Online casinos are always looking for new ways to deliver a better experience to customers, particularly when it comes to things like deposits and withdrawals which still are a cornerstone of the service – players who are able to take out their winnings faster will be more likely to play more too. Payment options often go through little change and stick around for a long period of time, so when new payment methods do come along, they can offer a big change. The latest option to enter the online casino space has been in the form of crypto currency – most notably with Bitcoin and Ethereum, but what does this mean for the future of online casinos?
The first comes for playing options, crypto services now allow players to play with crypto as the payment option rather than as more traditional currency options which is much better if you’re looking for withdrawal options. The process of withdrawing often means cash has to be transferred through a number of institutions before it winds up back with the player, it’s why there’s often a day or two lead time between requesting withdrawals and it appears in your account. The difference made with crypto is that there are no services in between, you simply enter the wallet ID where the transaction is to go to, and the transaction is made near instantaneously and cutting out much of the time that often problems players and leads some to become a little more wary about playing online.
Not all changes are positive though and it’s an issue that online casinos will have to deal with as it comes – with crypto being as volatile as it is, prices can swing a huge amount in a very short period of time as seen recently with bitcoin going from $60,000 down to $30,000 in just a single day, and whilst most players will only be playing with fractions of a currency rather than whole, it can still have a big impact on the way casinos online handle crypto options. There’s also relative uncertainty around how decentralized currencies will change over time too, and whilst there does seem to be a changing attitude to allow for more mainstream usage of crypto, there’s no guarantee that it will be used much in the same way that many users will hope, and all the resources used by online casinos to prep for crypto to be used could be undone.
For now, it’s a great alternative, particularly as changes come for countries like the UK and the ban on credit card wagering, and will provide a perfect new option for players who are still looking for ways to play when other options have been removed.