A number of Las Vegas casinos have even gone public with their intentions to start accepting cryptocurrency payments from users soon, as other bettors are already coming up with blockchain-based gambling sites. Why the interest now, and what is it about? If you're unsure how to get started, you can experience some of the best crypto casinos found online today.
Now, the vast majority of online poker sites and casinos already allow users to cash out and deposit cash in cryptocurrency — so players can avoid waiting days for international transactions and avoid bank fees.
A handful of big land-based gambling chains plan to join the party. But how does it really work, and is there any risk? Let's dive in.
What is a Crypto Casino?
Technically, a "crypto casino" is the same as a real one but for the main payment system — instead of regular money, it accepts digital currency.
In every other way, crypto casinos resemble regular online casinos: thousands of slot machines, roulette, and sports betting.
The distinguishing feature is the employment of crypto wallets that allow users to store digital coins. These wallets generally support popular cryptocurrencies like Bitcoin, Ethereum, Binance Coin, XRP, and more.
Similar to fiat money, crypto casinos are allowed to have certain withdrawal limits when a player withdraws money from the website to their individual wallet.
But in the real world, honest sites do not have any motivation to hold back payments, and crypto transactions are usually faster than traditional payment systems.
Why are Crypto Casinos So Popular?
The reason crypto casinos are so popular lies primarily in the nature of cryptocurrency itself: users like the ability to make private, secure transactions that are difficult to trace or fake.
The payment system allows players to bypass banks and third-party payment processors, sending money directly to their own accounts.
Cryptocurrency transfers do not include the exchange of personal information, banking data, or identification documents. And new crypto exchanges make the process as instantaneous as moving money through a bank app.
Despite, governmental regulation remains one of the largest barriers to implementing cryptocurrencies at casinos in various countries, since Bitcoin and other currencies are not viewed favorably everywhere.
The Entry of Blockchain
Another main advantage of using cryptocurrencies in gaming is blockchain technology — the backbone of all electronic currencies.
Due to decentralized blockchain networks, developers can create random number generators (RNGs) that drive all online slot machines and even poker rooms.
For example, earlier this year, poker world champion Phil Ivey solidified his role as the first-ever blockchain-based online poker platform ambassador and supporter.
The developers of the platform are to soon launch their decentralized product, which they claim will offer fair play, high-level fund protection as well as smooth play poker.
As per reports, each player's balance will be stored within their own Ethereum wallet, and money will only be brought into the poker room when a session is active.
This would mean that if the site were to close down, users will still retain control of their money.
Phil Ivey committed to assisting with propelling the project forward and reaffirmed his ambassadorial role.
The Psychology Behind Player Engagement
Player psychology is crucial to the success of crypto casino marketing. Two main psychological triggers are:
- Anonymity. Anonymous gaming is attractive to the majority of users who do not want to share personal data. This must be emphasized in promotional materials.
- Financial Independence. Cryptocurrencies are generally seen as a way to gain independence in finances. The success of marketing campaigns for crypto casinos lies in the advantages of using crypto, such as being in full control of one's money.
Final Thoughts
Crypto casinos are a fascinating idea — or, better, a technology — that's already being implemented in a number of platforms.
Government intervention and opposition from crypto pessimists who believe that digital currencies are not good financial assets are the biggest obstacles to adoption.
Granted, with proper development and cautious application, crypto casinos can end the massive problem for players: fast money transfers in between accounts and full control over their dealings.
