The global online gambling industry has existed for quite a long time with the very first online casino sites being created around 1994. However, as we’ve seen time and again, the online gambling industry is one that is driven by innovations and cutting-edge technology.
One of the relatively recent innovations to online casino sites is the use of cryptocurrency as a payment channel.
For those who are not familiar with the term yet, cryptocurrencies like Bitcoin are decentralized virtual currency. With cryptocurrencies, you don’t have to worry about intermediaries like banks or other financial institutions when it comes to payments and transactions, especially international ones.
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The laws governing online casinos in India are pretty vague. Currently, it is not possible for companies based in India to create online casino sites but companies that are not based in India can legally operate casino sites that are open to Indians as long as they accept the Indian Rupee as a currency.
This situation has led to many international casino sites operating in India such as LeoVegas, Casumo, and Royal Panda.
However, one of the problem areas for these companies is the lack of a robust payment service that lets Indians deposit and withdraw funds quickly and easily. Some of the common options to do so are services like Skrill or prepaid cards like Paysafecard.
While these services do solve the problem, they don’t do it very efficiently and often carry hefty fees. Cryptocurrency, on the other hand, makes it easy to make almost instant payments and withdrawals. The lower fees are another aspect why most players usually prefer using cryptocurrency as a payment method instead of a more traditional option.
Another benefit of using cryptocurrency as a payment channel is that it offers more anonymity. The wallets are confidential and secure which completely eliminates the risks of financial data being stolen or leaked.
Some online casinos such as Dafabet require players to submit some identification documents to verify accounts before accepting payments. This way, even though the payments might be secure and anonymous, the anonymity cannot be used for unethical things such as tax evasion or money laundering,
Lower Costs for Online Casinos
Lastly, other than lowering the cost of transactions for the players, cryptocurrency also reduces operating costs for online casinos. There’s a wave of new casinos emerging that use cryptocurrency as the sole payment option in order to save operating costs and invest it in providing a better experience for players via bonuses and promotions.
Yet to go mainstream but close
It is true that cryptocurrency has been growing in popularity over the last few years but it is yet to be a mainstream payment channel. While its adoption by online casinos is definitely a good sign, there’s still quite a long road ahead for cryptocurrency.