Despite the fact Bitcoin (BTC), Ethereum (ETH), and a number of other popular cryptocurrencies aren’t recognised as currency by the UK Gambling Commission, we are seeing online casinos and sportsbooks across the country offering crypto deposit methods.
What began as a niche movement has turned into the standard protocol for top-tier UK-based online gambling providers. There are numerous reasons why it suits the industry to manage clients’ digital assets, which we’ll delve into next.
What’s more, some of these casino deals are exceptional, offering free cash and various other perks to those UK players that decide to deposit into their casino or sportsbook account using digital currency. But, why has the industry taken to crypto?
Cryptocurrency and iGaming
Back in 2018, it was estimated that online gambling accounted for 50% of all Bitcoin transactions. Cryptocurrency offered things like swift payments and anonymity, which are high on the list of desires of the iGaming community.
Since then, we’ve seen a thriving industry, expanding and evolving into one of the most fast-moving and exciting industries for investors and innovators. The gaming business has been able to reap the benefits from the blockchain sector.
But why is it that these two industries have thrived working together?
Digital assets appeal to the online betting and casinos industry for its overall as it’s so quick to get your money in and out of your account. An increasing number of governments are recognising cryptocurrency as legal tender and as such it’s helped to build a level of security and regulation around digital payments. On top of that, there are various companies that are focused on developing crypto payment systems that can easily be integrated for websites and merchants.
Users can transfer funds to personal e-wallets and hold their funds in cold storage when they aren’t playing. Moreover, customers can then convert currencies like Bitcoin into fiat currencies, like the Dollar and Euro, providing fluid integration of digital currency into the community. The vast majority of bookmakers now accept crypto, meaning it’s even more convenient than traditional payment methods.
Efficient Payment System
One of the most glaring differences between the payment methods we’re used to seeing in the gaming industry, is the fact cryptocurrency transfers are significantly speedier and less expensive than using a regular bank. Aside from gas fees, most crypto transactions cost next to nothing—notably on networks like Elrond (EGLD), which offers transfers of any quantity for almost zero—which makes them a great option for gamers who are moving money in and out of accounts regularly. We may even see built-in wallets on online gaming sites and casinos, offering instant payment and total control of your funds.
Anonymity For Players
One thing that has always been appealing to the gaming community is remaining anonymous. This is important for various reasons. But, what is really important that is cryptocurrency transactions are registered on the blockchain, but the player’s identity isn’t pinned to that code. The system ensures an open market, with high levels of security and the ability to track and stomp out fraudulent activity. Despite the bad reputation crypto has in this regard, the reality is it’s hugely beneficial and presents a compelling way to remain confidential, compared to more traditional banking methods.
In the iGaming sector, verification is essential and something that can frustrate gamers that just want to play. Every time you make a payment to the system you must validate it; not just with your gaming account, but also with your bank. This is time-consuming and frustrating. Rather than wasting hours with typical payment mechanisms, crypto provides a quick way to verify payments as it’s everything is registered on the blockchain.
We have summarized what is the wealth of benefits that have come to the gaming industry as a result of cryptocurrency’s emergence as a payment method. The ability to get access to gaming quicker is the overwhelming factor; coupled with near-instantaneous payments, a host of benefits, no requirements to reveal personal data, and much more. As crypto’s adoption continues, it will offer a new form of mainstream payment which will only stand to benefit the gaming industry.