The traditional gambling industry is beginning to feel the heat of competition from its online counterpart. This has served to shake it from its complacency. Online operators have always been eager to try out new technologies and concepts like cryptocurrencies.
But land-based gambling companies have preferred to stick to traditional ways of operating. After all, they have always emphasised on offering a complete entertainment experience in which ambience and sociability have a big role to play.
Many far-seeing casinos are revamping their gaming floors to include entertainment options that will appeal to a younger crowd. It is also increasingly becoming apparent that the stagnating land-based gambling industry has to work alongside its online counterpart in order to expand. Younger gamblers, especially millennials, tend to prefer the internet for their entertainment options. But they too can be attracted to land-based casinos via cross-marketing exercises.
The World of Cryptocurrencies
Online casinos have begun to accept cryptocurrencies, especially Bitcoin, because of the many advantages they offer. In fact, Bitcoin enables gamblers to play at casinos even if they live in a place that frowns upon online gambling and has laws to prevent conventional money transfers to gambling sites. Bitcoin also offers anonymity to those people who don’t want their gambling habits to be monitored. While these advantages are not relevant for land-based casino usage, Bitcoin also offers its users two additional features that are useful in this context – a high degree of flexibility and security.
Bitcoin transactions happen instantly and they are also irreversible. Furthermore, these transactions can be done without any transfer fees. Transaction fees have been a big issue with gamblers for a long time, and this is one of the leading causes of discontentment with the industry. Players at online casinos have started to prefer using Bitcoins because of the ease with which their money can be withdrawn immediately after they close a gambling session. Bitcoins can be transferred immediately from gaming accounts to online wallets, leaving the funds free for some other use.
Land-Based Gambling Casinos Start Accepting Cryptocurrencies
A number of land-based gambling casinos have started accepting Bitcoins. Merit Hotel Nicosia, as well as D Las Vegas and Golden Gate casinos in Las Vegas were the first gambling establishments to take this step, way back in 2014. The Princess Star network did the same in 2015. These establishments have varying policies on what services or products the Bitcoins can be used for. The two Las Vegas casinos, for instance, decided to not accept Bitcoin payments on the casino floor. Instead, they make use of a payment processor to change the cryptocurrencies into dollars. This happens as soon as the customer makes a transfer. The casinos state that this is to ensure ease of keeping financial records.
It is becoming increasingly apparent that casinos that accept Bitcoins are seeing an increase in business. Even if it’s not for gambling. Many casinos are eager to be part of this trend so as not to miss out on any business opportunity. Furthermore, Bitcoin offers them certain advantages that other conventional currencies do not. The trustworthy nature of Bitcoin helps casinos protect themselves from counterfeit money or fake cheques. People who use Bitcoins will not be able to claim wrongful refunds or charge-backs. This is because the cryptocurrencies have a perfect digital trail.
Are Cryptocurrencies the Future?
It is clear to see that the land based gambling industry will eventually make the move towards Bitcoin. As a matter of fact, a number of casinos on the Las Vegas strip have already installed Bitcoin casinos in their lobbies. The adoption of this and other cryptocurrencies will certainly help the land based gambling industry and customers alike.