5 Reasons Crypto Gambling Is Booming

Cryptocurrency is no longer a foreign word as it was 4-5 years ago. It has completely entered our lives and continues to penetrate. We can say that the demand for Bitcoin and cryptocurrency casinos has increased rapidly, especially in the last few years.

The gaming industry was worth $180 billion in 2021. This is a much higher value than both music and movies combined. However, we would like to remind you that when we say the gaming industry, you should not think of Esports. In short, Blockchain technology has spread to the entire betting industry, especially Crypto gambling.

In our article today, we will explain 5 reasons about the increase in gambling with Crypto. Let’s get started if you’re ready.

1.    Faster Deposits and Withdrawals

As you know, most banking apps absolutely hate cryptocurrencies. The biggest reason for this is undoubtedly that cryptos can process at great speeds. Gamblers often need high speeds to place their bets. Because those who will make live bets will want to deposit money within minutes and bet on the option they want immediately.

In short, one of the most important reasons for the popularity of crypto gambling is the fast deposit option. Especially gambling sites that support more than one cryptocurrency payment method can be said to be one step ahead.

The same applies when withdrawing money from the gambling site. Sometimes, when you withdraw money through classical banking, there are money transfer processes between 24 hours and 48 hours. If you are using crypto, you know that you will not have such a problem. Because your money will be in your crypto wallet within minutes.

2.    Esports and Crypto Gaming

Those who want to invest in various crypto gaming games, especially Esports, prefer cryptocurrency. Especially with Esport matches reaching millions of viewers, it has become inevitable for the gambling industry to attract attention.

Being able to bet on Dota 2, CSGO and games like Valorant using cryptocurrency is becoming more and more common day by day. Because many blockchain companies and cryptocurrency exchanges become partners of players’ favorite teams. In this way, more players meet crypto and start to adopt it. Undoubtedly, the best example is the naming rights agreement between TSM and FTX. Likewise, Cloud9’s partnership with Blockchain.com will be a great example.

As you can see, the benefits of Blockchain technology to the iGaming industry are endless. If you are wondering what awaits us on Blockchain in the future, you can continue to follow our blog.

3.    Low Transaction Fees

Gamblers hate the high transaction fees they pay when depositing and withdrawing money from gambling sites. Moreover, despite this, most gambling sites cannot show any improvement in transaction fees. Because casinos work with third-party payment companies, where they pay a fixed fee for every transaction. If you think that a regular betting site makes thousands of transactions per day, can you imagine how much the costs will increase?

Payments made with cryptocurrency, especially Bitcoin, have almost no transfer fees. Most casino sites prefer cryptocurrencies as there are few if any. We can say that those who use crypto in all payment methods such as Thunderpick are the luckiest ones. Because when you use crypto while depositing and withdrawing money, both the user makes a profit and the betting site.

4.    Special Bonuses Offered for Cryptocurrency Investments

In the upper part of our article, we talked about low transaction fees. And if you remember, we told you that betting sites got rid of transaction fees thanks to crypto. At this point, most gambling sites return the transaction fees they save to their customers as a generous bonus. Especially 100% first deposit bonuses and casino bonuses are usually the most attractive promotions.

You may not find such generous bonus opportunities at betting sites where you pay with traditional banking methods. But remember that cryptocurrencies are a risky investment. If the prices decrease, your earnings on your gambling site may decrease. After the losses you experience, you may have to wait until the price is restored. This will waste you a lot of time.

5.    Reliable and Anonymous

Every technology based on blockchain has the feature of being completely decentralized and anonymous. Almost all customers want to remain anonymous when it comes to gambling. For this reason, most betting sites aim to protect the identity of their customers by using cryptocurrency.

However, this time, the question “Are my cryptos safe” may occur in the minds of users. Because cryptocurrencies are decentralized and uncontrollable, the probability of being scammed increases. In order to prevent all these, it is essential to raise the awareness of bettors.

Especially when choosing a crypto betting site, you should know what you should pay attention to. Never invest in cryptocurrency without knowing if a betting site has had any scandals in its history. Another important detail is to check whether the crypto betting site you choose has a Curacao Gaming License.

In short, although cryptos have provided you with anonymity and security, the real security is in your own hands. In the meantime, you can take a look at the article on how to choose a crypto casino that we wrote earlier.

Final Words

In today’s article, we tried to talk about the details of crypto gambling. Especially the revolutionary features brought by cryptocurrencies to payment methods attract everyone’s attention.

Without a doubt, we know that bettors like cryptos the most. Low transaction fees, anonymity and high bonus rates are the most attractive aspects of crypto gambling. However, even though it is tempting, do not join a crypto gambling platform that you have not researched well. Good luck.

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.


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