Casinos have been one of the most popular industries in the world. In 2018 alone, the AGA showed that casino gaming revenue managed to reach a new high of $41.7 billion. But other than being among the biggest industries in the world, it is also one that has managed to change with the times and adapt. Casinos now have virtual and digital games inside the premises that allows people to play, and has also made its way to the internet with online casino games.
Through and through, the casino industry is one that has changed and evolved along with innovations of the current day. But one innovation people are not so certain about is that of Bitcoin, and how it is affecting casinos around the world. Is Bitcoin good for casinos, or is it just a passing fad or provably fair?
The changes that Bitcoin brings to Casinos
Bitcoin is possibly the biggest thing to happen to Cryptocurrencies since their inception in the late 90s. With the price of Bitcoin skyrocketing to over $20,000 in 2017, it soon began to catch the attention of the mainstream media. With all that attention, companies began experimenting with the possibilities of cryptocurrencies and other payment methods like pay by phone casino or paypal to casino. And one of the first industries to implement bitcoin was the gambling industry.
Brought Anonymity to Online Casinos
One of the major benefits of casinos using bitcoin as a form of payment is the anonymity and security. Online casinos would often take a lot of personal information from their players before they can get to their games. This information makes these online casinos a target for hackers and other serious threats. But with Bitcoin, There is no real record of where the real money casino player is coming from, which saves from the threat of a potential hacker.
Brings In a Bigger Market
Another major way that Bitcoin is affecting casinos is by bringing in a much bigger market.Various parts of the world have very strict gambling laws, which makes it very hard for people in certain countries to play online. However, with the help of bitcoin, these players can make their way to any online casino. Since it is impossible to track bitcoin, Online casinos can attract a brand new market of players new by just accepting bitcoin.
If anything, the digital information age has left people afraid of hackers and various other online threats. And since no security measure is completely impenetrable, players can have their doubts when providing sensitive information to a website. But with Bitcoin, online casinos do not ask for any personal information, and only ask for a player’s email and their Cryptocurrency wallet address. That is all the information they need when charging their players through bitcoin.
Created a New Niche of Online Casinos
One of the biggest ways that Bitcoin has managed to affect the online casino market is by creating a new niche of casinos that only accept bitcoin and other cryptocurrencies as a form of payment. Dubbed Crypto Casinos, these casinos are have blown up in the past few years thanks to their unique pitch and the anonymity of the service.
These casinos were also a lot safer than regular casinos, seeing how they did not carry any vital or sensitive information about their players.
Bitcoin has had a profound effect on nearly every industry around the world. But nowhere is this presence more felt than in the online gambling industry. The anonymity, security, ease of use, and versatility show that bitcoin is here to stay, at least in the casino market. And with the potential of bitcoin still relatively unknown, there is no telling the massive impact it could have in the future.