It’s been very difficult to avoid the news about cryptocurrency recently. It’s everywhere in the news, and we’re all hearing about it all the time. One of the natural progressions of these digital currencies being the mainstream has been the number of crypto casinos that has arisen. These are casinos like Coincasinos that primarily or exclusively use cryptocurrencies as their payment method.
They certainly have a lot of advantages, but still it is, at this point, a perfectly reasonable question to ask whether they are just a fad that will eventually pass. Today, we’re going to look at the case for and against this statement.
So, let’s look into it.
Fad
Firstly, let’s consider why some might think of them as a fad. For one thing, the whole world of crypto has been seen by many as a fad. One of the biggest problems people cite is that, in general, crypto has a very high technical barrier of entry.
Crypto is, by its nature, very technical and can be hard to understand for those who are not technically minded. Casinos have been open to everyone in the past regardless of any technical knowledge, and brick-and-mortar casinos still attract as many as 20 million visitors a year in the U.K.
Crypto in general also has a lot of problems with volatility. Most of the coins struggle to maintain a stable value, and this can be a huge problem for gambling. If you make some winnings the night before a big surge or dip in price, you could be doing much better or much worse—the lack of stability is going to cause problems for everyone.
There are clearly some teething problems, then. Crypto is something which the average person can struggle to fully understand, and the issue of stability must be addressed if they are to be truly the future of casinos.
Let’s look at why they might be, though.
Future
There plainly are many problems the traditional casino industry has which could be solved by crypto casinos. The added layers of security and privacy are one of the biggest things pushed by advocates of crypto. Due to the way crypto works, you usually don’t need to supply much personal information to sign up. With as many as 1,200 breaches of sensitive data every year, we are all worried about our security and privacy.
The transactions are also much faster and more efficient. Transactions in the millions incur fees of less than one U.S. dollar, and take on average 1-2 minutes. Traditional banking methods are much slower than this, usually.
One of the most exciting possibilities of crypto casinos, though, is the added transparency and fairness. With crypto transactions, everything is publicly viewable on the blockchain. For this reason, casinos using crypto have had to change their approach to fairness.
Most casinos have a house edge up to 10%. The average is somewhere from 5-10%. This is quite high, and has always been accepted as part of the game by bettors. The house is running a business, and must have a big edge.
But crypto casinos do not have this luxury. As a result, the average house edge of crypto casinos is around 0.3-0.5%. This is a huge difference, and means you are far more likely to make good winnings on a crypto casino.
This could mean that more and more people flock to crypto casinos, and the market expands. This is another clear way that the crypto casinos could be the casinos of the future.
The development of stable coins, too, is working to address the issue of volatility. If the volatile coins can be held down, or at least replaced by coins without the stability problems, then this solves one of the biggest issues facing the future of crypto casinos.
There are certainly cases for both arguments, then. Overall, though, it certainly seems reasonable to believe that crypto casinos are here to stay, in some form or another. They offer tons of advantages to both player and operator, and there are many things about them which could plausibly change the face of online betting forever.
Ultimately, though, only time will tell—but my money is on them staying around!
