Once the pandemic took hold and businesses had to close their doors to the public, it forced many industries to rethink their strategies. While many of those companies have had to close, others have been able to embrace the new and thrive.
Among the successes, one of the biggest has come in online poker and the iGaming industry. With people unable to access the physical casinos, thousands of players have taken to online sources to enjoy their favorite games.
The rise in interest in online gaming and poker is striking too, as Forbes.com reported that revenue earned from the nation’s casino and gaming apps has risen to $53 million, which is an increase of 21% over the previous high from 2019. When you consider that only five states have licensed and regulated poker sites in operation, it shows just how popular the online platforms are to gamers, and it’s an industry that is being aided and abetted by crypto, which is also experiencing increased interest.
The global user base of cryptocurrencies has grown by nearly 190%, according to a report collated by Statista, so could it be that there’s a perfect opportunity to facilitate the growth of both industries further if they were to be even more closely aligned? Crypto could be the route for making online poker legal in more states across the US, according to Poker.org. Why? Because crypto doesn’t just help the industry with legislation, but also offers many other benefits for customers, as you’ll see below.
Privacy and security
With crypto being built on the blockchain, it’s decentralized. It means no other person governs or owns it; if you’re unsure what that means, consider the dollar. While you may have some in your pocket or bank account, it’s a currency that the government controls. A bank doesn’t hold crypto, meaning there’s no jurisdiction over how many transactions you can make and what value because it’s your currency to spend. As the money is held in eWallets online, you don’t even have to make payments under your name, so this anonymity means you’re less likely to suffer identity theft.
Easier and safer transactions
Most traditional bank transfers can take up to three days. However, when using something like Bitcoin, the process can be completed in minutes. What can be better than seeing your winnings in your account in a fraction of the time it can take other online platforms. How does it work? Well, as soon as you hit the button, the back office of the site will verify the request for the withdrawal. Once this is completed, the digital currency is directly transferred to your Bitcoin address. There’s no intermediary, meaning there’s no chance of outside interference; it’s that simple.
Low fees
While considering transactions, not only are the currencies safe, the fees for moving your money around are extremely low. This is due to something we’ve already mentioned; there’s no go-between. So while the fees do exist and vary from site to site; they’re very little compared to some you can experience with a bank transfer with traditional or conventional currencies.
Will the industry go all-in on crypto?
There’s no doubt that crypto poker has the potential to take over from the standard online game; after all, there are other entertainment industries that are welcoming the likes of Dogecoin as a legitimate payment method. While it’s too early to say if things will transition fully, there’s enough proof to suggest that digital gaming platforms and currencies can be perfect partners if the interest in both continues.
