Four reasons that cryptocurrencies will revolutionize the online casino industry

[cryptoblockman]

Four reasons that cryptocurrencies will revolutionize the online casino industry

When Bitcoin was created in 2009, its main concept was to revolutionize the global payments system. By utilizing the benefits of the underlying blockchain protocol, Satoshi Nakamoto's innovative design allowed people to transact on a peer-to-peer basis without the need for a third party intermediary. However,  it is not just the monetary system that is set to benefit.  One such sector that is also set for grand disruption is the online casino space. Here's four reasons why.

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.

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.

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.

House-Edges

The burdens of regulatory compliance in areas such as anti-money laundering cost fiat casinos a significant amount of resources. They must install vast KYC policies, enforcement teams and legal departments to ensure that they do not fall foul of domestic regulations. These additional costs are subsequently passed on to the player in the form of house-edges.

Online casinos that focus purely on cryptocurrency deposits do not have any relationship with fiat money, meaning that they are able to operate burden-free. As a result, they are able to pass these savings on to their player's by offering reduced house-edges.

The Conclusion?

Cryptocurrency casinos are starting to increase their market share at unprecedented rates. Not only do the aforementioned specificities benefit the player, but they are also advantageous to the casino too. Ultimately, choosing a credible cryptocurrency casino can still seem like a daunting task. Make sure you review the platform in its entirety prior to parting with your cash.

Hopefully you enjoyed my article! Let me know if I missed anything and if you like what you read I have written a full 5,000+ guide on how to get started at https://cryptogaming.review/ethereum-casino/
 

[babo]

I'm not sure about trust..
Only provable game with hash can be trusted
The simple use of crypto not increase trust

Provable fair with hash can do trust

[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.

[babo]

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.

Total agree with you
Legal stuffs are important for demostrate the legality of crypto currencies..

And this is primary about all.. trust is secondary, but legality is first thing, over all

[AT101ET]

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

[CryptoGamblingSites]

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

IF BTC casinos have to KYC/AML customers, then monero and zcash casinos will launch. People can buy monero, zcash or any altcoin for BTC, so it's all the same. There are already casinos accepting altcoins.

The countries that is illegal for gambling, will always have people wanting to offer games (fair or unfair) to make a profit. They used to do this by being sneaky with banks to get transactions through, now crypto just opened the flood gates.

There still needs to be one crypto casino, sportsbook and/or poker site that people TRUST. That does not (and should not) come easy for a gambling site in crypto to gain trust. Whoever does it though will make billions.

[squatz1]

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

Not just this though, anonymity is ONLY as good as the opsec of the people that are using it. If you're someone who is sharing your bitcoin address alongside your username (or a name that is connected to real life you in one way or another) then you're going to get caught.

I also don't think that Crypto can even come close to having a stronghold on online gambling until the volatility of the currency subsides -- as gamblers don't want to RISK EVEN MORE (as the value of their bitcoins could either go up or down while gambling, I don't think they want to go that far)

So we need currencies that are FULLY private, or people that learn to keep opsec high. (So you either end up with XMR, or people getting smarter) PLUS you need volatility to subside.

[Caladonian]

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

That's it. When the demand for this system increases, for sure kyc will follow as FIAT gambling houses required this, and mostly,government will also pushed these requirements even in crypto gambling. It's somehow similar how trading websites are now asking for it coming from their users. The sooner that crypto gambling dominates or gain more attentions, it will be questioned by government bodies who have jurisdictions from the said crypto gambling house.

[CryptoGamblingSites]

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

That's it. When the demand for this system increases, for sure kyc will follow as FIAT gambling houses required this, and mostly,government will also pushed these requirements even in crypto gambling. It's somehow similar how trading websites are now asking for it coming from their users. The sooner that crypto gambling dominates or gain more attentions, it will be questioned by government bodies who have jurisdictions from the said crypto gambling house.

You could read the posts right after the one you are commenting on before commenting, to see what others have already said.

KYC wont follow the gambling sites in countries where gambling is illegal. People still gamble with crypto there and will for a long time, the TOR network is used more as well.

Countries with regulated gambling, that have high taxes on players winnings, will also be open season for crypto because privacy coins like monero are already accepted by online gambling sites.

The issue for players is trust of the site offering the games, which many of the provably fair games are trying to solve.

It's somehow similar how trading websites are now asking for it coming from their users.

This is why Binance moved their company. They would have had to KYC customers (who would all leave) and moving to Malta allows them to keep anonymous trading open for under certain amounts.

KYC DOESNT ACTUALLY SOLVE ANYTHING. The databases for banks and governments are hacked because people are forced to provide their personal information to them. People need to learn to store their own data and not give it out to anyone if they want it secured.

[squatz1]

This is why Binance moved their company. They would have had to KYC customers (who would all leave) and moving to Malta allows them to keep anonymous trading open for under certain amounts.

KYC DOESNT ACTUALLY SOLVE ANYTHING. The databases for banks and governments are hacked because people are forced to provide their personal information to them. People need to learn to store their own data and not give it out to anyone if they want it secured.

Coinbase could still be told to KYC or stop doing business with people in the US if the SEC wanted them too. It really doesn't matter where you're situated as a company, the US will get involved and will stop you if needed (if they want)

Some exchanges and gambling sites may get away with it for sometime, but at a certain point the government wants a piece of the action as well.

[Juggy777]

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

That's it. When the demand for this system increases, for sure kyc will follow as FIAT gambling houses required this, and mostly,government will also pushed these requirements even in crypto gambling. It's somehow similar how trading websites are now asking for it coming from their users. The sooner that crypto gambling dominates or gain more attentions, it will be questioned by government bodies who have jurisdictions from the said crypto gambling house.

I'll second that it is a well know fact that many gambling casinos operate from countries that have minimal tax requirements or are called as tax havens. However most of the big casinos these days do demand KYC, however it's pertinent to note here they won't ask if it's a small amount unless they suspect you of fraudulent activities. Then there're casinos who're licensed and it's mandatory for them to record the transaction so this benefit is not going to last soon.

The very fact that USA senate is debating on the usage of cryptos says it all, we can't hide under the veil for long.

Another benefit quoted by you speed, it's not in the hands of casinos, I have seen the network jammed at times it takes ages to get the confirmation done.

Another point about trust it's easy for casinos to scam you by refusing you payment, as this is done by new casinos to make quick money.

[endlove]

So there are two different views on the anonymity of Crytor. In my opinion it is very difficult because along with the development of casino, many countries around the world have measures to prevent them. Online is illegal.

[kryptqnick]

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.

While it can be appealing to many people, this feature is what makes it so easy to go for money laundering this way, and that brings cryptos bad reputation.

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.
 

It is indeed easier to make sure the casino is provably fair when it is online, but at the same time there's much less risk of getting scammed in a traditional casino, so there're some trust advantages there as well. If we are talking about casinos operating on smart contracts, of course, then the advantage is definitely on the side of crypto casino once again.
I think that some people would still opt for land-based casino for such reasons as getting to know people, drinking champagne and controlling the funds more seriously than during online experience. But surely online casinos are very cool in their own way.

[milewilda]

Anonymity
- This is what most people do like when playing gambling on using up crypto due to the fact we just deposit and withdraw without compromising our own idenity
but somehow on other instances when you won big amounts or jackpots there are some gambling sites that do need  KYC.

Speed
- Fast execution of bets which would result into instant results which will interest gamblers further more at the same time deposits and withdrawals is less hassle.

Trust
-Some people do prefer licensed gambling sites but on the current gambling sites in the market doesnt have that kind of thing but they do able to get
the trust of the entire community which you can saw on current reputable and famous gambling sites as of today.


House-Edges
-Doesnt really differ at all yet most of them do almost have similar HE, there might be some bigger but depending on the games we are talking into.

[AT101ET]

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

That's it. When the demand for this system increases, for sure kyc will follow as FIAT gambling houses required this, and mostly,government will also pushed these requirements even in crypto gambling. It's somehow similar how trading websites are now asking for it coming from their users. The sooner that crypto gambling dominates or gain more attentions, it will be questioned by government bodies who have jurisdictions from the said crypto gambling house.

I'll second that it is a well know fact that many gambling casinos operate from countries that have minimal tax requirements or are called as tax havens. However most of the big casinos these days do demand KYC, however it's pertinent to note here they won't ask if it's a small amount unless they suspect you of fraudulent activities. Then there're casinos who're licensed and it's mandatory for them to record the transaction so this benefit is not going to last soon.

The very fact that USA senate is debating on the usage of cryptos says it all, we can't hide under the veil for long.

Another benefit quoted by you speed, it's not in the hands of casinos, I have seen the network jammed at times it takes ages to get the confirmation done.

Another point about trust it's easy for casinos to scam you by refusing you payment, as this is done by new casinos to make quick money.

Exactly. The only way to avoid the whole KYC process would be if a casino was to operate in a country where KYC practices weren't required. Whether or not such a country exists is something else but even so, I can't see a casino being able to withstand the pressure to adopt KYC practices for long as it could result in economic-suicide from the parent/holding company's protective.

[Zer0ttt]

I have moved to only gamble in crypto almost 100% now the speed and ease is beyond anything else available
 

[adaseb]

Basically my theory is that if online "bitcoin" casinos become large enough where they are taking profits away from Las Vegas then there will be crazy regulation drawn down to get those profits back. KYC/AML will only be the beginning.

And pretty sure you will be able to go to Bellagio or MGM Grand and be able to only gamble thru those entities. Since they will send most of their profits back to the government and most of the people from the Trump administration would want to a piece of the profits also.

Either way, we are years away from this happening. It won't happen when BTC goes to $20K or $50K but it will happen when Crypto becomes more and more mainstream, kind of like how now-a-days everybody has smartphones.

[CryptoGamblingSites]

So there are two different views on the anonymity of Crytor. In my opinion it is very difficult because along with the development of casino, many countries around the world have measures to prevent them. Online is illegal.

File sharing is "illegal," it hasn't stopped people downloading movies, software, books and music...

[slaman29]

Don't know about crypto, but Bitcoin has ALREADY revolutionized online gambling. It is just that not everybody has joined the revolution while during the time, every other altcoin only joined in.

One more thing that makes Bitcoin/crypto so good for online gambling, besides all the points already brought up, is the fact that you can gamble and win so much money. To win the same amount of money offline, would take hours, if not day.

[PlayPopCoin]

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.