Cryptocurrencies have been a part of the gambling industry for some time now, and they have played a pivotal role in the success of many operators. Certain brands were quick to act and added infrastructure that supports this payment method. It was the right call, given the growing number of crypto-enthusiasts. This has had a positive impact on their revenue, and it even made them restructure their bonus offers.
Bonuses and loyalty programs are a big driving force in user acquisition. They can work in different ways, but their main goal is attracting new players and retaining as many users as possible. We won’t delve deeply into the topic of bonuses as it’s already possible to learn more at Wageringadvisors.ca, in case anyone wishes to see exactly how they work. The article will exclusively focus on blockchain tech and explain how and why it was combined with casino promos.
Crypto-only Bonuses
As far as business practices go, it’s usually a bad idea to make your product or content harder to access. Adding extra steps to purchases isn’t wise, especially if they can be avoided. And yet, that’s exactly what exclusive crypto bonuses do. They can only be activated if someone deposits Bitcoin, Ethereum, Tether, Ripple, or other currency that the operator accepts, even though other banking options are available.
This gets even more puzzling when you consider the fact that casinos don’t lose money by offering promos in the first place. In fact, they can guarantee their returns through wagering requirements. Look a this bonus offer by Golden Tiger Casino and see just how much extra cash you can get. If you use it to its fullest that’s C$ 1,500, more than enough to generate a sizable win. However, the bonus playthrough terms dictate you must wager that among 200 times. So, even if you score big operator won’t be at a loss.
The difference between this promo and crypto-only promo is their intention. While the Tiger Casino bonus aims to give players more game time, crypto bonuses aim to make players use crypto over other payment methods. They purposely make these bonuses the most attractive ones, because users don’t want to waste their one-time welcome bundle on an inferior offer.
Why Go So Far To Make Players Use Crypto?
Almost all gaming commissions in Europe and the US don’t allow brands to process crypto transfers, This means that the majority of crypto casinos that accept players from Europe, the US, Australia, and Canada are based offshore. Meaning they aren’t exactly the first choice, since it’s always safer to use sites that are regulated locally.
What’s more international transfers take longer to clear and require additional fees. This means that players who use traditional banking options will wait longer for their cashouts to be processed. And, it also feels bad when you have to pay dozens of dollars in processing fees.
Crypto doesn’t suffer from those same drawbacks. So, these brands have a unique advantage and they want to capitalize on it. Not only that but they want to proactively target potential negative experiences that stem from using legacy banking systems.
Blockchain gaming has the advantage of anonymity as well. Many gamblers just don’t feel comfortable with the robust KYC requirements that offshore operators have to use. In essence, playing on a crypto-only casino should allow you to enjoy gambling anonymously. You wouldn’t need to verify your account or log in using your credentials. Just play on a dedicated URL and cashout when you are done.
Creating Unique Gambling Tokens
Gambling sites can also use blockchain to create their tokens or currency and award it through a bonus. In fact, they can create multiple tokens or virtual chips that are used for specific games. This allows players to convert their slot chips into table game chips and vice-versa. Enabling such a feature would allow operators to come up with more versatile promos.
Promotions that award extra cash are usually aimed at slots because these games have lower RTP and higher house edge. By relying on virtual chips that can be exchanged players could easily convert their slot spins into chips table games, or money for betting. You wouldn’t have to choose between multiple newcomer bundles, you just have one that can be used across all categories, provided you exchange one type of chips for another.
Furthermore, all sister sites could be built on the same ecosystem, allowing players to use chips across different online casinos.
Conclusion
If leveraged in the right way blockchain can significantly improve the gambling experience. Not only does it make deposits and withdrawals faster and cheaper, but it also opens up possibilities like NFT gambling. Another big buzzword within gambling communities is metaverse or metaverse casinos. These are fully immersive virtual gambling hubs, where players can only use crypto to play poker, blackjack, or slots.
