The internet gambling industry is always evolving, and the rate of change is increasing, with cryptocurrencies rising in popularity. Some believe that Bitcoin casinos are challenging the dominance held by traditional casinos, but is that really true? Could we be living in an age where crypto gambling becomes the norm? Go Spin analyses and compares the two models and discovers what the future holds for both players and online casino operators.
Bitcoin Casinos vs Traditional Casinos – What Sets Them Apart?
First, let’s explore the biggest standout features of Bitcoin casinos and crypto gambling as a whole compared to traditional casino sites. There are three that are worth highlighting above all else, and they include:
Payment Flexibility and Speed
Bitcoin casinos can support near-instant withdrawals, whereas, as you’re aware, traditional casinos take up to 24 hours to process e-wallet withdrawals and as long as a week to clear card and bank-based transactions. It isn’t necessarily true that Bitcoin transactions are cheaper, though, as e-wallet withdrawals are often cheaper still. Bitcoin deposits aren’t always instantaneous or free, either, but regulatory barriers and national restrictions affect your access to some payment providers online.
Anonymity and Privacy
When it comes to anonymity and privacy, few traditional casinos can rival Bitcoin casinos. In many cases, you won’t provide KYC (Know Your Customer) details at crypto casinos, giving you better anonymity and privacy. Traditional casinos adhere to strict identity verification policies. That has its upsides, though, as it protects against underage betting, money laundering and identity fraud.
Security and Fairness
Bitcoin casinos use blockchain technology to ensure security, while Provably Fair games allow you to check the validity of outcomes. Some blockchain casinos suffer from a lack of regulation and responsible gambling tools, though, something that you’re not likely to see at traditional casinos, which feature regulation by recognised bodies, such as the UKGC and MGA, and they support transparent house edges and RNG-certified games. There is also the issue of crypto volatility, which impacts your gambling experience.
Game Availability and Quality
As you can see, both Bitcoin and traditional casinos share the spoils, having both pros and cons. Next, we’ll look at game availability and quality.
- Bitcoin Casinos: Bitcoin casinos feature exclusive crypto games that you can’t play at traditional sites. They also support bespoke releases, such as crash games, and their library of live dealer games features just as many top titles from Evolution, Pragmatic Play and other leading developers.
- Traditional Casinos: Traditional casinos often feature larger game selections, with more branded and jackpot slots. They are also partners with established brands, including the industry giants. Of course, these sites won’t contain the crypto exclusives and in-house games you’ll get at blockchain casinos.
Bonuses and Promotions
Both Bitcoin casinos and traditional sites support loyalty and VIP models, and in many cases, there’s little to choose between them. However, there are differences worth exploring in the other promos and bonuses and these sites:
- Bitcoin Casinos: BTC sites support higher-value bonuses. This is predominantly because they are less regulated, allowing them to splash the cash with attractive bitcoin casino free cash bonuses.
- Traditional Casinos: Traditional casinos are much more limited in terms of what they offer. This is because national regulatory and licensing bodies prevent casinos from advertising attractive offers, as they fear it promotes irresponsible gambling.
Regulatory Challenges and Legal Landscape
The final area we must consider is the legal landscape and regulatory issues between crypto casinos and their traditional counterparts. The key takeaways include:
- Bitcoin Casinos: Bitcoin casinos operate under less strict jurisdictions, including Costa Rica and Curacao. They have greater freedom to operate how players want, but that comes with risks such as sudden shutdowns, unfair practices and changes in crypto regulations.
- Traditional Casinos: Traditional casinos operate with strong regulation from bodies such as the UKGC and MGA. Some argue that traditional sites suffer from over regulation, but there is stability here, and players rights are protected at these casinos.
Future of Gambling: Which Model Will Dominate?
There is definitely an increase in the adoption of cryptocurrency amongst the younger demographic. However, they also tend to be less accepting of gambling as a whole. More anonymity, faster transactions, and the freedom to bet how they like are attractive to players, though. In contrast, traditional casinos offer better security, a larger selection of games, and more regulatory stability. In short, they are most trustworthy.
Analysing all the pros and cons, we’re of the mind that neither Bitcoin casinos nor traditional casinos will dominate in the future. Instead, we agree with other industry insiders that hybrid casinos are most likely to emerge victors. This is something we already see, with major MGA traditional casinos offering cryptocurrency payment options, exclusive crypto-friendly games and bonuses. We love betting at Go Spin, and we’ll bet money that in the future, it is the hybrid model that brings the best of both worlds to casino players.
FAQ
Can I play live games at Bitcoin casinos?
Yes. Of course, this depends on the casino you choose, but many top Bitcoin casinos support live dealer games, even if the range isn’t as diverse as you’ll find at many traditional casinos.
Are Bitcoin casinos regulated the same way as traditional casinos?
No. Most national licensing authorities don’t issue licenses to crypto casinos. They get their licenses offshore, which means they have far fewer regulations attached to them.
Will traditional casinos start accepting Bitcoin more widely in the future?
Many of the biggest traditional casinos are already accepting Bitcoin. We feel certain that this will continue, but a lot hinges on whether cryptocurrencies become more regulated by national governments.
Why do Bitcoin casinos offer higher bonuses than traditional casinos?
By having fewer regulations, Bitcoin casinos are free to do things that nationally-licensed casinos cannot. For instance, the latter can’t always give out big bonuses because that might breach gambling laws and encourage irresponsible gambling. Many Bitcoin casinos aren’t under the same restrictions, so they can provide bigger bonuses.
