Studies suggest that cryptocurrencies are already representing more than $150 billion in revenues in 2019 alone. It shouldn’t be a shock to you that a big part of this revenue comes to the crypto casino industry. Well, this is partly because there has been a rapid upward trend in the casino gaming industry. With innovations in mobile and PC casino games, there is sure to be a notable increase in the revenue generated by this industry. So, to help us understand how crypto casinos generate this much revenue, we need to go back to understand how the crypto casino works.
How does crypto casino work?
In the crypto casino, players wager with real money by making withdrawals and deposits with crypto. While traditional casinos rely on fiat currencies like USD and EUR, crypto casinos rely on crypto like Bitcoin and Ethereum, amongst others. And like traditional casinos, they are accessible via the internet, but they come with more functionality.
Additionally, crypto casinos are often software run. What this means is that little to no time will humans need to do anything with the platform except regular maintenance and updates. As such, almost everything about a crypto casino is automated. This means that wins and payouts are automatic and not processed by humans. In other words, transactions in a crypto casino are often faster than conventional casinos considering that payments are handled in crypto as well.
Owners of crypto casinos run the platforms with programs that deliver results at random. So, most people looking to make an extra income often prefer playing at a crypto casino because this program makes things transparent and fair. For this reason, when a player plays a poker game, for example, he can calculate his odds of winning.
Although poker and video slots are the most popular choice of game at crypto casinos, there are tons of other casino games to play at these sites. Moreover, a large number of crypto casinos often develop their games. Moreover, these same casinos displace their algorithm for players to inspect to show that the result is genuinely chosen at random.
How do crypto casino platforms generate more revenue?
Cryptocurrency on its own comes with a long list of advantages over fiat currency. So, it shouldn’t be a surprise that online casinos that accept cryptocurrency as a payment option generate more revenue. Either way, below are some reasons for the growth.
● Ease of use
Crypto casinos are easier to use because almost everything about them is automated. Crypto casino is a kind of online casino where you can make a deposit and start making withdrawals in less than 24 hours. This is one of the reasons more uses are registering with crypto casinos, unlike traditional online casinos.
No doubt, traditional online casinos are not available to everyone. Some countries can’t access some traditional online casinos because of the law governing the country. But this is not the case with crypto casinos. Because cryptocurrency is accessible to anyone, crypto casinos can open their doors to everyone, irrespective of what country they are from.
● Better promotions and bonuses
When you come to think of it, since crypto casinos don’t pay bank charges like conventional online casinos, they can keep more profit, hence, they can offer better promotions and bonuses. And there is nothing that attracts new players like attractive promotions and bonuses.
● Low charges
Conventional online casinos that use fiat currency, regardless of the payment options, are likely to charge transaction fees. In a way, this will affect your spending as time goes by. But with crypto casinos, there are little to no charges.
● More game variety
Crypto casinos can make higher revenue because of the nature of the software they offer. In most cases, crypto casinos design their software. As such, they invest more in their software to make it more appealing since it would be played by players from all around the world.
● Not taxable
Because traditional online casinos make use of fiat currency, it is often subject to tax. But because crypto casinos are so anonymous, users can transact with cryptocurrency and avoid huge amounts in tax.
In conclusion, making money with online casinos is not the easiest way to make money, but crypto casinos make things easier. Moreover, crypto casinos are not bound by the same laws as conventional online casinos. So, be prepared to discover a whole new world of discretion, entertainment, and ease when you switch to crypto casinos.