There is no denying that the online gambling space has grown to remarkable heights over the past decade. In what started with a few industry leaders dominating the online segment has since turned into a remote gambling sector that now hosts thousands of casinos.
Not only can players access heaps of casino games and sports betting markets at the click of a button, but the ever-growing mobile gaming scene now allows punters to wager on the go. With that being said, could the online gambling industry be ready to take its next leap with the growth of Bitcoin casino sites?
In a nutshell, the phenomenon offers a number of advantages over traditional casino sites, such as anonymous accounts, instant withdrawals, and enhanced house-edges. According to Insidebitcoins.com, 33% of all crypto Dapps (decentralised applications) are already gambling related. In this brief article, we explore the Bitcoin gambling arena in more detail.
One of the main attractions to Bitcoin casinos is that players can gamble in a burden-free gaming arena. Ordinarily, traditional online casinos are fraught with regulatory red-tape, meaning that players are required to submit a significant amount of personal information before they can get started.
This includes metrics such as the player’s full name, home address, date of birth, residency status, and telephone number. On the contrary, Bitcoin casinos typically ask for nothing other than the player’s email address. As a result, players can gamble anonymously.
The reason that Bitcoin casinos are able to do this is because they do not have a relationship with fiat currencies such as the USD/EUR/GBP. If they did, they would also be required to perform enhanced due diligence on their players. This also means that players are not required to upload sensitive documents to verify their identity, such as a passport, driver’s license and proof of address.
One of the biggest pain-points faced by players when using a traditional online gambling site is that withdrawals are super slow. Before a withdrawal request can be made, the player will first need to verify their identity. This in itself can take 24-48 hours, sometimes longer.
Once verified, the player will then need to wait for the casino’s respective payments department to manually process the withdrawal request, which usually takes between 1-3 working days. After this, the player is then required to wait for the underlying payment provider to credit the funds. If using a conventional debit or credit card, this can take a further few days.
This is in stark contrast to Bitcoin casinos, with the vast majority of platforms processing withdrawal requests automatically. This means that as soon as the cashout is made, the player will usually receive the funds in their private wallet in 1 block confirmation – or 10 minutes.
More competitive house-edges
Finally, Bitcoin casinos will typically offer more competitive house-edges over their fiat currency counterparts. This is the statistical advantage that casino games have over the player. The lower the house-edge, the more chance the player has to win.While this might sound too good to be true, the fact of the matter is that Bitcoin casinos have significantly smaller overheads in comparison to a traditional gambling site.
The latter will need to invest vast resources into costly verification teams, payment departments, and anti-money laundering officers – with these costs ultimately passed onto players in the form of the house-edge. On the contrary, with Bitcoin casinos able to operate in a burden-free environment, these cost savings result in a reduced house-edge.