Will Land-Based Casinos Begin To Implement Cryptocurrencies?
Cryptocurrencies like Bitcoin are the latest tech taking the world by storm. Having grown rapidly from a small internet forum back in 2008 to a single Bitcoin being worth approximately $5,800, the digital currency has caused huge changes in industries around the world. Two of the industries that have been most affected by cryptocurrencies are online gaming and online gambling, although the finance sector and retail are close behind. Online casinos have been quick to adopt the new technology; there are now so many Bitcoin gambling sites its hard to know which one to choose! This has meant that land-based casinos are being left even further behind, putting them at risk of closing doors for good. So, to prevent this from happening, will land-based casinos begin to introduce cryptocurrencies?
Before Bitcoin, land-based casinos and bookmakers were already under strain. Online gambling offers the thrill of the casino from the comfort of peoples homes. With live dealer games offering an even more immersive experience with a huge range of discounts and bonuses available, its understandable that online casinos account for 33% off all gambling in the UK. You only have to look around on your commute to see how glued to our phones we all are. Mobile gaming is a hugely popular pastime for people of all ages and that includes mobile casino games.
Because of this trend, traditional casinos have had to completely redesign themselves. Most casino visitors fall within the 50+ age range, so, to attract younger gamblers, casinos have started to reinvent themselves. You can now find casinos which offer a more general entertainment experience, with live music and a bar. Some have even gone a step further and are beginning to introduce arcade-like games to attract the millennial crowd.
The Novelty Factor
Along with redesigning the casino space, land-based casinos could consider introducing cryptocurrencies to increase their appeal. After all, as the saying goes, if you cant beat them, join them! A casino offering the ability to place bets and make transactions using cryptocurrencies simply means that people have more choices in how they pay. It doesnt matter whether theyre heading to the casino to learn how to play Craps or to check out the latest slots, everyone loves to have choices.
Plus, as the retail and online gaming industry have found, allowing cryptocurrency payments can draw in technology fans. Those who are passionate about seeing new technology in place will go out of their way to experience it themselves remember the two students who took a trip to buy Subway from the only store in the US which accepts Bitcoin? This means there is a huge potential for the currencies to attract new casino users, simply for the novelty factor.
Aside from being a quirky way of attracting new bettors, the casino industry could actually benefit significantly from the introduction of cryptocurrencies. There are two key reasons why Bitcoin and other cryptocurrencies have taken off in such a big way: security and convenience.
The independent blockchain network behind Bitcoin makes it incredibly secure. Every single transaction made, whether its a huge investment or simply sending money to a relative, is stored on the blockchain database. This provides the level of security that casinos need from their transactions; its extremely difficult for cryptocurrency users to create counterfeit money or commit to any kind of fraud because everything is so carefully recorded. The level of security provided by cryptocurrency transactions is actually a win-win situation for land-based casino users and their customers. With so many different online casinos offering cryptocurrency betting, it can be difficult to know which ones to trust. Doing your own research online with trusted review sites and other sources can help, but you cant take everything you read online as fact. Unfortunately, there are plenty of scammers out there who will take advantage of inexperienced people online. For this reason, the additional security that using cryptocurrencies in-house at a casino provides could be a major pull-factor for many people.
The convenience of cryptocurrencies ensures that transactions can be made quickly. Players can place their bets and claim their winnings almost instantly. They can also be stored using online wallets, which work in a similar way to online banking, so players wont have to carry large amounts of cash around with them.
Will we see cryptocurrencies in land-based casinos soon?
The short answer is, most likely, yes. However, the question remains about exactly how soon we will see this major change being made. The relationship between cryptocurrencies and online gambling already exists, so implementing cryptocurrency payment methods in physical casinos wont seem like a complete curveball. Exactly how they will be introduced is questionable. Its likely that casinos will follow similar process as retail outlets around the world which have already introduced Bitcoin as a payment method allowing people to simply pay via their smartphones.
The only thing standing between us and a cryptocurrency-driven future is regulation issues. At the moment, every country around the world has a different approach to how cryptocurrencies are being managed. Recently, Japan has lead the way in regulating Bitcoin by making the currencies an official payment method, which means that businesses and the government have more control over how they are used. However, this goes against the very principle of cryptocurrencies being free from control, so some technology fanatics are against this step. Yet, without regulation its unlikely that widespread use of cryptocurrencies in casinos will be seen anytime soon.