The evolution of online gambling: From fiat to cryptocurrency

The 1990s marked not only the end of the millennium but also the beginning of a new age: the digital age, characterised by a greater focus on computers and cyberspace. A lot has changed in this bold new world, particularly when it comes to one of the oldest forms of entertainment: gambling.

Gambling has been around almost as long as humans have; however, never before have we seen the same level of wager-focused fun as we do today. The surge in casino interest can, in part, be attributed to online gambling, but it is also correlating with the rise of cryptocurrency.

Crypto-based gambling: A bold new world

Online casinos were among the first online businesses to embrace crypto-based deposits and withdrawals. The trend of gambling with crypto has become so popular that it is now considered rare for a gambling site not to feature a crypto-based payment option.

The website Wildz shines as a top traditional online casino where fans can play old-fashioned slots or try their hands at the brand new live casino option. Though crypto is not available as a payment method on the site, fans have been continually requesting it as an option; a testament to its popularity.

The integration of cryptocurrency in online casinos has had a powerful impact on the market, with crypto deposits and withdrawals making the entire industry run more smoothly. But even beyond that, crypto-based gambling has resulted in some pretty exciting changes for fans and players alike.

Despite the high presence of cryptocurrency in online gambling, there are still players who are unsure when it comes to performing crypto-based transactions in online casinos. However, it’s a lot simpler than it sounds; every casino on the internet has a “banking” section where they display their available payment methods. If the casino you’ve chosen accepts crypto-based deposits, players can then simply click the “deposit” button and pay in as much cash in the form of crypto as they like. Withdrawals work in exactly the same way.

From fun to funded: How DeFi is powering the next wave of gambling platforms

While most understand the general idea of gambling with cryptocurrency, some players do not fully appreciate the implications of incorporating decentralised finance (DeFi) in the gambling industry (and in e-commerce in general).

Let’s begin with the most important (and most desired) benefit: anonymity. Crypto is a sort of bastion of online anonymity. Because of the system created by Satoshi Nakamoto, any transaction made using digital coins operates on a peer-to-peer system.

Couple that with top-tier encryption technology, and it ensures that all transactions are private, with little to no chance of tracing or fraud. This means that not only has the inclusion of DeFi made the industry more anonymous, but also a lot safer.

In addition, plenty of casino operators are looking for ways to integrate blockchain into the industry. This would result in provably fair games, increased efficiency and transparency, and much stronger security than what many are used to now.

Despite this, some are concerned about the negative impact of an entirely crypto-based gambling industry, specifically the effects it would have on regulation. The benefit of crypto is that it is a decentralised currency, so government regulations defeat that purpose. And with many players rightly avoiding unregulated casinos, there are still challenges ahead.

Blockchain, betting, and beyond: What crypto’s role in gambling tells us about Web3

With the success of crypto casinos and crypto-based gambling in general, many are asking the question: Will crypto take over the industry in the future? It might be that most casino operators will not have a choice, particularly with talks of Web3 and the next step in the internet’s evolution.

The proposal for Web3 has taken many people by surprise. The idea of bringing the internet back to its roots is certainly a positive one, particularly when we consider integrating blockchain technologies that refocus on anonymity and emphasise token-based economics.

The characteristics of the Web3 model would put control back in the hands of users. Each and every one of us using the Internet could take control of our online identity, data, and traceability into our hands. On top of that, online-based transactions would be a lot more transparent, as they would operate on the peer-to-peer principle rather than being subjected to a litany of procedures by various middlemen.

Generally, online gamblers will see this development as positive. However, for those who feel it sounds too good to be true, some concerns and criticisms have been raised against the revolutionary idea.

Complexity is the biggest issue here. The reliance on blockchain might put off some newbies and those who aren’t as savvy with digital technology. The average user could have a hard time picking up on the system’s intricacies. 

The future of gambling is decentralised, but inclusive

As online gambling continues to evolve alongside cryptocurrency and blockchain technology, it’s clear that decentralisation is reshaping the industry. While crypto-based platforms offer greater transparency, privacy, and user control, inclusivity and ease of use must remain at the forefront to ensure all players, seasoned and new, can embrace this digital revolution.