5 Benefits cryptocurrency is having in the gambling industry
In 2021, the US sports betting industry set a new record as the highest-grossing year ever, reaching $53 billion in revenue, according to the American Gaming Association (AGA).
Thanks to the US Supreme Court overturning the Professional and Amateur Sports Protection Act which permitted states to decide for themselves on legalizing sports betting, the sports betting industry also recorded $57.2 billion in handle — an insider’s term for the amount of money wagered. Other forecasts also estimate that the revenue from iGaming and the sports betting industry is expected to increase in the coming years.
But that’s not all. The Supreme Court ruling on sports betting also opened up new opportunities in the cryptocurrency and blockchain space. For many years, Blockchain technologies have had significant impacts on the financial, trading, fashion and transport, and construction industries. But that’s about to change with the evolution of blockchain games.
With the popularity of cryptocurrency and NFT play-to-earn games, running the best online casino is now easy and so convenient compared to a few years ago. In this piece, we take a look at the 5 benefits of cryptocurrency in the iGaming, gambling, and sports betting industry.
One of the biggest benefits of cryptocurrency in the gambling industry is that it makes it much more convenient and safe for the player and the casino itself. It is much safer than other traditional payment methods because it uses encryption to verify all the transactions.
It basically means that advanced coding is involved in storing and transmitting data between wallets and public ledgers. Many players choose cryptocurrency gambling because of the protection, privacy, and efficiency it offers. Another benefit of crypto to the gambling industry is that it maintains records and eliminates the need for player accounts. So sensitive information will be private.
Ease of Transfer of Assets
Cryptocurrency is a perfect match for gambling, especially online gambling. It makes it much easier for clients to play from their mobile devices and browsers. All that the players need is a currency network and an internet connection. The digital currency has the ability and power to eliminate risk and offers ease of transfer of assets.
Crypto casinos deal directly with digital currency for e-sport betting, slots, and poker games. They can also offer rewards and bonuses using the same cryptocurrency. It provides a safe, secure, fast, and relaxed environment for handling transactions, and explains an increase in participation in online gambling sites and casinos.
With more and more people switching over to doing most of their activities online, it is no surprise that more and more gambling clients are moving online as well. When players win, the proceeds are transferred to personal e-wallets and remain a cryptocurrency token. Alternatively, they can convert their winnings from crypto into legal tender. Importantly, cryptocurrency transfers do not involve other financial institutions such as banks but instead lower transaction charges.
Significant Number of Promotions and Loyalty Points
This is also a great benefit that players can enjoy while enjoying online gambling. There are multiple loyalty programs, and you can earn a lot of special points and treats while playing your favorite games. It does not matter whether you are casual or a high roller; there will definitely be a rewards program that will fit your needs.
You can even earn incentives and real money by participating in a gambling site’s loyalty program. You can earn casino loyalty points, freebies, and items that may all be yours when you make a deposit and play. Depending on how much money you deposit and how much you wager, you will receive various rewards. The following are all the things you can enjoy and experience when you participate in a loyalty program.
- Free cash
- Deposit bonuses
- No deposit bonus limits
- Faster withdrawals
- No withdrawal limits
One of the most significant advantages of cryptocurrency is its decentralized nature. This means your money is sent directly from person to person with no intermediary in the process. This ends up being much faster and more efficient than when your money goes through a central authority like a bank or government.
Not only is this process safer and faster, but it is also cheaper! The payment of these transactions is significantly lower than traditional methods. Another upside to gambling with cryptocurrency is that you can do it anywhere in the world, so if you are not close to a racetrack or a casino, it is no issue.
So, as you can see, there are so many benefits to gambling with cryptocurrency. These benefits are the reason we can see the switch from traditional methods to cryptocurrency in the gambling industry. The fact that it is secure, easy, decentralized, and offers a bunch of extra treats and rewards makes it super appealing for consumers. It doesn’t matter where you are in the world.
The lower costs are also a great benefit and allow more people to enjoy their favorite casino games. So, if you were still unsure about the process, the benefits, and the impact that cryptocurrency has on the overall gambling experience, this article might have made things clearer.