The Blockchain Bet: How Crypto is Transforming the Online Gambling Industry

Today’s online casinos are increasingly accepting Bitcoin as a payment method. Some operators will even give you a generous bonus if you deposit with Bitcoin, Ethereum, or Litecoin.

What is driving crypto’s demand in the online casino sector? The short answer is Blockchain technology. This decentralized ledger of records offers countless benefits to the iGaming industry. Below are some of them:

Bitcoin is one of the fastest payment methods in the world. Surprisingly, there are faster cryptocurrencies out there. Bitcoin processes transactions within 10 minutes on average.

Some of its competitors—Ethereum, Ripple, Solana, and Cardano—can process transactions in less than a minute. Digital currencies don't have an intermediary like a bank.

When you send a payment through crypto, sophisticated computer nodes verify your transaction. This process saves time and enhances the security of the system.

In the casino space, speed is highly important. Let’s say you’re in bed late at night and decide to play a couple of slots. You need a quick way to deposit money. Otherwise, you might fall asleep.

Likewise, when you win money, you want to cash it out fast. Crypto assures casino players of speedy payments whether they’re depositing $10 or $100,000. All you need is to choose a trustworthy operator.

The blockchain isn’t just a decentralized ledger. It is also an ecosystem through which developers can create decentralized apps (DAPPs) and casino games of chance. Decentralized Apps (DAPPs) work like regular apps except they don’t rely on intermediaries to operate.

Think of a search engine that’s not controlled by one large tech giant. Or, a music-streaming platform where artists make most of the money. As mentioned, the Blockchain can also help casino developers create slots and card games.

Blockchain-based slots have a feature conventional games don’t offer: proof of fairness. These games are 100% fair. And they show you the algorithm and seed phrase used to generate winning symbols.

Blockchain slots are growing popular around the world. In fact, some of the casinos highlighted by crypto casinos 247 feature crypto slots. And as we mentioned, these operators give you free spins to play a few games at no cost to you.

Unlike cards and banks, Bitcoin has no geographical limitations. It operates in every part of the world. If you live in a place where you can only access foreign casino sites, Bitcoin might be your best bet at gambling for real money.

With crypto, you can deposit money at online casinos regardless of where you're located. Bitcoin doesn't impose a financial limit due to your geographical location. As such, you could deposit as much money as your casino supports.

Another way crypto enhances accessibility is by being affordable. Sure, not everyone can afford Bitcoin’s $51,000 price tag (at press time). But you could buy fractions of Bitcoin called Satoshis.

Alternatively, you can buy cryptocurrencies like Ethereum, Solana, Polkadot and Doge. They’re much cheaper than Bitcoin. Yet, casinos also accept them for deposits.

For the uninitiated, learn about crypto's volatility before you make an investment. Consider buying stable coins like USDT, USDC, and FUSD. These coins have values pegged to the US dollar, meaning they don't fluctuate a lot.

Online casinos have always been generous since the 1990s. But for a long time, operators have been lowering their bonuses. We can't blame them. Tough regulations and changing economic times mean not every casino can afford $1000 bonuses. Well, until crypto came along.

Crypto is turning things around. When you make a Bitcoin deposit, the house matches your money 100% for a maximum of 1BTC. Some sites also give you free spins to maximize your freebies.

When you think about it, a bonus worth 1BTC would add more than $50,000 to your account. With such a large bonus, you could play every game at your favorite casino and still have change.

That said, casino bonuses aren't free money. They have rules such as the maximum you can withdraw, validity time, and game weighting. You also need to roll over your bonus 10 to 40 times before you can cash out your money.

Read casino bonus terms before you connect your crypto wallet. Claim a bonus only if you like the terms—AKA you can convert your bonus into cash easily.

If you want to move money online, few financial services offer lower charges than crypto. The explanation for crypto's low fees is decentralization. It has no intermediary, which means the market controls its fees.

To expound more, Bitcoin rewards the people who help verify transactions (miners). They receive 6.25 bitcoins for every block of transactions verified. These rewards will reduce to 3.125 when Bitcoin undergoes a halving event this April.

Bitcoin's fees aren't fixed. They often increase when the system experiences a high demand. Another thing to keep in mind is that different blockchains have varying fee systems.

Most cryptocurrencies charge lower fees than Bitcoin. For example, you can send millions of dollars worth of Solana for less than a dollar. With Ethereum, the fees can be extremely high at times.

Against that backdrop, choose a coin with low fees when making payments. Most casinos support multiple coins, anyway.

Mobile is the future of casino gaming. But this wouldn’t be possible without developers creating mobile-driven games. The Blockchain is fueling mobile gaming through payments and game development.

If you want to deposit money through any cryptocurrency, you just need to install an app on your smartphone. Install a crypto wallet to hold your funds. Your wallet can also help you send money to your favorite casinos.

When it comes to purchasing crypto, use a trustworthy exchange such as Coinbase, KuCoin, or Binance. Most of these platforms also give you a wallet to hold your coins.

But for better safety, use an independent wallet. Crypto is generally secure. However, not all wallets are safe. This is especially true for wallets that keep your private keys—the addresses you need to prove crypto ownership.