Why IGaming Is Becoming Crypto-friendly
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Find out what advantages of blockchain and cryptocurrencies make the online gambling industry aimed at popularizing crypto solutions in online casinos.
The online gambling industry is not a newcomer to the global market, although it is quite a young industry, but only after the pandemic did it really flourish. Large-scale lockdowns have become a catalyst for people forced to stay at home to look for ways to have fun. Online casinos have become one of the available destinations. But during its heyday, iGaming sensibly appreciated the advantages of cryptocurrencies and began to introduce various crypto solutions into the gaming process. And it’s not just about the opportunity for players to bet in cryptocurrencies.
Why does the online gambling industry need crypto solutions?
The benefits of implementing crypto solutions today are inspiring more and more online casinos to switch to hybrid or crypto platforms. And if everything is clear with crypto platforms, then it may be useful to clarify what hybrid online casinos are. These are the casinos that have games from both traditional gaming providers and crypto providers, as well as those that accept both fiat and cryptocurrency for bets. There are several reasons for such interest in crypto solutions from iGaming brands.
Gambler anonymity
Traditional online casinos, when registering, offer players to fill out a detailed questionnaire indicating their first name, last name, date of birth, residential address, phone number and other personal info. Some of the gamblers are calm about the need to share their personal information with the operator, but for some it becomes a cause for concern: what if this information somehow gets into the public domain? Of course, new online casinos use modern data encryption technologies, but this is not a 100% guarantee, but 99%. There can always be especially sophisticated hackers who will be able to crack the casino database.
Blockchain technology, on which crypto solutions are based, offers players complete anonymity. Registration from a long and dreary immediately becomes quick and easy – just a couple of clicks.
Some of the gamblers can rightly say that hackers do not have to hack databases, because they can simply track the gambler by IP. VPN providers have just noticed the opportunities provided by blockchain technology and offer users solutions to increase privacy during crypto transactions, and in addition, they help to mask player’s IP so that no one can track the gambler.
Tax freedom
In most cases, global financial regulation doesn’t apply to cryptocurrencies. In particular, in Canada, cryptocurrency is not taxed. True, in few countries, cryptocurrency is recognized as property, a store of value, and even currency, so if a gambler is going to bet, they need to make sure that local tax laws do not extend their influence on online gambling winnings or profits from cryptocurrency betting.
Transaction speed
With blockchain and crypto solutions, online casinos are increasing player satisfaction levels. Gamblers often complain that the withdrawal of winnings in fiat casinos is delayed and takes even longer than stated in the conditions of online casinos. Cryptocurrency transactions occur almost instantly, within a few minutes, and it doesn’t matter: it’s replenishing an account or withdrawing winnings.
In addition, withdrawal fees are minimal. In a traditional online casino in Canada that provides users with payment methods for fiat deposits and withdrawals, the commission for withdrawing winnings can be quite significant for the player’s pocket. Blockchain technology also has fees for transferring cryptocurrencies, but they are much lower.
Provably Fair
Blockchain technology is based on cryptography, which ensures that wallets and transactions cannot be faked. Cryptography is the science of hiding information using ciphers. One side effect of the development of encryption algorithms was the invention of hash functions. Hashing is a type of digital signature. The original text is not confused, as is the case with encryption, but goes through a series of irreversible cryptographic transformations, the output of which is another text, often also called a hash.
The Provablу Fair algorithm ensures that every action in the game was random. The result of each round is calculated and encrypted before the gambler makes a bet, which demonstrates that the game’s outcome cannot be influenced.
In conclusion
The iGaming industry is becoming more and more crypto-friendly thanks to the opportunities that blockchain provides. Cryptogambling in iGaming is expected to grow in the next few years as there is a trend towards tighter regulation of traditional casinos today.
