A recently concluded market research study reported that the online gaming industry was valued at $61.5 billion in 2021 and is estimated to grow to about $114.4 billion by 2028 – with online poker among the top games played. Currently, key industry players are embracing the use of cryptocurrencies as a form of payment. This trend is becoming so widespread that there are online casinos specifically designed to serve crypto users. NBC News already reported how crypto casinos are having a significant influence on the future of online gaming as the transformation proceeds. So, let’s take a look at why
Right now, one of the safest technologies developed is Bitcoin’s blockchain-backed technology. This tech securely records transactions in a decentralized ledger system. As cryptocurrency transactions remove the need for middlemen, there are fewer links in the payment process. This promises to improve security, reducing the risks of hacking and duplicate payments.
Anonymity & Data Privacy
Upon registration, many online casinos request that players provide personal information. What if you don’t want all of your personal info made public? Crypto transactions run on a public blockchain that authenticates all crypto transfers so it does not require any personal data to be submitted, protecting players from identity theft.
Crypto casinos only require two things – an email address and a username. This eliminates the need to fill out endless registration forms before getting approval to play, which is all rather appealing to players who would rather spend that amount of time on the virtual felt.
By-Passing Geolocation-based Restrictions
A major issue in online gambling is often the restrictions based on the player’s location. Some online poker sites prevent players from participating unless they’re in a specific region. Cryptos don’t come with geological restrictions. The poker sites that accept Bitcoin allow all players who use this virtual cryptocurrency to compete against each other, bypassing geological restrictions and allowing player to join in regardless of where they are in the world (as long as they have an internet connection)
Convenience and Costs
Traditional online casinos let the player top up their wallets through debit card, credit card, ACH and bank transfer deposits. While convenient, those payment methods most often come with costs and your funds might not be available for play straight away. The withdrawal process is also a bit lengthy. Playing online poker for real money is made even easier through the use of cryptocurrencies. Since crypto runs independently from a bank or a payment merchant, it allows direct transactions with little to no costs, and often no downtime. This means that somewhere down the line, there is more money going to you or going back to the online poker sites – which often times incentivizes them to allow crypto players to play for less.
If you’re ready to take the plunge and start taking advantage of the benefits of playing poker with crypto, read this article to find out the best cryptocurrency wallets you should use in 2022.