Why are cryptocurrencies so popular in online gambling?

[Orpichukwu]

Cryptocurrency is so popular in gambling because people transact secretly so that no one can know about their transactions. For example, if you are gambling using cryptocurrency.
using Bitcoin, you are depositing your money in Bitcoin, it is more confidential. You can buy drugs and transact secretly using Bitcoin, Ethereum, Monero or unique coins. So privacy is most effective in gambling, that is why gamblers prefer to use cryptocurrency the most.

Crypto promotes privacy, but it doesn't actually hide your identity unless you make the effort to hide it, like you can use crypto to deposit in a casino and still pass KYC in that same casino. In that type of setting, there is no privacy here since your identity has been known by the casino; your method of deposit doesn't matter again as long as your real identity have been revealed.

[Hatchy]

Crypto promotes privacy, but it doesn't actually hide your identity unless you make the effort to hide it, like you can use crypto to deposit in a casino and still pass KYC in that same casino. In that type of setting, there is no privacy here since your identity has been known by the casino; your method of deposit doesn't matter again as long as your real identity have been revealed.

I'll say anonymity rather than Privacy. It's a lot bigger task to achieve full privacy but anonymity is what crypto offers generally. I agree with your response completely because there's no privacy of any kind when you go through a kyc platform. You are only limited to an anonymous transaction. Cryptocurrency is popular today in the gambling industry because of how easy it is to use compared to the regular fiat system we used to use then. With crypto you can make swift and easy transfer in and out of your casino accounts. And there's something I also noticed which is that some casinos request review when making withdrawals from your fiat accounts but cryptocurrency withdrawals are made instantly..

[Fortify]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

This is a subforum dedicated to gambling, of course you'd find a lot of crypto gambling sites here but it doesn't necessarily tell you how big a portion of the wider gambling market that these sites have. There are probably thousands, if not tens of thousands, of players passing through this forum and looking at all the content here. However the wider sports betting and casino market, which only deals with fiat currencies, has existed for decades already with many millions of players. Some of the biggest crypto sites here could be reaching those sort of numbers, but it would likely just be the top three that could consider themselves in the big boys club alongside them. You'll find those are the ones sponsoring Premier League clubs, although that is getting targeted and phased out slowly.

[Woodie]

The thing is traditional gambling platforms always demanded players go through KYC as a security measure to prove the funding mediums belong to them as it's prone to hacking, carding etcetera and with the coming of cryptocurrecies, players have seen a reduction in KYC requirements . Another reason; funds get to hit your wallet almost immediately when you withdraw without having to be told x payments don't get processed on weekends etcetera. And generally fees are by far less for player's,  which means more money more fun  

[goldkingcoiner]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

Gambling advertising is much more regulated and restricted so the casinos have to find other ways to market their "services". The gambling casino marketers discovered signature advertising on Bitcointalk. The crypto crowd is less risk averse and therefore a good fit with their usual clientel.

At least that is how I imagine things to be...

If anyone has a different opinion, they can feel free to contradict me and give a detailled explaination on their perspective of the matter.

[Royal Cap]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

This is actually related to the history of Bitcoin. As far as I know in the beginning many online casinos were very quick to accept Bitcoin, because it does not require intermediaries like banks and international transactions are relatively easy. So there is a natural relationship between crypto and online gambling.  However there is another reason why this topic is more visible on the forum. Many casinos have been running signature campaigns here for a long time (since crypto has a relationship with casinos), so this kind of discussion is naturally more visible, but that does not mean that everyone on the forum gambles or supports gambling.

[Karl_3000]

Gambling advertising is much more regulated and restricted so the casinos have to find other ways to market their "services".

That will be the time in the past, I said this because crypto advertising can be seen everywhere now, including on the fields and clubs.

I do not think it was because of advertising, it is more about people able to bypass restrictions because most crypto gambling sites do not need KYC for their customers to gamble.

[Patikno]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

You shouldn't be surprised by the popularity of cryptocurrencies in the gambling industry. Cryptocurrencies allow for quick transfers, regardless of country of origin. Plus, cryptocurrencies are gaining popularity, and are widely used by people around the world. So, the gambling industry sees this as an opportunity, and the result is the popularity of cryptocurrencies in gambling. Just look at the top 100 by market cap. Isn't that a real opportunity for any industry that involves money, right ?

By the way, I believe Bitcoin was the first cryptocurrency used for gambling, and perhaps Ethereum followed, but I don't know which sites offered them first. If anyone knows, please share some references.

[henmark]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

The primary reason gambling got so popular among crypto users was anonymity, because you could gamble as much as you want without being noticed or seen anywhere. But later this changed, and now most casinos are licensed. Now the major reason why people still prefer gambling with crypto is convenience and, to an extent, still privacy and anonymity. You can withdraw 1 BTC you won without anyone knowing, and the casino doesn't care because it knows you will eventually lose it back.

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

It's not a stupid question and it's true that almost every second signature belongs to a casino . And that's because gambling is insanely popular among the Bitcointalk community members. I think if we do a survey, over 50% of the people here at least know about gambling and for sure half of that 50% have tried it once, and maybe 10% are regular gamblers.

[Cheema02]

Cryptocurrency is so popular in gambling because people transact secretly so that no one can know about their transactions. For example, if you are gambling using cryptocurrency.
using Bitcoin, you are depositing your money in Bitcoin, it is more confidential. You can buy drugs and transact secretly using Bitcoin, Ethereum, Monero or unique coins. So privacy is most effective in gambling, that is why gamblers prefer to use cryptocurrency the most.

I actually quite disagree with that, and if people are actually using cryptocurrencies for gambling for this reason, then they are wrong to think that they are doing everything privately and that no one knows anything about what they are doing because almost all the casino platforms that we use in this industry require their users to complete KYC at some point, some might ask you right away, and some will ask when you go for making a withdrawal that is a bit large, and when you complete your KYC with the platform, your identity gets attached to your account, and then any transactions you are doing there is directly associated with your identity if anyone tries to find out what you are doing, I mean authorities or regulators, not general people.

In my opinion, the most viable reason for why people use cryptocurrencies for gambling and why they started doing this was because of the convenience it provides. For example, if you are using fiat online casinos, and you try to make a deposit, your bank will probably intervene, if not for the first time, if you make multiple deposits within a month or something, they will surely inquire about it, you might be asked so many questions, you might even be asked to submit written statements that you are the one doing all that and stuff, we know these things happen with centralized payment systems. However, when using cryptocurrencies, you don't have to go through all that, you can make as many deposits as you want and they can be as large as possible and you will be answerable to no one.

[Shussainshah]

Crypto is popular because of fast payment and most of the casino want fast cash option. Bank transfer and cash transfer are very much slow to use in casino that's why they use crypto and that the main reason to be popular in gambling.  Most of the casino want fast withdrawal and security which bank can't provide at the moment and most of the time they are not secure and create problems especially when you withdrawal big amount of money. But crypto can give you all that's freedom with cheap service charges. That's why they use crypto over bank in Casino.

[Cryptomultiplier]

Cryptocurrency is so popular in gambling because people transact secretly so that no one can know about their transactions. For example, if you are gambling using cryptocurrency.
using Bitcoin, you are depositing your money in Bitcoin, it is more confidential. You can buy drugs and transact secretly using Bitcoin, Ethereum, Monero or unique coins. So privacy is most effective in gambling, that is why gamblers prefer to use cryptocurrency the most.

I actually quite disagree with that, and if people are actually using cryptocurrencies for gambling for this reason, then they are wrong to think that they are doing everything privately and that no one knows anything about what they are doing because almost all the casino platforms that we use in this industry require their users to complete KYC at some point, some might ask you right away, and some will ask when you go for making a withdrawal that is a bit large, and when you complete your KYC with the platform, your identity gets attached to your account, and then any transactions you are doing there is directly associated with your identity if anyone tries to find out what you are doing, I mean authorities or regulators, not general people.

In my opinion, the most viable reason for why people use cryptocurrencies for gambling and why they started doing this was because of the convenience it provides. For example, if you are using fiat online casinos, and you try to make a deposit, your bank will probably intervene, if not for the first time, if you make multiple deposits within a month or something, they will surely inquire about it, you might be asked so many questions, you might even be asked to submit written statements that you are the one doing all that and stuff, we know these things happen with centralized payment systems. However, when using cryptocurrencies, you don't have to go through all that, you can make as many deposits as you want and they can be as large as possible and you will be answerable to no one.

You hit the nail on the head because, the normal fiat gambling sites are somewhat constrained by so many factors like charge backs, slow withdrawal times, strict regional banking restrictions and declined credit card transactions in most cases, but crypto currency solves that problem.
However, the problem of unstable prices of crypto currencies at times makes it quite difficult to use, instead gamblers opt for stablecoins which have fixed values.

[Queen uloma]

You didn't ask a stupid question at all. Majority of us asked same question when we first came into this forum. The reason is because, cryptocurrency is more famous in gambling the reason is because  it’s very fast, and Deposits and withdrawals happens so quickly, even more than our normal banks ,  especially if the casino supports fast networks. And another reason is because of privacy. In many cryptocurrency you can play without sharing much of your personal information, although many licensed casino still requires KYC depending on their rules and your withdrawal amount.

[skarais]

Cryptocurrency is so popular in gambling because people transact secretly so that no one can know about their transactions. For example, if you are gambling using cryptocurrency. using Bitcoin, you are depositing your money in Bitcoin, it is more confidential.

Of course, but only if you know how.
Most online casinos are not the best protection to keep your privacy, I mean most of them need your personal data for various reasons. You can obviously increase privacy by using crypto in a variety of financial transaction needs, but do not involve any centralized platform.

You can buy drugs and transact secretly using Bitcoin, Ethereum, Monero or unique coins. So privacy is most effective in gambling, that is why gamblers prefer to use cryptocurrency the most.

Misuse of "bitcoin or any other" currency is highly discouraged, but certainly bitcoin has a good edge when it comes to privacy. Crypto is just one option, in fact I believe fiat currencies are still very dominant among gamblers. Gamblers who use crypto to gamble are in fact those who are involved in the crypto community, although some of them are common people.

[boyptc]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

It's so long even when bitcoin and other cryptocurrencies became popular, it's one of the industries that have adopted it first.

They're not just into mainstream and that's why it's not popular long ago but then, we start to see how the gambling industry continues to grow and so the adoption is.

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

It's not stupid to ask such questions.

But if you're not a gambler, I guess you better stay not gambling. Because the curiosity that you have might go even far and become worse as a gambling addict.

[Rgram]

The thing is traditional gambling platforms always demanded players go through KYC as a security measure to prove the funding mediums belong to them as it's prone to hacking, carding etcetera and with the coming of cryptocurrecies, players have seen a reduction in KYC requirements .

On the contrary, traditional gambling platforms are not as demanding of KYC as it’s the case with crypto casinos. They provide most of the no KYC services out there. At most, you might be good to go with just cell phone number verification if at all. Where it becomes a little skeptical is in cases of huge wins where, you might be requested to come cash out, physically at their headquarters or some equivalent location.

Cryptocurrency casinos are the ones that are often about KYC and proof of funds due to the high hand of authorities on them. The need for operation forces a lot of compliance out of them but still, they thrive as the chances of coming under scrutiny is usually slim.

[Ronsbit]

I could say that the reason for crypto currency popularity in gambling is privacy. It guarantees ones privacy that you can transact paying for your games online via your own wallet without anyone knowing what you are doing compared to the fiat system were you would need the bank card to make transaction and all your transaction would be documented or traced to your name being a gambler. Most people are not convenient with that and I can say that this is one of the major problems Crypto solved on the gambling industry and it has made players been able to play from their comfort zone without any need to use card or whatsoever that would reveal their identity or trace to them.

[salad daging]

For me, payment was a big problem for online gambling. Also, in many country it is difficult to deposit or withdraw from gambling platform using traditional banking system. It is very slow and sometimes blocked.

Bitcoin and other crypto have given us an advantage in this area because it is borderless payment system. Now I don’t need bank approval or long waiting time anymore. This is why many online casino and sportsbook have started accepting crypto payment.

This could be the right reason, some banks do not allow transactions with gambling the reason behind this accounts are easily blocked, transactions can be frozen including my country where using banking is very risky.
Using crypto currency is more flexible and simple, especially deposits using their own wallets that make it easy whenever they do it, moreover using crypto is still anonymous and does not involve third parties anymore.

[Joy- maker]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

The idea was supposed to be because of privacy, like I don't want my government to know how I'm spending my money and how my in the gambling section.

I think you are right, people gamble more with cryptocurrencies because of how they value privacy.  And in addition to what you said we are not gambling more with cryptocurrencies just to only prevent the government from knowing how or how much we spend on gambling.  People prefer to gamble with cryptocurrencies more than Fiat currencies, because they offer fast transportation, lower fees, greater privacy and they also make easier for people to access  international gambling platforms.

[icebar]

Crypto is popular because of fast payment and most of the casino want fast cash option. Bank transfer and cash transfer are very much slow to use in casino that's why they use crypto and that the main reason to be popular in gambling.  Most of the casino want fast withdrawal and security which bank can't provide at the moment and most of the time they are not secure and create problems especially when you withdrawal big amount of money. But crypto can give you all that's freedom with cheap service charges. That's why they use crypto over bank in Casino.

Generally, every gambler wants to conduct online gambling anonymously. And in this case, crypto gambling provides the most security to a gambler. In terms of personal security, people now prefer cryptocurrency-based online casino gambling. But not only security, but also because an investor gambles with cryptocurrency, he can complete his transaction in a short time. Due to various advantages, including the facility of withdrawing money from any place in a short time and getting access, crypto gambling platforms are now the first choice of gamblers. Crypto gambling is the most popular gambling platform all over the world due to the mentioned advantages.

The biggest fear among gamblers when it comes to online gambling is the fear of anonymity, and if someone wants to remain anonymous, the only way to do that is through crypto gambling.