People tend to look to a lot of different avenues for potential boosts to cryptocurrency value. The Holy Grail, for instance, is mass retail acceptance, and specifically an Amazon announcement. There are persistent (and usually unfounded) rumors about the online mega-seller flirting with cryptocurrency — most recently leading to a ZDNet write-up on Amazon once again denying any plans to start accepting payments in cryptocurrency.
Amazon would only be the biggest fish, however. There are a lot of other possibilities people continually monitor regarding news of crypto involvement. And one that may actually have a little more potential than it gets credit for is online casino adoption. Widespread crypto acceptance at casino platforms could boost cryptocurrency values for a number of reasons.
The Industry is Growing
Casino gaming is a reliably busy industry. Lately it has become apparent, however, that the online industry in particular is seeing significant growth. This growth has already been underway for a few years given people’s general preference for convenient entertainment and instant gratification. Now, however, the coronavirus pandemic has accelerated movement toward online casinos. To this point, The Wall Street Journal covered online gambling last year and described it as “standing ready” while live casinos closed. Sure enough, as we moved through the pandemic, internet casinos reported massive revenue while their brick-and-mortar counterparts remained closed or severely inhibited by restrictions. Things will level out a little bit in the aftermath of the pandemic, but online casinos have momentum — which means that should cryptos become involved, they’ll be part of an expanding industry.
Casinos’ Main Games Are Built for Diverse Appeal
The primary games at busy casino sites these days are slot machine arcades. And it’s worth noting with regard to crypto potential that these arcades are designed to appeal to a wide, diverse range of players. Developers like Playtech, NetEnt, and Microgaming produce games based on rock ’n’ roll, popular TV shows, fairy tales, sports, and nature; the newest casino games on Gala Bingo, where some of the most up-to-date slot machines often debut, cover wildlife adventures with apes and wolves, ancient myths and civilizations like Atlantis and the Aztecs, and even The Mummy film franchise. We could go on, but the bottom line is there’s content for everybody. This is one reason casino slots online have become so popular, and it speaks to the potential of cryptocurrencies to reach extremely diverse audiences by linking up with casino sites.
Cutting-Edge Tech Appeals to Crypto Crowds
People may not think of online casinos as particularly cutting edge. But they’ve actually been quite quick to embrace a number of tech advancements. Online casinos adapted to mobile gaming almost as soon as they could; they’ve dabbled in virtual reality; they even embraced digital payment processors early on. In a way, this speaks to why there’s talk of crypto potential in online casinos in the first place. It simply seems like a natural next step. However it’s also worth mentioning because of the general overlap between crypto enthusiasts and those who appreciate cutting-edge tech. If online casinos should jump more fully into VR, for instance, it’s likely that those noticing the change would in many cases be people with broader interest in tech — as well as cryptocurrency.
Security & Speed
Lastly, and simplest of all, the core benefits of cryptocurrency are likely to appeal to online casino users. Online gamers prioritize security, and cryptocurrency is often advertised as a means of transferring wealth securely online. Additionally, as alluded to in our piece on IOTA essentials, some prominent cryptos are adapting to facilitate speedier transactions. This, too, is a perk for gamers.
It’s impossible to say if or when online casinos will fully embrace cryptocurrency. It’s also difficult to predict exactly what the impact would be. Given the factors above however, it is clear that widespread acceptance of cryptocurrency on casino sites would affect huge audiences — and in some cases, ideal ones.