The allure of crypto casinos has persisted, despite the ebbs and flows of the market and surrounding controversies. Blockchain's robustness endures, supported by a variety of stablecoins that provide a trustworthy option for wagering online. The intrinsic benefits of blockchain transactions are a primary driver behind the flourishing of these digital gaming houses. We're here to address your curiosities — defining crypto casinos and demystifying their operational dynamics. Continue reading for in-depth coverage of the topic where you can learn how do crypto casinos work.
Understanding Crypto Casinos
So, what are crypto casinos? An online crypto casino offers a virtual space where bets can be placed using various cryptocurrencies. Traditional gambling authorities may show reluctance towards blockchain finances, yet numerous reputable crypto gaming sites operate under the regulatory umbrella of Curacao e-Gaming, ensuring a trusted betting space. At venues like Playzilla, you can transact in Bitcoin, Litecoin, Ethereum, and Ripple. They also provide a wide array of gaming options, including traditional casino online games, comprehensive sports betting, and interactive live dealer experiences.
Bear in mind that not all gambling platforms that rely on blockchain are regulated and licensed. This doesn’t automatically mean they are not safe, but it’s understandable if players have second thoughts about using those platforms. What’s more, these aren’t necessarily designed like modern gambling sites, and they can offer a more unique casino experience.
Type of Crypto Gambling
There are a few types of games or casinos that use blockchain payments:
- Metaverse casinos
- Play2Earn games
- MMO gambling games
Anyone who ever wanted to give VR gambling a shot should try Metaverse casinos. Here you can use a VR headset, customise your in-game avatar, and play in small virtual casinos. The game selection is limited, though, but all of the classics like poker, blackjack, roulette, and baccarat are here. The dealers are usually internet meme characters, like Pepe the Frog. You can traverse the digital landscape and exchange accepted cryptos for casino tokens.
Play2Earn games don’t market themselves as gambling. But they do have some similarities. They require you to spend money, to buy in-game assets, but they also allow you to farm that currency. You also hope that purchased assets will increase in value and that you can potentially sell them to another player. Additionally, these assets can have properties that are randomly assigned to them, so their overall value is also affected by RNG. You are investing time and sometimes money in hopes you get something more valuable in return.
MMO gambling games are trying to mimic RPGs. The idea is that you create a character that will gradually improve as you play. They gain new skills or abilities, and they can take on new challenges. In MMO gambling, there are mini-games that you can access, and as you level up you gain access to more of these games.
It’s not easy to find these games nowadays, but a good example to check out would be Dragon’s Tale. This is a game that’s been in the making for a very long time. At its core, it is an MMORPG casino experience where you get to discover unique mini-games designed around RNG.
How Much Do Crypto Casinos Make
It’s a bit tricky to estimate how much revenue these businesses generate. If you recall, not all blockchain gambling operators are regulated. That being said, those that are regulated to report their profits, so we’ll use them as an example.
According to Financial Times, some of the biggest brands in this niche have generated more than 2 billion USD in revenue. Bear in mind that this isn’t profit that comes exclusively from players who use Bitcoin and similar currencies. Many gamblers use regular payment methods as well. Still, it goes to show that people are interested in using their coins to gamble.
Benefits of Crypto Gambling
The main reason this is becoming a trend is that blockchain payments are regarded as superior compared to traditional banking options. In other words, there are several benefits to using crypto casinos.
- Faster and cheaper transfers — This payment network has an instant processing time. As such it’s great for cross-border transactions. Furthermore, the transfer fees are lower.
- Anonymity — Some operators allow you to remain completely anonymous while gambling if you use blockchain payments. You don’t even log in, you simply play on a dedicated URL.
- Safety — The way blockchain operates makes it a lot safer compared to traditional payment networks, so it’s more difficult to steal funds, and create fraudulent transfers.
- Accessibility — Many geographies in the world are underbanked. This means people don’t have bank accounts and, therefore, no access to other fast banking options. Crypto is incredibly popular in those regions, and those players can now also gamble on their favourite games.
Conclusion
In reality, this is a superior way to play casino games. It’s regulatory restrictions that prevent more operators from adopting this system. You can argue that coins are volatile, but that’s simply not true for all of them. Many operators accept Tether, which is a stablecoin and always equal in value to 1 USD.
