A few years ago, online casinos were mostly dependent on cards and e-wallets as the primary banking sources. However, the arrival of blockchain technology has changed the game. Cryptocurrency has not only changed the way we handle money; it has successfully entered every field, and the casino world is no different.
While the wave of cryptocurrency started as a niche interest, today, Bitcoin has grown to be a household name. As the top casinos are making cryptocurrency payment methods more streamlined, the use of crypto has skyrocketed in recent years. According to the latest reports, over 15% of the overall casino transactions are done via cryptocurrencies, and this number is getting stiffer.
So, it’s pretty clear that cryptocurrency has now turned out to be a mainstream payment solution. But the question is: will it be the most used payment method in online casinos? Let’s decipher this question and see the factors that can turn it into reality.
Why are cryptocurrency payment methods getting so popular?
The use of cryptocurrencies has shown spectacular growth in the iGaming sector. Data from 2023 shows a sharp rise in the use of cryptocurrencies for gambling activities. In 2021, casino players made transactions worth over $2.93 billion using cryptocurrencies. This amount had jumped to nearly $6.34 billion by the first quarter of 2022. This development trend highlights how players and online casinos are starting to accept and rely more and more on cryptocurrency.
Here are the perks that are pulling players to use cryptocurrencies at online casinos:
- Integration in Casinos: All the A-rated casinos today are offering cryptocurrency payment methods. Many of them support all the top-rated crypto-wallets and tokens to make transactions. If you are interested in knowing more about how cryptocurrency payment methods are changing the entire casino experience, you can check out the brand-new Buzz Thrill slot review.
- Level up in security: Blockchain is one of the most reliable and secure technologies we have in hand. The use of cryptocurrencies cuts off the rate of fraud and scams, which is a common issue for players. On top of that, crypto transactions offer a higher level of anonymity, which is appealing to many.
- Lower transaction fees: When you use cards or other similar payment methods at casinos, you may have to bear additional charges of 5% and more. Cryptocurrencies wipe off these high charges. The crypto transactions are super cost-effective, and you can cash out or cash in with just a few pennies.
- Speed and Efficiency: Waiting for hours or even days for your funds can be annoying, and that’s where cryptocurrencies win the race. The main USP of blockchain transactions is speed. If you use cryptocurrencies for deposits and withdrawals from your online casino account, your funds will flow in and out of your account within seconds, offering you a better gaming experience.
Will cryptocurrencies be the most used payment method?
Looking at the advantages that cryptocurrency payment streams bring to the table, anyone will get tempted towards them. However, there is still a huge chunk of players who rely on traditional methods for casino payments. So, long or short, cryptocurrency definitely has the potential to become the primary payment method worldwide, but not anytime soon.
The equation between cryptocurrencies and casinos on the grounds of regulation is the same. In some regions, their use is 100% legal, while some governments are strictly against it. So, their adoption among the masses is greatly influenced by the regulations surrounding them. However, as the casino market grows and the wave of digital and secure payments takes over, the use of cryptocurrencies will skyrocket.
Which are the most used cryptocurrencies in casinos?
Thinking of Bitcoin? You guessed it right. Bitcoin takes up over 70% of the total usage of cryptocurrencies in the iGaming space. Being one of the oldest and most famous tokens, players trust Bitcoin over other cryptos.
The token in the second spot is Ethereum, which is another huge blockchain network. It takes up over 30% of the market and is mostly used at online casinos. Besides these two, Litecoin takes up nearly 5% of the overall crypto transactions in the casino market, and other coins like USDT, Dai, DOGE, and more comprise the rest.
Conclusion
Cryptocurrencies definitely have the potential to be widely adopted as a primary payment method. The benefits it offers include security, cost-effectiveness, speed, resistance to inflation, and much more. However, on the other side, there are a bunch of obstacles barring its adoption. The challenges, like volatility, regulation, and merchant acceptance, are super concerning when it comes to crypto. Despite these, as per the experts, the usage of cryptocurrencies is predicted to grow as more and more platforms adopt them, offering flexibility in cross-border transactions.
