Why Crypto Casinos Are Ready To Challenge Regular Casinos in 2024

The digital age and improved connectivity have facilitated a great many technological breakthroughs. Improved technology and access to high-tech mobile devices allow people to do everything from connecting to friends, doing their weekly shopping and completing any banking tasks they may have, to working from home or betting online.

The online betting industry has seen consistent growth in recent years and is projected to show an annual growth rate of 6.51% from 2024 to 2028, taking the industry value from $107.3 billion to $138.1 billion. 

This extremely lucrative industry is also highly competitive, with betting operators from all around the world offering their services to a global market. Because of this, betting operators are constantly looking at ways to make use of developing technology and trends, to keep up with changing markets and enter into new markets.

Cryptocurrency was first launched in 2009 and has provided users with a decentralised digital currency. Its popularity peaked in November of 2021 with the value of Bitcoin reaching $68,789.63. Despite dropping in value, cryptocurrencies are still extremely popular and there were more than 25,000 crypto types on the market by June 2023.

The growth of cryptocurrency and the popularity of online betting ensured the coming together of the two was inevitable. 

The Rise in Popularity of Crypto Casinos

It is thought that the first crypto casinos came to market between 2012 and 2014 with Bitcoin being the most popular option. Bitcoin-only casinos were introduced between 2014 and 2016 as its popularity and reputation continued to grow.

From 2017 the diversification of cryptocurrencies saw online betting operators expand to accept a wider range of altcoins. This provided users with more options and ensured operators appealed to a wider market.

As the blockchain technology that cryptocurrency uses continues to improve, several crypto casinos started to implement smart contracts that provide provably fair gaming. This sought to improve the reputation of online casinos and provide greater transparency. 

From 2021, the acceptance of cryptocurrencies by mainstream operators became widespread in the industry. This allowed traditional online casinos to compete against dedicated crypto casinos and improve potential revenue streams.

The Difference Between Crypto Casinos and Regular Casinos

While crypto casinos and regular online casinos operate in a relatively similar space, there are enough significant differences to set them apart in the market.

Payment Method

The first and most obvious difference between traditional online casinos and crypto casinos is the payment options available to customers. 

Traditional online casinos allow people to link bank accounts, make bank transfers, and pay by card or third-party online payment systems. They typically accept the local currency of where the operator and website are located.

Crypto casinos accept decentralised virtual currencies including Bitcoin, Ethereum, Tether, and more.

Transparency

Cryptocurrencies rely on blockchain technology as a decentralised ledger that records each transaction. This ensures operators are held accountable and transactions can't be tampered with after they are made.

Provable fair gaming takes this a step further by making the algorithms that generate the outcome of games public.

Public ledgers allow anyone to view and trace deposits, withdrawals, and other activities on the blockchain. This also makes it easier for customers to ensure operators are following the latest betting regulations.

Casino Games

Another big difference between online casinos and crypto casinos is the selection of games available for players. As the crypto audience grew, operators developed games that mimicked the popularity of the crypto market, these games are known as ‘crash games’.

The idea of a crash game is to stay as long as possible without cashing out, before the game crashes. Much like the stock market or crypto market, users can be rewarded for holding their nerve by risking it all.

Crash games are designed with many themes including planes, spacecraft, and even pulse rates.

Why People Prefer Playing at Crypto Casinos

The extensive range of betting operators ensures all markets are catered to, with sports betting markets, online lotteries, casino games, and crypto users all benefiting from such a competitive marketplace.

Consumers who like to use virtual currencies can enjoy a variety of benefits by betting directly with operators that accept cryptocurrencies.

Anonymity

Crypto casinos provide users with the opportunity to bet anonymously and minimise the amount of personal information they provide to betting operators. Enhanced online privacy can act as great security, and only the user will have access to their cryptocurrency via their unique key.

Quick Transactions

The speed of transactions involving virtual currencies makes it a popular option. This can be extremely important for customers trying to place time-sensitive bets.

Online casinos and sports markets offer a selection of live betting events and the ability to deposit money quickly can ensure consumers can place their bet on time and secure the odds they want.

Cheaper Transactions

The reduced cost of cryptocurrency transactions can help regular gamblers to save money. This is especially true with international transactions as exchange rates and additional costs don't need to be considered.

Global Accessibility

The World Wide Web provides access to betting operators all over the world, and the flexibility to use a decentralised currency in all of these can be beneficial to users. 

Gambling restrictions in countries and states can often limit the markets available to customers. The ability to access and quickly place bets provides users with far greater convenience. They also don’t need to worry about trying to work out exchange rates for currencies they aren’t as familiar with.

Promotions and Bonuses

Promotions and bonuses are one of the top ways for betting operators to stand out from their competition, entice new customers and retain existing ones.

Welcome bonuses can come in a variety of different ways and this can make it easier for consumers to pick the deals that best suit their betting patterns.

Many welcome promotions offer deposits matching up to a certain amount. This allows the new customer to increase stakes without risk. No deposit bonuses can also be offered where free spins or a small amount of credit is added to a new account. This can be a great way to get players to sign up and start playing.

VIP and loyalty programs are designed to retain existing customers by offering rewards that are typically based on user activity. State-of-the-art crypto casinos can use AI technology to track and monitor user behaviour to ensure bonuses and rewards are tailored to the player's preference.

Other bonuses that existing crypto casino customers might find include referral bonuses for encouraging friends or family to sign up, birthday bonuses, cash-back deals, and special tournaments.

Greater Security

Signing up for online casinos and sharing bank or payment details requires a level of trust that the site’s security is robust enough to repel potential attacks from cybercriminals. There is always the risk that criminals can use sophisticated techniques to access customer information.

Online casinos that deal with cryptocurrencies use decentralised blockchain technology which operates on a network of nodes without a central control point. This significantly minimises the risk of being hacked or a central server being compromised.

The immutable nature of blockchain ensures information is securely stored and provides a tamper-proof and transparent record of transactions.

The cryptographic techniques used to secure transactions minimise the need for users to provide sensitive information and allow users to remain anonymous, reducing the risk of fraud.

Do All Online Casinos Accept Crypto Currencies as Payment?

At present not all online casinos accept cryptocurrencies. However, specialist crypto casinos are available with most popular cryptocurrencies being accepted.

Bitcoin advice for casinos is becoming more readily available and the adoption of cryptocurrencies into more mainstream society is seeing a change in attitude towards virtual currencies.

The Future of Crypto Casinos

Most online casinos will likely adopt crypto payments in the future as a way to appeal to a larger market. Concerns about the longevity of crypto are fading and it provides a great option for operators to accept bets from people all over the world.

Crypto casinos are a result of technological developments, and improved connectivity and implementation of AR, VR, and AI will continue to improve the user experience.

Conclusion

Investing in the infrastructure to support cryptocurrency payments is being seen as less of a risk. The continued popularity of cryptocurrencies, in particular Bitcoin, means that more regular businesses are beginning to accept this form of payment.

Some major companies that accept Bitcoin in 2024 include Microsoft, Burger King, Subway, KFC, Twitch, Norwegian Air, and AMC. Some of the biggest sports franchises are also starting to accept crypto, including Portuguese football giants Benfica and the Miami Dolphins.

Third-party apps are also making the most of demand, with Purse.io offering a way to shop on Amazon by using Bitcoin.

It is estimated that online bets using cryptocurrency account for around 30% of the entire online betting market. This figure has been steadily rising and the rapidly improving online betting facilities are set to continue this trend.

The global 5G rollout, coupled with improved app and website capabilities helps to provide consumers with an immersive online betting experience. The competitive nature of the industry also works in the favour of customers who can benefit from high levels of customer service, the latest developments and games, and an excellent selection of offers and bonuses to sign up for Crypto casinos.