The eruption of cryptocurrencies and blockchain technology has undoubtedly revolutionized the world of finance and commerce, bringing an alternative option for transactions to the fore. Nevertheless, there’s still a long way to go in terms of wider acceptance, despite what appear to be huge strides forward in the online gaming and gambling industry.
Since the very earliest days that cryptocurrencies like Bitcoin emerged, so did a variety of online casinos dedicated to accepting transactions exclusively using the digital currency. While they have grown in size and number just as quickly as the digital currency itself, there’s still surprisingly considerable reluctance to follow suit amongst the wider, mainstream casino industry. Some have tentatively dipped their toes in the water, but not nearly enough.
Despite the clear and obvious potential of cryptocurrency in gaming, which includes increased security and anonymity for players, along with broader ways to use blockchain technology itself, that would greatly benefit the online casino and wider gaming industry - a certain level of reticence remains.
Several of the top gambling and gaming groups, that run many of our favorite online casinos, are looking seriously, yet they aren’t quite ready to take the plunge. Instead, they continue to rely on traditional banking methods for the transferal of ‘standard’ currencies, even though there’s plenty of evidence to suggest that cryptocurrencies have the potential to bring greater protection; for clients and casinos alike.
The vast majority of leading online casino brands already accept a wide variety of digital payment methods, as the full review of Platinum Play here, explains. They are an established site that has been online since 2004, currently offering Canadian players $800 CAD as a welcome package. Along with traditional bank and credit card methods, they also offer deposits and withdrawals via popular eWallet services such as EPS, Instadebit and Interac.
While such transaction methods are unlikely to fall by the wayside in the immediate future, support for cryptocurrencies has recently come from arguably one of the most reliable of sources. As one of the key regulators for the gambling industry internationally, the Malta Gaming Authority (MGA) was a leading voice at the annual DELTA Summit in 2019.
Blockchain technologies and cryptocurrencies were key topics of discussion at the summit, with the MGA keen to adopt a more accepting stance believing that, instead of being seen as an alternative, options such as Bitcoin should be more widely embraced. Already, there are several projects which have built entire platforms based around blockchain technology. These fledgling enterprises are already worth more than $100 million.
Support from Malta is hardly surprising, given the country is home to Binance, the world’s largest cryptocurrency exchange. That said, support and encouragement from their widely respected gaming authority is a big step in the right direction. They have already accepted that blockchain technology is the future, encouraging the iGaming industry and other regulatory bodies around the world to take the same view.