Crypto Casinos are Taking Over the World Market
The worldwide casino industry was valued at approximately USD 58.2 Billion in 2021. It is expected to reach around USD 145.6 Billion by 2030. The industry is growing at around 12% per annum.
A cryptocurrency casino is similar to a standard casino. The only difference is that they accept crypto as a form of payment as well as fiat currencies like USD and Sterling. Recently crypto casinos that only accept crypto have entered the market. This indicates growing confidence in them as a payment method.
This article looks at how to get started with a crypto casino, how cryptocurrencies have infiltrated casinos, and how they might grow in the future.
How to start playing online with a crypto casino
To start gambling at a crypto casino you must first compare a few reputable establishments that accept your particular cryptocurrency. Ensure that you have a secure crypto wallet, so you can make safe deposits to the casino. When you have decided on the best casino for you, begin the registration process.
- Go to the registration page of your chosen casino
- Fill in the information required on the page.
- Go to the payment methods and find the cryptocurrency you want to deposit with.
- Deposit an amount into your account.
- You may have to wait a few minutes before the casino registers and verifies your account. This will only happen the first time you deposit.
- You are now ready to play your favorite games.
Essential features to check on a crypto casino
Online casinos have very quickly realized that accepting cryptocurrency as a form of payment will help grow their customer base. They also provide quick deposits and withdrawals and add extra security to the transaction process. Take time to check out a few essential features of a cryptocurrency casino before committing your funds to one.
Security and License
Always check that a cryptocurrency casino has a license issued by reputable licensing authorities like the MGA, Curacao, and the UKGC. The license number and authority can normally be found at the bottom of the website's landing page.
Paying for anything online has always come with an element of risk. Many individuals have been victims of cybercrime. Online gambling sites use Secure Sockets Layer (SSL)) encryption to protect their users' data. The information relayed from gamblers to the site owners is encrypted which makes it nearly impossible for potential hackers to compromise customer accounts.
Depositing with cryptocurrency adds an extra layer of security to a gambler's transactions. Bitcoin, for example, uses blockchain technology. This makes it impossible to change any transaction, thus providing the highest level of security.
Game Selection
As with any other casino, before you choose a crypto casino, it's worth checking what types of games they offer, and how many. Do you prefer betting on sports or slots? Are the games provably fair? This will help you narrow down your selection. Most casinos offer regular options such as video poker, blackjack, slots, and table games, but some offer more advanced options like live games and 3D slots.
Quick payout times
Because crypto transactions are carried out directly between the casino and the player without the use of a middleman, payouts are faster and more seamless. There is far less chance of any delays than there is with a traditional fiat transaction, making crypto casinos an attractive option for those who value efficiency.
However, a gambler can expect the usual withdrawal time (2/3 days) if they want to withdraw their funds in fiat currency.
Fees
The cost of transacting with cryptocurrencies is much lower than fiat currencies because there are no middlemen (banks) involved in the process and, as such, most crypto casinos will charge very low or no transaction fees.
There will however be higher fees incurred if a gambler wants to cash out his account in fiat currency or avail of special casino offers like, for example, express withdrawals
Bonuses
There's no doubt that bonuses and promotions in gambling bring in a lot of players. This is a great way to build up your bankroll and play at higher stakes, whether you want to get a head start on your gambling career or just have more money to play with. However, players must always remember to read the fine print before claiming any bonus as some come with high wagering requirements or other terms and conditions.
Payment methods
Your crypto casino of choice must accept a wide range of cryptocurrencies. The ideal casinos should not only accept Bitcoin when there are other popular currencies available on the market today.
Bitcoin is the currency that most websites accept, but the most popular crypto casinos accept a wider range. Ethereum, Tether, and BNB are three of the most commonly accepted cryptocurrencies. The best casinos also have quick withdrawal times.
Review reputable casinos
Reading the comments left by people who have used a gaming website before is a great way to find out more about it. Additionally, reading reviews about a product or service can give you a good idea of what to expect from it. Make sure you don't just check the reviews on the casino's website, but also reputable independent sites in order to get a balanced view.
Extra advantages of a cryptocurrency casino
Below are some of the advantages of a crypto casino.
Anonymity
An added benefit of wagering with cryptocurrency at a casino is that it provides the gambler with anonymity. Most crypto casinos require only basic information, if any at all when customers register with them. This is a huge advantage for gamblers that want to avoid prying eyes. Because crypto casinos are decentralized they do not have to report to any third parties like the IRS or the Central Bank. Research shows that gamblers consider this to be the most important feature of a crypto casino.
Transparent and equitable
There is always a chance that a gambler will be conned by a scam casino. It is, therefore, essential that a gambler researches a casino before committing funds to it. A casino that accepts cryptocurrency as payment will the reliable all the time, as only the biggest and most reputable casinos accept them.
Verification
When a crypto slots casino uses your wallet, you can confirm it on the ledger. This allows you to confirm to the online casino that they have the funds and, if they did not do so automatically, they should top up your account.
The future of crypto-casinos
The rise of cryptocurrency casinos will continue with and eventually outstrip the growth of traditional online casinos. If we look at the demographics of the uptake of cryptocurrency it is easy to understand why this is the case. According to a report from Morning Consult., crypto users are overwhelmingly millennial, and 57 percent of all U.S. crypto owners are in this bracket despite representing only 30 percent of the overall population. This identifies a huge young growing market that is ready to embrace cryptocurrency and all its investment opportunities. So, although traditional casinos will continue to thrive, we will see more of them accepting cryptocurrencies as a form of payment.
The emergence of this huge young market led Stake.com to partner with famous artists like Drake and sporting organizations s like the UFC. The latter partnership is a smart move as the UFC has the highest amount of followers on Instagram, coming in at a staggering 15 million. The vast majority of these followers are young and easily influenced. This ground-breaking partnership between Stake and the UFC is a match made in heaven. It is guaranteed to see a substantial return on investment in the coming years.