Crypto Gambling On The Rise – Crypto Mode

December 18, 2021 by No Comments

Cryptocurrencies which in the past have been almost exclusively owned by technology-savvy enthusiasts and big businesses, are branching out and becoming used for everyday transactions in iGaming. One of the biggest influxes of crypto usage is in the gambling world, this is because blockchain technology offers some key components that fit well with the iGaming industry’s needs.

They offer anonymous transactions, for users that have any concerns about local restrictions of the right to gamble, the fees are much lower than some traditional banking methods, and everything in crypto land is transparent. Gambling with cryptocurrency is legal in most countries, and usage is massively on the rise in the global gambling industry – accounting for around 50% of the $500 billion industry.

In this article, we take a deeper look at the real-life applications of cryptocurrencies and blockchain technology in the gambling industry today.


Advantages Of Using Cryptocurrencies For Gambling

  1. There are many countries where gambling of any kind is prohibited by local laws, however, people from these countries still want to gamble. The anonymity of cryptocurrencies allows for deposits without raising suspicions from banks and regulatory bodies that keep a watchful eye in places like this.
  2. Many people don’t want any kind of gambling transaction to appear on personal or business bank statements. That’s where cryptocurrencies provide a security blanket that allows gamblers to freely move funds from one sportsbook or casino to another without constantly having to consider how it will look on bank statements.
  3. Due to how Bitcoin and other popular cryptocurrencies work, all transactions are available to view on the blockchain, therefore there is an extra level of trust that can be accessed and less room for any kind of foul play.
  4. There are often much large deposit and withdrawal limits available for players that utilize cryptocurrencies. This is because the iGaming provider doesn’t have to abide by regulatory body stipulations on how much players can add or withdraw at any one time.
  5. Transactions are often near-instant, with little or no processing time needed for cryptocurrency cashouts in most cases. So you can claim your winnings much faster and usually with minimal fees …….

    Source: https://cryptomode.com/crypto-gambling-on-the-rise/

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