Bitcoin has seen a bull run in recent times alongside other altcoins. This is a far cry from the last bear market and as usual, the gambling world is benefiting from this run. We are seeing more and more crypto casinos and regular casinos adopting crypto payments to make it more accessible for enthusiasts. As a matter of fact, the online casino market is predicted to generate over $46.30 billion in 2029 from $35 billion in 2024. What are these trends shaping the online gambling world? Let’s dive right into it.
Trends Shaping the Online Gambling World
Crypto Adoption
When Bitcoin first launched, it didn’t look like it would amount to anything, but as the decade went by, it began to take center stage in the global economy, calling the shots like it has been here for a long time. This adoption of Bitcoin and other altcoins has shaped the online gambling world in more than one way. You can easily find the best Bitcoin casino with seamless payment and sign-up processes.
It all started with the need for anonymity. Now, not everyone wants to be associated with gambling, while others are wary about adding their banking information and personal data to different gambling sites. Crypto adoption has made it possible to play your favorite games in complete anonymity and privacy. Many crypto casinos are known to skip the usual KYC requirements for many countries. This means players can join from anywhere in the world as long as there is an internet connection.
It is perfect for countries where online casinos are restricted and for those who want to play without drawing attention to themselves. But this is not the only trend that’s changing the online gambling industry.
Provably Fair Gaming
Now, if you’re a fan of slot games, you must have heard of random number generators or RNGs. These algorithms generate unpredictable results, ensuring that the games are fair. But you may not have heard about provably fair gaming. Just like the RNGs, provably fair gaming uses randomness to ensure that the games are not rigged. However, it stands out more because as a player, you can check the randomness by yourself to confirm if it is fair.
How does this work? Well, it uses cryptography and smart maths with the blockchain technology. It usually starts with seed generation in the game server and this seed is hashed or changed into a string of characters. Next up is mix and match, where players add their input and it is combined with the string of characters. Then, at the end of the game, the player can access the server to determine if the game was fair or not.
This system has been praised for its accuracy but is still not as widely accepted as the RNGs. The reason is probably the fact that it is not beginner-friendly. However, its adoption is a win-win for casino operators and players because it builds trust between them. Some top crypto casinos are already benefiting from this technology and its perks.
Innovative Features
The Blockchain has completely changed the game for online gambling. There are lots of innovative features now that make it more attractive to players. One awesome example is native tokens. To understand what it is, let’s share an example. When you want to deposit funds in an online casino, you use your crypto coins, such as Bitcoin or Ethereum and it converts into your local currency to play with. Native tokens are different. They are tokens owned by the crypto casino itself.
Instead of going through the hassle of exchanging your Bitcoin for USD or any other currency, you can simply buy the native token of the casino and start playing. Now, you can still opt to swap your own cryptocurrency for the tokens if you prefer.
Let us not forget to talk about how NFTs have become a valuable part of online gambling. The tokens have become a perfect payment solution for online casinos, but that’s not all. Players can now win real-life assets in the form of NFTs. This treasure can be stored or sold depending on what the player wants.
There are also loyalty programs using NFTs. How this works is that players get access to specific rewards on the platform when they spend more over a period. The NFTs open a path to exclusive rewards and bonuses to thank them for their loyalty.
Security
As much as many enthusiasts do not like to admit, crypto offers more security to online gamblers. Blockchain technology offers encryption for all transactions, making them tamper-proof. This means players’ funds on a crypto casino are safe, and their personal information will not be stolen. If this isn’t an incentive for going into this industry, I wonder what is.
Besides the obvious security provision, it also adds a touch of anonymity, as mentioned above. Players can rest assured that no one will steal their identity, data, or financial information. There are several other measures to ensure the safety of cryptocurrency such as hardware wallets or other more sophisticated safety features.
Tax Advantages
Besides all the technical trends, tax benefits are one crucial trend shaping online gambling. Many jurisdictions have favorable tax regimes for cryptocurrencies. This means players may pay little to nothing on their crypto transactions. It is a loophole considering the fact that similar transactions in fiat would cost a lot in taxes.
In some countries, there are still restrictions, but in time, they will likely come to terms with the fact that cryptocurrencies are here to stay. We’ve seen that happen in recent times.
Conclusion
The online gambling industry is a lucrative one because it has adapted over time to meet the needs of players. Cryptocurrencies such as Bitcoin and altcoins have also become a part of the innovation to attract a new demographic. Players who already hold these coins can use them to play their favorite games without special steps. It offers security, innovation, tax benefits, and more.