Crypto has taken over the online gambling world by storm. Once considered a waste of money, cryptocurrencies are now reputable. They are safe, anonymous, and fast. They have become acceptable in almost all industries. If you enjoy land-based casinos, you probably have questions about the use of crypto.
Unfortunately, crypto hasn’t had much luck in the land-based casino world. Many casinos have been hesitant to adopt it. However, this doesn’t mean finding a crypto land-based casino is impossible.
A handful of poker clubs accept crypto. Usually, you make deposits through Bitcoin and receive chips to play your favorite games.
Crypto Payments Need A Credit-Based Gambling System
Cryptocurrencies don’t work like credit cards. Your payments won’t be sent immediately when you get to an online casino. Instead, you’ll need to wait for the funds to show up. The speed of payments depends on network congestion, the coin, and the miners’ fee. Payments arrive when miners complete computational puzzles.
Keeping that in mind, crypto payments could be unavailable when you try to get them in a casino and there’s massive congestion. You would have to wait several hours to access them. This would be an inconvenience when playing at a land-based casino. No one is willing to wait that long to access their funds.
Casinos are navigating this issue by providing credit depending on the crypto value. If you send crypto to a gaming venue, you don’t need to wait long to access our cash.
With that in mind, many crypto payments are instant. So, don’t get surprised if the World Series of Poker or an equally large tournament avail crypto as a payment method.
IGT’s Patent On Bitcoin ATMs
IGT is one of the biggest names in the gambling world. The reliable game developer has been at the forefront of crypto acceptance in land-based casinos. The developer already has a patent to offer casinos the following:
A component processor for escrowing the crypto amount, establishing a credit line based on the amount escrowed, and modifying a balance of a gaming establishment account to suit the line of credit.’
Basically, IGT provides credit-based Bitcoin ATMs. You can send Bitcoin from your online wallet to the casino you are playing at. Since the machines work on credit, the land-based casino won’t receive payments immediately. However, players will get their funds instantly.
Digital Dollar Talk Boosts The Chance Of Crypto Payments In Land-Based Casinos
Land-based casinos have started embracing crypto payments as countries all around the world consider shifting to Central Bank Digital Currencies (CBDCs). The United States is one of the nations that have been considering the issue.
It is already looking into the chance of developing a digital dollar. However, it would be unrealistic to expect it to replace cash anytime soon. China already has a digital currency. The digital yuan enables the government to monitor its people and economy. Unfortunately, it doesn’t offer the anonymity that comes with Bitcoin.
Ecuador was the first to come up with a digital currency in 2015. Unfortunately, it banned Bitcoin and other major competitors. Tunisia, Senegal, and Singapore have rolled out CBDCs as well.
Palestine, Estonia, Russia, Sweden, and Japan could be some of the first nations to roll out digital currencies with no cash at all.
Benefits Of Crypto In A Land-Based Casino
The gambling sector is slowly embracing digital payment methods. Blockchain technology’s promising features make crypto an ideal payment mode. The following are some benefits of incorporating crypto in the gambling sector:
1. Improved Security And Validity
Cryptos’ inbuilt features enhance the security of gambling processes. All transactions through crypto are added to a distributed ledger that defines the coin’s entry. The ledger minimizes falsified transactions as it is decentralized. It does this by notifying all relevant systems to validate and acknowledge all transactions.
Blockchain’s security features protect both casinos and players. You are not obliged to register or validate your identity. It also eliminates the need to provide sensitive personal data such as banking details that may be at risk of falling into the wrong hands. You can enjoy your favorite games without worrying about the safety of your account information.
Since crypto payments are validated instantly, you can begin playing immediately. In most instances, the casino will not have any information about you apart from your wallet address. It also prevents illegal trading of digital assets, hacking, and payment duplication.
2. Enhanced Transaction Speed And Reduced Transaction Costs
Crypto can improve efficiency in casino operations through instantaneous transfers. Since crypto transactions are decentralized, there is no third party that inspects their validity. You have full authority over your digital money.
After making a deposit or withdrawal, the blockchain verifies the transaction in real-time. The casino receives notifications within seconds confirming whether the transaction was successful or not. In contrast, when using traditional payment methods, you must wait for confirmation from a central-authorized body.
Besides speeding up transactions, crypto also lowers transaction costs. Transactions through cryptocurrencies such as Dogecoin, Ethereum, or Bitcoin are much cheaper compared to traditional payment modes such as bank transfers and credit cards.
3. Better Transparency
Adopting cryptocurrency can also improve transparency in the gambling sector. Some people mistrust traditional land-based casinos. They believe the system is rigged to eliminate a winning possibility and designed to steal their money.
However, crypto uses a public ledger to keep records of gambling transactions like wins, losses, and payouts in a transparent and immutable way. This minimizes the risk of fraudulent behavior. It also provides legitimacy by maintaining records and transitional histories of every player. These records are impossible to manipulate or edit.
Today, most land-based casinos supporting crypto are designed using open-source algorithms. The algorithms incorporate crypto to eliminate fraud and other risks.
4. Gambling Freedom
Crypto’s confidentiality gives you the freedom to play casino games as you like. If you live in a jurisdiction where gambling is highly restricted, you can still play using crypto. You don’t need to worry about being identified since your profile is hidden.
Cryptocurrency also lets you play games at any land-based casino regardless of currency exchange rates. You play without needing to authenticate your existence or verify any personal details.
If you are interested in even more entertainment-related articles and information from us here at Bit Rebels, then we have a lot to choose from.