Understanding the Emergence of Crypto Gambling

[nitrobetting]

Once in a great while, an innovative technology will emerge that changes the course of human history. In the late 1990s and early 2000s, the Internet was so powerful that it changed how the world communicated and worked.

Blockchain technology and cryptocurrencies can be a powerful change like the Internet. When it comes to crypto gambling, change is happening rapidly. Keep reading to understand the emergence of crypto gambling, why it came into existence and how it can continue to alter the sports betting and casino gaming industries.

The Intersection of Crypto and Casino
Crypto Gambling Provides What Bettors Seek
If gambling cryptocurrencies didn’t give sports bettors and casino gamers what they wanted, it wouldn’t exist. See below for the things that make crypto betting the choice among professional gamblers.

Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations
KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.

All crypto transactions are recorded on blockchains. The transactions are there for everybody to see, but they don’t provide details regarding the transactions. This keeps gamblers anonymous for the most part. Anonymity and privacy are two things all casino and sports bettors crave.

Casino Game Fairness
Although it’s impossible for blockchain technology to help provide live sporting event fairness, if the ref blows a call, only replay can overturn it, blockchain tech does provide casino fairness. By fairness, we mean crypto casino games provide provably fair mechanisms. In other words, when casino players bet on crypto platforms, the players can prove that the outcomes are fair. This is untrue when we play on a traditional online casino platform.

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

BTC remains an option. But so does ETH, or Ethereum, and LTC, or Litecoin. Funding with Ethereum or Litecoin is much quicker due to both Ethereum’s and Litecoin’s consensus processes.

Read more→ https://nitrobetting.eu/guides/understanding-emergence-crypto-gambling/

[0t3p0t]

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

[Frankolala]

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

It was in the early days of crypto casinos that we had a high level of privacy because they don't require KYC before you can enjoy the games and withdraw your wins. But the government have shown so much interest on cryptocurrency and that has made them to regulate cryptocurrency casinos which make them to ask for KYC if they want to continue with their business.

Why I love it is that, is it an online thing and you can gamble from anywhere you are without moving from one place to another and that can be done quietly without anyone knowing that you are gambling. You can also gamble in various casinos from different part of the world to experience their games since it is done online.

[cabron]

It was the finance that was actually changed before internet gambling. If Paypal allowed its users to gamble, I think Paypal would have been used to fund the online casino accounts but they were just too tight with their rules. Here comes Bitcoin which changed its course which is why from the beginning, people thought Bitcoin was just an online gambling coin especially if they don't look into blockchain tech.

[Ojima-ojo]

The success of online gambling can not be complete without mentioning the role COVID-19 lockdown plays in forcing wider adoption of online casinos because their where the only available option when physical casinos was locked down because of COVID-19 social distancing laws, and also not forgetting to mentioned the greater role cryptocurrencies plays in making payments easy for both the platform and it players since financial institutions where locked and keyed during the lockdown.


This incident gave birth to the rising popularity of online cryptocurrency casinos and also making the privacy of gambler more greater than what it used to be, overall it a good development since Bitcoin/cryptocurrency users values privacy more than any other thing even while gambling.

[Yaunfitda]

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

Unfortunately, that is not the case anymore, in the beginning, it was just a deposit and withdrawal address, nothing more, nothing less. But when the government and financial watchdog started to look at crypto, everything has change. Now casinos will have to follow the mandated KYC as they might not get or secured a license if they don't implement KYC. And I think majority of here here knows that so it could be some are in favor or at least we don't have a choice to be honest. Another drawback could be that there are crypto base casinos that might be running a blatant scam sites in order to lure crypto gamblers and then not pay at all. A lot of drawback for us, but still, we've already learn how to adopt this changes already and embrace it.

[Davidvictorson]

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

We can all agree that this is what we all like too about crypto gambling. Aside privacy, crypto gambling provides the flexibility that our fiat doesn't. As someone who comes from a country where our financial system that is our debit cards cannot function for international payments or where withdrawal to fiat accounts will take forever to be processed to our local bank, using crypto in gambling in the hack to all of these. I have never heard anyone complain about any issues with crypto gambling like we encounter with fiat gambling.

[Zlantann]

Crypto Gambling Provides What Bettors Seek
If gambling cryptocurrencies didn’t give sports bettors and casino gamers what they wanted, it wouldn’t exist. See below for the things that make crypto betting the choice among professional gamblers.

One of the benefits of crypto casinos is that they can easily invade government influence and regulations. These casinos don't need a license to operate. But they just need it to show bettors that they a legitimate and operate under some form of control. They don't need to register in all the country they operate just like traditional casinos.

Before now, some casinos didn't care about KYC, but currently, the majority of these casinos demand personal information. Even if they don't ask for it during registration it will surely be a requirement during withdrawals..

Crypto gamblers are not really anonymous, especially if they require KYC. Gamblers can be easily traced in the Blockchain.

Other cryptocurrencies can be said to have cheap transactions fees. But the recent congestion of the mempool by ordinals has made Bitcoin transactions very high. With this traditional gambling platforms could be said to be cheaper.

[_act_]

All crypto transactions are recorded on blockchains. The transactions are there for everybody to see, but they don’t provide details regarding the transactions. This keeps gamblers anonymous for the most part. Anonymity and privacy are two things all casino and sports bettors crave.

Is KYC not mandatory on your gambling site? But regardless of that, you are a centralized gambling site. Which means you can force any customer to get verified at anytime.

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

Only foreign gambling site transactions can be slow. If it is local gambling sites, they have modern ways that banks and gambling sites makes transactions very fast like immediately. But you are not wrong about crypto gambling sites about this because their transactions are fast also.

[Hatchy]

Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations
KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.
All crypto transactions are recorded on blockchains. The transactions are there for everybody to see, but they don’t provide details regarding the transactions. This keeps gamblers anonymous for the most part. Anonymity and privacy are two things all casino and sports bettors crave.

Crypto casinos requires the kyc as they all have to comply with government regulations also. Even though not all of them will ask upon registeration, a good number of them would require it when you are about to make a withdrawal of some certain amount. It's why you have to read through their terms and conditions before using any casino and it's usually adviced to go through the kyc precedure before playing just Incase you make a huge withdrawal, you won't be stress by kyc restrictions like we have seen in some situations. Crypto betting has brought about an advancement to gambling, where any one can gamble from anywhere on any casino of their choice with much stress. You also have a wide range of crypto to select and fund your Casio account.

[Baofeng]

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

There were times though that Bitcoin and Ethereum transaction fees are so high that even casinos are complaining as well specially for some casinos that give free withdraws for their customers. So it was not an option to used this currency for crypto gambling. Nevertheless, it's back to it's lowest right now, at least it's in a manageable level.

Most  casinos adjusted though, by accepting more cryptos or altcoins, unlike before wherein it's pure Bitcoin and Ethereum only for deposits and withdrawals. So crypto is still evolving as of this time also the basics remains the same.

[Assface16678]

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

There were times though that Bitcoin and Ethereum transaction fees are so high that even casinos are complaining as well specially for some casinos that give free withdraws for their customers. So it was not an option to used this currency for crypto gambling. Nevertheless, it's back to it's lowest right now, at least it's in a manageable level.

Most  casinos adjusted though, by accepting more cryptos or altcoins, unlike before wherein it's pure Bitcoin and Ethereum only for deposits and withdrawals. So crypto is still evolving as of this time also the basics remains the same.

True, and for me, I think it's a waste to use a crypto currency for gambling. I mean, there are a lot of crypto-based casinos out there, but is it okay for you to use your assets to stake in a crypto game? If yes, then I think you are just wasting your assets. I mean, for me, crypto currency is a valuable asset, and if you waste it by losing in gambling, then it will be a regret to me or it will be too painful. If you want to gamble, then use fiat currency. If the casino only accepts assets or crypto currency, then convert your fiat to that specific currency, but never use your hard-earned crypto currency just so you could play gambling and have a high chance of losing it. Especially if you will use bitcoin? Then what are you thinking? Losing a valuable asset just so you could entertain yourself?.

[taufik123]

-snip-
Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations
KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.
-snip-

The application of KYC to crypto-based gambling depends on how regulated each gambling in their region is.
Online casinos that are legal and get approved by the government require them to do KYC on each of their customers with predetermined rules.

For example, there is a maximum transaction, which is an indicator that every withdrawal that exceeds the maximum limit requires KYC verification.
It is needed to avoid money laundering crimes.

Strict regulations are imposed because they follow government regulations and if they (the casino) do not do, so then their license will be revoked and can be blocked.

[Mia Chloe]

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

I think one of the biggest advantages crypto casinos have over fiat casinos is the size of their audience, or rather the size of their users. I believe that with crypto casinos it is easier and more effective to have a large number of users from different locations without having some sort of currency barrier. This is because sometimes it's easier to just purchase a particular crypto currency via methods like P2P transactions than to swap seemlssly between two different fiat currencies. we obviously are in a digital era and therefore crypto has become so widely and vastly accepted and casinos making use of nice popular currencies is quite dynamic and allows more users from different regions to join.

[Jating]

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

There were times though that Bitcoin and Ethereum transaction fees are so high that even casinos are complaining as well specially for some casinos that give free withdraws for their customers. So it was not an option to used this currency for crypto gambling. Nevertheless, it's back to it's lowest right now, at least it's in a manageable level.

Most  casinos adjusted though, by accepting more cryptos or altcoins, unlike before wherein it's pure Bitcoin and Ethereum only for deposits and withdrawals. So crypto is still evolving as of this time also the basics remains the same.

True, and for me, I think it's a waste to use a crypto currency for gambling. I mean, there are a lot of crypto-based casinos out there, but is it okay for you to use your assets to stake in a crypto game? If yes, then I think you are just wasting your assets. I mean, for me, crypto currency is a valuable asset, and if you waste it by losing in gambling, then it will be a regret to me or it will be too painful. If you want to gamble, then use fiat currency. If the casino only accepts assets or crypto currency, then convert your fiat to that specific currency, but never use your hard-earned crypto currency just so you could play gambling and have a high chance of losing it. Especially if you will use bitcoin? Then what are you thinking? Losing a valuable asset just so you could entertain yourself?.

It really depends though, but there are threads here in gambling wherein we are ask if we continue to used our precious crypto like BTC in gambling when we are in a bull run as it is very expensive and it might have crossed our mind to just HODL on it because there is a potential that it will grow more in the future.

I do agree that in the beginning, we haven't heard about KYC or sending our personal info because it is against the anonymity and privacy or using crypto. But it's a total different era now, casinos are "forcing" KYC to their customers, and we really don't like it at all.

[Nwada001]

The success of online gambling can not be complete without mentioning the role COVID-19 lockdown plays in forcing wider adoption of online casinos because their where the only available option when physical casinos was locked down because of COVID-19 social distancing laws, and also not forgetting to mentioned the greater role cryptocurrencies plays in making payments easy for both the platform and it players since financial institutions where locked and keyed during the lockdown.

I also agree with this part, but it was not just online casinos but other online gambling platforms adoption raised to the highest level during the COVID time.

There were only a few popular casinos before the COVID-19, but during the lockdown data shows that there was mass adoption of the online casino and enough revenue that those casino operators gained from the gamblers, which needed other competitors to come to the game. With better offers and promotions, COVID was not a good thing, but still, there were a lot of people who turned that into a golden opportunity, and the casino operators were one of them.

[uneng]

Crypto gambling popularity has been increasing since its introduction on the very early years of Bitcoin due to its decentralized and anonymous nature. This way, many people who didn't have any means to gamble back then due to restrictions on their native countries by authorities found an alternative to gamble virtually without revealing their personal data. From that moment on, this industry just evolved more and more, as gamblers demanded user friendly platforms, without bureaucracy and surveillance by regulators who are always avid to tax money from winners.

It's true there is also the money laundering part which must be a reality in this industry, even though we don't know much about it publicly. I guess it's also a very important factor which has been boosting the popularity of crypto gambling along the years.

Right now, due to heavy regulations, I don't see lots of differences between crypto and traditional gambling anymore. The advantages I mentioned above are slowly disappearing as regulations become more present. Anonymity is already rare, taxes are already a reality and bureaucracy is also increasing. At least at the main casinos of the crypto industry that is how it works...

[passwordnow]

The Intersection of Crypto and Casino
Crypto Gambling Provides What Bettors Seek
If gambling cryptocurrencies didn’t give sports bettors and casino gamers what they wanted, it wouldn’t exist. See below for the things that make crypto betting the choice among professional gamblers.

In the past, it's actually one of the best use case of Bitcoin when it was on its infancy. Although we can still say that it's sort of its late infancy nowadays but the casinos and the entire gambling industry that has adopted Bitcoin as their main currency did really helped the acceptance and adoption growth of Bitcoin consistently. And we have seen how the crypto casinos have contributed to the market a lot because they've helped with the demand for the use of Bitcoin.

They have actually provided all of the gamblers with an option and what had became best for us. What happened is because of Bitcoin's nature as a decentralized cryptocurrency, all of the crypto casinos before are decentralized. Not until that the governments have seen that they're missing with the profitability of these businesses and so they started to involve themselves and legalize it. Whether we like it or not, I guess that most of the casinos have seen this coming when they can no longer be ignored by the regulators with vast money they make.

[Hirose UK]

The success of online gambling can not be complete without mentioning the role COVID-19 lockdown plays in forcing wider adoption of online casinos because their where the only available option when physical casinos was locked down because of COVID-19 social distancing laws, and also not forgetting to mentioned the greater role cryptocurrencies plays in making payments easy for both the platform and it players since financial institutions where locked and keyed during the lockdown.

I also agree with this part, but it was not just online casinos but other online gambling platforms adoption raised to the highest level during the COVID time.

There were only a few popular casinos before the COVID-19, but during the lockdown data shows that there was mass adoption of the online casino and enough revenue that those casino operators gained from the gamblers, which needed other competitors to come to the game. With better offers and promotions, COVID was not a good thing, but still, there were a lot of people who turned that into a golden opportunity, and the casino operators were one of them.

Gambling is an activity that is enjoyed by most people from various countries, when the COVID pandemic occurred, everyone was really restricted by the government from traveling, they just stayed at home without working and also doing whatever they could before do it freely.
Boredom and loneliness arise without any activities, those who were previously familiar with gambling started by entering online gambling on fiat or crypto basis and those who were not yet familiar with gambling were interested in joining because they saw several promotions on social media.
Beginning of the development of crypto gambling sites during the pandemic really increased significantly and several new names of gambling sites emerged that wanted to compete in business and generate large profits, but not many have been able to compete and survive until now.

But on the other hand, the development of crypto-based online gambling sites has also had many positive impacts on the cryptocurrency industry, especially for investors and traders because the adoption of various crypto tokens has also increased.

[Julien_Olynpic]

The emergence of cryptocurrencies and the adoption of this technology by casinos and bookmakers has truly led to a small revolution in gambling. The same revolution was made at one time by the invention of live betting, that is, betting in real time, when you can place a bet after the start of the match. But not all casinos and betting organizations have yet abandoned CUS, and probably not all are going to refuse. And for the players this would be a big step forward on the path of progress. The next step would be to eliminate conflicts of interest when a player plays against a casino or bookmaker rather than against other players. But progress does not stand still. Sooner or later, most casinos, in my opinion, will be decentralized.