Crypto Casinos And Regulation
The gambling industry has been through some radical changes over the last decade, especially with everything seeming to have shifted from desktop over to mobile and tablet. The online gambling market is predicted to be worth just under $60 billion USD by 2020, and with mobile gaming still booming, it has allowed other types of gaming to prosper too. One of those is crypto casinos, so what does the future hold for these?
There’s still unquestionably a lack of platforms that have been developed and licensed by reputable companies to enable cryptocurrency-based iGaming to take off and be truly recognised. Industry leaders such as mFortune Mobile Casino and Mr Green are still yet to accept crypto wagering across any of their services. This could be put down to the technological restraints applied due to their platforms being designed to deal exclusively with fiat currency, or a reluctance to spearhead the movement and undergo the necessary changes when it comes to incorporating blockchain-based requirements.
One of the stand out issues with crypto casinos is that they are unregulated. Many of these operators will suggest that as they’re provably fair, there’s no requirement for regulation in the first place. Furthermore, many are also hinting at the fact that a need for regulation would see barriers in place if they wanted to break into the mainstream market. However, regulation is there to protect the players at these online and mobile casinos, especially those who may go on to develop a gambling problem. The consumer trusts regulated markets more, hence the lack of popularity where crypto-based iGaming is concerned.
It can be a win win situation for all involved if crypto casinos look to embrace a more transparent and ethical approach. By crypto-based casinos complying with regulations, players will immediately be protected from cyber crime such as fraud and identity theft, and in turn the operator would see more players using their service making them ultimately more profitable.
If a crypto casino operator was to work hand in hand with the authorities and regulators it would see them benefit in numerous ways. They’d have access to the full gambling market, they would no doubt be more credible, and this is vital within the industry. In addition, these crypto operators could secure partnerships with various exchanges, whilst having access to banking services and payment providers as well as partnerships with affiliate and media networks too.
Edgeless were the first blockchain based casino to receive a casino license after being approved by the relevant authorities and it’s been imperative for their growth. It was a big step for blockchain based operators and an indication that this is indeed the path to follow. It will be interesting to see if any of the industry’s more established names are willing to adopt cryptocurrency as a payment method, embracing blockchain technology in the process. It will certainly be a sign that things are set to change once again, in an industry which is constantly evolving.