If you haven’t been living under a rock for the past decade then you have surely heard of cryptocurrencies and blockchain’s. The cryptocurrency fever is sweeping across the globe and online gambling has not wasted any time in embracing the technology as well. From casinos to sportsbooks, a number of gambling sites are already operating particularly around gambling using cryptocurrencies such as bitcoin, Ethereum, Litecoin and so much more.
The relationship between crypto and gambling seems to be getting stronger by the day. For instance, Malta, a pioneer in the gambling industry is working on legalizing the use of cryptocurrencies like bitcoin in online casino. The country is currently exploring the best ways to do this. This shows the future looks bright for these two so let’s explore how this new technology is changing and will continue to change the industry.
The Current State of the Industry
One of the ways of predicting the future is by looking at the past and the present. When looking at casino deposits using this logic, it’s apparent that there is a rise in popularity of online casino where you can deposit in crypto such as bitcoin.
Looking back at where it all started, we can see that there is a continued growth in the use of crypto transactions in the industry even when the crypto popularity in other areas has reduced. This shows that this trend is quite likely to extend for a longer period as technology continues to expand.
In addition, while transacting, we here cannot forget that lack of privacy is a factor in the industry that standard currency casinos have had for a long time. For instance, the use of MasterCard and Visa payment easily reveals a player’s identity. Cryptocurrency carries a certain degree of pseudonymity and it is arguably putting back privacy into online gambling along with fun and no judgment.
Another factor that has plagued online gambling is security; what’s with the hacks, the number of breaches, and the lost data cases. Enter cryptocurrency – bitcoin in particular- it represents arguably the world’s most secure currency. This makes it perfect for the online gambling world. Through the layers and layers of encryption that comes with it, crypto has and will continue to raise the level of security in online gambling to the maximum.
The Idea of a Global Governing Body
This is probably one of the things that have evaded online gambling since day one. Currently, each country and also smaller units of jurisdiction, have their own individual governing bodies that control the industry. Many of these laws are connected to banking laws. This is where the legality of playing in casinos with crypto becomes interesting.
Currently, some country-based regulatory bodies such as the UK, Malta, and Gibraltar are beginning to work together and acknowledge each other’s licenses more. This is only a few steps away from having a global governing entity. If that happens, crypto’ s role will get even larger than it is now since it will fall under a regulated umbrella that will make it easier to be used by players to gamble.
Cryptocurrency in the Changing Online Gambling Future
The percentage that crypto accounts for in the online gambling industry, keeps growing by the day. Therefore, it is safe to say that it has a future in online gambling. Due to its online optimization, the technology largely eliminates the need for all the troubles that come with gambling with traditional currency.
Therefore, whether it would be bitcoin or any other crypto coin that is yet to be invented, it’s fair to say that the technology will be key in what will be used in online gambling somewhere in the future.