In Europe, online casino gambling has been growing by double-digit percentages year-over-year for more than a decade. Furthermore, experts predict the same level of growth is expected over the next few years. A lot of people are questioning, what's driving this growth.
The reality is several things have been driving people to the internet to play online casino games of chance for real cash. For instance, technological advancements have made online casinos more accessible across Europe and in countries like India. Software developers have contributed to the growth by developing bigger and better slots with more interactive bonus features. Also, news of massive jackpot winners has prompted millions of recreational gamblers to join the fray.
Setting these things aside, the advent of cryptocurrency as a viable online casino banking option has done a lot to draw younger people to online casinos.
In the early days of cryptocurrencies like Bitcoin, online casino operators were leery about accepting crypto as a viable banking option. They just didn't feel comfortable that Bitcoin was going to survive government scrutiny across Europe.
As the months and years passed, the popularity of Bitcoin as a means of exchange grew at incredible rates. About five (5) years ago, a number of top online casino operators took note of the growth. As customer inquiries about adding Bitcoin as a banking option started flowing in, some operators took action. As fast as they could, they got their software developers on the case, developing banking platforms that could accept crypto.
Still, the number of online casinos that embraced this technology was limited. A lot of operators were unwilling to spend money on the programming process because they didn't feel the demand was significant enough.
As recently as four (4) years ago, only about 5% of all licensed online casinos in Europe accepted crypto as a banking option. Of these casinos, none of them would allow gamblers to use crypto as gambling currency. Instead, they forced crypto depositors to convert to the casino's currency, which caused confusion and problems due to valuation issues. Remember, the value of most cryptos will change by the second.
Eventually, operators started seeing the light. They were able to identify ways gamblers could benefit by using crypto, something they start promoting through marketing efforts. When astute gamblers read about the potential benefits of using crypto as a banking option, they used that as motivation to start gambling online.
Today, the landscape surrounding online casino gambling and crypto as a banking option has changed significantly. The number of online casinos that accept Bitcoin if not other cryptos has risen to about 20%. Software developers have also been busy developing "crypto-only" casinos, and online casino games that can be played solely with crypto. Eliminating the conversion problem has proven to be a very big deal.
Since online casinos have started promoting the benefits associated with using cryptos like Bitcoin as a viable banking option, it seems prudent to discuss those benefits.
Here are four ways online casinos players can benefit by funding their accounts with crypto:
Crypto transactions are processed through blockchains. They are processed without the inclusion of personal information like name, address TIN, and phone number. The only info listed on blockchains is transaction numbers and amounts that are furnished to senders and receivers. This establishes a very high level of anonymity, something online gamblers treasure as it allows them to avoid scrutiny over their gambling activities and possible tax ramifications.
When crypto transactions are made, they result in the immediate transfer of value. Online casinos love knowing they instantly have good funds. It allows them to quickly credit gambler accounts without worry.
When it comes time to process withdrawals, they already know they have good funds from their crypto customers. It eliminates their need to hold monies during a verification process. Therefore, they are more willing to process withdrawals in minutes, something customers love.
It costs next to nothing for two parties to transact with crypto. Since online casinos need less manpower to process crypto transactions and they don't incur fees doing so, they are more apt to charge little to no fees to customers who bank with crypto.
From a no deposit bonus to free spins, casino players love getting big extra value from casinos. Given the secure nature of cryptos, casino operators have gotten to the point they want more crypto customers. That has prompted them to offer bigger bonuses to crypto customers than the bonuses being offered to customers who use other banking options.
Conclusion: Who knows where things will go in the future? However, this much is sure. The integration of online casinos and cryptocurrencies figures to continue growing for at least the next few years.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.