It wasn’t that long ago that only 5% of all online casino gambling was being funded by cryptocurrencies like Bitcoin. In just the last couple of years, there is evidence that suggests 15% of all online casino play is now being done with crypto.
Crypto Casino Options
Crypto online casino gamblers have two general options at their disposal. First, they can use standard online casinos that accept deposits and issue withdrawals in cryptocurrency. In such cases, the crypto has to be converted to the casino’s coins before wagering and then converted back to crypto when a withdrawal request is made.
The second option is to register and play online casino games through a crypto-only online casino site like Crypto Loko Casino. In this case, all transactions, including wagers and winnings, are transacted in the player’s cryptocurrency of choice.
Until recently, Bitcoin was largely the only crypto being accepted by a great majority of the crypto casino operators. Over the last couple of years, many operators have expanded their platforms to accept other popular cryptocurrencies like Dogecoin, Ethereum, and Litecoin.
The Benefits Of Using a Crypto Casino
Keeping the focus on crypto-only casinos, there are several benefits online gamblers can derive by going in this direction. The benefits range from logistical benefits to financial benefits.
Let’s take a look at a few of the key benefits to be had by using crypto-only online casinos.
Speed of Transactions
For years now, online casino gamblers have had to endure long waiting periods before transactions could be recorded. In the case of deposits, some transactions can take up to three (3) business days to post. That’s frustrating for online gamblers who are ready for action. As for withdrawals, many online casino operators will place withdrawal requests on pending status for as long as seven (7) days. They do this under the guise they have to verify the information.
Crypto transactions that go from wallet to wallet are usually transacted in a matter of minutes. Casinos are willing to immediately recognize transactions because they know they have good funds the moment a transaction is received. If wagers are made with crypto, many casinos are even willing to issue winnings withdrawals without any pending period requirement.
Most online gamblers would prefer to keep their online gambling activities private. They don’t like the fact that standard banking transactions leave evidence of their gambling activities for all to see. This can be particularly bothersome for UK gamblers who are being restricted from online gambling because they have registered with a self-exclusion program like GAMSTOP. Furthermore, many experienced gamblers would also prefer that government agencies not be privy to their gambling activities.
Each crypto transaction is sequentially recorded on a blockchain, resulting in a transaction number being created, which is made available to only the transaction parties. At no time is anyone required to personally identify themselves. Crypto-only casinos honor this high level of anonymity by transacting with customers without customers having to identify themselves. They only need to choose a username and link a crypto-wallet to the casino’s crypto-wallet.
Access to Bigger Wagering Limits and Bonuses
Since crypto transactions are immediately recorded as good funds, online casino operators are less wary of the customer who is transacting with crypto. That puts operators in a more trusting position.
Given the fact they get immediate good funds, crypto-only casino operators tend to offer larger betting limits to crypto gamblers. This is often appealing to crypto gamblers because they tend to be “high rollers.”
Since crypto-only casinos truly appreciate action from high rollers, they are often willing to offer said high rollers bigger bonuses for higher levels of play. This can include higher welcome bonus matching deposit offers or access to more aggressive VIP programs.
Lower Transaction Fees
Wallet-to-wallet crypto casino transactions are entirely managed through the aforementioned blockchain. It requires very little to no intervention on the part of online casino employees. Since that results in crypto casinos being able to carry less staff, they are often willing to pass the savings along to their crypto customers. They do that by offering “low to no” transaction fees on all crypto transactions. For high rollers, the savings can be substantial.
Better Security for Gamblers
A lot of trust has to be given by online gamblers who are using online casino sites. That places a high demand on certain security features to be in place to avoid disputes and improprieties.
Since every single crypto transaction is permanently recorded on the crypto’s blockchain, there is always a well-guarded transaction record available. If issues arise, it’s quite easy to go to the blockchain and verify what happened. This is particularly useful when actual casino wagers are being recorded on the blockchain. One side or the other of a dispute will have access to the proof they need to resolve it.