Six Examples How Cryptocurrency Affected the Gambling Industry
Gambling games are one of the most actively developing segments of the blockchain industry. According to Dapp Review, online and gambling games make almost half of all decentralized applications based on the Ethereum blockchain.
In the TRON ecosystem, 8 out of 10 apps can be considered a type of online casino. At the end of 2019, TRON-based decentralized casinos processed transactions worth more than $3.9 billion, which is almost 90% of the total volume of transactions on this blockchain platform. How have these new technologies influenced the evolution of the industry? Let’s find out.
How Cryptocurrency Affected the Gambling Industry
While reading the Cosmo Casino review, it becomes clear that online gambling is growing every year and will continue to grow, including the share of players using cryptocurrency. Everything is simple here: the bigger the spread of cryptocurrency among the population, the more players will use it. Here are some examples, how cryptocurrency affected the gambling industry:
1) Increased independence
Some experts agree that cryptocurrency has strengthened casino independence. It has reduced dependence on the regulators and payment systems requirements as a “guarantee of honesty.” Due to the advent of cryptocurrency, competition between game developers has decreased, since large game providers ignore this market segment. Meanwhile, if you look at Google Trends for bitcoin casinos, there is a steady interest increase in this topic.
2) More opportunities for gamblers
Many players in restricted countries are now able to satisfy their needs without fear and risk of losing their money, while online casinos can provide them with these services.
3) Decreased tax load
Many affiliate programs and brands that are tightly regulated by local authorities have switched to paying affiliates in cryptocurrency, which provides them with loopholes to avoid unnecessary attention from tax inspectors.
4) The emergence of new games
It is worth noting that a whole segment of crypto games was born, the essence of which is that the player can check them for the honesty of the results. Of course, most of these games are taken from classic gambling.
5) Unlimited opportunities for growth
Compared to traditional online gambling, the turnover with cryptocurrency is still very modest. However, we consider the emerging trend significant and very important for the industry as a whole.
6) Anonymity for players
In a cryptocurrency, it is much more difficult to find out the identity of its holder. Sometimes, it is even impossible to do. For those who operate in black zones, such as the United States, where the risks and stakes are extremely high, they need cryptocurrency like air.
It is important to understand that cryptocurrency is difficult for a common player, but this is for now. The situation will change in the nearest future because we have already gone through this stage during the development of the Internet or electronic payments. Someday we will see not the gold rush of the cryptocurrency, but its renaissance, then the world of gambling will be better prepared for big changes than today.