The number of bitcoin casinos has grown exponentially over the last few years, moving from a little-known but exciting proposition five years ago to something that many are now predicting will be the future of gambling. And if you go back just 10 years or so, these casinos were non-existent, and the entire idea of cryptocurrency gambling was the preserve of science fiction.
It’s an exciting time for fans of crypto gambling, and it’s only going to get more exciting,
There Are No Fees
Both casinos and players can be charged fees. Usually, if the former are hit with a payment charge, it will be passed on to the latter.
Take credit cards as an example.
For a casino to accept credit cards, it must work with a merchant. That merchant will charge a fee ranging from around 1.4% to 3.5%. Incidentally, the reason that American Express is so rarely accepted is that it charges much higher fees than other providers and is usually near the top end of that scale.
To cover these costs, the casino will charge the player the same fee. But it doesn’t end there.
Online casino payments are usually classed as cash payments, which means players will be charged the same as when they withdraw cash from an ATM. The exact cost can vary, but it’s usually a fixed price followed by an interest charge.
It’s not just credit cards, either. Debit cards also come with merchant fees and if you have ever deposited into a PayPal account, converted the funds into a different currency, and then withdrawn, you’ll know that web wallets aren’t free (or cheap) either.
With bitcoin, there are no such fees because there are no centralized authorities/merchants to collect them.
The casino isn’t charged, and so there are no payments to pass onto the players.
As a result, bitcoin payments offer benefits for both casinos and players — it’s a win-win that is sure to bode well for the future of bitcoin gambling.
All Payments Are Rapid
Despite the fees associated with them, debit cards and credit cards are some of the most popular payment methods among online gamblers. It’s likely more about accessibility than anything else, as most legal age gamblers already have credit cards and debit cards, so it’s always the simplest option.
However, while it might be quick to reach into your purse/wallet and pull out a debit card, you won’t benefit from the same speed when it comes time to withdraw.
Card payments can take anywhere from three to five days to process on average, and that’s a long time for players to wait. If you’ve just scooped a big win, you’ll be eager to see those funds and put them to good use. If you then have to wait up to five days, you’ll be pretty annoyed.
It’s why many players have been turning to Skrill, Neteller and PayPal, but these options also have their limitations, including verification processes and fees.
Bitcoin may be the better option for the majority of players. It can be just as quick and easy to set up, and once the payments are processed, they are instant. There’s no need to wait three to five days to get your funds, and they will be yours within seconds of the casino confirming the transaction.
Casinos Have More Control
Once you take away the centralized authority, you put more control in the hands of the casino, and that gives them more freedom to do what they want.
It means they are not servants to the merchant’s fees and regulations. They don’t have to worry about the fees suddenly increasing, and they definitely don’t need to worry that the payment provider will suddenly stop allowing its services to be used for online gambling.
This has happened several times in the past and it has made life difficult for casinos. They are forced to pivot at the last minute, creating chaos. With bitcoin, they are the ones in control and there is no centralized authority to govern their actions.
They Are Secure
There are a few security risks with bitcoin, just as there are risks with all payment methods, but it is a safer option than most.
Security is really the final piece of the puzzle. If something is cheaper, faster and preferred by both the consumer and the provider, and it’s also safe and secure, there is no reason why it can’t become the predominant product, and that’s where we are with bitcoin in the online gambling sector.
Summary: Bitcoin and the Future of Gambling
With so much money being invested in bitcoin gambling and so many players backing these currencies, the future of bitcoin is both bright and promising. Of course, it could go either way and there are no guarantees, but if it continues in the same manner, we should see some very exciting innovations on the horizon.