Regardless of what pundits think about cryptocurrency, it looks like blockchain and decentralized banking are here to stay—at least alongside traditional options. As more and more consumers open digital wallets and look into investing in cryptocurrencies from Bitcoin to Dogecoin, companies are also looking to adapt their payment methods.
Unsurprisingly, online gaming has begun to pivot toward crypto. With Grandview Research estimating that the global online gaming market could be worth as much as $127 billion by 2027, there’s a clear incentive for gaming groups to accept payments in all forms.
But some of the biggest obstacles in the way of crypto-enabled online casinos aren’t related to crypto and blockchain. Instead, they surround consumer expectations. At the moment, most online gamers are loyal to a single company, and only dip their toes with a new brand if they’re attracted to a casino bonus from that group.
In other words, the market is already divvied up, and most dedicated gamers have a preferred game and company, as well as withdrawal and deposit methods. However, consumers change over time. Even twenty years ago, it would’ve been hard to imagine live roulette and slot games would be as commonplace as they are today.
Looking ahead, there are a few obstacles standing in the way of crypto at online casinos.
No Offers Worth Taking
Why aren’t consumers demanding crypto capabilities at their preferred online casino? Put simply, most frequent gamers don’t have crypto yet. As such, the world’s largest gaming groups have yet to shift to blockchain platforms that would allow users to withdraw and deposit in crypto.
There are some offers on the table from crypto-ready casinos, but they’re not established enough to make a dent in the sector. With complex governmental regulations they must follow and the security of their own digital assets, as well as those of gamers, most online casinos have their hands full.
At the moment, there aren’t many offers worth taking when it comes to gaming with crypto. However, those with an interest in gaming and an investment in Bitcoin can hang tight—the future is bound to include a full-scale online casino and reliable blockchain platforms.
NFTs Could Come First
A blockchain platform is required to host crypto exchanges and trade NFTs alike. Given the huge boom in NFTs in recent months, gamers could see tokens adapted into an online casino sphere before cryptocurrency.
In the realm of gaming, NFTs could be used to enhance a player’s experience. For example, in the realm of eSports, NFTs can be used to own and track certain skins that increase a user’s level of play. In the world of online casinos, NFTs could also be used for customization purposes.
In other words, loyalty programs or even bonus wins in a jackpot slot could allow a gamer to ‘own’ a certain digital item. This could be an avatar in the realm of a virtual poker or blackjack table or even a brand-new slot game as a whole.
Additionally, NFTs can be made temporary, which would mean loyal gamers could be rewarded (or could win) a time slot to take advantage of a unique gaming opportunity or customization feature.