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As cryptocurrency continues to achieve new milestones and strive toward unprecedented levels of mass adoption, its presence in online casino gaming is becoming increasingly apparent with each passing year.
When cryptocurrencies are introduced into a conversation about casino gaming, the discussion naturally centers on Bitcoin and Ethereum, the two most prominent coins by market capitalization. However, stablecoins have started to see an increasing demand from casino gamers who understand how blockchain and cryptocurrency work, and have begun to use them for a greater portion of their casino gaming.
Measuring The Impact Across The Industry
It’s not an anomaly specific to one area of the casino gaming sector; the presence of cryptocurrency has transformed the payment options offered by hundreds of casinos. Online slot gaming is often the figurehead for any substantial change in the world of casino gaming, and this was the case nearly a decade ago when cryptocurrencies first began to emerge within the casino gaming ecosystem.
In the modern market, online slots at Joe Fortune exemplify the significant progress the industry has made in a relatively short period. Platforms like this are no longer uncommon, offering both conventional payment options and cryptocurrency payments for casino gamers seeking an alternative, modern way to play their slot games.
Everything about our world is becoming more digital by the day. When we sit down to watch our favorite sports, streaming services are capturing a significantly larger portion of this market. If we are doing a spot of shopping, the death of the high street has been directly attributed to the rise of online shopping and the rise of digital alternatives. By sampling the broader societal push toward more digital things, it’s no surprise that cryptocurrencies, which are entirely digital, are experiencing such remarkable success within the online casino industry.
The Rising Promise Of Stablecoins
When we discuss stablecoins, we refer to digital assets that are pegged to the value of centralized currencies, such as USDT and USDC, both of which are pegged to the US Dollar. One of the many reasons they have become such a prominent part of cryptocurrency casino gaming is their parity with the US dollar.
Bitcoin has surpassed the $100,000 region and continues to set new all-time highs. However, for those looking to use Bitcoin to play slot games, they must work with minuscule amounts, often to several decimal places. The parity of stablecoins makes it much easier to calculate bets, winnings, and to convert the underlying value back into traditional, centralized payment methods when you look to cash your winnings.
Positive movement within the cryptocurrency market directly fuels interest in subdivisions within the digital asset world. Casinos fall into this definition as they are one of the few industries where people can leverage their digital assets into markets they are familiar with and already understand.
This knock-on impact fuels the rise of other popular crypto markets, including the NFT market and investment vehicles such as ETFs, which provide traditional investors with access to digital assets.
Striking A Chord With Gamers
Casino gaming is often used as a sandbox for fintech companies aiming to unleash their latest innovations in the world. It’s an entertainment market that has taken off in the digital age. This isn’t just the case for cryptocurrency slot providers either; the rise of mobile gaming, casino gaming apps, and the attempt to integrate cutting-edge AI technology is changing the fabric of the broader gaming industry.
As experts discuss the gaming trends that could define the market in years to come, stablecoins embody the ethos that has made cryptocurrency so popular over the last decade. The peer-to-peer nature of the payment system, the publicly available blockchain ledger, and the removal of a third-party financial provider, such as a bank, to oversee the transaction have all created a route by which stablecoins are becoming amongst the most popular digital assets that casino gamers use to access slot games.
The rise of mobile casino gaming and mobile apps owes a lot to the ingenuity of technology companies. However, if we boil it down to its most basic frame, the reason they became such a hit in online casino gaming is down to their convenience. People no longer had to travel to a conventional casino to play; they could do it by firing up their smartphone.
Likewise, cryptocurrencies remove the red tape, payment delays, and cross-border fees that have often been a sticking point for the traditional industry. The fact that stablecoins and cryptocurrency as a whole address this problem goes a long way in explaining why they are becoming such a strong presence in online slot gaming.
A Stablecoin Future?
It’s not just stablecoins that are fueling the demand for crypto casinos; the increasing conversations surrounding CBDCs and digital identities all suggest that within the next decade or so, there will be an enormous number of changes, almost entirely driven by digital assets and blockchain technology.
It’s too early to say how impactful this will be in the world of online slots, but if early signs are anything to go by, it has plenty of potential to become a sizeable part of the iGaming world, not just the slot gaming sector.
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