Crypto casinos are taking the world of online gambling by storm, but it can often be difficult to understand what they’re all about. The technology can seem obtuse and difficult to grasp, and yet at the same time, it is the core of all their success. Crypto casinos are able to be more successful than other casinos in large part due to the new technology that they employ.
These technologies give them huge advantages over their competition, and as the tech becomes better understood, people will only continue to flock towards these new casinos.
Today, we’re going to look at some of the main technology behind their successes, and how that translates to advantages over traditional betting.
Let’s look into this.
The building block of the crypto movement is the blockchain. This is where all transactions are recorded and carried out. it is a decentralised, public ledger that records things of all kinds, but it is most known for its association with crypto.
For casinos, the blockchain has many implications. Overall, though, it means one thing: fairness. I will get into the details later, but what you need to know is that crypto casinos are seeing huge success partly because they are more willing and able to meet their customers in the middle.
The blockchain can be understood as a record of all transactions that take place using crypto. The details of these transactions—though not the details of those who made them—are visible to everyone. This means that there is no hidden implications or details of trading on the blockchain.
But the blockchain has many other advantages, too. From efficiency to added privacy and, ultimately, massively increased fairness and level playing fields between the house and the bettor, it is the technology itself that allows for these changes.
One of the clearest advantages of the blockchain technology is the speed it can boast, much quicker than traditional payment and withdrawal methods. Sometimes, payments can routinely take days or weeks—this has been the bane of the online bettor’s career for a long time now.
The blockchain has done away with this entirely, and transactions rarely take longer than a minute. On average, they take 40-50 seconds.
Modern technology is always getting faster, but the blockchain has made a huge leap forward. Unless traditional casinos can rapidly catch up, the success of crypto casinos will only continue.
Broadly speaking, one of the main reasons blockchain technology has been attractive to people has been its added layers of privacy. data breaches are a huge and recurring problem in the modern world—anywhere from 30-40% of small businesses in the U.K. report attempted data breaches in a single year.
With blockchain technology, you can make payments without needing to enter any of your private information. You only need a crypto wallet and somewhere to buy your coins.
It’s completely understandable that savvy bettors are moving in droves to crypto casinos, then.
At the same time, the blockchain is a ledger which is publicly accessible—meaning that while privacy is not only maintained but increased, so is transparency.
Transparency and fairness
Casinos are businesses. Obviously, they have to make money to survive, and so every casino has to have an edge over its customers. Depending on the casino, this edge can vary a lot—at its lowest it is usually around 5%, but it can be as high as 10%.
Crypto casinos still maintain an edge. But it is so enormously lower than traditional casinos that, again, we understand how blockchain technology is driving the success of new crypto casinos.
The edge of a crypto casino can be as low as 0.3% according to sites listed at Coincasinos. This is due in large part to the fact that the blockchain allows everyone the same access to the records. Casinos cannot hide their methods and their edge, because the ledger is publicly accessible.
While this might not sound like good news for casinos, in the end it works out better for everyone. Crypto casinos can offer a wider array of games, they can attract a wider range of customers with differing economic spending power, and people can feel incentivised to stay longer and bet more because they know the edge of the house they are playing.
So, while the great thing about the blockchain is that it allows us to retain our individual privacy, at the same time it allows for previously unknown levels of transparency.
So, as you can see, the success of crypto casinos is multi-faceted. They offer many advantages which traditional online casinos simply can’t, whether that’s the speed and convenience of the whole process or the added layers of security. Either way, they have clear advantages over their competitors, and this is mainly thanks to the amazing new technology that the platforms are developed on.