Online Gaming Market Ripe for Cryptocurrency Takeover
With over $40bn revenue each year, online gambling has become a booming business on the internet, as people gamble from their homes, with enticing online offers remain glued to online gambling.
As the use of cryptocurrency becomes more and more mainstream, it is being used by more people for online betting also. This is sure to add greater numbers to the online betting industry as it has several district advantages over fiat currency.
The biggest advantage of cryptocurrency is that it cuts banks and other financial institutions out of the picture & it offers no transaction fees and increases transaction speeds.
it offers security and privacy. The transactions are between the user’s digital wallet and online casinos. Thus, no detail of the user’s bank accounts is shared online.
As cryptocurrencies are decentralized, online casinos can get into individual agreements with different cryptocurrencies and offer a wide variety of discounts and bonuses on them.
There are also a few issues which need to be sorted. First, is that not all online casinos allow betting in cryptocurrency. As said earlier this problem will be solved gradually with mainstreaming if cryptocurrency. Another is that an online gambling casino cannot offer digital gambling in all cryptocurrencies. Sure some big ones like Bitcoin will be allowed, but accepting every type of digital coin will be impossible.
One more issue with cryptocurrencies is the volatility associated with them. Thus, say a customer gambles and wins some digital currency which gets deposited in his wallet. It may happen that by the time he again ventures for online gambling the value of his holdings would have decreased.
