The latest stage in the overall evolution and advancement of the gambling world has definitely been the near-complete move to the internet. It is such a natural progression that it seems like the online environment has been made with web-based casinos and sportsbooks in mind. With millions of players having access to thousands of sites where they can gamble and bet, the industry stagnated for several years, and then they appeared.
Cryptocurrencies took the world by storm and after the initial adoption of them as trading and investment commodities, their use has branched out into other industries and fields. Nowadays, one of the most popular ways they are being actively used is through crypto casinos. But when did they appear exactly and what has been their evolution so far? In this guide, we talk about the short yet eventful history of gambling online with cryptocurrency and look forward to what is still to come.
What is a Crypto Casino?
Before we talk about their evolution, let us determine what a crypto casino even is. How are they different than other casinos that do not accept digital currencies as deposit payments and for withdrawals? Well, the very fact that a casino has made available for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and other cryptos to be used freely means the whole infrastructure of the casino is different. All for the better, of course, as the platform is stronger, sturdier, safer, and faster.
The blockchain technology that cryptos need to be utilized comes with many benefits, the main of which deal with the transparency of every transaction and with the anonymity of the users. There is no need for personal and financial information to be shared all the time, only the digital wallet. This means the players can remain anonymous while playing while every transaction can be looked at in the digital ledger of the blockchain itself.
Combined with faster transactions and no intermediaries like banks and governments to introduce additional fees, it is a win-win situation for everyone involved. Oftentimes, crypto casinos also look more modern and have intuitive user interfaces and more games and features because the websites are simply more capable than those who lack them. The best casinos of all still offer everything else the users are used to including other payment options and traditional money (fiat currencies).
The Evolution of Crypto Casinos
The early days of cryptocurrencies coincide with the onset of cryptos themselves, mainly Bitcoin. While traditional online gambling (with Euros, Dollars, Pounds, etc.) started in the late 1990s and early 2000s with classic games such as poker, blackjack, roulette, and slots dominating the web, the crypto craze began in 2009. The first cryptocurrency in BTC launched this year as an anonymous entity known as Satoshi Nakamoto changed the world. The promise of decentralization, anonymity, and low transaction costs piqued the interest of many, expats and common folk alike. Those involved in gambling online were very keen from the start.
Wider Bitcoin adoption took place in the following years, especially between 2011 and 2013. As it gained widespread popularity and recognition, people started exploring how else it could be used in other industries that did not involve finance, economy, and tech. Online gaming picked up soon but it was slow during these first few years. The true birth of crypto casinos only took place between 2013 and 2015, which is when more and more services started accepting Bitcoin as a payment method first, and then other popular cryptos and altcoins. Casinos allow users to deposit and withdraw in virtual currencies and bypass traditional banking systems.
When it started to take root, gambling on crypto platforms was advantageous enough for people to make the switch. Players were drawn to the anonymity, faster transactions, lower fees, and safer services. Crypto gambling services also made it possible for people from countries with strict regulations and laws to enjoy gambling, as they could not do so otherwise. The overall freedom and safety are always enough for many to adopt something and cryptocurrency gambling platforms on the internet are a great example. Some of the earliest examples of casinos include SatoshiDice in 2012, a simple dice game where users bet BTC in an effort to win more of it.
Growing Popularity and Expansion
Between 2016 and 2019, the popularity of these platforms grew ever so bigger. Of course, it went shoulder to shoulder with the even greater expansion of the currencies themselves and the popularity of Bitcoin soared and new records were being broken with its value. Others like Ethereum, Litecoin, and Ripple gained traction which opened up opportunities for multi-crypto casinos where users could pick and choose their tokens and customize their experience. Blockchain use in casinos took off massively too with more attention to fairness transparency and verification. This was a huge step in addressing issues related to trust and fairness and it brought about even more customers.
From 2019 to the present day, licensing and regulation efforts have been changing and adapting, allowing more freedom and making the whole industry better. As these modern crypto casinos grew beyond what was ever expected, many jurisdictions began to recognize the need for more regulation, and some offered licenses for cryptocurrency gambling operations to guarantee legality and fairness. Places like Malta, Costa Rica, and Curacao became key players in this field. Most of the leading casinos these days are fully legal, licensed, fair, and transparent and they devote a lot of time and resources to customer trust and data safety.
The latest improvements and ongoing efforts deal with user experience improvements with significant advancements in platforms. User interfaces, mobile compatibility, customer support, and the amount of games are always at the highest levels and incomparably better than traditional internet-based gambling and betting services. Live dealer games live sports betting, and immersive experiences through artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) are now being introduced more and more and fans could not be happier. Additional technologies like DeFi (decentralized finance) and NFTs (non-fungible tokens) are also part of it. With all of this, mainstream adoption is very close as most, if not all, casinos will soon include crypto in their offers.
