Will the Regulated US Online Gambling Market Embrace Cryptocurrencies?October 15, 2020
The use of cryptocurrencies in conventional industries is on the rise as more and more people are introduced to innovative blockchain technology. Among the numerous industries embracing cryptocurrencies today, online gambling is at the forefront.
The iGaming industry stands to gain from the anonymous, decentralized, and transparent qualities of blockchain and the developments could not have arrived at a better time.
With the US Supreme Court overruling the age-old PASPA, terming it unconstitutional, many states have opened their doors to online gambling. Thus, increasing the demand for alternate payment methods. Visit NJPunter for the complete list of NJ gambling sites that accept cryptocurrencies.
6 Major Perks of Adopting Cryptocurrencies for iGaming
1. Security – Data security is perhaps the primary concern with online transactions. Cryptocurrencies can solve this problem thanks to the unique blockchain architecture which makes data tracking impossible. Standard payment methods like credit cards and wire transfer require information stored on private servers, which are susceptible to being hacked. The only caveat is people are responsible for the safekeeping of their crypto wallets.
2. Anonymity – There might be various reasons for a person wanting to remain anonymous while gambling online. Safety and security is a major concern, followed by the fear of societal disgrace. Traditional transactions do not offer this luxury. Cryptocurrencies hold the edge as these transactions are impossible to track.
3. Regulations – iGaming is subject to local and federal regulations. While some countries and states allow wagering on certain games, others aren’t as lenient. Depositing and withdrawing to and from your gambling account is a hassle, and the government keeps a close watch over such transactions. Cryptocurrency is a godsend for people residing in such regions. Crypto transactions render such regulations useless since these are truly anonymous.
4. Easy Deposit and Withdrawal – Conventional transactions are time-consuming and cost a bomb in fees. These inconveniences help governments monitor gambling activities in the region while offering players an additional layer of security. Traditional transactions can take anywhere between 24 and 48 hours depending on the agencies you choose to deal with. Crypto payments, on the other hand, are instant! But make sure you don’t make mistakes since these transactions are irreversible.
5. Tax Savings – Being anonymous, crypto transactions don’t fall under the purview of income tax. Depending on where you stay you can save within 35% – 50% of your gambling income by dealing in cryptocurrencies. With the absurd number of jackpots on offer, pretty sure not everybody would want the taxman to find out!
6. Protection Against Collusion and Bots – A few crypto casinos claim to have cracked the code against colluding players and bots, which are major inconveniences for regular casino players. Some crypto casinos further claim an upgraded RNG system, which increases the player’s chances of winning.
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