In the past couple of years, crypto managed to become a new trend in the world of online gambling, but there must be a reason why many people decided to ditch the age-old FIAT system and go for the crypto revolution.
If you’ve been living under a rock, crypto gambling has been growing in popularity in the last couple of years, and people are now wagering with Bitcoin and Ethereum instead of Euros.
But why? Is it because cryptocurrencies have increased in value and big ones like Bitcoin have reached $100K? Or is it just because of their utility and functionality that makes them a better alternative for the world of online gambling?
Well, both things actually. Cryptocurrencies make the online gambling process safer, cheaper, and a lot faster. This means that apart from being popular among young people, they actually have real use cases that are much better than the traditional ways.
On top of that, casinos like Evo.io now feature many new innovative casino games that are quite different from traditional gambling sites, and from providers like Blueprint gaming, NetEnt, Novomatic, and many others. Read more about providers here.
So, what are the main reasons that people are switching to crypto betting in Europe? Let’s find out.
Fast and Cheap Transactions
I don’t know if you have tried to withdraw your winnings from a traditional casino, but the process is extremely slow! I don’t know how we can live in a digital economy where everything happens instantly, and people’s attention spans have been at their lowest and still wait for our money for weeks.
Yes, the traditional online gambling process is not perfect. Although most of them will say that they have instant transactions, if you read carefully through their Terms and Conditions, the withdrawal will be in your account for 2-5 days and sometimes even more just because of the bank.
On the other hand, we have cryptocurrencies that have blisteringly fast transactions. Where banks can process transactions for days, in crypto the same thing happens in minutes or seconds.
So, why wait for your hard-earned profits and possibly miss an investment opportunity where you can transition to crypto and always have access to your funds?
Seems like a no-brainer for me.
For gamblers who value quick access to their winnings (and let’s face it, who doesn’t?), crypto is a game-changer. This efficiency is pushing more players towards platforms that accept Bitcoin, Ethereum, and other digital currencies.
Additionally, banks can charge you a percentage of your transaction, or a fixed fee (up to a certain amount), which will eat away most of your profits. With crypto transactions, the fees are much lower.
The Importance of Privacy and Security
The next biggest reason why people are migrating to crypto betting is because of privacy. Since we are talking about the world of online gambling, where these institutions are constant targets by hackers, the protection of our information has never been more important.
Most of the crypto gambling companies are operating on the Blockchain, which adds another layer of security that isn’t available with traditional banking. Each transaction is recorded publicly on the blockchain and it is encrypted with military-grade encryption.
Additionally, gambling is a sensitive subject, and some people want to remain anonymous which is not possible with traditional gambling sites where you have to make an account, and possibly submit your government ID.
In crypto, no middlemen is snooping through sensitive files, and you are not required to submit much information about you when making an account. Plus, there are minimal KYC requirements, which allows gamblers to stay under the radar.
Having a more anonymous option has been a great alternative for people who are too shy or don’t want to admit that they are gambling.
Transparency and Fair Play
Here’s where blockchain flexes its muscles. With crypto casinos, transparency is part of the deal.
- Provably fair gaming: This nifty blockchain feature lets players verify that outcomes are random and haven’t been tampered with. It’s like having a referee you can actually trust.
- Immutable records: Every transaction is etched into the blockchain, making fraud nearly impossible.
No more wondering if the house is pulling a fast one on you. With crypto casinos, trust isn’t just a buzzword; it’s baked into the system.
Regulations
The EU’s regulatory stance on crypto gambling is still evolving, but it’s not as scary as it sounds. Some countries, like Malta and Estonia, are fully embracing crypto gambling with licenses specifically for blockchain casinos. Others are cautiously observing from the sidelines.
- Malta’s Gaming Authority (MGA): One of the first to offer licenses for blockchain-based gambling platforms.
- Estonia: Known for its digital-forward mindset, Estonia supports crypto casinos within its licensing framework.
That said, some regulators are still wary of crypto’s potential for money laundering. But overall, the trend points towards more acceptance, not less.
Global Accessibility
One of the best perks? Crypto casinos don’t care where you’re from.
- No exchange rates: Forget fumbling with currency conversions and losing money on exchange fees. Crypto is universal.
- Borderless gaming: Play seamlessly with people from all over the world.
This freedom makes crypto casinos particularly attractive to international players who want a smooth experience without financial roadblocks.
Final Words
I think we will continue to see a rise in the crypto gambling market just because it comes with many benefits over the traditional gambling system through banks. So, if you want a safer, cheaper, more anonymous, and more convenient way of gambling, you should definitely look into crypto gambling.