Crypto & Casinos – A Perfect Storm in the Making?

By  //  August 17, 2022

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Cryptocurrency has been around for well over a decade at this point, and yet it’s really only in the last couple of years that wider audiences have started to sit up and pay attention.

Part of the reason for this is of course the dramatic price volatility which many coins have experienced, with rapid pumps followed by perilous dumps, alongside more sustained growth elsewhere.

The other aspect that’s earned mainstream interest is the utility of crypto in contexts other than investment. Gambling is a great example of this, so let’s talk more about how crypto casinos are making waves right now, and what this means going forward.

Decentralized games of chance are a disruptive force

Operators of blockchain-backed casino sites are flourishing right now, and for good reason. They promise to make the gambling market more accessible and player-friendly than before, with transparent game functionality meaning that there’s no chance of underhanded dealings.

The decentralized design of these services also means that they can cater to customers from all over, and accept a whole range of currencies in the process.

For example, the top XRP casino sites found on CasinosCrypto’s website are part of a buoyant and varied market, as well as being untethered from particular geographic areas, and thus capable of serving players worldwide.

In addition to these advantages, crypto-based casinos have lower overheads than their competitors that are fuelled by land-based casino brands. This lets them deliver bigger payout percentages, and avoid all sorts of costs from day to day.

There’s even the promise of complete anonymity for players, which ties in with the founding principles of crypto assets like Bitcoin. All of this goes together to create a perfect storm; a confluence of disruptive elements which look set to shake up the wider gambling industry.

Incumbent casino brands are already taking action

Casino businesses have always been technology-focused and willing to adopt new and evolving hardware, systems and solutions as they hit the market.

The leap to online gambling occurred very early in the life of the web, for example, and while it is only just gaining traction in the US, elsewhere worldwide it is a well established market that generates billions in revenues annually.

Because of this, it should be no surprise to find that traditional casino operators have also been dabbling with the blockchain in various ways.

For example, some casino sites will accept deposits from players in Bitcoin. This crypto asset is then converted into fiat currency for the purpose of actually betting on the site, but it’s still a step in the right direction regardless.

Then there are the investigations into the security potential that the blockchain represents. Casino sites are ripe targets for hackers, and if there’s a way for operators to use advanced techniques and tokens on the indelible ledger of the blockchain to shore up their defenses, then it will benefit businesses and players alike.

Uncertainty is an issue

As recent events have shown, the crypto ecosystem is not actually insulated from the ebb and flow of the wider financial markets, with significant dips linked to consumer confidence and the geopolitical state of play as much as anything else.

This plays into the volatility of even the most resilient tokens, and has caused some casinos to discount the idea of adopting crypto more comprehensively.

However, crypto casinos themselves are going from strength to strength, irrespective of this overriding uncertainty. The implication is that they are sturdy enough to survive in volatile environments, and this alone should give players confidence to keep gambling in this way.