Why Crypto Is the Future of Online Gambling

Casper Brown blog March 16, 2020

Why Crypto Is the Future of Online Gambling

Online gambling has come a long way since InterCasino, the world’s first internet casino, opened its virtual doors in 1996. Not only have the aesthetics changed in meaningful ways, but players can now choose from a dizzying array of games, from virtual slots and live poker to lotteries, puzzles and crosswords. Thanks to smartphone technology, meanwhile, players can get their gaming fix whenever and wherever they like.

In light of the technological advancements of the past two decades, it’s reasonable to wonder what is next. How can slick, provably fair online gambling portals ensure continued success in the years ahead, and what role will technology play in shaping the industry?

The Dawn of Crypto-Enhanced Gambling

There are many reasons to suppose that however the industry evolves, cryptocurrencies and blockchain technology will play their part. In fact, they are already doing so. Users have gravitated to blockchain-based gambling apps (dApps) en masse, with permissionless platforms representing more than twice the market share of any other gaming sector in terms of active users, transactions and volume. The censorship-resistant nature of such dApps makes them manna for players who want to have a flutter with their hard-won crypto.

It’s not just dApps, though; an increasing number of online casinos are starting to permit the use of cryptocurrencies such as Bitcoin, Ethereum and Litecoin for deposits and withdrawals, while also integrating blockchain tech to assure transparency and inspire greater trust between player and house.

Betting on Crypto

Gambling with crypto offers myriad benefits to both players and platforms. For starters, it is much cheaper than wagering using traditional banking methods, which can involve high international transfer fees if the casinos are based overseas (and they almost always are). Deposits can also be made much more quickly since you don’t have to wait for a bank to release your funds.

Thanks to the borderless, peer-to-peer nature of cryptocurrencies, players who might otherwise struggle to top up their account – residents of restricted countries for example – can also grab a piece of the action, with all transactions fairly managed and settled on-chain.

It’s fair to say that most players appreciate the anonymity granted by cryptocurrencies – particularly privacy-oriented coins such as Monero and Zcash – since gambling activity doesn’t show up on bank statements, and in the case of the latter pair is also invisible on-chain. What’s more, many online portals allow users to participate without completing a lengthy registration process, meaning they are granted complete privacy at the outset.

The Best Crypto Gambling Portals

Maybe you’ve got a bunch of satoshis burning a hole in your wallet. Or perhaps the idea of giving a crypto-centric gambling site a spin is too tempting to ignore. Whatever the case, there is no shortage of options to satisfy your curiosity. The following portals are well worth a shot.

FortuneJackFortuneJack is a fine option, its wide range of supported cryptocurrencies matched by the number of software developers with a presence on the platform. Known for its five-star customer service (including 24/7 live chat), SSL encryption, innovative gaming experience and cutting-edge titles, FortuneJack comprises sports-betting and casino options, with plenty of bonuses to be won.

Cloudbet – Established in 2013, Cloudbet is a bitcoin-centric portal – something that’s abundantly clear from its logo, which contains the classic bitcoin symbol. Recently the site was responsible for making a massive 11.5 BTC payout from a single spin on its Viking Runecraft title (€81,000 at the time). Players can wager on live sports, classic casino games or choose from a selection of fun and colorful arcade-style titles.

EarnBetEarnBet (formerly EOSBet) is the first fully decentralized casino, allowing users to make wagers with BTC, BCH, ETH, LTC and EOS. Signing up takes a matter of seconds, deposits and withdrawals are instant, and players can earn a portion of the house profit as a reward by holding onto native BET tokens. If there’s a criticism, it concerns the limited number of games: at present, you only have Dice, Hi-lo, Baccarat, Crash, Jackpot and Blackjack to choose from.

Conclusion

Given that crypto casinos have managed to carve out a niche in the industry within a few short years, it’s hardly outlandish to suggest that both blockchain tech and digital assets will play a prominent role in the online gambling space for years to come. With the industry expected to be valued at over $94 billion by 2024, expect blockchain developers and crypto enthusiasts to be well represented.

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Why Crypto Is the Future of Online Gambling
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Author: Casper Brown

I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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Casper Brown 205 Articles

I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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