Tesla CEO Elon Musk once said, “Paper money is going away. Alluding to cryptocurrency that will replace said paper money, Musk suggested that "crypto is a much better way to transfer value than pieces of paper, that's for sure." Well, Musk's prediction seems to be coming true because crypto online gambling is becoming a popular form of currency not only for investing, but also for buying goods and funding a gamblers online gambling portfolio.
During the COVID-19 pandemic, many businesses, including land-based casinos, have seen a temporary shutdown of operations. But throughout the pandemic, online gambling and cryptocurrencies have grown in popularity. Global online gambling revenue reached approximately $66 billion in 2020, an increase of $8 billion from 2019. Additionally, according to Investopedia, “Bitcoin and cryptocurrency prices have skyrocketed to reach new heights in 2020.”
Cryptocurrencies provide a variety of benefits to players and operators, which is why many online gambling operators have started integrating cryptocurrencies such as Bitcoin and Ethereum and other crypto currencies into their platforms. According to Blokt, some important advantages of cryptocurrencies in online gambling are: bonuses, transparency and anonymity.
SportsGamblingPodcast suggests “It is a lot cheaper for gaming operators to process cryptocurrency payments compared to processing payments made with fiat currencies”, resulting in operators offering better bonuses and promotions on crypto gambling site, leading to player acquisition and retention.
Another important aspect of cryptocurrency is transparency. Eliminating fraud and ensuring fairness is a top priority for gambling operators. According to GamblingSites, “every part of a cryptocurrency transaction is verified by the network and recorded digitally for all parties to see,” reducing the possibility of fraud. A secure gaming platform is a very attractive element for players who want to join online casinos.
Finally, players using certain cryptocurrencies can benefit from a high level of anonymity. Cryptos like Monero are highly preferable due to their private and anonymous nature. According to TKEY, “Crypto players can rest assured that no third party will have access to their personal information or be informed of their wins and losses.” In recent times, the protection of personal information has become an extremely important issue in many countries. industries become an important part. So when gaming operators include cryptos , it helps build trust between player and operator, which leads to more business.
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