The Impact of Blockchain Technology in Online Gambling

This year we have seen a significant rise in the presence of online casinos. Betting sites are reporting higher revenues and user engagement, with new players joining every day. What is even more interesting is how many more crypto casinos are available to the USA market today.

Blockchain technology –which cryptocurrencies use– has transformed online gambling. Thanks to blockchain, there are new benefits for operators and gamblers. You can access a safer and more efficient real money gaming environment. 

Cryptocurrencies Take Online Gambling to New Levels

Due to the COVID-19 pandemic impact, land-based casinos worldwide had to close, which created an opportunity for online gambling to grow. For instance, reports show a 66% increase in revenue in New Jersey, which is on track to reach more than $700 million by the end of the year, compared to the $483 million last year.

The Impact of Blockchain Technology

As reported by the Global Market Insights, online gambling will continue to grow and probably exceed $160 billion in six years. The report suggests that the continued rise is not only attributed to the COVID-19 situation.

Advances in technologies such as VR, easy accessibility to betting platforms with the smartphone adaptation, and the use of cryptocurrencies via the blockchain technology also contributed to that growth.

Growth of Gaming Companies

Regular real money online casino sites are increasingly popular this year, but so are cryptocurrency gaming and betting sites. Bling, a US-based crypto gaming company, had a 50% increase in players during March, reaching 70,000 users per day and over 400,000 active users per month. The blockchain technology has had a massive impact on the online gambling increase, and soon you’ll understand why.

Cryptocurrency in Online Gambling Sites

When blockchain technology was first introduced, people were skeptical, as it was hard for them to accept that they can use coins like Bitcoin to purchase goods online. But, among the first industries that welcomed it was the online gambling industry.

Blockchain Technology Popularity in the Online Gambling Industry

Blockchain technology is highly popular in the industry for many reasons. One of the most important ones is the decentralized nature of the coins.

The fact that online casino players can enjoy depositing and withdrawing with coins without those transactions ever being shown on their bank statements was the thing they always wanted. And while this is one of the main reasons why they choose to use cryptocurrency across online casinos, as you will see, there are plenty of other benefits they get from it.

Benefits of Cryptocurrency in Online Casinos

Cryptocurrency gambling proved to incredibly successful. Both players and operators benefit from it, and that’s basically what they all need to experience an enjoyable time. The following are some of the advantages you get for depositing and withdrawing with digital currencies at online casinos.

Privacy

Due to digital currencies’ decentralized nature, you get full anonymity, as your transactions don’t appear in any bank statements.

Speed 

The blockchain technology can handle a massive volume of transactions simultaneously, making the use of cryptocurrencies super-fast, near-instant.

Security 

The enhanced security you get with cryptocurrencies minimizes the risk of identity theft and account hacking.

Low Fees 

Contrary to traditional payment methods, with this option, you are charged only basic costs, practically insignificant costs.

The Future of Blockchain Tech in the Online Casino Industry

Considering more and more casinos have started accepting cryptos, it is safe to say that they are here to stay. Given the rise in popularity of this payment method, many casinos started offering cryptocurrency bonuses and special promotions.

Gamblers see the benefits of wagering with digital currencies, and operators are willing to attend to their needs. Blockchain technology already meets players’ expectations and is expected to continue getting introduced across online gambling sites.