Undoubtedly, the gambling industry was one of the earliest areas to incorporate cryptocurrencies. As the two industries operated far from the mainstream, it was not too difficult for gambling to include cryptocurrencies. However, the inclusion either happened in online casinos or required conversion to fiat money. Although the inclusion was prevalent in exclusive online casinos, the brick and mortar gambling houses in states like Nevada have taken it with a pinch of salt so far. The reason for the doubts has to do with the lack of regulation for cryptocurrencies.
The growth of cryptocurrencies, however, in gambling has been phenomenal. The use of digital currencies brings so many benefits like faster transactions, reduction, and whatnot. Playing with cryptocurrencies also gives a better house edge than fiat money in most of the games. Thanks to such huge benefits, There are hundreds of casinos currently operating exclusively for coins like BTC, ETH, and DASH. Dash is one of few virtual currency projects that have the infrastructure, like InstantSend and Private send, which are a precise fit for all gambling-related activities. Check out this Dash casino article to know how you can earn huge rewards.
Casino owner Derek Stevens records an event where the Kiosk machines intended for converting cryptocurrencies were used to convert fiat money. For him, this shows increasing demand for cryptocurrencies in gambling. So, the industry is working earnestly to overcome the regulatory difficulties concerning digital tokens. Such a move would pave the way for coins like DASH to earn a huge chunk of the market and would help get a mainstream status for cryptocurrencies in gambling in Nevada.
The regulators in Nevada believe that cryptocurrencies are still “lightly regulated” even with all the programming and blockchains. The overnight fluctuations on the coins could make the activities much more difficult than they are currently, according to the board of regulators in Nevada. However, still many casino owners are positive about the market these virtual currencies could bring. Moreover, they believe that the new system is far better than the existing ones as every fraction of a penny is accounted for through code.
Everyone that comes after Gen Z is going to look up to technologies like blockchain, according to Kalil Philander from UNLV. Moreover, for every day wasted debating over this, the industry would lose hundreds of potential customers, he added. Many from this faction believe that the current difficulties in the financial system will be amended in the future by the payment platforms. It is with this idea that big names in gambling and gaming are signing partnerships with crypto payment platforms. Recently, Resort World signed a deal with Gemini. MGM Resorts also has plans to utilize demand for cryptocurrencies among its users. According to Marcus Prayers from the Association of Gaming Equipment Manufacturers, although such change cannot happen tomorrow, the industry must be ready to avail itself for it.
Also read more on “Casinos in Nevada break the record in revenue for December 2022“.
