The online casino revolution has never been more popular or profitable. Available in a handful of states, real-money online casinos are the face of an industry worth more than $60 billion at the time of this writing. As technology continues to improve, so does the demand for safe payment methods and online security.
That’s where blockchain and cryptocurrency come into the equation. To reach more areas that real money casinos can’t, social casinos have really climbed the ladder in popularity and revenue. So, what happens when you combine blockchain and social casinos? The answer is pure gaming magic.
Why Blockchain is So Integral
The best way to understand Bitcoin and other cryptocurrencies is to think of them in terms of a framework. That framework is blockchain. Blockchain secures Bitcoin and other cryptocurrencies, better known as smart contracts, on multiple and heavily encrypted nodes. These nodes are spread out across several computers, making it extremely hard for hackers and unwanted parties to crack through the code and invade privacy.
Another reason why blockchain is so integral for today’s business and the online casino industry is because it is decentralized. Being decentralized means, it doesn’t work or operate through traditional organizations or institutions like financial ones. This greatly speeds up the process for transactions, which is one of the reasons why crypto casinos became highly popular before the rise of real money casinos.
Also, because many financial institutions don’t support transactions or withdrawals from many traditional online casinos, interested players need a viable alternative. Crypto has been and continues to remain that popular alternative.
Without having to worry about having accounts flagged, and with lightning speed, cryptocurrency continues to become a growing payment method at traditional and social casinos.
What’s the Likelihood of a Social Casino Boom?
If you’re reading this guide, please know that the social casino boom is well underway! The rate of new social casino launches is almost neck and neck with the rate of new traditional online casinos that need an official license in a legal state. Furthermore, social casinos operate on their own unique currency: gold and sweepstakes coins.
The gold and sweepstakes coins are how social casinos operate legally in the 40+ states. Gold coins help to foster the growing social gaming boom. Capitalizing on modern-day online video game tournaments, social casinos offer traditional online casino players to play and have fun without worrying about winning. With gold coins, social casino players can bond with their friends, especially through social media.
Instead of competing for real money prizes, social casinos offer gold coin tournaments and daily races, where players can win unbelievable amounts of free gold coins. These tournaments also allow players to bond with other members as they compete.
For those who prefer to bet and take risks for cash prizes like gift cards, the sweepstakes coins enter the equation. Because sweepstakes coins are harder to come by, social casino members value them more and bet with them carefully.
One of the underrated reasons why players flock to social casinos is anonymity. The registration process is much faster and simpler. However, many social casinos also encourage members to use and play with user names. When you pair this essential feature with natural privacy measures of crypto, you have the makings of the next dynamic and power couple.
Bitcoin and other cryptocurrency users flock to crypto wallets to conduct transactions in complete anonymity. Therefore, players are doubly protected when working with crypto and social casinos.
Could Social Casinos Overtake Traditional Casinos?
There are plenty of ways to tackle this question from an expert point of view. In terms of widespread availability, the answer is a resounding yes. Since really becoming popular around 2020, new sweepstakes casinos have made it a point to be available in more than 40 states, or in the cases of some, more than 45. Compared to real money casinos that are legally available in seven states, today’s social casinos have already surpassed traditional online casinos in terms of availability.
Final Thoughts
As the word gets out about the innovations of social casinos, its popularity will only continue to grow. As more investors turn to Bitcoin in the financial and commodity markets for stability against inflation and market turmoil, more users will naturally discover blockchain and its benefits. A safe bet is for new social casinos to continue to feature Bitcoin as their payment system. It is only a matter of time before blockchain is used to create exclusive games and create the crypto social casino phenomenon.
Market Maestro: With an uncanny ability to predict the ups and downs of the crypto market, Jordan is our go-to for all things investment. Just don’t ask him for lottery numbers; he says it’s a different kind of prediction magic.