Image Source: RomanR, Shutterstock.com
- Experts predict that the global gambling industry is poised to exceed US$565 billion by 2022.
- Casinos across the world are accepting cryptocurrencies as a mode of payment over the traditional fiat mode.
Today, cryptos are a critical part of our lives. Cryptos are being used as a powerful investment tool, as a mode of payment system at retail stores as well as paying staff salaries. It has, in fact, opened a new avenue for the artists to sell their art on the digital platform through NFTs thereby breaking new barriers.
Another area that has found a particular liking for cryptos is online gambling and casinos. Casinos and online gambling platforms have been looking to expand their horizons beyond the traditional norms, and cryptos form a perfect partner to their ambitions. At present, the crypto gambling coins, tokens have a market cap of US$740,314,788 and a trading volume of US$36,847,266. Experts predict that the global gambling industry is poised to exceed US$565 billion by 2022.
Also read: Binance staging a comeback in UK markets
Crypto provides security and safety
Today, many casinos worldwide are accepting cryptocurrencies as a mode of payment over the traditional money. One of the reasons crypto gamblers have been attracted to casinos is its ability to maintain anonymity. This enables online crypto gamblers to explore the realms of casinos and place their bets anywhere and anytime.
One of the major reasons why people use cryptos as it keeps the money safe and secure. The blockchain technology of cryptocurrencies ensures safe and secure transactions and placement of bets without worrying about them being hacked or altered. There is complete transparency, and blockchain's encrypted technology ensures that the record and data are maintained and cannot be edited.
Besides, blockchain technology also removes any chances of illegal digital assets trading.
Also read: GSX crypto: Why is it grabbing attention?
It also offers the convenience of gambling as crypto transfers are done on a real-time basis, and transactions can be completed in a just few minutes. As one doesn't need a third-party involvement, it also reduces the time and cost of trading.
So, which are the top gambling tokens used in various online gambling sites or casinos?
Well, Bitcoin is the most preferred crypto in casinos and the online gambling industry. Bitcoin is preferred largely due to its ability go beyond respective countries regulatory barriers as well as any other restrictions that the leading crypto may pose.
At times, the financial institutions do not proceed with transactions to and from gambling websites. Thus, the participants have to arrange alternate payment methods. This is where BTC helps. Besides, although the crypto taxation hasn't come into effect yet, it allows the gamblers to pocket their gains.
FUNToken is another popular medium which is preferred by online gamblers. Operating on the Ethereum blockchain, the FUN token forms a powerful resource for players and developers alike. Its fast, open, and secure. The network allows gamblers to use their FUN tokens to place their bets. The Ethereum blockchain makes it quicker and easier for both parties to process the payments and encourages gaming operators to make the most from its ecosystem.
The FUN token is also developing new casinos and other gaming opportunities using the FUNToken.
LOTTO is another popular crypto token, which allows holders to enter a lottery once per day. Operating on the Binance Smartpool, the LOTTO's frequency is judged on the traffic. The holders who have a minimal amount are automatically part of the Lottopool, and the amount gets revised depending on the current price of the LOTTO token. The objective of LOTTO is to create a fair Lottery system for the participants involved.
CoinPoker is an intriguing online poker site, allowing users to use cryptos. The cryptos are primarily used to fund the account, and as it doesn't require a KYC process, it keeps the player's information private.
It doesn't involve a middleman, and it allows the players to gamble at competitive rates with the promise of large promotions.
Why Casinos and Online Gambling platforms are turning to cryptos
The crypto gambling platforms are expected to boom further in the future, and more casinos and online gaming platforms open their gates, we could very well see them prosper. However, they also must be wary of the regulations and taxes, which could pose a challenge for the casinos and online gaming platforms.
For now, the sentiment within the market is to let these platforms prosper and allow people to gain an extra earning opportunity.