Crypto Gambling has Democratized the Industry9/22/2020
The development of the Internet has been a global disruptor across the majority if not all the industries, but some of them are still set up in a way that creates a sort of bottle neck in the logistics of money: The banking industry has made huge leaps with the internet and globalization but it is lagging behind with the inherent problems of currency exchange and international bank transfers.
On the other hand, Bitcoin and other cryptocurrencies have been spearheading in the domain of payment processing and free movement of capital, as well as protecting their users from irresponsible monetary policy. Crypto Thrills Online Casino recognizes that the benefits of this technology for the gambling industry go well beyond:
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Fair odds through a single currency and market
Seasoned bettors know that a fairly price odd is the key variable for a bet being worth taking or not. Depending on the country and the sports betting bookie, the bettor may be betting at a disadvantage when compared to other countries with a stronger currency. In this context, Bitcoin and other large capitalization cryptocurrencies grant their users entry to a single global market with more fairly-priced odds and therefore a better and faster payout.
Fast moving transactions:
While deposits on traditional casinos and sportsbooks are almost instant, depending on the payment provider, withdrawals are a whole other subject as a large sum may take up several days to actually reach your bank account.
Cryptocurrency transactions are almost instant as they do not have to go through multiple third parties, aside from the network of Bitcoin miners. Depending on the transaction fee users are willing to pay and the security set up of the paying party, the winnings can be transferred and spent almost instantly.
Freedom from draconian regulation
Gambling is legal in most parts of the World but that doesn't mean it is unregulated. Aside from the regular taxes sports betting sites and casinos have to pay, some countries impose additional taxes that in most cases end up being transferred to the consumer end. Such is the case of Romania, where the government imposed a 2% tax on turnover for casinos which was eventually translated into a 2% deposit tax for the customers.
While you are still entirely responsible for filing your taxes, cryptocurrencies circumvents such type of regulation as it allows the spending of your money in the way you see fit.
No loss gambling through Defi initiatives
Cryptocurrency Defi initiatives have enabled a no-loss type of gambling with the PoolTogether lottery. Users simply deposit Stablecoins and “buy” or receive a lottery ticket “savings ticket” for every DAI they deposited. The total pool of funds is locked into a 1week interest yielding smart contract which at the end releases all the funds back to their owners in addition to the total interest for one lucky winner.
The increased adoption and popularity of Defi yield farming is likely going to substantially increase the interest paid out and the success of these no loss games.
Fraud prevention: Live & Provably fair games
The move from physical games to interactive games also came with an initial lack of trust from players, suspecting that the games were rigged to lose. In response, gambling providers have opted for live game transmissions and “provably fair” games, meaning the outcome of the game can be verified for random results; to add a degree of trustworthiness.
Additionally, Crypto gambling has no credit card fraud as no one can access the crypto funds of another person, so long as the private key or hardware wallet is kept safe from prying hands.
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