Topic: Four reasons that cryptocurrencies will revolutionize the online casino industry (Read 18754 times)

Bitcoins and crypto has already revolutionized the gambling industry. The numbers of online casino coming up each day are far more than the new physical casinos. Also the number of gamblers , gambling at online casino are far more than those who gamble physically. This is all because of bitcoins which have made gambling easy and more accessible.

I think so, the cryptocurrency trade mark on gambling is not on its trustworthy but on its anonymity, I think people gamble online with crypto because they are pushed from rules made by the government, they have difficulty gambling with fiat because of rules and restrictions

There is nothing but the prospect of huge profits behind the everyday conversations about the casino gambling investment discussions you are talking about. If you look at the four reasons described by the OP, you would come to know the possibilities of the benefits in this business. It never go into waste and you might find costumers for there are so many people using internet around the world.

When it comes to potential profits then theres no doubt with online casinos compared to bookies and with just basing on wagers alone you can
eventually tell on whats the potential profit of such gambling business.You cant really make those people not to speak up about casino investment yet
these are one of the options when it comes on attaining profit.

The usage of cryptocurrency around the globe keeps increasing, same time the usage of cryptocurrency into gambling industry keeps growing. During the early days gambling industry is the one that has helped with the growth of cryptocurrency, particularly bitcoin through the increased circulation happen on gambling networks.

Now users who tried gambling with cryptocurrency never looks back to the usage of fiat into gambling. As there is more features that keeps the user feel good than using normal casinos seems to be the prime reason for more usage of cryptocurrency based gambling.

It is a good and informative thread but I don't know why reason days there are many people started speaking about casino gambling investment. Then there are many tips and tricks also has been revealed recent days.
In gaming industry casino is the high yielding place for the gambling business owners. As my knowledge they are making more than the sports betting sites do.

If you have strong analytical skills, then luck will contribute to you in games and trading. I am sure that the game industry will get a real rebirth. Because the blockchain has new features for gaming platforms as a service and the possibility of applying new payment methods, encouraging players (loyalty tokens, special bonuses and collectibles).

Online casinos using blockchain technology can quickly increase the number of subscribers. After all, the benefits are obvious. Not only can you have fun here, the tokens have no additional transaction fees, each player knows that his transactions are safe. A game currency is not just useless chips, but a decent payment for your skills, because you can always exchange cryptocurrency.

Since many countries take gambling and casinos beyond the legal methods of earning, many professional players have to operate in other countries. With the blockchain, I think we can expect an increase in the number of online casinos, because confidentiality allows users not to worry about bans. And cryptocurrency is definitely a find for players, since it is easy to exchange a crypto for fiat

Gambling and cryptocurrencies have similar features. There are risks in both areas, but a victory gives big bets. Using blockchain technology online casinos can gain more user confidence and an increase in the number of players. After all, you can not worry that your data will be hacked, or that you will not be able to withdraw your earnings. Cryptocurrencies provide anonymity and fast, secure transactions.

That is the bad reality about the governments because we know how large amounts concerning gambling,they can bribed anyone the right price they wanted.but not all of them because i knew some officials that straight in serving people

Blockchain cant help the negative impression of gambling  even if people knew that blockchain is secure and cant be control by any entity .

When people saw or hear about gambling . first thing that comes to their mind is the provability of winning . they think gambling sites are cheater and thats how gambling got a bad reputation from the public  but there will still be people that loves to play gamble no matter what other are saying  .

Well, that's a little exaggeration I would say. The greatest beneficiary's are ordinary people. The rest is just business.
Same goes to gambling, we can all agree upon provability being the best asset of crypto based casino games, so ordinary players are in fact safer, protected from advantage taking houses. I wonder what percentage of bets being regularly tested against the seeds.
From time to time, people should do it just for sake of it, even if they have established trust for any particular casino.
As to old-school online gambling being close to fade away, I don't know but for sure conditions for it to happen are present and evaporation of fiat houses have never been more possible then today.

I said that gambling and casino industries will be the greatest beneficiary of cryptocurrencies and blockchain technology developments.  Blockchain technology bring trust into transactions and in turn gambling industry will be the greatest beneficiary.

I agree with the conclusion. And with crypto gambling, people will have the freedom to play in many games, and they can register on many websites too without sending any document to the websites. They will be able to play games everywhere they want without any limitations except their IP got banned by the ISP. Besides that, everyone can use so many coins to make bets in any games, and they don't have to use big money to start, and sometimes, they can get free coins from the gambling sites.

1. Increased number of gambling websites that function without flaws compared to the fiat accepted gambling spaces.
2. On-time settlement of wins which we cannot expect with fiat based gambling sites.
3. Much easier accessibility, available with mobiles, desktops and on all platforms.
4. Increased number of games, sports betting, fantasy games, luck based games..etc

Above all one who have begun to use cryptocurrency into gambling will never go for fiat based gambling.

Bitcoin is mostly used to transact illegal things in the internet because of its anonimity. Even though most of the gambling sites are legal and people are free to use it, its still the best way to have bitcoin as its chips, why? Because if you have a lot of money, you are possibly dont want to divulge your identity mostly in gambling world. Besides, a lot of people are earning from it, specially the house.

Provably fair is to show their honesty. It is being used to attract more gamblers like if gamblers want to ensure that they are gambling in fair environment then they may go for the gambling houses which are offering provably fair feature. Hence, it has nothing to do with cryptocurrency. It means provably fair is STILL POSSIBLE even with FIAT BASED GAMBLING TOO.

I guess there would be few more reasons also must be existing like gambling industry is enjoying more than these four advantages after adopting cryptocurrencies. One of them must be large number of userbase. Yes, before cryptos, I never opted for gambling.

Those people who are already engage will definitely agree with that, it gives us easy access to the gambling site and making it enjoyable from the start,
cryptocurrencies have a big relations with gambling as the system itself integrate well, more and more gambling businesses start being established using
this system, for sure we will see more well known casinos to join and adopt the system.

It's a big help from both ends, system and businesses will favors from each other.

Very good article. This is why I started STARSVIPCLUB.com last year. It’s very difficult to get going when your trying to start your one token nit using the major cryptocurrency like bitcoin but it’s been a cool journey that I will continue

I agree with all your points that cryptocurrency will filled up with a gambling and the reason why it is more important in this situation is definitely true by reading your topic and in recent times gambling will develop a lot more than before that's why it's play and vital roll here.

Every reason is pretty valid but trust isn't guaranteed unless the site you are gambling on is proovably fair. On other sites you can easily get scammed, you can't get scammed with cash really. But it is faster and much more fluent than fiat, which is a huge plus and anonimity is very important. I like cryptocurrency gambling far more than fiat and I think most people who are involved in crypto agree.

Lol red tapes when it regards to gambling is rampant,even if online or real house casino and sometimes small gambling can’t be spared from them

Thats why casino’s nowadays becomes the bread and butter of corrupt officials.no wonder why they are restricting rules for them to collect much bigger amount from the operators lol

Well I am not sure if crypto is also banned in Indonesia ?  Well if it banned , then doing gambling with crypto is even more breaking the law. As long as you are not caught is OK, but if for any reason you are traced and caught, then it could be serious trouble for you. I think we should avoid breaking the law and only do the things which are allowed in our country.

your all good points in this topic was very useful and important because it will be there changing things for gambling to develop much more than before so the improvement of gambling will be allowed from the normal time so it can be possible to more higher very easily.

All the four things are very important to be good gambling field and online casinos will definitely need some support by the investors and some other good promotions if it will be possible then the above your points will be right.

Op I really agree with you and I think we should be able to take advantage of blockchain technology in promoting casino and gambling industries.  I think gambling industries is the greatest beneficiary of blockchain technology in this year and other form of investment is fading away.

If the gambling is banned in your country, you should avoid playing gambling online using Fiat. Deposits may require you to use your debit / Credit cards and it may be tracked on where you are spending online. The safest way for you is to buy some bitcoins and play gambling online with bitcoins. In this way, government authorities will never be able to track you.

Not all online casino are centralized but I guess time to time it will come on that point. Centralized feature casinos now are following the protocol on government that needs to passed KYC to easily determine shittily behavior or something underage players are not allowed.

Trust is a very important thing between the players and the casino owner if they have more, and it looks like having a fair game between a gambler and the owner, it should have always transparency in every transaction has.

I Like the part on Trust.
 Is this available on decentralized gambling platform or also on centralized ones? Always heard of the provable fair stuff but never really understood what it meant.
So can the feature be used on centralized platform? If so, why are people having  trust issues with crypto betting?

There is no anonymous gambling on regulated casinos KYC  children protection if one of iron rules for regulated gambling. Crypto currencies are same currencies like fiat money but it is still not easy to exchange them to fiat
Other thing is blockchain gambling but blockchain has his limitations

Anonymity and the convenience is the most revolutionary factor of the crypto gambling,which made many people to enter into the gambling sites but it also can be  paradise for the people who want to spend their black money and even can use it to launder their money.

It gives people easy access so everybody who are into crypot and want to gamble make use of this opportunity to make payment via crypto and get the games played. But also chances of getting addicted will rise as they can play anytime and anywhere.

For my government , it become disadvanatge for them to legalize cryptocurrency.
Gambling and bitcoin anonimity become the weapon for our criminal for example like corruptor.

For me, it's really great to see bitcoin able grow so far !

Except anonymously you doing gambling nothing I agree with it mate. So most of casino site scam the players and earning fund I believe. Profit what they giving is very less than other gambling investment method.
Since it is anonymous still transparency is missing in casino mostly they are scamming the people with the bot and alt players.

This is right approach of getting their mindset. Yeah they don’t think much of what they are investing in this harmful game. Because if that is so, they never ever try to involve bitcoin in three. They only want something that can let them earn more money that is nothing but a fake dream. It might happen they win for sometimes, but this isn’t a permanent win but they are unaware of it.

Eventually we'll probably see online bitcoin casinos taking physical form and replacing their inferior counterparts.

Since a lot of gambling in the US is done in the reservations, if bitcoin hits mass adoption I don't think that the US government will be able to scare the casinos away from bitcoin.

Already the crypto currencies made huge changes in the gambling field because most of the time people will get into go to a real casinos for many reason even if they have desire to gamble but not anyone can gamble from the place where they have been so number of gamblers have been increased because of crypto gambling sites.

Certainly, the determinative here is provably fair algorithm and anonymity, the second one particularly gives some people not only confidence, but freedom. I'm talking here about countries, or maybe some groups with concrete religion-based restrictions on gambling. To the above listed advantages I'd also add security: other online casinos store records about their clients on a centralized server and that includes information associated with the deposits that customers made. This issue is a threat not only to clients' anonymity, but to their funds too, because such a server can attract lots of hackers and if it is hacked - all of the assets can be lost at once. But this, however, can never happen to a gambling website, that uses cryptocurrencies.

Anonymity is the first and foremost important point why people will love to play with crypto currencies rather than with FIAT. I have account both in bet365 which is a FIAT sportbook while I have many accounts in different crypto sportbooks. I like more the crypto ones as another thing that comes out as fifth reason, you can never have problems, like Skrill or credit card deposit not working for a certain time, in here the crypto deposits works flawlessly everytime.

I think the anonymity that will help people to stay behind the wall especially if they want to play gambling. they don't have to send any document for just playing gambling. there are many gambling websites that allow them to start to play the game after they register and they can feel safe for playing in that game. they can still hide in their home, using the VPN, and play the random game without any people knows.

I think most of the gamblers that always play doesn't bother what Bitcoin or basically cryptocurrencies in general. Probably they are too addicted that they don't care with it and just focus on gambling. I think there are people right that. The anonymity is definitely a factor but the registration and KYC make you known. So it's almost the same.

That is because crypto currencies is not that popular with a lot of gamblers though the popularity of gambling with crypto currencies is improving and developing since there are a lot of gambling sites now that is accepting this crypto currencies.

With it's decentralization and anonymity, a lot of gambler are in favor of using Bitcoin to gamble. Who would not want to gamble and spend money without knowing who is that person spending it, right? But always be careful and responsible on betting and gambling your money.

If you choose to gamble with fiat then one need to deposit money using their bank account or credit card means disclosing your identity to a casino. So if gambling is banned in your country then it may bring you some issues from government authorities. This is the reason crypto online gambling is growing so fast over fiat online gambling. So far I never gambled online using fiat but now and then gamble with bitcoin or other altcoins.

Hey OP, you are mentioning about the future revolutions but I am seeing all these are already happening with crypto based gambling industries as cryptos are almost 9 years old and if my memory is good, cryto based gambling is also serving us for the same amount of time and getting revolutionized day by day and honestly I am not getting surprised on the four things you took for considering on evaluating the revolution.

Compared to early 2000, now many of my friends are into gambling and other known people who are from gambling forbidden country, now enjoying gambling just due to crypto based gambling's evolution along with providing the at most anonymity and the features of gambling from home convenience. In near future, we may expect more such development to continue and this may help cryptos to each more people also gambling industry will move up to next level of development especially with gambler friendly enhancements.

Yeah same here, in my country indonesia also banned all gambling activity. That's why people here gamble on online gambling. Online gambling is popular here, not only on cryptocurrency but fiat online gambling also popular.

As I am from India, it is illegal to gamble here. Even though there is no specific laws to frame online gambling, people are scared to expose their identity. Crypto currencies are really helpful to be anonymous. Moreover, fast withdrawals and convenience are bonuses of using it.

Your last statement is not so clear as it seems to this topic. Im guessing you mean that they get in fact addicted just because you have alot more options to gamble with, meaning, a more diverse way for betting by having a much wider possibility on using all your current cryptocurrency portfolio. And by that you mean they will most likely get a bigger addiction by having fun using all their "current" cryptos

This is the maximum reasons due to which the trend has increased of using the crypto currency and also it can be used from anywhere and any part of world you can gamble and during anytime. This gives them the gambler the advantage and also getting addicted gets higher and this is what the owners of the casino require.

I've really enjoyed your article / review.
And let's face it. It's just the "easy" better way to get all sources of incomes.
By diversifying you will be able to get more income / trades / exchanges and so on.
Even real world is valuating crypto even more and use those topics for their own technologies

What i mean to say is, it's all for the incomes of such Casino sites. Being the best out there with the best "revolutionization" that can achieve / show to Clients such as ourselves.
All Casinos follow the same standards and that's where your 4 reasons come into place.

So isnt the solution to require confirmation then.  If BTC payments is requiring instant betting and cannot wait for confirmation then its probably not suitable for all bet sizes and probably another type of blockchain would be used.   Still seems feasible otherwise.

Gambling was and in a large part of why crypto has genuine cash flowing through it not just speculation.  I do think this kind of online digital economy is most relevant to Bitcoin, rather then anything based around physical goods.   It could also be tied to trading of digital goods especially where those goods are subject to large price changes and the volatility of BTC pricing is not such a challenge

Well, for one cryptocurrency allows for great flexibility while simultaneously maintains anonymity and sometimes this is exactly what some gamblers want.

Yes, those quoted by Op were the key factors making online casino industry flourish with cryptocurrency. Gambling industry has a big role in the growth of cryptocurrency, in specific with the growth of bitcoin. Because, during the early days of bitcoin it was mainly used into gambling and later the usage got diverted to different forms.

You have raised some valid scenarios that are hard to ignore but most of the position you have maintained would only be possible if there is no human element involved in the process in that all of the processes are automated without human intervention but that is not the case as follows

The bolded won't be there for long for one reason is the gambling world of crypto currency is everyday infiltrated by people who want to hide under the anonymity to perpetuate fraud because of this players would need protection and that would come as a result of ensuring the gambling sites have legit license to operate. In other to acquire such licenses, they would be forced to implement KYC rules and the users would be forced to settle with bad of two worse situations.



Here, its not always the case every time and that is why there are always scam accusations of delayed withdrawals in a case of withdrawing huge amount after winning such. There is always a review of whether the funds was won the right way while some are locked for security reasons to ensure the platform is not used to launder crypto currency.



This is where the issue is because gambling sites that claim to be provably fair are only believed to be so. No authority to actually ensure that this is what is really happening except once in a while that someone took it upon himself to use mathematical equations to test the provability that have been claimed.

Great point!

I am not the expert but as far as I know, as a merchant, they should be able to choose to refuse incoming RBF enabled transactions. I've  read somewhere that's possible but again I am not sure. If RBF was the reason like you said, then it is a shame... I hope they return to the business with a Lightning enabled automated system. That would be the coolest shit.

You haven't understood my point for sure! What I have said that the KYC requirement doesn't depend on the method of payment of the casino. It entirely depends on the requirement of the country from where the casino is being operated. I am excluding the casinos built by the school kids here because they don't fall in to the serious business category. But if a serious and professional crypto casino is being operated from Italy and If the local law of Italy requires KYC of the participants, the Casino owner will have to comply with it! It really doesn't matter whether that casino accepts fiat or cryptos.

Correct, KYC depends on the laws not on the casino itself or the form of payment, the only advantage of cryptocurrencies in that aspect is that if the casino does not require KYC and you use bitcoin then they cannot identify you the same way they could do it if you used a credit card, but the advantage is not as great as described in the post of the OP.

Personally I think that what we are going to see is a slow fusion of traditional online casinos and bitcoin casinos, they grew apart but eventually more casinos will begin to accept bitcoin as a form of payment and some of the bitcoin casinos are going to be bought by some traditional online casinos and so the line between fiat and bitcoin casinos will be blurred even further.

On the other side of the note, the economy of traditional fiat casinos whether online or physical, is still blooming up to these days even there's no such thing as anonymity. That's because gamblers have an assurance that in case of fraud, the company can be sued legally. Or if some gamblers did some shits around, they can be tracked down and be penalized.

In crypto, gamblers can start right away even without verification. But don't be carried away with that advantages. Even no assurance that everything will goes right on the way, always choose a crypto gambling site wherein already established as a good and reputable site in crypto gambling world to minimize the risks of getting fu**** up.


Regulated online or physical casinos are under the terms of having a fair gameplay. They are under the jurisidiction of gambling law of the country. Most of them will not be running until now if there are anomalies.

However no doubt that playing in crypto house edge gambling games can be verified by anyone if they are provably fair.


That is one of the advantages when playing in crypto gambling world so no doubt that system will be more preferred in the future.

I think onehash still does that. You can just bet on anything you want and as soon as the game score is finalized they will send you your money to the address you want. That way you won't even have to sign up and create an account. I think you still can if you want but you do not have to if I remember correctly. That is exactly the way you want it to be, full on anon and no single information about you shared. You can even give your address on some other website like exchange and have no connection to the address they sent to to make it even more anon. If that's your thing, I suggest you take a look at onehash website.

Yes, that was the best sports betting site I have seen so far but after they close no one has come up with a similar concept. Because it is a proven working method but someone no casinos want to follow their method of betting in sports.

After they close the site, I have reduced a lot for sports betting because I don't like to deposit money first to gambling site wallet to bet. I bet once in a while and instantly so prefer directbet site kind of site.

Online Gambling has changed the gambling industry for the past few years and it has grown in a remarkable speed. Adding Cryptocurrency as an option to pay or play will be a plus factor so those who wants to play and remain anonymous will have an option. Adding different coins in the pay option will open more doors as it gives players other option to fund their account.

I thought that they shut down, because their system was exploitable and they were
losing large amounts of BTC due to fraud. Of course it was great for the end user to be able
to bet instantly with automated withdrawals, but this was precisely the feature that enabled
fraud.

E.g. you could make a bet and attach a too low BTC transaction fee intentionally and
then double-spend the bet transaction when your bet was about to lose (and obviously
not double-spend when your bet was going to win).

I could be wrong, but I assume that this was the real reason for the shutdown of
Directbet. I´d argue that this is also the reason why we haven´t seen a single site
attempting to replicate the automated system of Directbet.

for me actually there is nothing to discuss cause I 100% agree that gambling crypto is much much better than gambling in the traditional fiat sites , assuming that the market will grow of course to a point that crypto sites fully compete with fiat sites with everything like promotions , traffic and offering wide range of markets to bet on

but personally for me the main reason I'm gambling bitcoin is that because I have literally no other option , fiat sites aren't available here and even if fiat sites accept my country usually the payment processors that they use aren't available in my country
so gambling crypto can be a savior for people like where people simply have no other way to gamble except using bitcoin

there are some local sites here but they aren't licensed and they are running illegally so there is way more risk using them since they may disappears at anytime   

The best feature of crypto gambling I experienced was the automated withdrawals that directbet.eu was doing back in the day. No credit card, no verification, no bullshit. You pick your team, you send the money and if you win they send you your profits right away. You didn't even have to create an account... That was by far the best gambling experience I had in years.

Too bad they aren't in the business anymore. I am not exactly sure what was the reason but I believe they (had to) shut it down because they were just too good and others couldn't afford directbet.eu to survive.

Bitzino introducing provably fair betting is one of most impressive innovations in the history of online gaming.

It's interesting though that the technique they created didn't depend on blockchain or any Bitcoin specific crypto, theoretically it should have been able to be invented by any number of well funded online casinos well before Bitcoin came along.

What seems to have really drove innovation wasn't a technical break through but simply the change in thinking and clear interest from a customer base that Bitcoin based gambling brought.

Don't know about crypto, but Bitcoin has ALREADY revolutionized online gambling. It is just that not everybody has joined the revolution while during the time, every other altcoin only joined in.

One more thing that makes Bitcoin/crypto so good for online gambling, besides all the points already brought up, is the fact that you can gamble and win so much money. To win the same amount of money offline, would take hours, if not day.

File sharing is "illegal," it hasn't stopped people downloading movies, software, books and music...

Basically my theory is that if online "bitcoin" casinos become large enough where they are taking profits away from Las Vegas then there will be crazy regulation drawn down to get those profits back. KYC/AML will only be the beginning.

And pretty sure you will be able to go to Bellagio or MGM Grand and be able to only gamble thru those entities. Since they will send most of their profits back to the government and most of the people from the Trump administration would want to a piece of the profits also.

Either way, we are years away from this happening. It won't happen when BTC goes to $20K or $50K but it will happen when Crypto becomes more and more mainstream, kind of like how now-a-days everybody has smartphones.

I have moved to only gamble in crypto almost 100% now the speed and ease is beyond anything else available
 

Exactly. The only way to avoid the whole KYC process would be if a casino was to operate in a country where KYC practices weren't required. Whether or not such a country exists is something else but even so, I can't see a casino being able to withstand the pressure to adopt KYC practices for long as it could result in economic-suicide from the parent/holding company's protective.

Anonymity
- This is what most people do like when playing gambling on using up crypto due to the fact we just deposit and withdraw without compromising our own idenity
but somehow on other instances when you won big amounts or jackpots there are some gambling sites that do need  KYC.

Speed
- Fast execution of bets which would result into instant results which will interest gamblers further more at the same time deposits and withdrawals is less hassle.

Trust
-Some people do prefer licensed gambling sites but on the current gambling sites in the market doesnt have that kind of thing but they do able to get
the trust of the entire community which you can saw on current reputable and famous gambling sites as of today.


House-Edges
-Doesnt really differ at all yet most of them do almost have similar HE, there might be some bigger but depending on the games we are talking into.

While it can be appealing to many people, this feature is what makes it so easy to go for money laundering this way, and that brings cryptos bad reputation.
It is indeed easier to make sure the casino is provably fair when it is online, but at the same time there's much less risk of getting scammed in a traditional casino, so there're some trust advantages there as well. If we are talking about casinos operating on smart contracts, of course, then the advantage is definitely on the side of crypto casino once again.
I think that some people would still opt for land-based casino for such reasons as getting to know people, drinking champagne and controlling the funds more seriously than during online experience. But surely online casinos are very cool in their own way.

So there are two different views on the anonymity of Crytor. In my opinion it is very difficult because along with the development of casino, many countries around the world have measures to prevent them. Online is illegal.

I'll second that it is a well know fact that many gambling casinos operate from countries that have minimal tax requirements or are called as tax havens. However most of the big casinos these days do demand KYC, however it's pertinent to note here they won't ask if it's a small amount unless they suspect you of fraudulent activities. Then there're casinos who're licensed and it's mandatory for them to record the transaction so this benefit is not going to last soon.

The very fact that USA senate is debating on the usage of cryptos says it all, we can't hide under the veil for long.

Another benefit quoted by you speed, it's not in the hands of casinos, I have seen the network jammed at times it takes ages to get the confirmation done.

Another point about trust it's easy for casinos to scam you by refusing you payment, as this is done by new casinos to make quick money.

Coinbase could still be told to KYC or stop doing business with people in the US if the SEC wanted them too. It really doesn't matter where you're situated as a company, the US will get involved and will stop you if needed (if they want)

Some exchanges and gambling sites may get away with it for sometime, but at a certain point the government wants a piece of the action as well.

You could read the posts right after the one you are commenting on before commenting, to see what others have already said.

KYC wont follow the gambling sites in countries where gambling is illegal. People still gamble with crypto there and will for a long time, the TOR network is used more as well.

Countries with regulated gambling, that have high taxes on players winnings, will also be open season for crypto because privacy coins like monero are already accepted by online gambling sites.

The issue for players is trust of the site offering the games, which many of the provably fair games are trying to solve.


This is why Binance moved their company. They would have had to KYC customers (who would all leave) and moving to Malta allows them to keep anonymous trading open for under certain amounts.

KYC DOESNT ACTUALLY SOLVE ANYTHING. The databases for banks and governments are hacked because people are forced to provide their personal information to them. People need to learn to store their own data and not give it out to anyone if they want it secured.

That's it. When the demand for this system increases, for sure kyc will follow as FIAT gambling houses required this, and mostly,government will also pushed these requirements even in crypto gambling. It's somehow similar how trading websites are now asking for it coming from their users. The sooner that crypto gambling dominates or gain more attentions, it will be questioned by government bodies who have jurisdictions from the said crypto gambling house.

Not just this though, anonymity is ONLY as good as the opsec of the people that are using it. If you're someone who is sharing your bitcoin address alongside your username (or a name that is connected to real life you in one way or another) then you're going to get caught.

I also don't think that Crypto can even come close to having a stronghold on online gambling until the volatility of the currency subsides -- as gamblers don't want to RISK EVEN MORE (as the value of their bitcoins could either go up or down while gambling, I don't think they want to go that far)

So we need currencies that are FULLY private, or people that learn to keep opsec high. (So you either end up with XMR, or people getting smarter) PLUS you need volatility to subside.

IF BTC casinos have to KYC/AML customers, then monero and zcash casinos will launch. People can buy monero, zcash or any altcoin for BTC, so it's all the same. There are already casinos accepting altcoins.

The countries that is illegal for gambling, will always have people wanting to offer games (fair or unfair) to make a profit. They used to do this by being sneaky with banks to get transactions through, now crypto just opened the flood gates.

There still needs to be one crypto casino, sportsbook and/or poker site that people TRUST. That does not (and should not) come easy for a gambling site in crypto to gain trust. Whoever does it though will make billions.

The anonymity benefit will only last as long as it remains deregulated. As soon as BTC casinos become mainstream there’ll be a push to regulate the entire gambling industry and apply similar rules/laws to those that apply to online and in-person FIAT casinos. As you said, it’s usually a matter of red tape. Just because there’s no red tape there now, there’s nothing to say that it won’t be demanded of soon.

Total agree with you
Legal stuffs are important for demostrate the legality of crypto currencies..

And this is primary about all.. trust is secondary, but legality is first thing, over all

While Babo has already spoken about the provably fair piece, I want to concentrate my argument on House Edge part. Fiat casinos definitely need to have a KYC mechanism as per the regulatory requirement. Online casinos are also not exempted from that part. If the originating country requires a KYC mechanism needs to be in place for any casino, be it fiat or crypto, they will have to comply with this requirement regardless of the deposit method. So this particular point is based on the legal framework of the originating country and not on the deposit method.

I'm not sure about trust..
Only provable game with hash can be trusted
The simple use of crypto not increase trust

Provable fair with hash can do trust

Four reasons that cryptocurrencies will revolutionize the online casino industry

When Bitcoin was created in 2009, its main concept was to revolutionize the global payments system. By utilizing the benefits of the underlying blockchain protocol, Satoshi Nakamoto's innovative design allowed people to transact on a peer-to-peer basis without the need for a third party intermediary. However,  it is not just the monetary system that is set to benefit.  One such sector that is also set for grand disruption is the online casino space. Here's four reasons why.

Anonymity

When users play at a traditional fiat casino, they are required to provide the platform with a range of personal information. Moreover, they are expected to upload multiple documents such as a passport, proof of address and a copy of the payment method used to deposit.

On the contrary, online casinos that specialize purely in cryptocurrencies are not required to follow the same set of regulatory red-tape. In most cases the user is required to supply nothing but an email address, subsequently facilitating an anonymous gambling experience.

Speed

Although the deposit process at fiat casinos can be instantaneous when funding an account with a debit or credit card, it is the withdrawal procedure that really struggles. When a player makes a withdrawal request, it must first receive authorization from the platform's internal payments team. Moreover, if the player is yet to have their KYC documents verified, this can add additional time. Once the request is processed by the casino, the player must then wait until their respective card issuer settles the payment. All in - it can take up to a week before the player receives their winnings.

On the other hand, online casinos that specialize purely in cryptocurrencies are able to process withdrawals instantly. Ordinarily, the platform will process the request in an autonomous manner, subsequently allow the player to receive their winnings back in their personal wallet in just a few minutes.

Trust

When playing software games such as blackjack, roulette or slot machines, there is no way to verify that the fiat casino is playing fair. As a result the player needs to trust that the odds on display are legitimate.

This is in stark contrast to a cryptocurrency casino that implements a provably fair protocol. Provably fair is supported by the art of cryptography - meaning that each and every gaming outcome can be guaranteed for its fairness. Moreover, this gameplay data cannot be pre-defined or manipulated by the casino.

House-Edges

The burdens of regulatory compliance in areas such as anti-money laundering cost fiat casinos a significant amount of resources. They must install vast KYC policies, enforcement teams and legal departments to ensure that they do not fall foul of domestic regulations. These additional costs are subsequently passed on to the player in the form of house-edges.

Online casinos that focus purely on cryptocurrency deposits do not have any relationship with fiat money, meaning that they are able to operate burden-free. As a result, they are able to pass these savings on to their player's by offering reduced house-edges.

The Conclusion?

Cryptocurrency casinos are starting to increase their market share at unprecedented rates. Not only do the aforementioned specificities benefit the player, but they are also advantageous to the casino too. Ultimately, choosing a credible cryptocurrency casino can still seem like a daunting task. Make sure you review the platform in its entirety prior to parting with your cash.

Hopefully you enjoyed my article! Let me know if I missed anything and if you like what you read I have written a full 5,000+ guide on how to get started at https://cryptogaming.review/ethereum-casino/