Online casinos appeared relatively recently, just over ten years ago. However, they quickly became as much a part of life as smartphones or high-speed internet. According to experts, the volume of the global online casino market has exceeded five trillion dollars, and by 2026 this figure may reach seven trillion dollars.
It is quite logical that such a rapidly growing area as online casinos is constantly changing. Every year, software developers present new games, among which slots occupy a special place.
What is a crypto casino?
There are two types of casinos on the Internet that use cryptocurrencies. The first type is the usual online casinos that accept payments from users both in traditional currencies and in cryptocurrencies, for example, in bitcoins. In terms of their structure, such online casinos are practically no different from the usual online casinos. They use the same software and do not use blockchain technology. In fact, this is not a crypto casino, but an ordinary online casino that accepts payments and makes payments using cryptocurrencies.
The second type of casino is full-fledged crypto-casinos that operate using blockchain technology. The entire infrastructure of such platforms works on the blockchain, and such casinos do not have a server, managers, or even licenses.
As you know, the blockchain is, in fact, a huge centralized database. This technology does not require a central server, it runs on users’ devices. If it happens that such a casino stops its work, all information will be stored in the blockchain, including the winnings of the players. In addition, with the help of smart contacts, the blockchain automatically processes all payments. Thus, the correct operation and honesty are controlled by the technology itself, as well as by the players, and therefore no license is needed for cryptocurrency casinos.
Benefits of a cryptocurrency casino
As you can see, cryptocurrency casinos have a number of advantages over regular online casinos.
- No license is required. Since the crypto casino does not have a central server located in any country, accordingly, it does not require permission in the form of a gambling license from the authorities of the country where the server is located. Moreover, such a casino has no restrictions on accepting visitors from a predetermined list of countries.
- You can be sure of the RTP of the games that the crypto casino offers. Thanks to blockchain technology, players can check the RTP of the hi-lo game they choose. This system cannot be fooled, so it does not require regular checks by auditors.
- Crypto casinos can work automatically. Unlike the usual online casino, in a cryptocurrency casino, you do not need to confirm each action manually. For example, players receive winnings automatically since each operation is already in the blockchain, and each winning is automatically linked to a smart contract.
- The chances of winning in a crypto casino are higher than in a regular online casino. In games offered by crypto casinos and regular casinos, the RTP is slightly different. In most games in crypto casinos, the RTP reaches 98-99%, while in regular casinos, this figure ranges from 95% to 99%. Accordingly, in a crypto casino, the frequency of winnings will be higher.
As you can see, cryptocurrency casinos have a number of undeniable advantages over traditional online casinos. At the same time, crypto casinos are a fairly new phenomenon, and many organizational issues in their work still remain unsettled.