Crypto: The New Trend in Online Gambling
The iGaming world is constantly evolving to new levels in entertainment, and one of the most exciting developments in recent years is the rise of cryptocurrency as more than just a mere payment method. Cryptocurrency payment methods including Bitcoin, Ethereum, and Tether among others have been gaining momentum as a preferred method to fund online casino accounts as they provide a variety of advantages for betting.
How Do Crypto Payments Work?
Cryptocurrency is a digital form of currency that uses cryptography for security, which in turn provides the absolute best anonymity for users. Unlike with fiat currencies such as USD or Euro, crypto operates independently of a central bank, providing the currency its decentralized nature.
When it comes to betting payment methods, cryptocurrencies allow you to fund your account and withdraw your winnings through a digital wallet. Some online casinos and sportsbooks, especially in the Canadian and UK markets (Housebet Casino) have embraced the integration of Bitcoin and other cryptocurrencies.
The Specifics Around Crypto Casinos Such as Housebets
Cryptocurrency payments have sparked a few important benefits to online gamblers and crypto enthusiasts alike due to the similar nuances of keeping sensitive financial information as anonymous as possible. Yet, it is crucial to consider that both the player and the operator benefit from the use of crypto.
For players using cryptocurrency, greater privacy and security are offered due to transactions being completely pseudonymous. This can change a player's online betting experience vastly, due to faster transactions where disclosure of personal banking details are not required, minimizing the level of scrutiny or intermediaries generally associated with fiat currencies.
Furthermore, the volatile nature of cryptocurrency prices adds an element of excitement and potential "profit" for bettors. While traditional fiat currencies tend to be relatively stable, the value of cryptocurrencies can fluctuate significantly within short periods from depositing into the casino account to withdrawing winnings.
Housebets: In-House Crypto Token for Members ($HBTS)
With Housebet’s firm hold on crypto gambling $HBTS provides a vast number of advantages to members looking to get more than they bargain for in terms of rewards and higher rebates on their betting activities.
So, what makes Housebet's own $HBTS cryptocurrency an unmistakable marvel in crypto gambling? $HBTS is designed to be seamlessly integrated into the gaming ecosystem, which in turn provides a unified experience for online gamblers. Rewards, lower burn rate, and reduced circulation supply are just a few points that outline the sheer pleasure of opting for Housebet’s very own cryptocurrency designed for players by players.
Pros and Cons of Playing on Crypto Casino
Cryptocurrency has its own set of advantages and drawbacks depending on the player's experience with crypto. However, when taking the leap with a trusted and dedicated cryptocurrency casino such as Housebets, there are no real drawbacks to be concerned about.
Pros
- Anonymity and Privacy - Enhanced level of anonymity through transactional capability without revealing personal information
- Security - Due to blockchain technology, cryptocurrency boasts unmatched security for online betting.
- Fast Transactions - Deposits and withdrawals can be processed within minutes through cryptocurrency wallets
- Global Access - Cryptocurrency is void of geographical boundaries, allowing players from around the world to make deposits and withdrawals without any unnecessary hassles
- Potential for Value Appreciation - Unlike fiat currencies, cryptocurrencies have a higher chance of increasing in value. This is especially true with Housebet’s $HBTS currency with a lower burn rate and reduced circulating supply to increase the token's value.
Cons
- Regulatory Volatility - The regulatory landscape surrounding gambling with cryptocurrency is constantly evolving, leading to uncertainty regarding the legality and taxation of cryptocurrency gambling in different jurisdictions.
- Technical Complexities - Some users may be unfamiliar with the use of cryptocurrencies which would create a learning curve. Acquiring, storing, and using different types of cryptocurrencies for gambling purposes could be potentially difficult to get used to.
Irreversible Transactions - Typically, cryptocurrency payments are irreversible. This does however depend on the casino platform as some platforms may agree to refund a payment if allowed through its terms and conditions. Withdrawals to wrongly indicated crypto wallets are however never refundable from crypto currency-accepting casinos.
How is Crypto Changing the iGaming Landscape?
Crypto’s vast hold on online gambling in recent years has shown a remarkable evolution taking place in the iGaming industry, with many online gambling platforms laying their focus entirely on crypto payments. One of the key ways cryptocurrency is revolutionizing online gambling is by offering increased security and anonymity together with a decentralized nature that allows for global participation with reputable gambling platforms.
As online gambling and cryptocurrencies continue to evolve in their relationship with technology, it is clear that crypto is playing a pivotal role in shaping the future of iGaming, not only in the UK and Canada but also as a global entertainment industry.
With the transformative changes that crypto has brought to online betting, the synergy between cryptocurrency and online gambling is projected to continue flourishing, setting the stage for a new era in iGaming.
Furthermore, with technological advancements in blockchain technology and regulatory acceptance, cryptocurrency is looking forward to a whole new generation of online betting enthusiasts looking for more than just entertainment.
Crypto: The Future of Online Betting
With the embracement of cryptocurrency in iGaming, the industry has experienced a significant shift in popularity as well as challenges. As more online casinos and sportsbooks are tying their focus on Bitcoin, Ethereum, $HBTS, and other cryptocurrencies, crypto is considered to see an even greater advancement into gambling.
Key Points Where Crypto Has Sparked Popularity in Gambling
- Indicates a more responsible gambling behaviour - Recreational gamblers make up the majority of crypto players, in fact, most Ethereum users only gamble a maximum of +-10 times with less than 20% placing over 100 bets.
- Cryptocurrencies accounted for almost 9% of the gross gaming revenue for sports betting in 2021 alone. However, fiat currencies still account for the majority of revenue.
- The iGaming market ‘Global’ spiked from $37 billion to more than 70 billion in 2024 and is considered to be mostly due to the wider acceptance of cryptocurrencies in online gambling.
- Crypto bet count increased by over 50% after 2023.
With these stats in mind; solely considering how crypto payments have made deposits and withdrawals a breeze by eliminating certain levels of KYC from platforms, and even more, players are searching for their new favourite crypto-accepting platform. Thus, calling for most operators to consider the integration of cryptocurrency payments.
Furthermore, cryptocurrencies are set apart from fiat cryptocurrencies for their remarkable volatility in value increase, the majority of players consider crypto as a certain level of investment, whether it be through gambling or trading.
