Crypto payments have been on a steamroll ever since the inception of blockchain technologies, bringing the convenience of decentralized payment systems into wider use. While many industries have benefited from its radical development, with the application of smart contracts, nowhere is the crypto revolution more apparent than in the online casino landscape. Just In 2023, total winnings in the iGaming sector amounted to nearly $139 billion and are projected to reach $266 billion by 2030.
Crypto Casinos in a Nutshell
Cryptocurrencies like Bitcoin, Ethereum, or Litecoin are responsible for much of the upward curve, making it possible to submit instant payments and withdrawals while ensuring complete anonymity on the Web.
Likewise, blockchain tech has pulled its weight to ensure fairness in online casino games. You don’t have to take the casino’s word for it; the top gambling platforms let you double-check the game fairness yourself.
Main Benefits of Crypto Payments in Online Casinos
Here’s a list of benefits that cryptocurrencies bring to the proverbial table in online casinos.
Speed
It’s no contest, really. Crypto transactions are significantly faster than traditional banking methods. While credit card withdrawals can take 24–72 hours, leading crypto gambling sites process withdrawals in under 60 minutes.The absence of third-party banks reduces processing delays, makes sure that players enjoy instant access to their winnings
Security
Blockchain operates as a decentralized network that does away with intermediaries of any kind. There is no central authority that sanctions the payments, neither casinos nor banks, meaning that hackers are unlikely to trace the payments. Likewise, blockchain uses state-of-the-art encryption protocols, making each payment as safe as the whole system.
No Geographical Restrictions
While traditional payment methods are subject to the laws and restrictions in relation to your geographic location, no such limitation exists with crypto. You are free to make transactions from Brazil, India, the UK, the US, or Europe. Also, fees, where applicable, are the same wherever in the world you are.
Anonymity
Compared to traditional payment methods like Visa or Apple Pay, crypto transactions provide privacy and anonymity unmatched by fiat currencies. There are no banks involved and no third-party e-wallets, meaning that very little personal information is necessary for making deposits and requesting withdrawals.
The Role of Smart Contracts
If blockchain is the body, smart contracts are the soul of safe and secure crypto transactions. Think of them as the beating heart of blockchain, facilitating every transaction and automating the process of blockchain payment.
Smart contracts are a set of payment instructions that, if the given conditions are met, will execute predefined actions on their own. The integration of smart contracts in online gambling platforms has been a significant factor in the industry’s growth, with the global online gambling market expected to reach $153 billion by 2030, growing at a CAGR of 11.7%. The wide application of smart contracts stems from their bulletproof security; they are as safe as crypto transactions because their terms are written directly into the code
Smart Contracts in Crypto Casinos
This makes smart contracts, like those executed and overseen by FunFair Technologies, remain decentralized, are tamper-roof, and completely transparent.
Powered by companies like FunFair Technologies, which supports smart contract automation for Bitcoin and Ethereum, smart contracts have found their application in online casinos. The application extends beyond just facilitating fast and secure deposits, helping automate operations at every step of the way. Here’s what smart contracts can do for you:
- Withdrawal Efficiency: By using FunFair’s platforms, your winnings will trigger the smart contract to execute the payout almost instantly.
- Increased Security: Players will be protected from prying eyes by yet another layer of security provided by smart contracts.
- Provably Fair Games: using smart contracts, you can check the fairness of your favorite casino games.
- No Fees: smart contracts cut the need for middlemen, reducing transaction costs.
Final Words
The crypto revolution is here to stay, and online casinos have taken the torch of progress. Technologies such as smart contracts and companies like FunFair Technologies are leading the way by expanding their application to encompass the entire casino experience rather than just the banking part. If that’s the way to go, we have every reason to be excited about the future.
