Are Crypto Casinos Set To Take Over?

25-05-2022



Casinos are always looking for innovative ways to win over customers, and cryptocurrency looks like the next big thing. As highlighted by CNBC, operations are popping up all over the USA that accept NFTs and Cryptocurrency as deposits in their wagers and, similarly, will pay out using digital coins. Just as cryptocurrencies are overhauling the sports betting scene, so are they casinos, and they may soon become the primary currency of choice in online casino settings. There are three key reasons for this, and the first concerns the relative reduction in fees and taxes.

Beating the taxman

Casinos are subject to a wide variety of rules depending on where in the USA they are based. This has created an unfavourable situation for gamblers where they can end up paying huge amounts in transaction fees and taxes. As VOA News highlights, this led to a gigantic $11.69 billion in taxation for casinos in 2021 - all coming from consumer pockets. Conversely, cryptocurrency casinos deal entirely in digital coins and avoid many of the transaction fees and taxes associated with their counterparts. This means that gamblers can enjoy more of their winnings, and will only start to really feel the bite if they start offloading their cryptocurrency via the stocks and shares markets - where they will be subject to capital gains and revenue taxes, as with all other assets and investments.

Improved transparency

Gambling has historically been used as a vector for organized crime and money laundering. These problems haven`t been solved, but cryptocurrency goes some way to solving that - while also providing more anonymity to honest gamblers who are just enjoying themselves. Cryptocurrency has no personal details and can be traded in casinos with such a wallet ID code and email. This means gamblers can be left in peace to enjoy themselves while still providing an absolute in-stone audit trail in case any action does need to be taken against their account. It`s accepted that casinos have had historic problems with organized crime and money laundering; however, cryptocurrency is an opportunity to tackle that while returning privacy to customers.

The future

Cryptocurrency gambling is arguably the future of gambling. It allows for a much more open field, moves away from the government-controlled forces of fiat currency, and taps into the future of currency - digital coins. It`s everything that old-fashioned casinos cannot offer, and is tapped into the digitized economy of the future. In simple terms, cryptocurrency casinos are going where the older formats have failed to so far, and that means more gains for experienced gamblers and the opportunity to be at the heart of seriously transformational changes within the cryptocurrency industry.

All in, this makes gambling more accessible, safer and more even-handed. Gamblers have the opportunity to use any currency they would like and aren`t restricted by transaction fees and forex. The only lack of clarity comes around the price of the asset - but this is something people will know well enough about long before they head to the casino.