Once considered as something outside the mainstream financial market, cryptocurrencies are fast gaining acceptance in various spheres of life today. And for all the great reasons. Casino is one major sector which can immensely benefit from cryptocurrency and its inherent blockchain technology. The post below offers insights on why casinos should be proactive about accepting cryptocurrency.
Private and legal
The native blockchain technology of cryptocurrency enables gamblers to play anonymously. Blockchain technology ensures anonymity of public ledger for identity and for funds. Unlike the traditional online casino system, it does not require players to showcase their private details globally to create accounts with a casino. And that helps to create a more comfortable environment for players which leads to more traffic to casinos.
Crypto is always a legal payment solution for casinos. In fact, Malta, the pioneer in gambling industry, would soon legalize crypto payments for online casinos.
Lower fees and faster withdrawals
Many land-based casinos can’t expand online as the players often complain of higher withdrawal and deposit fees of virtual casinos. Also, there is the problem of delayed withdrawals.
“There is no denying of the fact that online casinos charge exorbitant transaction fees that rake up the budget of players to a great extent. The virtual casinos are tied up with payment service aggregators and providers who charge a high commission from them. Casinos include that amount in their operational costs and it’s the players who have to bear the brunt”, stated Pbet, a blockchain crypto-based gaming platform.
Pbet has found a solution to the problem through incorporation of crypto payments in casino payment structure. The company aspires to create a unified gaming system by combining land-based casinos with online ones that will provide a seamless experience for players in both versions. According to Pbet, crypto payments involve much lesser transaction fees as well as quasi-immediate withdrawals. Such facilities hold the potential to inspire many players towards online casinos. It will also enable many land-based casinos to expand seamlessly to online versions with the help of Pbet’s unified gaming system.
This point comes somewhat in conjunction with the discussion made above.
Cryptocurrency assures comparatively lesser fees for online gambling than what’s viable in the traditional virtual casino sphere. As a result, it helps to create a more affordable entry line for several players who were previously hesitant to try out casinos. It results in a more democratic and accessible environment in the casino industry which eventually benefits the industry end of the day.
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