Cryptocurrency has been around in online casinos for a number of years now. The online gambling industry is always quick to adopt new technology and while many major online casinos are yet to accept the likes of Bitcoin and Ethereum just yet, it will certainly be on the cusp as more and more casino brands make a move into the metaverse.
New payment methods within casinos often spark improvement or even change the landscape of the industry somewhat. EWallets, such as PayPal, for example, hugely sped up the withdrawal process. However, cryptocurrency is set to be much, much more of a game changer.
And that’s for a number of reasons, and perhaps more the knock on effect it will have on other parts of the industry. So, where will the rise of cryptocurrency in online casinos change them the most?
What you'll learn 👉
Legislation overhaul
Interestingly, it could start at the very top. Every online casino needs to be licensed from an official gaming board. That could be from anywhere in the world. The Curacao gaming licence, for example, is hugely popular and allows online casinos to operate in a number of different nations, while UK online casinos must have a licence and be regulated by the UK Gambling Commission.
However, if players are using cryptocurrency, particularly in the metaverse, there’s a level of anonymity to that player and whether a player is playing from a country where it’s legal to play at that site or not, they can play.
Which naturally leads to rather murky waters. That could ultimately lead to reform in the industry and a universal licence that is unique to the metaverse, where much of cryptocurrency gambling will take place.
This could effectively turn online casinos into incredibly secure and safe networks that operate consistently across all brands online, with a universal stamp and licence number that tells a player it’s trusted.
More anonymity
For many players, that anonymity we’ve already discussed is an important factor in playing at a casino. As we know, gambling transactions can look bad on some bank statements, particularly when it comes to credit cards if people aren’t making those transactions reasonably or responsibly.
Purchases made via cryptocurrency don’t appear on bank statements, nor are crypto accounts attached to any form of bank account you may have. Therefore there is much more anonymity in playing this way in terms of financially.
What’s more, if there are international fees or any kind of banking fee, you also cut that out and effectively claim back more of your winnings.
Lower house edge
Due to the lower fees associated with cryptocurrency, that also maximises the profits of online casinos and in some cases will allow them to lower the house edge.
This could be the biggest game changer of all. If the house edge is lowered across games, it will make online gambling more appealing than ever before and completely revolutionise how people play and casinos operate.
It could ignite even more competition amongst brands as house edges come down, which is only going to be a positive for the players signing up.
