Gambling has taken on many different forms over the last half a century, and while it might feel like cryptocurrency is simply another chapter in this story, once we scratch beneath the surface, we get a much broader idea of just how pivotal the integration of cryptocurrency could be in casino gaming.
It’s not just the transparency of the blockchain that is attracting such interest; it’s the borderless payment systems with minimal fees, the range of altcoins and cryptocurrencies available, and the growing demand within the international market for casinos that accommodate this exciting new area of fintech that is helping to drive many intriguing new ideas, changing the landscape of the industry.
Mapping out an entirely digital market
Ever since the 90s, when online casinos emerged and began challenging the market dynamic, it became clear that the future would be digital. Digital marketing is an international industry and the lifeblood of online casinos – not to that mention the best minds in the business are competing against each other within the digital ecosystem.
Cryptocurrency and blockchain tech are the next natural step; it’s an entirely digital form of payment, does not require third-party oversight, and allows users to connect their wallets directly to the brand, rather than dealing with the more cumbersome payment methods offered by conventional casinos.
However, there are other factors to consider, and it is these factors, combined with the ingenuity of blockchain and cryptocurrency, that will ultimately determine how integral they will be to the reshaping of online casinos. So, let’s have a look at these variables.
Mixing some of the old with some of the new
It’s never a good idea to pigeonhole yourself in any industry, but in the fiercely competitive iGaming market, putting yourself in one corner is even worse. While cryptocurrency is becoming a remarkably innovative and influential part of the casino gaming industry, it is essential not to alienate those customers who prefer more conventional payment options.
The best Irish online casinos strike a balance. They offer a route for cryptocurrency and blockchain transactions, as well as for those with an eye on a more contemporary payment option. However, to ensure they have spread across the market as widely as possible, it is also crucial to have a route for people to use fiat currencies and more conventional fintech, such as PayPal and other e-wallets.
Even the very idea of crypto payments would have been laughed at a decade ago. Yes, some brands were exploring this, and they had a vision and were fearless in their approach, as cryptocurrency in the early to mid-2010s was not a market that many people explored or invested in. It did not have the legitimacy within traditional financial circles that it has since gained, with some of the world’s most recognizable institutions, including asset management giants like BlackRock, investing in BTC via ETFs.
Blockchain transparency
Unlike conventional casinos, cryptocurrency casinos record all payments on the blockchain. While the transactions are anonymized and refer only to a wallet address, it is a much easier way to handle payment issues if there is a problem.
The transaction hash is on the blockchain, so instead of having to contact your bank and then contact the casino to ask them to check with their bank, this new dynamic means payments are accessible more quickly. It has, however, become essential to understand how crypto works and familiarize yourself with the best crypto security practices.
The nature of crypto payments means you pay your crypto directly into the casino’s wallet. This has helped these brands operate on a larger scale and deliver their services to a broader international audience, reducing overall costs, conversion rate fees and the risk of banks flagging transactions.
Up until a decade ago, these issues were commonplace in online casinos, but cryptocurrency, transparency and the marvels of the blockchain have created an entirely new market shaped by the power of cryptocurrency and its innovative mechanics.
From the perspective of responsible gambling, transparency helps keep tabs on deposits and enables cryptocurrency casinos to access users’ history to ensure they are not depositing amounts that far exceed their average use.
Final thoughts
It’s fair to say that cryptocurrency casinos have entered uncharted waters over the last few years. Buoyed by the broader appeal of cryptocurrency and the huge institutional investment that has flowed in since 2023, crypto casinos are now in a favourable position.
As long as legislators and regulators provide a foundation for these brands to grow in prominent markets such as the US, Canada, the UK and Australia, these casinos will be an enormously transformative force in the casino gaming industry over the next decade and a half.
We’ve seen how transparency and the offering of cryptocurrency payment options alongside conventional fiat currencies are just two of the main pillars helping to reshape the industry. However, over the next decade, as more new gamers enter the market with a good grasp of digital-first options, it will be fascinating to see how it all pans out and to what extent cryptocurrency and blockchain technology will be able to reshape the industry.
