Online casinos have become a cornerstone of the gambling sector due to their accessibility and convenience. These platforms allow users to play popular casino games without leaving home.
For added security and convenience, many players have turned to using crypto wallets. These wallets, like Vegawallet, enable players to make almost instant deposits and withdrawals with the privacy that only the blockchain can offer.
Read on to discover the 10 benefits of funding your casino account with a digital wallet.
1. Improved Security And Transparency
Cryptocurrency is one of the most secure payment options that users can select on online casinos. When compared to traditional payment methods, like bank transfers or debit and credit cards, crypto is significantly more secure.
The reason for this enhanced security is that crypto is built on the blockchain network. Transactions on the blockchain are completely secure and tamper-proof and do not require users to share wallet pins or private keys. Security is also further boosted as there’s no need for a middleman (like a financial institution) to manage transactions.
Blockchain technology tracks all transactions on a public ledger, which means it is almost impossible for financial fraud to occur. Gamblers will be able to track their crypto withdrawals in real time, instilling a sense of trust and showcasing the casino’s legitimacy.
Casinos can also use smart contracts – agreements written on the blockchain – to automatically carry out specific actions based on the terms and conditions in the contract. This can include payments and bonuses.
2. Complete Privacy
Not only do cryptocurrencies offer more security, but crypto payments also offer a higher level of anonymity than traditional payments. Gamblers who value their privacy will find crypto transactions appealing.
A crypto wallet does not store any of the user’s private info, so no one can see what the wallet is used for. It is important to note that despite this added privacy, all blockchain transactions are public. That means your wallet amount can be viewed, but not your identity.
3. Lower Transaction Fees
Fees for cryptocurrency transactions are usually lower than those for traditional payment or banking methods. Both the online casino operator and the player are able to experience these cost savings, especially with international transactions that traditionally incur higher fees.
When a player withdraws their winnings to their crypto wallet, they’ll benefit by getting most of the total without having to lose funds to cover transaction fees. This means more money for the player.
Tax laws have also evolved significantly when it comes to crypto. Your digital funds can be viewed as property, so it is important to verify what your country states about crypto and taxes to ensure you’re compliant. However, globally these digital currencies are still largely unregulated, which means that you can benefit from your winnings without paying large tax amounts.
For example, in Japan crypto is taxed as “miscellaneous income”, whereas 0% taxes on crypto incomes can be found in crypto-friendly countries like Malta, Germany, and Switzerland.
The cost-effectiveness of crypto is what attracts especially high-rollers to use crypto wallets for their casino accounts.
4. Globally Accessible
Cryptocurrency is not restricted to a country’s borders. Anyone with the internet will be able to set up and access a crypto wallet, no matter where in the world they find themselves. Because of this global accessibility, players can access iGaming platforms without worrying about converting their local currency or any limitations that local banks might enforce.
This means that users in countries that restrict gambling can also access online crypto casinos. For example, Thailand has restrictive gambling laws, but citizens can play at offshore casinos using their crypto wallets, and US citizens living in Texas where sports betting is banned can use crypto to bet on the NFL via an out-of-state betting site.
5. Faster Transaction Times
Cryptocurrency transactions are much faster compared to bank payments or transfers. This speed is because there’s no intermediate third party involved in processing the transaction. All crypto payments are handled by a network of computers, and not a financial institution.
Most crypto transactions are completed within minutes to hours. Compared to days-long processing times of conventional payments, it allows gamblers to almost instantly access their winnings in their crypto wallets. This speed is also what attracts so many players to crypto casinos and not conventional brick-and-mortar establishments.
6. Special Promos and Bonuses
There are several online casinos that offer special bonuses or promotions to users who sign up using a crypto wallet. These bonuses can include free spins, cashback, or deposit matching. For example, a casino may offer a 100% deposit match when depositing using a credit card, but a 120% deposit match for those playing with crypto.
The reason casinos are embracing crypto is because it is also cost-effective for the casino operator due to lower fees. As a result, casinos may also offer higher withdrawal limits to crypto players.
7. Overcome Regulatory Challenges
As mentioned earlier, multiple countries have prohibited several forms of online gambling and therefore they don’t regulate casinos within their jurisdictions.
However, online sites that accept crypto payments are able to sidestep these regulations, giving them access to previously limited markets across the world.
This benefits the player who gets to select from a wider range of online casinos, and they’re also not restricted to cross-border fiat currency conversions.
8. Better User Experience
Players who link their crypto wallets to their online casino accounts tend to have an overall better user experience on these platforms. Using a crypto wallet means the user skips the complicated and often tedious verification process to sign up or deposit funds, getting almost instant access to the casino games.
Crypto wallets allow a seamless signup, playing, and withdrawal experience, which is why casinos that allow cryptocurrencies are able to retain more players.
9. Decentralization
The decentralized nature of crypto and blockchain is why it is a popular choice for gamblers. This decentralization means, as mentioned, that there is no need for a financial middleman to oversee transactions. There is no centralized regulator, like a bank or institution, in the system, and only the user can access or interact with their funds.
Gamblers are completely in control of all transactions, with payments recorded on the transparent and secure public ledger.
10. Innovative Payments Specifically For Online Use
Cryptocurrencies, being digital currencies, were designed especially for online use (although more brick-and-mortar retailers are starting to accept crypto payments). Crypto wallets are therefore the perfect solution for online casinos and other gaming sites.
Due to this online optimization, crypto offers a high level of security, anonymity, user-friendliness, and convenience. It does away with verification and authentication procedures, speeding up transactions.
The online casino industry is constantly developing new, innovative offerings in terms of games, bonuses, payments, and business models. This improves the experience for gamblers looking for an efficient and easy-to-use platform.
Brian Smithson 
