With all of the security benefits that crypto offers Crypto Casinos are growing In presence at a super quick rate.
Offering anonymity, improved security, regulation, and extra features that normal casinos cannot it’s expected that the crypto casino industry will grow from around 150 million dollars to 500 million dollars in the next few years.
The combined weight of gambling-related cryptocurrencies is over $150 million. The number of crypto bets increased by 2.2x in Q1 and Q2 of 2022.
Many brands are appearing in the space such as BetPandaUK who offer players a generous choice of games, slots, and table games with the extra security of crypto.
How Do Crypto Casinos Work?
The main difference between crypto casinos and standard online casinos is you don’t need to submit ID or KYC, and you will fund a crypto wallet within your account to bet or play games.
This allows you to gamble without revealing any private details or information about yourself, which in turn offers far more security when it comes to ID theft and credit card scams.
Transactions are processed through blockchain technology, ensuring transparency, security, and anonymity for players.
Funding a crypto wallet is a very simple process and you can even use banks such as Revolut or Monzo as an onramp to purchase and send crypto to your casino wallet.
Benefits Of Crypto Casinos
Here are a few benefits of Crypto Casinos when compared to standard online casino websites.
- Anonymity
- Increased Security
- Providing fair games via blockchain and ledger technology
- Faster Transactions (deposits and withdrawals)
- Global accessibility
With all positives, there are always negatives, with crypto prices being so volatile it is important to consider the risks when using certain crypto at these casinos.
Tether and USDC or stable coins offer a way to mitigate these price fluctuations and also offer cheaper reliable transaction fees.
Different Games And Bonuses
With blockchain technology, crypto casinos can offer exclusive games that other casinos cannot such as Crash, NFT Loot Boxes, Plinko, and Dice.
They are also able to offer exclusive bonuses such as crypto coin bonuses or their in-house cryptocurrency as a reward.
Many crypto casinos offer rakeback in crypto too meaning you can accumulate different cryptocurrencies as a reward simply for playing as you usually would elsewhere.
Provably Fair
The outcome of each bet in these games is determined by an algorithm when run using two inputs: the server key and the user key.
The server key is generated randomly for every bet or spin that is made. The user key is populated with a random default sequence.
A player can alter their user key by changing their stakes or by placing a new bet.
This is what they mean by “provably fair,” ultimately you can influence the outcome of each wager.
How your altered user key will not affect your wager result is still random because the server key is constantly changing, but you can’t influence the random outcome.
Summary
Crypto casinos growing in presence in 2024 and beyond are mainly due to anonymity, players don’t want to have to reveal their whole life to casinos to play some games or gamble.
Should you have a gambling problem however they can cause an issue, we recommend you instruct your bank to disable crypto transactions to stop you from being able to fund your wallets at these casinos as a precaution.
The pros outweigh the cons however and we only foresee bigger better casino companies appearing in the space as it grows.
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