Why online casino operators switch to cryptocurrency in 2021

Jan 29, 2021 Artyom Ustinov
Next year, the world’s first cryptocurrency will celebrate its 14th anniversary. During this time, Bitcoin has become not only a universal means of acquiring all kinds of goods and services online and offline, but also an extremely profitable business. In addition, it turned out that the invention of cryptocurrencies as anonymous decentralized monetary systems is perfect for gambling. What are the advantages of using Bitcoin in online gambling? Read on to find out.

What is a cryptocurrency?

Speaking of cryptocurrencies, most often we have the pioneer of this industry in mind: Bitcoin. This unique system was presented in autumn 2008 in Japan. Bitcoin is digital money protected by special cryptographic technologies. The cryptocurrency exists only online having no tangible analogs. Nevertheless, it can be used to buy all kinds of goods and services, withdraw funds abroad, and invest money.

The main principles of the system work include anonymity and decentralization. But one particular feature makes the cryptocurrency especially valuable: in contrast to fiat money, the Bitcoin issue process is finite (no more than 21 million coins can be created).

There are two ways to get a bitcoin purse at the moment, either by downloading the application from the official site or by using a third-party resource (for example, Blockchain). Brokers can assist one in purchasing the cryptocurrency, similarly to the acquisition of shares.

How can players benefit from the cryptocurrency?

  • Total anonymity for both users and transactions. You can only track the number of the purse, but do not need to verify your identity when using Bitcoin.
  • Minimum commission or its complete absence.
  • Instant processing of requests for account replenishment and withdrawal of funds.
  • Many casinos that work with the cryptocurrency offer players much more advantageous bonuses.
  • The principle of Provably Fair allows to be sure that the casino is honest with players. Every game and every bet can be checked.
  • Playing in a casino is an advantageous way to use small amounts of bitcoins. It might be difficult to spend them profitably in a different way as at a usual withdraw they will not generate profit.
  • Access to the entire transaction history.
  • The purse is protected from prohibiting actions by national authorities who have no right to block or freeze the bitcoin purse since it is not used to store fiat money.
  • You can play anywhere, even in the countries where gambling is banned at the legislative level.

So, we have sorted out why online casinos using the cryptocurrency are beneficial to players: it’s all about speed, simplicity and safety. But are there as many benefits for casino owners as for its visitors?

Why should online casino operators switch to cryptocurrencies?

  • The process of opening a casino operating with cryptocurrencies takes less time (two to three weeks instead of two months).
  • The default principle of Bitcoin and other cryptocurrencies protects the casino from players’ fraud. Operators do not have to waste time on numerous disputes with users and will avoid claims to give money back.
  • The use of the cryptocurrency will ensure the flow of visitors and significantly expand the market.
  • Since the number of specialized casinos is less than traditional, competition among them is lower.
  • Unlike casinos operating with fiat currencies, no licensing is required for cryptocurrencies. License can be obtained to increase the level of trust among users, but this is not obligatory.
  • No extra expenses associated with multiple conversion.
  • The number of players using cryptocurrencies will only grow.
  • The cost of opening a Bitcoin-casino is less than that of a traditional one.
  • Cryptocurrencies are a lucrative alternative for societies with an unstable or stagnant financial system.

The share of specialized Bitcoin-casinos around the world at the moment does not exceed 15%. But given the pace of the cryptocurrency industry development, it will grow substantially in the next few years. Experts agree about one thing: being a full-fledged self-regulating system protected from outside interference, Bitcoin perfectly meets the needs of both online casino visitors and their owners.

Meanwhile, working with cryptocurrencies eliminates many inconveniences associated with the use of fiat money and substantially reduces time costs. In short, this is really an ideal option for online gambling.

There is only one potential risk associated with cryptocurrency transactions: non-recognition and prohibition by the world’s central banks. But so far there are no prerequisites for this.

Opening an online casino specializing in cryptocurrencies is profitable. Dozens, hundreds of such websites successfully function all over the world and have plenty of players. However, if you as the owner of an online casino do not completely turn to this promising method of financial operations, it is quite possible to arrange a hybrid casino by adding Bitcoin or other cryptocurrencies as means of payment.

It’s up to you whether to work with cryptocurrencies if you are an operator or to play with bitcoins if you are a gambler. The global trend speaks in favor of the fact that Bitcoin will soon be able to easily replace any online currency. Will you join the system now? The choice is yours.

Artyom Ustinov

Artyom is Head of White Label & Turnkey Solutions and has been working in complex B2B/B2C sales, as well as business development and management consulting in iGaming for more than 10 years.

Together with the Key Account Management Team, he has helped over 100 start-ups and experienced gaming companies to launch their projects with SoftGamings.

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