Blockchain technology is the framework upon which some of the world’s leading cryptocurrencies are created and circulate. It is an online data chain which records every single digital transaction, making it one of the safest payment methods in the world because everything can be traced and all records can’t be amended retroactively. Bitcoin and Ethereum are two of the biggest players in this market, as the world looks to eventually move to e-currencies as the sole form of online payment. The currencies were introduced in 2009 and 2015 respectively and, at the time of writing on Coinbase, the value of each has risen from zero at inception to $3,800 a piece for Bitcoin and $278 for Ethereum.
There are numerous advantages to websites making the switch to e-currencies, and the online casino sector is beginning to take notice. Here we discuss how cryptocurrencies could revolutionize the industry, and point out that a move to this makes sense given that online casinos are always at the forefront of advancements in technology.
How Online Casinos Have Moved With the Times
To understand why a whole new method of payment could be set to completely change the online casino sector, it should be noted that this is one of the most adaptable industries in the world. Casinos and casino games have evolved drastically over time, which has helped them to generate a continuously rising revenue over the years. In more recent times, as advancements in internet and mobile technology have occurred, the annual global revenue of the online gambling industry has grown from $20.51 billion in 2009 to $47.11 billion in 2017. Embracing the immensely popular smartphone platform has been key to the success of online casinos in the last ten years, as the handheld devices have taken over from laptops in terms of sales. In 2016 in France for example, nearly 22 million smartphones were sold, while only 4.1 million laptops were shipped.
Aside from creating content for widespread devices, online casinos have also progressed by staying close to popular culture. In some circumstances, developers create slots which have themes based on current and much-loved films or TV shows. For instance, Microgaming has a Game of Thrones slot game, while Playtech has a game based on American Dad. If you think back all the way to 1887, when the first slot machine was invented by Charles Fey, and how that was operated with coins, times have certainly changed. Now people are using digital currencies to power super-advanced slots. It has also worked the other way, in that films and TV series have helped promote casinos. Films like The Hangover, Ocean’s 11, and Casino Royale have massively helped to boost the industry. The rise of bitcoin has become hard to ignore, and the cryptocurrency is now frequently in the news. For instance, it was recently reported that it rose to a record high of $3,451 in August. Although it isn’t necessarily popular culture in the same way the films and shows mentioned above are, people are becoming increasingly aware of it. And the online casino industry can actually help spread the word about this revolutionary currency to the masses, as well as benefit from using it.
How Can Blockchain Push the Online Casino Industry Forward?
Blockchain currencies are gaining more widespread attention because there are many advantages to using them such as the fact that the fees are much lower, and they can be used from anywhere in the world. Since the internet has opened up the planet in a way that it is now borderless in an online sense, there is a strong need to have a sole currency that is used by everyone. This is especially useful for online casinos, who may have players from various different countries. If sites only stick to using PayPal and Visa as their deposit methods, then they risk alienating people from places that can’t use those options. By offering Bitcoin or Ethereum as a way for depositing, online casinos can attract players from everywhere.
Cryptocurrencies could become even more useful for the sector in the future, as sites look to move towards supporting virtual reality. Microgaming’s VR Roulette game suggests that full virtual casinos could exist in the future, and obviously in these scenarios people from across the planet will be meeting in the same places. They will almost certainly be required to use a single currency then.
Some online casinos are already operating solely in cryptocurrencies. If more sites begin to accept these kind of payments then the industry may lead the way in terms of pushing the world forward towards having a global currency. It can also help revolutionize the online casino sector by improving efficiency and attracting players from countries where companies like PayPal, which has a specific list of approved countries, wouldn’t accept payments from in the past.