Online betting has benefitted significantly from improved technology and connectivity. However, as technology, websites, and apps continue to develop, so do the sophisticated techniques that cybercriminals use to hack sites and gain access to sensitive information.
Betting expert Kane Pepi describes the safety and regulation of online casinos as one of the most important factors for consumers to consider when choosing one, especially when seeking alternatives to big names like Stake Casino. Choosing online casinos that hold regulatory licenses ensures they operate in a fair and transparent way. (Source: https://www.valuewalk.com/cryptocurrency/best-stake-casino-alternatives/)
While traditional casinos continue to battle cyber attacks and regularly update security procedures, crypto casinos offer a higher level of security that has seen them grow in popularity in recent years.
The Issues Traditional Online Casinos Face
Traditional casinos require players to provide a lot of sensitive data to prove who they are, that they are old enough to bet in their respective jurisdictions, and to make payments. Having to trust different websites with personal and banking information can be a risk, especially if you do not know the measures the operators are taking to keep it safe.
There are many threats that online casinos face including ransomware, DDoS attacks, phishing scams, data breaches, and account takeovers. These can all lead to the consumer losing personal information which can then be used by the attackers.
Account takeovers can also result in cybercriminals having access to customer funds and loyalty benefits.
Traditional casinos invest millions every year into their defences, and because it is an ongoing threat, the cost will typically be passed on to the customer in one way or another.
The Rise of Crypto Casinos
The online betting industry was one of the first to embrace cryptocurrencies as a payment method, and the two have grown together since then. Dedicated crypto casinos and traditional online casinos that offer crypto as one of a variety of payment methods have broadened their market share and made it easier for people around the world to access their facilities.
Casinos have also introduced crash games to simulate the crypto market and appeal to that customer base.
Blockchain Benefits
Using cryptocurrencies at a casino removes the need for players to provide banking information and, in some cases, personal information. All crypto payments are authorised by the digital asset owner confirming the payment with their private, key. The cryptographic code protects the users’ information and allows them to carry out transactions safely.
All crypto transactions are then stored on the blockchain where they can be seen publicly.
Fair and Transparent
Transaction transparency via blockchain ensures operators conduct their business fairly. It allows independent auditors to check the bets placed and the results, making sure customers have a fair chance of winning.
Immutability
As transactions are added to the blockchain, a network of miners secures and validates transaction data. After the transaction is confirmed, it can no longer be altered.
This adds an extra level of security and transparency to all crypto transactions.
Decentralisation
The benefits of a decentralised currency have helped the offshore online casino industry flourish. UK players looking for casinos not on Gamestop Ltd can easily use licensed sites in other jurisdictions when using cryptocurrency.
Crypto transactions are typically quicker than using traditional payment methods, and customers won’t need to worry about exchange rates. Lower transaction fees can also help consumers save money.
Anonymity
No-KYC casinos are those that don’t require customer verification during the sign-up process. This can be a great option for people who don’t like to leave a trail of online activities and transactions and can also minimise the risk of identity theft and fraud.
Players may be required to disclose some information for larger payouts to ensure the operator complies with anti-money laundering regulations.
The Future of Online Gambling
Cryptocurrency transactions are already up by 12% in the first quarter of 2024 and with the iGaming market projected to continue its growth, this figure could rise.
The security and transparency afforded by crypto use in gambling provide peace of mind and a great structure for the industry to grow.
