A 2019 researchestimate shows that the gambling industry is worth more than $50billion. The findings show that the gambling ecosystem has a large global audience.
Currently, the cryptocurrency market hosts a trillion-dollar asset economy. The crypto adoption levels are rising, and smaller economies are showing interest in virtual assets. As such, most gambling firms are leveraging digital currencies in their operations.
Cryptocurrencies, without a doubt, have several downsides which end up affecting their values. Regardless, betting with digital assets serves users’ who intend to maximize profits.
This article explains the relationship between gambling and the cryptocurrency world.
Lottery and Crypto Betting Definitions
The use-cases of digital assets are spreading across various industries. Crypto betting refers to the act of staking assets to achieve a specific result. Players take part in betting different sports such as football or basketball. In the beginning, betting platforms were offering Bitcoinas the only payment medium.
Afterward, the sites began including other assets such as Ethereum in their operations. Casinos are also onboard with using cryptocurrencies when playing games such as poker.
The lottery is another gambling activity making use of cryptocurrencies. In a crypto lottery, players have to match a set of numbers with an official drawing. The winning number receives a reward in the form of digital assets.
The Outcome of Integrating Digital Currencies
Cryptocurrencies are improving the online gambling experience in the following ways.
Immediate Cross-Border Transactions
International gambling sites operate in different countries across the world. In the traditional system, conducting transactions take longer to complete. Cryptocurrencies present a practical solution that completes transactions within a short while. Regardless of the location, gamblers can send and receive coins without any delay. Players only need a stable internet connection to make crypto transactions.
Anonymity and Privacy
Virtual currency transactions take place in a blockchain network. The technology guarantees bettors and players privacy in their activities. Thus, every transacting party in the blockchain works without revealing their true identities. In turn, blockchains lower the risks of identity theft and impersonation cases.
Blockchainsensure every action remains transparent by displaying all transactions. Posting transactions on blockchains keep bad actors away from the network. What’s more, the details found in the public ledger remain unchangeable. Blockchain’s architecture blocks dishonest users from editing all records.
Betting providers face another challenge whereby customers receive compensation through chargebacks. In a chargeback, users pay and later cancel the transaction after receiving a service.
Blockchains prevent such cases from happening after storing the details on the ledger. The innovative technology ensures no entity can change or reverse the transaction records.
Performing a transaction in the traditional financial system is an expensive task. The charges increase when users conduct cross-border trades. Nonetheless, virtual assets allow gamblers to make crypto payments using lower fees.
The Regulatory Stand on Crypto Gambling
Today, several countries allow betting firms to use cryptocurrencies in their systems. At the same time, some jurisdictions are against the use of digital currencies. Japan’s government, for example, hopes to legalize crypto gambling in the future.
Going by the policymakers, Japan can generate more revenue from crypto betting. India is yet another region examining the possibility of approving crypto gambling. The Indian government says that gambling transactions should remain cashless.
Hence, adopting virtual currencies in the gambling world could promote online-based transactions. It further opens Indians to other alternatives aside from using payment cards.
Malta’s government allows individuals to develop crypto gambling platforms. The only downside is that the Malta Gaming Authority extends expensive licensing services. As such, it discourages investors who have a lower amount of capital. The advantage is that Maltese investors with a license attract minimal tax rates.
Types of Crypto Gambling Platforms
Below are examples of crypto gambling sites players can use to secure an income.
1xBetoperates as a popular crypto bookmaker in the online gambling space. Here, players have a wider choice of making crypto payments using 30 digital assets. Furthermore, the gambling site provides players with higher odds compared to other bookmakers.
Sport options are also extensive in number since players can gamble with 30+ games. New users on 1xBet receive a welcoming bonus of 100% on their deposits. Such bonuses enable the crypto gambling platform to get and keep players.
22Betis a crypto betting site allowing players to make payments with about 17 digital coins. The platform began operating in 2018 to create an interactive betting network. Here, players also get to learn about several sporting events with less popularity.
A real-time betting exercise is available to boost the platform’s betting experience. Moreover, 22Bet caters to more than 50 language groups that attract gamblers from all over the globe.
Takeaway: Does the Future of Gambling Lie with Cryptocurrencies?
Many online gambling platforms are adopting digital assets in their operations. One side shows that some countries are against the existence of virtual currencies.
Most nations consider these coins as risky assets that can result in losses. Thus, the regions enforce strict regulations or ban the use of cryptocurrencies.
Another side sees jurisdictions taking up digital assets and acknowledging their existence. Cryptocurrencies bring many advantages to bettors and gambling service providers.
Yet, specific factors determine how fast virtual assets can apply in gambling. All the same, time is the only element that can dictate the potential crypto gambling holds.