The introduction of online gambling was not a surprise, but the integration of cryptocurrency brought unexpected opportunities and changes to the world of online gambling. The inception of crypto gambling resulted in a plethora of new possibilities in the form of functionalities and features delivered by platforms. Using decentralized finance for selectively legalized entertainment (crypto gambling) was highly beneficial and led to the exponential rise in the industry’s popularity.
Overview of Crypto Gambling
Crypto gambling is the latest form of traditional online gambling that uses crypto as the basis of transactions. While fiat money is more readily accessible and accepted by most users, cryptocurrency does offer some unparalleled advantages that are simply not possible for traditional financial institutes. In addition to the above mentioned advantage, crypto gambling is far more accessible than traditional gambling. However, it requires a bit more technical knowledge to have a good experience with it.
Reasons for popularity of Crypto Gambling
Features and functionalities that are a direct result of cryptocurrency usage are the major reasons for the popularity of crypto gambling. The first is the availability of the platform across a number of locations. This enables a large user base to engage with the platform. While local laws and regulations can still restrict online gambling, the number of supported regions is far greater than its conventional counterpart. Next is the speed and reliability of transactions.
As cryptocurrency is more immune to cyber-attacks and thefts, the transactions are more secure with the help of industry-standard safety measures. The transfer of funds to and from the casino account is also much quicker and instantaneous (in some cases), which further adds to the convenience of using crypto for making deposits or taking withdrawals.
Crypto gambling sites often offer huge and generous bonuses and promotions, including free spins for slot machines, free bets, welcome bonuses, deposit bonuses, etc. This is done to deal with ever-increasing competition and to entice more users. However, these promotions might seldom be associated with wagering requirements that need to be met before being eligible for select bonuses.
Crypto Gambling Vs Traditional Gambling
| Crypto gambling provides faster transactions. While deposits are usually instant, withdrawals are closed within 48 hours. | The pace of transfers is subject to the bank and the market, which could take up to a few business days. |
| Platforms for crypto gambling have a long list of promotions and bonuses that can be used to add more value to one’s bets. | Traditional gambling offers discounts and bonuses that could have benefits outside of the money. These include coupons, apart from financial promotions. |
| Cryptocurrency platforms usually accept more than one currency, enabling users to easily swap assets or use a different one based on their requirements. | Most of the traditional platforms only support local currencies or leading currencies around the world. This could be limiting for some users. |
Advantages of Crypto Gambling
Crypto gambling comes with various advantages, aside from the ones mentioned above. Some of these benefits are listed below.
- Crypto casino sites and gambling platforms often have a plethora of games to choose from, including exclusive titles by leading software providers.
- Most platforms are compatible across multiple devices and some even have dedicated apps to access their platform from mobile devices.
- Crypto gambling enables users to gamble anonymously without having to reveal their winnings.
Bottom Line
Crypto gambling is a highly recommended betting option for players who seek versatility, efficiency, and a positive experience. With the list of options to choose from, coupled with the privacy and seamless approach of online betting, crypto gambling is expected to grow by leaps and bounds in the days to come.
