Casinos powered by crypto currencies and the blockchain are building up quite the head of steam at the moment, with their forward momentum making sure that more people are taking notice than ever before.
With such a new industry niche, there’s always the question whether regulations have caught up with demand. In addition, the availability and ease of use of crypto casinos have not always been ideal.
So where does the market stand today, and what can players expect from gambling with cryptocurrencies this year and beyond?
The grief that comes with legal gray areas
The first point to make is that in lots of places around the world, little has been done to legitimize crypto casinos, in spite of the serious growth that’s projected for this niche.
America has yet to legislate on crypto gambling, which means it’s possible to play on these sites if you live stateside, but you won’t get any kind of consumer protections for doing so. This is a shame, as millions of US citizens already use crypto to generate passive income.
The UK is a little more forward-thinking, and requires casinos that want to accept crypto deposits to meet its stringent gambling regulations.
The improvements to access
The upside is that actually harnessing crypto casinos is easier in 2022 than it ever has been, even in the face of security threats and the aforementioned regulatory muddy waters.
It’s down to a combination of improved site design, better device compatibility, and wider awareness of how crypto works.
As an example, this overview of crypto casinos organized by country shows that the global reach of blockchain-powered gambling brands is increasing in line with demand, and the only way to satisfy players on this scale is to offer compelling experiences.
The point is that these platforms aren’t just competing with other crypto casinos, but with every other online gambling provider out there. Thus if players have to jump through too many hoops to create an account or start gambling, they’ll head elsewhere.
It’s important to appreciate that crypto casinos exist within the context of the wider market, and aren’t a closed-off segment that’s insulated against trends elsewhere. This is positive for players, and paints a promising picture of things to come.
The selling points of the blockchain for gambling
Crypto casinos have got a few more tricks up their sleeve when it comes to winning over prospects who are already familiar with online gambling.
Most importantly, they embrace crypto not just for deposits and withdrawals, but also for the act of wagering itself.
This is relevant because for other casino sites that claim to support crypto, the reality is that they tend to translate this into fiat currency for use in conjunction with their games.
For players who have bought into the ideals of crypto and the blockchain, the availability of anonymous, fast and secure transactions and betting is crucial.
In addition, crypto casinos are pushing the envelope by giving players a fairer, more equal crack of the whip. A combination of peer-to-peer play, which sees the house take a much smaller cut, along with the transparency of putting game outcomes on the blockchain for post-action scrutiny, sets them apart in an industry that’s not known for its transparency.
We are still at the dawn of the crypto era, and casino services are helping to test the mettle of blockchain tech, so the ramifications are much more significant than merely those seen in the gambling industry.