Casino operators are known for paving the way when it comes to technological advancements. One minute, they are showcasing just how well augmented reality can work in making their games more realistic and the next, they are toying with virtual reality. Thus, it is not surprising that most online casino sites are integrating blockchain technology. Not only do they look at it as a way to enhance fair gaming, but also to streamline the payment options. This guide looks at how the latter use will affect casino gaming moving forward.
Why Crypto Payments?
Ever since Bitcoin made headlines owing to the profits that the earliest investors made, people have been eager to learn more about cryptocurrencies and their potential benefits. And in the casino world, the following perks have been at the forefront:
Privacy.
In a typical online casino setting, players have to share their personal and financial details to make deposits and access their earnings. Such information can affect other aspects of their lives, e.g., loan applications in the future. Crypto payments eliminate the link between the player’s financial records and their gaming patterns, allowing them to have their cake and eat it.
Security.
Casinos work hard to safeguard player data using methods such as multi-factor authentication and data encryption. But even with these measures in place, they are still at risk of cybercriminals getting access to this data. Crypto payments reduce this risk by offering immutable transactions that do not rely on an intermediary, which makes it hard for anyone to intercept the payments or change the details without the consent of the site and the player.
Speed.
Convenience has become the order of the day in this fast-paced world. People no longer want to wait hours or days before they can access their earnings or even make deposits. However, casinos often have little control over these timelines as they depend on intermediaries to process the payments. For example, bank-to-bank payments can take a whole week. With crypto payments, the transactions do not depend on any other party and are thus immediate. In fact, most payments show within minutes, regardless of whether the player is making a deposit or processing a withdrawal.
Affordability.
Players who enjoy games regularly know that transaction fees can add up fast as they must pay the transaction intermediaries a percentage of the amount. For example, an e-wallet can charge as much as 5% of the whole amount. Pay this enough times, and your budget will take a hit. With crypto payments, there are no intermediary services to facilitate the transaction. As such, if a player has made $100, they will get the whole $100 in their account. Some sites may charge a small fee, but it does not come close to the standard fees in the traditional payment models.
Accessibility.
For a long time, casinos have followed the standard payment processes and only accepted payments from the following channels:
- Bank transfers,
- Card payments, and
- E-wallets.
While these options are available to many players, they are inconvenient for some players. For example, some credit and debit card issuers from some regions may bar players from using them in online games. Crypto payments break down these and other barriers to gaming by allowing anyone to make payments regardless of where they are.
The Casino Take
Casinos often gear their technological advancements to favor their players. However, they also stand to gain a lot from this move, as follows:
- The secure payments will make it easier for them to avoid security breaches that can sour their reputations.
- The simplified payments will attract the younger generations who thrive on tech-driven solutions.
- The lack of intermediaries will reduce their operational costs while boosting their payment timelines.
What’s more, leaning on a technology that already appeals to players will allow them to penetrate a growing market.
Where Does the Law Stand?
With many regulations emphasizing anti-money-laundering checks, many countries are still working out the legality of crypto payments. Even so, many sites have successfully implemented these payment options, and many are following suit in pursuit of the evident perks.
This article was written in cooperation with topratedcasinosites.co.uk