While Crypto Deals with Disaster, Crypto Traders Turn to FIFA World Cup – European Gaming Industry News
The world of gambling is now in front of a mounting phenomenon that is literally taking over many of the markets around the world. This phenomenon is no other than the crypto casinos and crypto betting sites, that predominantly accept bitcoin payments and allow gambling to be done in cryptocurrencies or that are crypto-friendly, in the sense that they are integrating crypto-payments into their core payments and transactions systems.
In some parts of the world, crypto gambling is becoming the most dominant type of gambling. Yet in many countries, crypto gambling is growing parallel to traditional gambling. This is the case of Poland, a market that sees its bitcoin gambling rise lately. In fact, crypto gambling in Poland sees considerable growth as cryptocurrencies are gaining more and more popularity.
And as crypto-gambling is continuously moving upwards, it is only natural to wonder what it is that makes it so attractive to the gambling sites themselves. What is it that makes bitcoin or Ethereum or other digital assets a one-way option for online casinos today?
If you are thinking about why is this and generally why and how bitcoin casinos and crypto gambling sites make money, then this is the right place to read and learn!
First of all, let’s clear some things out.
Crypto gambling sites operate under the same principles as traditional gambling sites.
That is, there is no apparent change or difference in how they essentially work. Customers visit the sites, gamble and/or bet, play games and so on and then if they win they withdraw their winnings, while if they lose they are not entitled to any withdrawals.
So, then what is it that makes them so attractive to companies?
It’s all about more customers and more gambling
The truth is that it all comes down to customers and enhanced customer acquisition and retention as well as increased betting activity. Well, let’s take it one at a time.
A bitcoin gambling site is only different from a traditional gambling site in that it accepts payments (and possibly makes payments) in bitcoin. So, on the surface, there is no justified reason for making more money than a traditional site. But, if we consider what bitcoin is, how popular it is becoming among gamblers and what the advantages that it brings to the gamblers, then it sort of shows how bitcoin gambling pays off to the companies themselves.
Bitcoin is a quick, safe, anonymous, reliable, and transparent way of transacting. So, it is preferred by gamblers, because of the many benefits including speed, security, trust, privacy, confidentiality, and credibility. A gambling site that enables its customers to enjoy these benefits – through its adoption of bitcoin transactions – is, by definition, better off in attracting customers.
The role of privacy and anonymity
Just think that there are many gamblers who are hesitating because of, let’s say, lack of anonymity that typically characterizes gambling at traditional online casinos, where they have to disclose much personal information and data that otherwise they wouldn’t want to disclose. Having the option to play at the casino, let’s say, without giving any of their personal information, only with the use of cryptocurrencies, is like ‘de-regulating’ and liberalizing the gambling activity for them.
Further it can also be about gamblers not wanting anyone to know if they gamble, when they gamble, how much they gamble or how much they win (or lose). Certainly, crypto gambling gives them the privacy they want.
The role of speed
Likewise, one other factor that attracts more customers and more betting also from the existing customers is the speed that bitcoin transactions offer. Bitcoin gambling sites boast their fast processes for payments, deposits, withdrawals etc and so it becomes literally very easy and quick for users to gamble.
The role of reduced fees or no fees
Typically, cryptocurrency transactions don’t generate any fees – but in some cases there are some fees, which however are way lower than the fees in traditional online gambling sites. The absence of fees works as a motivator for more betting activity and it is also a customer acquisition (and retention) factor. Just consider that fees are often inhibiting factors or refraining factors for gamblers.
Overall, these straightforward and simple characteristics of bitcoin are what make bitcoin gambling sites more profitable. But in an indirect way: bitcoin is more attractive to gamblers, so sites get to have more customers and more customers means more betting activity and more profits in the end!
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