games they wish to play and not have to worry about any transactions being made.

Conclusion

As can be seen, there is no doubt that the advantages of using crypto have had a significantly positive impact on the gambling industry as a whole, but it would be wise to think that this is only the beginning. The use of Bitcoin within gambling is still relatively new and with how the two industries continue to grow, expect more from the two in the near future, especially as modern casinos take note of its impact on the business.