Why Cryptocurrency Is the Best Fit for Gambling

Gambling has been an age long industry with significant tie to two level of needs that forms the parameter through which the future of the industry could be evaluated. They are, the player related needs and the platform or service providers’ needs.

A major characteristic of gambling as related to the player is the need for anonymity, the need for positive public perception (from those who neither play nor support players), the need for an instant payout system, the need for fairness, and the need to balance their social status quo with their passion (gambling) among others, are key needs that players seek in any gambling system.

On the side of the gambling service provider, there are also relevant needs that are in constant demand by these systems, including the need to balance players’ weak feeling of trust and their basic clause of money making. There is also the environmental pressure (regulations) on gambling service providers, which requires them to “Know Your Customer (KYC)” adequately, hence the many levels of verifications and delays in game deposit, playing, and withdrawal — the need to balance these with players’ need for a fast gambling platform and more is what is faced by gambling service providers.

Among these categories identified above, the benchmark lies within the payout and deposit systems, which has a direct relationship on the means of payment — currency. It’s pretty obvious that the fiat currency is characterised with a ton of limitation, which in some ways has direct relationship with some of the players’ geared needs and the platform needs respectively as identified above.

These limitations that are common with fiat currency creates a space that is perfect for cryptocurrency, and is absolutely suited to the online gambling industry.

Among other considerations, cryptocurrency, to a reasonable extent, addresses the players’ needs for gambling and the gambling service providers’ need for providing such service. Below are some key takeaways that show significant ways in which cryptocurrency is best fit for gambling.

Anonymity

Gambling is not the fairest of all industries and majority of spectators have seen it as one with relatively high risk level to investors in the sense that there is the feeling that the gambling industry is the easiest way to lose big or win big. This has direct relationship with the fact that the process of random number generation, the technique of playing to win is not something totally scientific but based on the players’ skill, and level of luck, and this is something that spectators feel is based on redundant knowledge, which is not a good basis for investment.

These and many other reasons as common with the public perception of the industry is one that both the players and the gambling service provider are in constant need to remain anonymous while playing and providing gambling services.

Prior to the advent of cryptocurrency, the need for anonymity especially with the players, wasn’t significantly achieved. Although the advent of the Internet Technology in some ways played a big role however, it wasn’t able to achieve this entirely because players were still governed by the stiff regulations covering their online means of payment as common with the fiat currency.

Gambling with fiat currency such as the fiat credit card for example, means players would have to input their card details which is already available to their local financial service provider, and this on the other hand is automatically relayed alongside the payment to both the online gambling service provider and the internet as a whole. In such a scenario, it is next to impossible to achieve anonymity by both the player and the online service provider. Details about the player are relayed and hence becomes unequivocal to every interested party on the internet and also hinder the service providers level of profitability because certain players’ jurisdiction would have been eliminated as a result of information provided by the fiat financial institutions.

On the other hand, cryptocurrency has broken the chain of regulations and made it possible for people to play with coins that are based on a decentralized blockchain protocol where participants’ information remains totally anonymous to both the service provider and other third parties.

The second thing to note about cryptocurrency being the best fit for gambling is that it remains the only currency that makes instant payout system possible.

Instant Payout System.

If there is any industry that requires instant payout system, its gambling. This is so needed because it’s one industry that has similar characteristics to an arbitrage program where time is of great essence. Example of such game in the gambling industry is live betting where the game odds reduces depending on the time at which the bet is placed.

This becomes relatively hard trying to achieve this especially in situations where a player wants to make fresh deposit from their wallet or credit card, let’s say PayPal for example, this will take not less than a minute to complete the deposit process.

However, with the advent of cryptocurrency, on say LetBet for example, where deposit is instant and payout is also instant based on demand, makes it possible to achieve instant payout systems.

Apart from the instant payout systems possible with cryptocurrencies, other player and service providers’ needs as identified above are sufficiently covered by cryptocurrency, which makes it a perfect match from HEAVEN as referred to by some online contributors, and indeed cryptocurrency is the best fit for gambling and remains the future for the gambling industry.