Business Case Studies

Impact Of Cryptocurrency On Online Casino Sites

Since its release in 2009, cryptocurrencies have seen an exponential growth specifically due to its anonymity feature. As more and more players are moving towards cryptocurrency payment methods in casino sites, it is high time that we analyse the impact that cryptocurrency has over online casino sites.

Security

The problem with credit cards is that they can get stolen. There have been numerous cases where customer credit card details have been leaked by unscrupulous people over the internet. If you are aware of Blockchain technology, you will understand why it is crucial for enhanced security in online casinos. With casinos offering cryptocurrencies as their payment method, it will definitely boost the overall security infrastructure of the casino sites, The anonymity of the cryptocurrency makes sure that no personal information of the user is disclosed during the payment method.

But it can also pose a problem for the security of the online casino sites. Money laundering is a major issue at online as well as regular casinos. Many unscrupulous people deposit huge amounts of money in casinos without providing any information about who they are and where they might have got the money. Criminals can deposit money and even get away with it. With the anonymity feature of bitcoins, this problem might be aggravated unless the casino sites ask members to disclose their personal information before making any payment method with cryptocurrency.

No waiting time

Transferring cryptocurrencies takes place instantaneously. Everyone loves playing online casino games, right? But the time taken to withdraw the winning money from the casino sites into a bank may take around 2-3 days minimum. This is one reason why many players abstain from playing at online casino sites. Some get frustrated with the amount of time taken to get their hands on their hard earned money. With cryptocurrencies like bitcoins, this problem is virtually non-existent as the transfer of funds happens immediately in seconds.

Currency fees

Most of the payment methods like credit card charge to the costs associated with exchange rates available at online casino sites have an associated currency fee. Players have to surrender around 1-2% of the initial payment to credit companies, banks, and even E-wallet companies like PayPal. If the online casino sites are renowned within the gambling community, they can earn around millions per month as a lot of people carry out multiple transactions.

Transparency

If a person completes a cryptocurrency transaction in an online casino site, it automatically creates a record that can neither be changed nor deleted. Any person can come up and confirm a particular transaction. This will help casino sites to show members that they are honest and transparent and cares for their members.

Goodbye middlemen!

The absence of an agent to transfer the funds to the right receiver is one of the biggest plus points of using cryptocurrency in casino sites. As the exchange of money takes place between the casino and the customer, it negates the importance of a bank or a financial institution. Due to this huge cost-cutting factor, casino sites can benefit a lot by implementing cryptocurrencies as their payment methods.