The world of online gambling is constantly changing, and casino developers are always looking for the best way to improve their platforms. Payment handling is the most important aspect, and while debit and credit cards used to be the go-to, an increasing number of casinos are introducing crypto payments.

While standard payments are still around, punters love crypto for the speed, privacy benefits, and transparency it offers. But is this hype justified? And if so, how likely is it to stay? This article will address the appeal of crypto payments and how we can expect them to be used in the future. 

Why Punters Prefer Blockchain Casinos

A casino site is free to choose the infrastructure it wants, but the fact remains that it has to draw using clients. The majority prefer hybrid casinos, as they accept both traditional currency and cryptocurrency. 

Some casinos are even exclusive to Bitcoin payments, which appeals to a niche of users that specifically prefer cryptocurrency. Below are just a few reasons why blockchain casinos are likely to gain even more popularity in the future. 

Transparency and Integrity

Most traditional casinos have to adhere to the rules of their licensing and regulation authorities. These platforms are tested by independent auditors frequently, but punters can’t verify the integrity of the results on their own; they just have to hope that the company is fair and not messing with the results. 

However, blockchain casinos have a management system where no third parties or intermediaries are in use. They use smart contracts, which means that a decentralized casino makes the information and results easily accessible through their database.

Accessibility

The main problem with regular casinos is that they can only operate where their license has jurisdiction. This is why most casinos get multiple licenses, such as MGA or UKGC, to bypass these restrictions and offer peace of mind. 

Still, blockchain casinos don’t have to adhere to these restrictions. Indeed, they still have to obtain all the necessary licenses. However, punters can access them from any corner of the world, provided there is an Internet connection. iGaming providers will likely invest in this technology more and more, just so they can expand their reach. 

User Data

Traditional casinos use KYC (Know Your Customer) practices most of the time, which leaves nothing secret. Punters need to offer proof of their identity and all kinds of information that can be traced back to them. Many punters don’t like that, as it feels like they are giving away their privacy. 

Blockchain payments will likely gain more popularity in the future because they are the opposite. More often than not, all punters have to do is give their crypto wallet address. The rest remains private.

Transactions Speed

Punters are frequently frustrated by the long withdrawal times, as the money has to pass through different checkpoints. Transaction fees are also higher, since the earnings have to pass through intermediaries (i.e., the payment service).

Blockchain casinos are likely to gain even more popularity in the future due to their speed of transactions. The money reaches a punter’s accounts nearly immediately, reducing frustrations. This is all thanks to the lack of intermediaries. 

Game Variety

Crypto casinos tend to have a broader variety of games. This includes crash games, slots, and even poker or blackjack. Some developers also create blockchain-based games that casinos host on their platform. 

When punters win a game, the rewards will usually be through tokens. Users can either keep them until they become more valuable or they can sell them directly and use the profits immediately.

What Can We Expect from Future Crypto Payments in Gambling?

Based on the benefits, it looks like cryptocurrency and gambling are like a match made in Heaven. That said, despite the benefits and its increasing demand, only around 4% of consumers use cryptocurrency to place their wagers. That said, despite the apparent perfect symbiosis, crypto still has its challenges. 

The most important one is the lack of clear regulations, as most governments consider crypto to be unstable. Users are still slow to adopt the technology, mainly because they are used to traditional methods, such as debit cards or e-wallets. 

While cryptocurrency is unlikely to replace traditional payment methods, it still serves as an alternative payment channel. It’ll likely become popular for players in underserved markets and tech-savvy punters. With time, if the volatility stabilizes and the regulations improve, we can expect cryptocurrency to become more than just a niche.

Blockchain payments offer advantages such as speed and transparency that traditional payments don’t even come close to. At the moment, it’s still limited to a fair share of people who feel comfortable enough to use crypto. However, as these payments become the new “normal,” we can expect them to be a vital part of online casino operations.