The US online gambling industry is rapidly expanding as more states legalize and regulate this form of entertainment. As this momentum continues, it raises the question of whether cryptocurrencies will play a role in the industry’s future.
Currently, legal and licensed sportsbooks do not accept crypto, but could this change? Let’s take a closer look at what the current landscape looks like and how crypto could potentially revolutionize online gambling in the United States.
The Current Landscape Of US Online Gambling
In recent years, both land-based and online gambling has seen a surge in popularity across the United States. With more states legalizing forms of gambling such as sports betting and casino games, the industry is estimated to be worth billions of dollars in revenue annually.
A key part of any successful online gambling platform is its payment methods; currently, most websites offer popular e-wallets such as PayPal or Skrill along with debit/credit cards for customers to make their deposits and withdraw winnings. Indeed, for those that are interested in using sites that accept Skrill as a form of payment, there are a number of reputable sites that offer this form of secure transactional payment. One of the best resources on the internet is gamble-usa.com/banking/skrill-casinos/ where it is possible to go through what makes them the best to possibly use.
Cryptocurrency Remains Absent From Accepted Payment Methods
However, it is rather evident that cryptocurrencies are notably absent from these lists. Indeed, it could be argued that there are a number of different reasons why this might be the case. For instance, some may highlight the fact that there are no laws or regulations that govern the use of virtual currency, which could therefore scare off potential customers.
Other reasons could include the fact that cryptocurrencies are still rather volatile in terms of their value and as such, most online gambling companies would be wary about offering them as a form of payment. Additionally, AML/KYC regulations must also be taken into account, as without the necessary ID verification, many operators would not be able to comply with the relevant laws in certain countries.
What Could Crypto Offer?
Nonetheless, there is evidence to suggest that the future of online gambling in the US may involve cryptocurrencies. Although cryptos are not currently accepted by regulated gaming sites, there are many benefits that they could offer if implemented into sites’ payment systems.
Firstly, crypto payments would provide customers with an incredibly secure method for transferring funds; cryptocurrencies use blockchain technology which records all transactions on a public ledger making it almost impossible to hack or steal funds from accounts.
Secondly, they could provide users with anonymity; while some people may prefer to remain anonymous when engaging in online activities such as gambling, others may simply want to protect their personal data from being shared with third parties.
Lastly, crypto payments would allow customers to make real-time deposits without having to wait days or weeks for their transactions to be processed as traditional payment methods can often require.
As the US online gambling industry continues its rapid expansion across the country, it is only natural that we ask whether cryptocurrencies will play a part in its future. Legal and licensed sportsbooks currently do not accept cryptos yet there are numerous benefits they could offer customers if implemented into payment systems. From providing unparalleled security to allowing real-time deposits without waiting days for transactions to process, cryptos have great potential to revolutionize online gambling in America should websites choose to adopt them as a form of payment in the future.
Of course, with the highlighted possibilities as to why digital currency is yet to emerge as an accepted payment method, it is understandable why there has been some slow progress compared to some other locations around the world. Nonetheless, if it continues to emerge as a popular way to pay for products and services, it may become too difficult to simply ignore, especially if everyone can benefit from the transactions being made!