Crypto Currency

Is Cryptocurrency Taking Over Betting Industry?

The gambling industry has never had ups and downs because it’s a part of the entertainment industry which is always growing. After blockchain technology was first introduced, many companies took the opportunity, and now we have hundreds of gambling platforms where crypto is the main payment method.

Not only that you can play slots, roulette, blackjack, or poker, but you can also bet on many sports. Some cryptocurrency websites are becoming official sponsors for athletes like in the NASCAR. You will probably be able to bet on the coca cola 600 race or any other that you are interested in because the bookies and casinos are constantly expanding their offers.

Who Runs The Industry?

One thing that most people get confused about is the companies that run these websites. You should know that most of the online crypto casinos are not run by the same people that have casinos in Las Vegas or any other location in the world. Most of the providers have experience with online gambling and blockchain and that’s why there are plenty of them nowadays.

In-Person Betting Is Going Down

You would be wrong if you thought that the bookies and casinos will have a problem with crypto gambling. They almost didn’t feel the change that happened in the betting industry because it’s one of the biggest in the world. There will always be a large group of people that like to visit the casino and have their dose of adrenalin rush.

Even if many have switched to crypto, there are more people just playing the same games and paying with fiat currency. The only thing that may influence casinos and bookies to make some changes in virtual reality technology. It will take us another decade to reach a certain level where every individual can hop on the VR and start gambling.

No Fees or Regulations

Crypto enthusiasts will always tell you that fees are one of the biggest reasons why you should switch to their platforms. But, it depends on where you are playing from because many regular bookies won’t charge any fees and you can deposit any amount from your bank account. This can be a problem if gambling isn’t allowed in your country and you would do it with a help of a third party.

The goal of blockchain technology when it comes to betting is very beneficial for the players but the regulations have still not reached that point. You can expect safer gambling once the governments start to regulate them. At this point, there can be manipulations but a lot of websites stick to their TOS because they don’t want to ruin their reputation.

Bigger Audience

Regular casinos and bookies still have a bigger audience because they exist for decades and it’s a very stable industry. Most people don’t know about crypto even though the whole world is introduced to it. Some may watch news about it on the TV or online but still, the minority did something about it and made an investment.

Crypto platforms will become even bigger once people realize that they are here to stay. It’s hard to convince someone much older that you won’t be using fiat currency to pay for stuff. But, it’s very easy to convince a younger person that crypto is our future. That is why crypto casinos have an advantage because no one will ask for your age.

It’s a Part Of New Technologies

Another advantage cryptocurrencies have over fiat is that blockchain technology will become a part of big changes in every industry. For example, VR companies are using crypto for many purposes including buying virtual real estate and virtual items. This is a huge deal because VR will become an everyday thing and it will force others to get used to crypto.

There are ways to avoid cryptocurrency when it comes to virtual reality but everything depends on the provider and what their goal is. If the biggest companies in the industry like Facebook are going to use coins for Metaverse and similar projects, then we can expect others to follow.

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