Four reasons that cryptocurrencies will revolutionize the online casino industry

[mindrust]

The best feature of crypto gambling I experienced was the automated withdrawals that directbet.eu was doing back in the day. No credit card, no verification, no bullshit. You pick your team, you send the money and if you win they send you your profits right away. You didn't even have to create an account... That was by far the best gambling experience I had in years.

Too bad they aren't in the business anymore. I am not exactly sure what was the reason but I believe they (had to) shut it down because they were just too good and others couldn't afford directbet.eu to survive.

[SyGambler]

for me actually there is nothing to discuss cause I 100% agree that gambling crypto is much much better than gambling in the traditional fiat sites , assuming that the market will grow of course to a point that crypto sites fully compete with fiat sites with everything like promotions , traffic and offering wide range of markets to bet on

but personally for me the main reason I'm gambling bitcoin is that because I have literally no other option , fiat sites aren't available here and even if fiat sites accept my country usually the payment processors that they use aren't available in my country
so gambling crypto can be a savior for people like where people simply have no other way to gamble except using bitcoin

there are some local sites here but they aren't licensed and they are running illegally so there is way more risk using them since they may disappears at anytime   

[Samarkand]

...
Too bad they aren't in the business anymore. I am not exactly sure what was the reason but I believe they (had to) shut it down because they were just too good and others couldn't afford directbet.eu to survive.

I thought that they shut down, because their system was exploitable and they were
losing large amounts of BTC due to fraud. Of course it was great for the end user to be able
to bet instantly with automated withdrawals, but this was precisely the feature that enabled
fraud.

E.g. you could make a bet and attach a too low BTC transaction fee intentionally and
then double-spend the bet transaction when your bet was about to lose (and obviously
not double-spend when your bet was going to win).

I could be wrong, but I assume that this was the real reason for the shutdown of
Directbet. I´d argue that this is also the reason why we haven´t seen a single site
attempting to replicate the automated system of Directbet.

[nydiacaskey01]

Online Gambling has changed the gambling industry for the past few years and it has grown in a remarkable speed. Adding Cryptocurrency as an option to pay or play will be a plus factor so those who wants to play and remain anonymous will have an option. Adding different coins in the pay option will open more doors as it gives players other option to fund their account.

[MinerHQ]

The best feature of crypto gambling I experienced was the automated withdrawals that directbet.eu was doing back in the day. No credit card, no verification, no bullshit. You pick your team, you send the money and if you win they send you your profits right away. You didn't even have to create an account... That was by far the best gambling experience I had in years.

Too bad they aren't in the business anymore. I am not exactly sure what was the reason but I believe they (had to) shut it down because they were just too good and others couldn't afford directbet.eu to survive.

Yes, that was the best sports betting site I have seen so far but after they close no one has come up with a similar concept. Because it is a proven working method but someone no casinos want to follow their method of betting in sports.

After they close the site, I have reduced a lot for sports betting because I don't like to deposit money first to gambling site wallet to bet. I bet once in a while and instantly so prefer directbet site kind of site.

[coinplus]

The best feature of crypto gambling I experienced was the automated withdrawals that directbet.eu was doing back in the day. No credit card, no verification, no bullshit. You pick your team, you send the money and if you win they send you your profits right away. You didn't even have to create an account... That was by far the best gambling experience I had in years.

Too bad they aren't in the business anymore. I am not exactly sure what was the reason but I believe they (had to) shut it down because they were just too good and others couldn't afford directbet.eu to survive.

I think onehash still does that. You can just bet on anything you want and as soon as the game score is finalized they will send you your money to the address you want. That way you won't even have to sign up and create an account. I think you still can if you want but you do not have to if I remember correctly. That is exactly the way you want it to be, full on anon and no single information about you shared. You can even give your address on some other website like exchange and have no connection to the address they sent to to make it even more anon. If that's your thing, I suggest you take a look at onehash website.

[harizen]

Anonymity

When users play at a traditional fiat casino, they are required to provide the platform with a range of personal information. Moreover, they are expected to upload multiple documents such as a passport, proof of address and a copy of the payment method used to deposit.

On the contrary, online casinos that specialize purely in cryptocurrencies are not required to follow the same set of regulatory red-tape. In most cases the user is required to supply nothing but an email address, subsequently facilitating an anonymous gambling experience.

On the other side of the note, the economy of traditional fiat casinos whether online or physical, is still blooming up to these days even there's no such thing as anonymity. That's because gamblers have an assurance that in case of fraud, the company can be sued legally. Or if some gamblers did some shits around, they can be tracked down and be penalized.

In crypto, gamblers can start right away even without verification. But don't be carried away with that advantages. Even no assurance that everything will goes right on the way, always choose a crypto gambling site wherein already established as a good and reputable site in crypto gambling world to minimize the risks of getting fu**** up.

Trust

When playing software games such as blackjack, roulette or slot machines, there is no way to verify that the fiat casino is playing fair. As a result the player needs to trust that the odds on display are legitimate.

This is in stark contrast to a cryptocurrency casino that implements a provably fair protocol. Provably fair is supported by the art of cryptography - meaning that each and every gaming outcome can be guaranteed for its fairness. Moreover, this gameplay data cannot be pre-defined or manipulated by the casino.

Regulated online or physical casinos are under the terms of having a fair gameplay. They are under the jurisidiction of gambling law of the country. Most of them will not be running until now if there are anomalies.

However no doubt that playing in crypto house edge gambling games can be verified by anyone if they are provably fair.

Speed

Although the deposit process at fiat casinos can be instantaneous when funding an account with a debit or credit card, it is the withdrawal procedure that really struggles. When a player makes a withdrawal request, it must first receive authorization from the platform's internal payments team. Moreover, if the player is yet to have their KYC documents verified, this can add additional time. Once the request is processed by the casino, the player must then wait until their respective card issuer settles the payment. All in - it can take up to a week before the player receives their winnings.

On the other hand, online casinos that specialize purely in cryptocurrencies are able to process withdrawals instantly. Ordinarily, the platform will process the request in an autonomous manner, subsequently allow the player to receive their winnings back in their personal wallet in just a few minutes.

That is one of the advantages when playing in crypto gambling world so no doubt that system will be more preferred in the future.

[wxa7115]

While Babo has already spoken about the provably fair piece, I want to concentrate my argument on House Edge part. Fiat casinos definitely need to have a KYC mechanism as per the regulatory requirement. Online casinos are also not exempted from that part. If the originating country requires a KYC mechanism needs to be in place for any casino, be it fiat or crypto, they will have to comply with this requirement regardless of the deposit method. So this particular point is based on the legal framework of the originating country and not on the deposit method.

Correct, KYC depends on the laws not on the casino itself or the form of payment, the only advantage of cryptocurrencies in that aspect is that if the casino does not require KYC and you use bitcoin then they cannot identify you the same way they could do it if you used a credit card, but the advantage is not as great as described in the post of the OP.

Personally I think that what we are going to see is a slow fusion of traditional online casinos and bitcoin casinos, they grew apart but eventually more casinos will begin to accept bitcoin as a form of payment and some of the bitcoin casinos are going to be bought by some traditional online casinos and so the line between fiat and bitcoin casinos will be blurred even further.

[avikz]

While Babo has already spoken about the provably fair piece, I want to concentrate my argument on House Edge part. Fiat casinos definitely need to have a KYC mechanism as per the regulatory requirement. Online casinos are also not exempted from that part. If the originating country requires a KYC mechanism needs to be in place for any casino, be it fiat or crypto, they will have to comply with this requirement regardless of the deposit method. So this particular point is based on the legal framework of the originating country and not on the deposit method.

Correct, KYC depends on the laws not on the casino itself or the form of payment, the only advantage of cryptocurrencies in that aspect is that if the casino does not require KYC and you use bitcoin then they cannot identify you the same way they could do it if you used a credit card, but the advantage is not as great as described in the post of the OP.

Personally I think that what we are going to see is a slow fusion of traditional online casinos and bitcoin casinos, they grew apart but eventually more casinos will begin to accept bitcoin as a form of payment and some of the bitcoin casinos are going to be bought by some traditional online casinos and so the line between fiat and bitcoin casinos will be blurred even further.

You haven't understood my point for sure! What I have said that the KYC requirement doesn't depend on the method of payment of the casino. It entirely depends on the requirement of the country from where the casino is being operated. I am excluding the casinos built by the school kids here because they don't fall in to the serious business category. But if a serious and professional crypto casino is being operated from Italy and If the local law of Italy requires KYC of the participants, the Casino owner will have to comply with it! It really doesn't matter whether that casino accepts fiat or cryptos.

[mindrust]

...
Too bad they aren't in the business anymore. I am not exactly sure what was the reason but I believe they (had to) shut it down because they were just too good and others couldn't afford directbet.eu to survive.

I thought that they shut down, because their system was exploitable and they were
losing large amounts of BTC due to fraud. Of course it was great for the end user to be able
to bet instantly with automated withdrawals, but this was precisely the feature that enabled
fraud.

E.g. you could make a bet and attach a too low BTC transaction fee intentionally and
then double-spend the bet transaction when your bet was about to lose (and obviously
not double-spend when your bet was going to win).

I could be wrong, but I assume that this was the real reason for the shutdown of
Directbet. I´d argue that this is also the reason why we haven´t seen a single site
attempting to replicate the automated system of Directbet.

I am not the expert but as far as I know, as a merchant, they should be able to choose to refuse incoming RBF enabled transactions. I've  read somewhere that's possible but again I am not sure. If RBF was the reason like you said, then it is a shame... I hope they return to the business with a Lightning enabled automated system. That would be the coolest shit.

[cryptoblockman]

Bitzino introducing provably fair betting is one of most impressive innovations in the history of online gaming.

It's interesting though that the technique they created didn't depend on blockchain or any Bitcoin specific crypto, theoretically it should have been able to be invented by any number of well funded online casinos well before Bitcoin came along.

What seems to have really drove innovation wasn't a technical break through but simply the change in thinking and clear interest from a customer base that Bitcoin based gambling brought.

Great point!

[audaciousbeing]

You have raised some valid scenarios that are hard to ignore but most of the position you have maintained would only be possible if there is no human element involved in the process in that all of the processes are automated without human intervention but that is not the case as follows

Anonymity

When users play at a traditional fiat casino, they are required to provide the platform with a range of personal information. Moreover, they are expected to upload multiple documents such as a passport, proof of address and a copy of the payment method used to deposit.

On the contrary, online casinos that specialize purely in cryptocurrencies are not required to follow the same set of regulatory red-tape. In most cases the user is required to supply nothing but an email address, subsequently facilitating an anonymous gambling experience.

The bolded won't be there for long for one reason is the gambling world of crypto currency is everyday infiltrated by people who want to hide under the anonymity to perpetuate fraud because of this players would need protection and that would come as a result of ensuring the gambling sites have legit license to operate. In other to acquire such licenses, they would be forced to implement KYC rules and the users would be forced to settle with bad of two worse situations.

Speed

Although the deposit process at fiat casinos can be instantaneous when funding an account with a debit or credit card, it is the withdrawal procedure that really struggles. When a player makes a withdrawal request, it must first receive authorization from the platform's internal payments team. Moreover, if the player is yet to have their KYC documents verified, this can add additional time. Once the request is processed by the casino, the player must then wait until their respective card issuer settles the payment. All in - it can take up to a week before the player receives their winnings.

On the other hand, online casinos that specialize purely in cryptocurrencies are able to process withdrawals instantly. Ordinarily, the platform will process the request in an autonomous manner, subsequently allow the player to receive their winnings back in their personal wallet in just a few minutes.

Here, its not always the case every time and that is why there are always scam accusations of delayed withdrawals in a case of withdrawing huge amount after winning such. There is always a review of whether the funds was won the right way while some are locked for security reasons to ensure the platform is not used to launder crypto currency.

Trust

When playing software games such as blackjack, roulette or slot machines, there is no way to verify that the fiat casino is playing fair. As a result the player needs to trust that the odds on display are legitimate.

This is in stark contrast to a cryptocurrency casino that implements a provably fair protocol. Provably fair is supported by the art of cryptography - meaning that each and every gaming outcome can be guaranteed for its fairness. Moreover, this gameplay data cannot be pre-defined or manipulated by the casino.

This is where the issue is because gambling sites that claim to be provably fair are only believed to be so. No authority to actually ensure that this is what is really happening except once in a while that someone took it upon himself to use mathematical equations to test the provability that have been claimed.

[Vaskiy]

Yes, those quoted by Op were the key factors making online casino industry flourish with cryptocurrency. Gambling industry has a big role in the growth of cryptocurrency, in specific with the growth of bitcoin. Because, during the early days of bitcoin it was mainly used into gambling and later the usage got diverted to different forms.

[rexxarofmoknathal]

Well, for one cryptocurrency allows for great flexibility while simultaneously maintains anonymity and sometimes this is exactly what some gamblers want.

[STT]

...
Too bad they aren't in the business anymore. I am not exactly sure what was the reason but I believe they (had to) shut it down because they were just too good and others couldn't afford directbet.eu to survive.

I thought that they shut down, because their system was exploitable and they were
losing large amounts of BTC due to fraud. Of course it was great for the end user to be able
to bet instantly with automated withdrawals, but this was precisely the feature that enabled
fraud.

E.g. you could make a bet and attach a too low BTC transaction fee intentionally

So isnt the solution to require confirmation then.  If BTC payments is requiring instant betting and cannot wait for confirmation then its probably not suitable for all bet sizes and probably another type of blockchain would be used.   Still seems feasible otherwise.

Gambling was and in a large part of why crypto has genuine cash flowing through it not just speculation.  I do think this kind of online digital economy is most relevant to Bitcoin, rather then anything based around physical goods.   It could also be tied to trading of digital goods especially where those goods are subject to large price changes and the volatility of BTC pricing is not such a challenge

[Symphonized]

I've really enjoyed your article / review.
And let's face it. It's just the "easy" better way to get all sources of incomes.
By diversifying you will be able to get more income / trades / exchanges and so on.
Even real world is valuating crypto even more and use those topics for their own technologies

What i mean to say is, it's all for the incomes of such Casino sites. Being the best out there with the best "revolutionization" that can achieve / show to Clients such as ourselves.
All Casinos follow the same standards and that's where your 4 reasons come into place.

[onrise]

Well, for one cryptocurrency allows for great flexibility while simultaneously maintains anonymity and sometimes this is exactly what some gamblers want.

This is the maximum reasons due to which the trend has increased of using the crypto currency and also it can be used from anywhere and any part of world you can gamble and during anytime. This gives them the gambler the advantage and also getting addicted gets higher and this is what the owners of the casino require.

[Symphonized]

Well, for one cryptocurrency allows for great flexibility while simultaneously maintains anonymity and sometimes this is exactly what some gamblers want.

This is the maximum reasons due to which the trend has increased of using the crypto currency and also it can be used from anywhere and any part of world you can gamble and during anytime. This gives them the gambler the advantage and also getting addicted gets higher and this is what the owners of the casino require.

Your last statement is not so clear as it seems to this topic. Im guessing you mean that they get in fact addicted just because you have alot more options to gamble with, meaning, a more diverse way for betting by having a much wider possibility on using all your current cryptocurrency portfolio. And by that you mean they will most likely get a bigger addiction by having fun using all their "current" cryptos

[kurian]

As I am from India, it is illegal to gamble here. Even though there is no specific laws to frame online gambling, people are scared to expose their identity. Crypto currencies are really helpful to be anonymous. Moreover, fast withdrawals and convenience are bonuses of using it.

[btctalk4life]

As I am from India, it is illegal to gamble here. Even though there is no specific laws to frame online gambling, people are scared to expose their identity. Crypto currencies are really helpful to be anonymous. Moreover, fast withdrawals and convenience are bonuses of using it.

Yeah same here, in my country indonesia also banned all gambling activity. That's why people here gamble on online gambling. Online gambling is popular here, not only on cryptocurrency but fiat online gambling also popular.