Ever since cryptocurrency first came to the fore in the last decade there have been critics who have called it out as a passing trend. At best something not to be taken seriously and at worst, a cynical for the rich and powerful to make money from young and naïve investors.
The fact that US President Donald Trump and his investors made $900,000 in trading fees along during the first two days of the launch of his $TRUMP cryptocurrency token seems to point toward the latter. Also, the fact that there is a roaring trade in online crypto casinos backs up the critics who say that crypto is a passing trend and something not to be taken seriously. In this article we explore that trend in more detail in an attempt to expose exactly what is going on in the world of online crypto wagering.
Should I Wager With a Crypto Casino?
Cryptocurrency offers numerous perks, including fast and low-cost transactions, especially for international transfers. It provides greater financial privacy and control, allowing users to manage their assets without intermediaries like banks. Cryptocurrencies are decentralized, reducing the risk of government interference or inflation. Blockchain technology ensures transparency and security, making transactions tamper-proof. Additionally, crypto enables access to financial services for unbanked populations, supports innovation through smart contracts, and offers investment opportunities in a rapidly evolving digital economy.
When you spin an online reel, start a game of blackjack against an AI dealer or set the virtual roulette wheel in motion you are already accepting that you are at a disadvantage. The house has an edge and in the long run, will take more money from you than you will take from it. We still play though because there is a possibility, and not a negligible one, that we could win and win big, if our luck is in.
Why are Crypto Casinos Popular?
Crypto casinos are popular due to their enhanced privacy, fast transactions, and lower fees compared to traditional online casinos. Players can gamble anonymously using cryptocurrencies like Bitcoin or Ethereum, avoiding lengthy verification processes. Blockchain technology also ensures transparency and fairness in gameplay. Additionally, crypto casinos often offer better bonuses and global access, attracting a wider audience. Their growing appeal is tied to the increasing adoption of digital currencies and demand for decentralized, user-friendly gambling platforms.
Online casinos, which have forever been at the forefront of trends, have recognised this and begun to accept cryptocurrency deposits, Casino.ca suggests the best real money casinos and now display which ones accept crypto as they have realised how much demand there is for them.
How are Crypto Casinos Making Money?
Crypto casinos make money through several channels, primarily by maintaining a house edge on games, ensuring long-term profitability. They also earn from transaction fees, especially when converting cryptocurrencies or processing withdrawals. Some offer premium memberships or VIP programs, generating additional revenue. Affiliate marketing and partnerships bring in new players, boosting profits. Additionally, crypto casinos may invest user funds or run their own tokens, gaining value over time. Their low operational costs further enhance overall profitability.
True to form, online casinos have ensured that they have totally minimised their risk when it comes to dealing in cryptocurrencies. The majority of providers only accept a limited amount of cryptocurrencies, typically those that tend to decrease in value over time.
Upon receiving deposits, these providers sell them and convert them back into traditional currencies. When it comes to paying out, they buy back the coins at a more favourable rate and deposit them back into the customer’s account.
Which, for the first time in history, allows a casino to actually make money on pay outs!
In Summary
Crypto casino takings are on the up for a number of reasons. The main two however are that the number of naïve crypto enthusiasts looking to make purchases with their digital coins is increasing and that crypto casinos are being savvy in how they process these transactions.
The main take away as ever with cryptocurrency is to make sure you are on the side of the smart and savvy investors. Our advice would be to invest in online casino stocks and never, ever wager online with crypto…
