In 2021, the US sports betting industry set a new record as the highest-grossing year ever, reaching $53 billion in revenue, according to the American Gaming Association (AGA).
The sports betting industry also recorded $57.2 billion in revenue — an insider term for the U.S. — thanks to the U.S. Supreme Court’s reversal of the Professional and Amateur Sports Protection Act, which gave states the power to decide for themselves whether to legalize sports betting amount of money used. Other forecasts also assume that revenue from iGaming and the sports betting industry will increase in the coming years.
But that’s not all. The Supreme Court ruling on sports betting also opened up new opportunities in the cryptocurrency and blockchain space. for many years Blockchain Technologies have had a significant impact on the finance, retail, fashion and transportation, and construction industries. But that will change as blockchain games develop.
With the popularity of cryptocurrency and NFT play-to-earn games, running best online casino is now easy and so convenient compared to a few years ago. In this article, we take a look at the 5 advantages of cryptocurrency in the iGaming, gambling and sports betting industries.
One of the biggest advantages of cryptocurrency in the gambling industry is that it becomes much more convenient and secure for the player and the casino itself. It is much safer than other traditional payment methods as all transactions are encrypted.
That’s basically what it means advanced coding is involved in storing and transferring data between wallets and public ledgers. Many players choose cryptocurrency gambling for its protection, privacy and efficiency. Another advantage of crypto for the gambling industry is that it keeps records and eliminates the need for player accounts. Sensitive information therefore remains private.
Easy transfer of assets
Cryptocurrency is a perfect match for gambling, especially online gambling. It makes it much easier for customers to play from their mobile devices and browsers. All players need is a currency network and an internet connection. The digital currency has the ability and power to eliminate risk and offers easy transfer of assets.
Crypto casinos directly trade digital currency for esports betting, slots and poker games. They can also offer rewards and bonuses using the same cryptocurrency. It offers a safe, secure, fast and relaxed environment for making transactions and explains an increase in participation in online gambling sites and casinos.
With more and more people migrating to do most of their activities online, it’s no surprise that more and more gambling customers are getting online as well. When players win, the proceeds are transferred to personal e-wallets and remain a cryptocurrency token. Alternatively, they can convert their profits from crypto into legal tender. Importantly, cryptocurrency transfers do not involve other financial institutions such as banks but lower transaction fees.
Significant number of promotions and loyalty points
This is also a great advantage that players can enjoy while enjoying online gambling. There are several loyalty programs and you can earn lots of bonus points and treats while playing your favorite games. It doesn’t matter if you’re a casual gamer or a high roller; There will definitely be a rewards program to suit your needs.
You can even earn incentives and real money by joining a gambling site’s loyalty program. You can earn casino loyalty points, freebies and items, all of which can be yours when you deposit and play. Depending on how much money you deposit and how much you wager, you will receive different rewards. Below are all the things you can enjoy and experience when you join a loyalty program.
- Free money
- Deposit Bonuses
- No deposit bonus limits
- Faster payouts
- No withdrawal limits
One of the most significant advantages of cryptocurrency is its decentralized nature. This means your money is sent directly from person to person without any intermediaries. This ends up being much faster and more efficient than having your money go through a central authority like a bank or government.
This process is not only safer and faster, but also cheaper! The payment for these transactions is significantly lower than with traditional methods. Another benefit of cryptocurrency gambling is that you can do it anywhere in the world. So if you are not close to a race track or casino this is not a problem.
So, as you can see, playing with cryptocurrency has so many advantages. These advantages are the reason why we can see the shift from traditional methods to cryptocurrency in the gambling industry. The fact that it’s secure, simple, decentralized, and offers a bunch of extra goodies and rewards makes it extremely appealing to consumers. It doesn’t matter where you are in the world.
The lower cost is also a huge benefit, allowing more people to enjoy their favorite casino games. So if you were still unsure about the process, the benefits, and the impact of cryptocurrency on the overall gaming experience, perhaps this article made things clearer.