How Crypto Casinos are Gaining Popularity due to COVID-19
The coronavirus pandemic has spread with alarming speed, bringing economic activities in the world to a near-standstill. However, the online gambling industry, especially crypto casinos are one of the sectors that is least impacted by COVID-19, .
Grand View Research mentioned in its report that the online gambling sector will worth US$102.9 billion by 2025 in the USA alone.
Impact of COVID-19 on Online Crypto Casinos
COVID-19 has offered a huge boost to online casinos. The pandemic has forced people around the world to stay indoors.
As governments forced the closure of land-based casinos, the betting community started searching for online betting options. While land-based casinos allow players to bet with only fiat currency, online casinos opened the option of placing a bet using digital currencies.
Besides, underdeveloped multiple online banking methods, such as credit or debit cards, add another layer of challenge to the growth of online casinos. These modes of payments are unreliable, slow, and expensive.
Thus, online crypto casinos with several advantages are slowly gaining Popularity to go mainstream.
Benefits of Online Crypto Casinos
Here are the top benefits offered by crypto casinos:
1- Beyond the Control of Authorities
Blockchain is a decentralized system. It does not allow the involvement of a third party. Thus, it makes transactions like deposits and payouts faster.
Online crypto casinos are largely beyond the purview and control of authorities. Therefore, many online casinos are customizing games by tweaking the rules. Such variations are not allowed in traditional currency-based online casinos. It is also one of the top reasons for the Popularity of crypto casinos.
2- Zero Transaction Fees
The cryptocurrency network is popular among online casinos because transactions can be completely free. Most online crypto casinos offer zero transaction fees with unlimited free daily transactions. These casinos also provide an option to speed up any transaction by paying a small fee.
However, online casinos that use traditional currency have set limits and transaction fees. Thus, crypto-based casinos’ digital nature enables global access and easy availability of players in large numbers, around the clock.
3- Prevent Fraud
Due to its anonymity and safety features, cryptocurrencies protect gamblers from fraud. As cryptocurrencies are encrypted, players do not have to provide personal data to deposit or withdraw funds.
Popular crypto casinos also use blockchain technology that enables players to see what is going on behind the scenes. It helps in preventing fraud and boosts players’ trust in the online crypto gambling sites.
4- Fast Payment
Cryptocurrency is a fast and more secure payment mode compared to other payment methods like credit or debit cards.
Payment through traditional funds transfer methods requires the casino to confirm your identity. This process may take up to 24 hours before you can start playing. The same process applies to withdrawals that delay the payments.
Cryptocurrency solves this problem of delay in payments to start playing as soon as they join.
Cryptocurrencies may take a central role in gambling transactions when more online casinos start using cryptocurrencies as a payment mode.
Factors driving the growth of crypto online casinos in the current pandemic situation include the rapid proliferation of mobile devices, the development of supplicated gambling apps, relaxation in gambling regulations, and legalization of gambling in several countries.