The online betting industry is one of the first industries to take advantage of cryptocurrencies as a payment method. Ethereum (ETH) in particular has proven to be very popular with players, especially younger ones.
There are many benefits to using crypto for both the players and the casinos. It’s fast, simple to use, reliable, and the transactions are easy to log and track in case something goes wrong. In this article, we’ll explore why ETH casino games are not just a novelty and are here to stay even after cryptocurrencies lose some of their appeal.
Cryptocurrencies can be used all over the world. Due to their decentralized nature and lack of global regulations, crypto is available in any country. It’s also not tied to any central bank, which is what made the investment so interesting.
This means that any casino using ETH is a global casino. A larger pool of potential players makes the game more interesting. It gives you a chance to play with players that match your skill level and experience. This is especially useful for players that come from countries that don’t allow gambling or where traditional payment methods aren’t available.
With the use of VPNs, anyone can access a casino anywhere in the world. Payments made in crypto are also available across the globe and they are usually taxed less than traditional payments. In some countries, they are not taxed at all. There is now a thriving middle class or players with disposable income in many countries that don’t allow gambling and it’s a huge market of crypto casinos.
Casinos were always on the cutting edge of technology. They were among the first to accept online payments and play online in general. The same was true with crypto which quickly found numerous applications in the industry.
For instance, the blockchain technology behind Ethereum is used to make provably fair games. This allows the players to check their odds for themselves and to get into a game knowing what their chances really are. Knowing how you stack up in odds against other players and the house, means you’re starting on a leveled playing field.
Additionally, blockchain technology can be used to create new games with instant microtransactions. This isn’t possible with traditional fiat currencies.
Furthermore, the integration of cryptocurrency in online casinos paves the way for innovative loyalty programs and reward systems. Players can use crypto as an in-game currency used to purchase rewards, and virtual items, or stake their digital assets to influence the result of the game.
ETH casinos operate using blockchain technology. This means there’s no central bank or authority of any kind. The players control the funds and the stakes on their own. The assets are stored on a transparent ledger and can’t be affected by any of the issues with centralized platforms.
Smart contracts also prove that the casino can’t tamper with the gameplay. The outcomes of the game can’t be tampered with. However, a player should still learn about return-to-player odds and know what their real chances are, depending on the game.
A decentralized Ethereum network fosters online anonymity. This is becoming increasingly important for younger players. Most of our online experience is being tracked and cataloged by different algorithms and stepping away from that can feel liberating.
Lower Transaction Fees
Traditional payments come with fees that bite into your winnings. These depend on the amount you’re transferring, what kind of payment method you’re using, and where you’re based. For players that play for small amounts, this can be a problem since fees are taking a big chunk of their winnings.
There are no such fees when using cryptocurrency. There are no networks and intermediaries used for traditional transfers. Instead, the transactions are peer-to-peer and therefore less costly. Hidden costs that usually come from making payments across borders are also eliminated with Ethereum payments.
This isn’t only less expensive for the players but also allows for micropayments within the game. It has led to innovation in gameplay design. In-game purchases, allow for more rich and complex gameplay. They also help the players turn the odds in their favor, and have more control of the games.
Payments made to and from ETH casinos are instantaneous. Traditional payment methods, on the other hand, often come with delays and waiting periods. Young players used to a fast-paced gaming environment, expect the same from their payments.
Both verification and payment with ETH take only a few seconds and this is true for payments made across borders as well. Time zone differences, bank holidays, and any other issues caused by fiat payments – do not affect cryptocurrencies.
This doesn’t mean, however, that the payments made with cryptocurrencies are any less reliable. In fact, the ledgers and payment records are easy to track and they can’t be tampered with. This means that if a payment was made by mistake, it’s easy enough to find and rectify it.
Being Anonymous Online
Payments made with traditional fiat currency can’t be anonymous. Players need to provide their personal ID, bank account, and often tax information as well. Every transaction is also monitored and recorded if you use digital wallets or traditional banks. Many players are looking for ways to avoid this.
ETH casinos allow players to make transactions without providing personal data. Most casinos require nothing more but an email to connect your Ethereum wallet and casino account. That way the amounts you’re transferring and your name and bank account remain private.
It’s important however to keep in mind that in recent years, countries have introduced what’s known as Know Your Customer laws. These laws are introduced to make the industry more accountable. They state that casinos have the right to know who their customer is. ETH casinos that implement this rule don’t share your personal data with anyone but they require to know your name.
Blockchain technology is the bedrock of Ethereum. It’s what makes the cryptocurrency decentralized and therefore safe. Cyber threats that can affect traditional fiat currencies won’t affect crypto. There’s no way to make a payment by accident or for anyone to steal your funds.
There are nointermediaries such as banks or e-wallets. This also means that there are fewer points at which your funds could be in danger or at which someone can record your data. All of this means that betting or receiving your winnings in ETH is perfectly safe.
Since most ETH casinos are founded abroad and based online, using crypto as a payment method gives the players peace of mind that they won’t get scammed. An online casino needs to establish such a reputation so that it can attract players from all over the world.
To Sum Up
Ethereum is one of the most popular cryptocurrencies used in online casinos. It allows for fast, secure, and anonymous transactions. These features are becoming increasingly important to young players. Using crypto as a payment method in betting, also allows the casinos to innovate their games and to accept players from countries across the globe.
Ethereum payments don’t have any transaction fees. It’s an especially important feature for players betting small amounts. Since there are no banks involved, you get almost all if not all of the winnings you’ve made at the casinos.
All of these features make Ethereum casinos popular with players and more of them are opened every day.