Online casinos are not in the habit of standing still, especially when they know that the next big innovation could emerge at any given time. Unlike the demands that conventional casinos faced before the internet, when they needed to ensure they had the marketing strategies, financial backing, and overall longevity to operate in a smaller market, online casinos quickly emerged as a more flexible and convenient alternative for millions of casino gamers worldwide.

Such was the demand and success of online casino gaming that every worthwhile innovation in the gambling industry since has incorporated online technology in some way. Smartphones and mobile gaming emerged as a frontrunner for the new industry at the beginning of the 2010s.

Still, now that they’re well established within the casino gaming world, innovators have looked towards more unconventional areas of the industry for inspiration, which is where cryptocurrency enters the conversation.

Factors That Crypto Casinos Have In Their Favor

For those of you who are aware of how cryptocurrency casinos work, you’ll have a pretty good idea of the sort of factors that are resulting in such strong growth. Ultimately, it boils down to two key advantages that cryptocurrency casinos offer over conventional online casino gaming. To play at a cryptocurrency casino like https://www.ignitioncasino.eu/ – gamers simply need to set up a cryptocurrency wallet and deposit their chosen cryptocurrency.

Unlike at a conventional casino, all a cryptocurrency casino needs is for you to ensure you have your location settings on, to determine that you are operating from a jurisdiction where cryptocurrency casino gaming is permitted. While this is not the case for all online casinos, the KYC process and the red tape that can become an issue when attempting to withdraw funds have plagued the industry for some time.

Heightened Security

Many casinos prioritise security as their top priority, but the structure of online and cryptocurrency casinos operates differently. In crypto gaming, websites typically maintain a holding wallet to store customer funds, and they do not store large amounts of personal data on their servers.

Unfortunately, this is what cybercriminals target when they try to gain illegal access to an online gambling site. On the other hand, if a cryptocurrency casino is compromised, it will drain the provider’s wallet. All of your transactions are publicly available and monitored, but your information is rarely targeted. Ideally, you want to play at a casino that is safe, regardless, but this is a growing consideration as cybersecurity becomes a pressing issue in the global economy.

Quick Access & No Unnecessary Delays

Although it is necessary from an AML perspective, some subpar brands may take weeks to pay out winnings under the guise of customer verification, ultimately leading to a poor user experience. With a cryptocurrency casino, simply connect your wallet and start playing.

Setting up a cryptocurrency wallet and playing casino games can be done in just a few minutes. The borderless and peer-to-peer payment system championed by cryptocurrency and its blockchain also means that there are no cross-border fees incurred for international customers, which can be an issue in traditional online casinos.

Plugging Into The Future

Online casinos understand how quickly innovations can transform the online gaming world. As they continue to adapt to a changing market, many companies have shifted their focus to social media marketing to reach a global audience.

While there’s no one-size-fits-all policy that guarantees a post will generate significant enough social media engagement, cryptocurrency casinos are already integrating the future by offering digital assets as their primary form of payment. Crypto is already the number one investment for Gen Z, and crypto casinos don’t just showcase the potential of digital assets in a real use case environment; they onboard a new demographic of customers with a specific USP.

Granted, the industry still has a long way to go; it must grapple with future regulations that will impact both the trajectory of cryptocurrency investing and casino gaming. Additionally, there’s the potential for CBDCs to reshape the industry. However, if cryptocurrency casinos can stay ahead of these changes and offer a genuine alternative to the well-established conventional market, then they are likely to remain a viable option. 

How The Industry Looks A Decade From Now

Although there’s still a long way to go until cryptocurrency casinos can match the popularity of established conventional casino gaming markets, the surge in the number of people who own cryptocurrency continues to highlight just how much potential there is for a brand that can siphon off enough of the market for itself.

On their own, especially as standalone markets, it’s unlikely that cryptocurrency markets will upset the dominance of conventional casinos. However, a more likely scenario is that established brands in the market for the last 20 years will gradually offer an avenue for people to deposit and play with their crypto assets.

Slowly but surely, this could result in the dynamic of the industry being flipped on its head, as people opt for more digital-friendly methods to play online, rather than have to go through the traditional model of entering card details, waiting for KYC and potentially being hit with fees from their financial provider. It’s certainly in its early days, but there’s plenty of potential for this market to expand enormously between now and 2035.