Latest News on Cryptocurrencies in the Casino Industry

The latest cryptocurrency developments in the gambling market bring a surge of crypto casino, both online and land-based. The crypto platforms launched in the last year provide novelty payment methods that accommodate crypto-based gambling, exclusive crypto promotions, and ongoing debates about the need for crypto regularisation.  

This article explores crypto gambling news and shows the most relevant statistics of recent years. 

Exponential Rise of New Crypto-Based Casinos

The rise of cryptocurrency casinos is growing exponentially. Market numbers seemed to have predicted such a rise a few years ago:

• Fortune Business Insights statistics evaluated the global gambling market at $66 billion in 2020 and suggested it was growing to about $158 billion by the year 2028. 

• In 2021, another survey found that 40% of crypto users used cryptocurrency at some point on online gambling platforms. 

These trends culminated this year with a considerable surge of online crypto-based casinos. 

Latest News on Land-Based Crypto Casinos

Merit Hotel Nicosia, based in Cyprus, remains the only land-based casino that has accepted cryptocurrencies for its casino facilities since 2014. However, Bloomberg reports that IGT released the first Bitcoin slot machines this year, and various sources consider it a growing trend among casino game providers.

Main Developments in Today’s Crypto Online Casinos

• Increased fairness: with smart contracts, crypto casinos can prove that they provide fair, unalterable games. 
• Decentralized betting, peer-to-peer: at the newest crypto casinos, online gamblers have the option of wagering against one another without needing a central authority.
• Low transactional fees: crypto betting doesn’t imply fees that are as high as traditional money wagering. 
• Exclusive crypto casinos: many of the newest crypto casinos only accept cryptocurrencies. More and more such platforms have renounced traditional currencies completely. 

As expected, safety and anonymity at crypto casinos are continuing to improve and stand as undeniable advantages.

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New Crypto Bonuses vs. Traditional Casino Bonuses

Online gamblers who make deposits using cryptocurrency are the only ones eligible for the newest crypto incentives. This is in contrast to more standard casino bonuses, which provide more flexible choices. 

However, the number of markets providing both crypto and regular payment methods for casino promotions is slowly increasing. Upcoming crypto bonuses generally have higher match percentages than traditional promotions and much higher withdrawal limits, which makes them a lucrative option for crypto players and operators alike.

New Crypto Payment Methods Adopted by Online Casinos

These New crypto casinos have adopted new platforms that facilitate crypto transactions alongside crypto wallets. These options are instant, have fewer fees, and accept the most established digital coins, like Bitcoin, Ethereum, and Litecoin. Players can use them for deposits and withdrawals. 

Personalized Casino Coins

Another development in crypto payments is the recent surge in personalized casino coins. These are cryptocurrencies launched by online casino operators that can only be used to wager on those respective platforms. These can also act as loyalty reward tokens.

NFTs Are Now Game Features

Non-Fungible Tokens (NFTs) are advancing in the online casino industry. As unique digital assets, players can buy, sell, or trade them within crypto casinos for specific rewards. Such platforms also use them as in-game rewards or items. 

Innovative Use of Blockchain Technology in Gambling

Blockchain is becoming a more integrated part of online gambling as casinos incorporate it into game fairness and security. Casinos have been able to record game results on blockchain for a while now. Recently, operators have begun to use random number generators that are based on blockchain technology. 

Today, blockchain also facilitates the conception of decentralized gaming marketplaces, where players can trade virtual assets.

Regulation and Legalization

The legalization of cryptocurrencies remains an ongoing debate, with many countries still reluctant to adopt digital currencies into the gambling industry. However, the regulation of cryptocurrencies seems to be inevitable as major brands in the online casino industry begin to provide crypto payments, and many land-based venues allow crypto for hotel facilities and other services. 

Potential Benefits and Risks of Using Cryptocurrencies in Casinos

Without proper regularisation, the true risks and benefits of crypto gambling are still under debate. Here are the facts that remain true today about the use of cryptocurrencies in online casinos:

Benefits of Using Cryptocurrencies in Casinos Today

• Instant deposits and withdrawals.
• Transactional fees are half the value of commissions imposed by traditional currency operators.
• Guaranteed anonymity for all gambling payments.
• Enhanced security of our funds.
• Enhanced data security. 
• Higher bonus value for exclusive crypto bonuses. 

Present Risks of Crypto Gambling

• The high volatility of cryptocurrencies means that their value can fluctuate unpredictably. This can affect your wagers from one moment to the next, risking your chances of cashing out any profits. 
• Resolving casino complaints is significantly more complicated when gambling with crypto coins, as the crypto regulations are still uncertain. 
• While crypto transaction fees are less than those imposed by regular operators, many crypto casinos may impose additional commissions for digital coin deposits.  

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Concluding Facts and Predictions

The hard facts surrounding cryptocurrencies are volatile and remain a basis for endless debates and predictions about the future of digital coins in the gambling industry. 

Short Summary of Recent Developments

• Crypto online casinos experience exponential growth.
• The acceptance of crypto coins for the casino facilities of land-based venues has been stagnating since 2014.
• IGT is the first provider to create physical slot machines that accept Bitcoin wagers.
• New crypto bonuses are less flexible than traditional promotions but may provide more convenient bonus terms.
• Crypto casinos provide new crypto payment platforms aside from crypto wallets.
• Gamblers can use exclusive crypto coins and tokens on specific gambling platforms.
• NFTs are increasingly more popular, appearing as in-game items and rewards. 
• Blockchain technology is becoming more present in the gambling industry. 
• The regularisation of crypto coins in the gambling market is yet to be definitive. 

Future Predictions

The signs show that the online casino industry is likely to continue incorporating crypto technology into its system. While blockchain seems to change the face of online gambling in terms of security, speed, and gaming features, land-based casinos are yet to trust cryptocurrencies at their gambling tables. 

Once a concrete legal framework is formed around digital coins and more regulatory bodies include it in their licensing requirements, it is probable that more casinos will accept cryptocurrencies, both online and offline. 

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