How Crypto can make iGaming bigger, better and safer
The world of iGaming is undergoing a boom, and cryptocurrency is a big part of that. Nowadays, whether you're in England or Ethiopia, Ireland or India, Nepal or Norway, as Maja Farstad says you can play the likes of slots, blackjack and poker with crypto. Not only that, though, but the blockchain helps bring online gaming to new audiences and makes it less risky for players, too.
Let's take a look at how blockchain technology and cryptocurrency could make online gambling bigger, safer and better.
Growing the audience
There are a lot of people who gamble in the world right now and the market is expected to keep growing. Figures from data company Statista suggest that, by 2029, 1.1 billion people will be gamblers. The blockchain and, by extension, crypto could help speed that number up. With the idea of decentralized finance (DeFi) allowing people without bank accounts access to traditional finance, people won't need bank accounts or cards to take part. All they will need is a crypto wallet. Also, crypto enthusiasts love having the opportunity to use their crypto, no matter where in the world they are from. So, as more people use crypto and more people start gambling, it makes sense to say that a decent chunk of them will be crypto gamblers.
Making things better
One of the many things blockchain technology and cryptocurrency do that could improve iGaming is by making things cheaper. A lot of the time, digital currencies incur smaller fees than credit cards, especially when it comes to operating internationally. This could improve people's experience and bring more people to the virtual table, too. There is also the matter of speed. In some cases, it can take up to a week for people to withdraw their online winnings via traditional banking methods. With crypto, however, there are times when people can get their money on the blockchain more-or-less instantly. Add this to the way in which new technology can innovate, with features such as smart contract-based gaming coming into play, and you can see how crypto and the blockchain could make online gambling better.
Improving security
When it comes to making iGaming safer to play, the blockchain and cryptocurrency could, potentially, do some pretty interesting things. For instance, blockchains can record transactions which, in turn, could make it harder for bad actors to tamper with the accounts or make unapproved chargebacks and therefore reducing the risks of fraud. Also, players who are concerned about their privacy can, if they want, choose to stay anonymous. And, finally, crypto casinos can use provably fair algorithms to show that the games are fairly run.
In all, cryptocurrency has the potential to really shake up the world of iGaming. In some respects, though, that's what it is already starting to do as crypto casinos grow and traditional gaming platforms start accepting coins and tokens.
