Clearly, blockchainization and decentralization have not ignored the age-old industry of online gambling, online casinos and betting. How have new technologies affected the evolution of the industry, can these changes be considered positive, and in what direction will the industry evolve in the near future? Why Are Online Crypto Gambling Platforms Popular in Africa?
How has cryptocurrency affected the gambling industry as a whole?
Cryptocurrency has increased casino independence. It has reduced dependence on the requirements of the regulator and payment systems, created a semblance of its own certification of games, such as “guarantee of fairness”. Moreover, due to the appearance of cryptocurrency, there is less competition in the sphere of game developers, because big game-providers, who make most profit from regulated sites (like NetEnt) ignore this segment of the market. If we look at google trends by the request bitcoin casino, we can observe a steady increase of interest to this subject.
Crypto Gambling Platforms in Africa
Cryptocurrency has influenced and changed many spheres, including online gambling in Africa. Of course, at first there was a big hype, prospects, but at the moment in general it has not caused big changes in the industry, but rather of medium severity. For a number of specific areas in gambling, however, cryptocurrency has been a turning point. Many players in countries in Africa, where there are strict currency regulations, were finally able to meet their needs without the fear and risk of losing their money, and online casinos were able to provide them with these services.
Also, many affiliate programs and brands, which are strictly regulated by local licenses and legislation, switched to paying affiliates (traffic providers) in cryptocurrency, which gives them loopholes to avoid unnecessary attention from inspectors and tax authorities. It is worth noting that a whole segment of cryptogames, the so-called simple games, emerged, the essence of which is that the player can check them for the honesty of the given results.
Compared to online gambling using fiat instruments, the turnover with cryptocurrency is still very modest. It’s important to understand that cryptocurrency is difficult for a simple player, but that’s for now. In the future, the situation will change, because we already went through all this by the example of the same development of the Internet or electronic payments.