Ways Online Casinos Use Crypto for Promotions

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New crypto users get surprised by the fact that Bitcoin was first used to buy pizza in 2010. And guess what? The transaction cost 10,000 bitcoins. Today, one bitcoin can buy you all the pizza you want.

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In fact, bitcoin’s priced was worth $69,500 at its all-time high. At that time, 10,000 bitcoins were worth $695 million. That’s a lot of money for pizza. Anyways, that’s history.

In this article, we’ll explain how the iGaming industry has been using digital currencies as a marketing tool. Let’s get started.

Crypto Bonuses

Nearly every online casino that accepts crypto offer bonuses in Bitcoin. Usually, operators give you a wallet to send your BTC. In exchange, you receive a bonus matching your deposit amount to your casino account.

Find the best crypto bonuses for online casinos 2022. They can match your deposit amount for a maximum of 10 BTC. Even better, they give your promotions with fair terms and conditions.

Of course, this depends on the casino you join. Some of them have no withdrawal limits for bonus profits. Others have zero wager requirements. The terms also depend on the bonuses you get:

  • Welcome bonuses
  • VIP rewards
  • Cashback
  • Live casino bonuses
  • Loyalty program

Against that backdrop, it is in your best interests to shop around for bonuses. Learn the terms for different crypto bonuses. Compare the bonus amounts, the withdrawal limits and validity times.

Fast Payments

Casino players dislike websites that make them wait days or weeks to receive their winnings. In light of that information, some operators accept crypto payments to entice gamblers who love fast banking.

The specific payment speed of crypto varies from one coin to another. For example, Bitcoin takes 10 to 30 minutes to process a payment. Ethereum takes 5 to 10 minutes while Solana processes payments within seconds.

Now, most casinos only accept well known coins like Bitcoin and Ethereum. That means you might not enjoy the lightning-fast transactions speeds some small altcoins have.

Still, to be clear, receiving your winnings in five to 30 minutes is much faster than the three to five days wire transfer promises.

Low or No Fees

When you deposit or withdraw money from casinos, you might have to pay transaction fees. The best digital wallets and debit cards don’t charge deposit fees.

But you can expect fees during withdrawals. The fees range from 1% to 3% of your winnings. If you win $100, this translates to $1 to $3. The amount might look insignificant until you win a large amount of money.

With crypto, casinos don’t charge you fees. However, they charge something called miners’ fees. It’s a tip given to the people involved in verifying crypto payments.

Miners’ fees vary from one cryptocurrency to another. Bitcoin has some of the highest miners’ fees, especially during congestions. Still, these feels are much lower than the fees digital wallets, banks and credit card companies charge.

A Global Audience

Bitcoin is a decentralized currency. It is not printed or controlled by a specific government. Due to that, crypto is available in every country around the world. Some countries have attempted to criminalize bitcoin. But they can’t stop their citizens from using the cryptocurrency.

That is a powerful feature, one that helps casinos find customers in all parts of the world. Truth be told, gambling sites are generally regulated. They have licenses that limits where they can operate.

Still, casinos support crypto because it has not boundaries or regulations. It is accessible where Visa, MasterCard and PayPal don’t operate. Unlike banks, it does not have working hours.

When it comes to using crypto, the only requirements are a place to buy bitcoin and a wallet to store them. You can buy crypto through an exchange website and store them there. But experts recommend that you keep your coins at an independent wallet.

Promoting Data Privacy

By nature, cryptocurrencies promote privacy. You don’t have to provide your name or address to complete a Bitcoin payment. You also don’t have to know the name of your recipient.

With many traditional means of payments, identity verification is compulsory. They might allow you to transact a small amount of money without providing your address. But you have to reveal your name, contact information and email address.

That said, privacy and anonymity shouldn’t be your primary goals for using crypto at casino sites. That’s because most casinos have to verify their customers by law.

If you want to gamble anonymously, find blockchain-based casinos. They are usually unregulated. But they don’t ask for any personal information.

Standing Out from the Crowd

Supporting crypto is a good way for a casino to stand out from competing businesses. You see, Bitcoin is a fast-growing commodity. News networks, celebrities and banks are always talking about it.

As a result, it has attracted millions of customers in the past few years. The only problem: crypto investors don’t always have a lot of places to spend their funds. This is where crypto casinos come into place.

They provide a means to spend Bitcoin and altcoins. In doing so, they attract a new audience. Bitcoin has a lot more benefits to businesses. For example, it doesn’t support reversals. As such, businesses don’t have to worry about people who use their services and cancel payments.

Crypto Appreciates

One of crypto’s biggest advantages is that it appreciates in value. Take Bitcoin as an example. In 2010, it was worth so little that you needed 10,000 coins to buy one pizza.

Today, the cryptocurrency is worth more than $20,000. Bitcoin’s price appreciates and depreciates in cycles. This means buying it doesn’t always lead to profits. Also, there are no guaranteed winnings in gambling.

People love to speculate. If you deposit and gamble one BTC in roulette and win, the payout is 35 bitcoins (35 to 1). If you hold onto your coins for a couple of months, your coins could also rise by up to 50% in value.

Bitcoin’s tremendous growth rate, therefore, makes it appealing to a lot of gamblers.

 

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