The primary focus of attention in regard to betting worldwide right now might be the increasing adoption of online sports betting by a growing list of American states. That’s certainly where the mainstream stories are right now – but a more interesting development is the way that cryptocurrency has taken hold in online betting circles and continues to demand attention. With crypto betting now far enough advanced that it has a first generation and a second one of online casinos, there’s a lot to find interesting about this niche. And it seems likely that there will be further developments in 2023.
The major impetus for crypto’s role in the global economy right now it its capacity to disrupt. It’s a new way of looking at money. And crypto betting is a new way of looking at betting, which is a very good reason why casinos that have been focused on fiat currency up until now are increasingly turning their gaze to the crypto betting sphere and seeing what they can learn. The below are just a few ways in which crypto gambling is leading the way and presenting interesting questions for the more conventional betting industry.
Innovation in game development
If you play at one online casino, you have played at a lot of the others by default. Among the conventional casino sector, there is a tendency to play it safe by licensing games from the same few developers. So if you’re playing at a couple of fiat money casinos, you will mostly be playing the same games at both. This isn’t shade, it’s just fact. With specially developed versions of conventional casino games, plus innovative new concepts like crash gaming, online casinos like Cloudbet are giving players something new to look at. Which means in turn that the conventional casinos are having to consider a more diverse offering.
Speed of payment
It’s fun to play at an online casino. It’s thrilling to win at an online casino. It’s frustrating to wait days to be able to withdraw your winnings at an online casino. This is the experience of players who get to play at standard online casinos. It’s far removed from what the experience is for crypto casino players, who can deposit, play, win and withdraw, and have the money available to them all within the same hour. Depending on your choice of coin, you may be able to withdraw winnings from an online casino and see them hit your wallet more or less immediately. That’s something that will have conventional casinos looking for their own solutions.
Reaching the parts other casinos can’t
As we noted at the beginning of the piece, online betting is spreading across America. It is, however, almost exclusively of the sportsbook variety. Now, sports betting is fun, but it’s a deal less instant than the casino version – and while more than half of the states in the US have sports betting, less than 15% of them allow online casinos. However, the law does not cover crypto casinos, which means that crypto gambling is available in 100% of US states, and across most of the world – something that can’t be said for fiat casinos.