As we all know, cryptocurrencies are digital assets designed to work as a medium in exchanges during financial transactions, complementing and in some cases replacing traditional fiat currencies. Since Bitcoin’s inception in 2009, many new cryptocurrencies have emerged and people use cryptos in everyday life, whether it’s for trading on crypto exchanges or buying clothes or food online, more and more people are embracing the concept of using cryptos instead of fiat money.
One area where cryptos are gaining momentum is in online gambling. Online casinos are becoming increasingly more popular among Indians and are on pace to outgrow traditional land-based casinos. While online casinos are outlawed and no companies in India are allowed to offer real-money betting online, people are still able to gamble online despite the government’s best efforts. Foreign casino companies are able to offer their services online to Indian customers. So there are no laws stopping foreign companies or customers to engage in gambling activities over the internet. Playing online offers many perks compared to traditional land-based casinos. Cryptos make gambling online even more convenient and it’s gaining more popularity with prospective gamers in India.
Due to the restrictive gambling laws in India, there is a limitation when it comes to payment options for customers who want to play casino games. Besides easy access and convenience, one of the advantages is that online casinos are able to leverage cryptocurrencies for financial transactions between customers and their accounts. An internet casino offering cryptos gains a competitive advantage over non-crypto casinos by leveraging additional payment methods. As an example, out of many casinos in India, the internet casino 10Cric is one of the few that allow Bitcoins as a deposit method. By doing so, 10Cric makes it easier for customers to deposit funds to their accounts by providing more ways for their customers to play in the casino. Ultimately, internet casinos leveraging cryptos gets an additional advantage while also making crypto gambling more popular in India.
The only thing that differs between fiat currency and cryptos is the way a customer deposits and withdraws funds. The gaming content inside the casino remains the same for all customers no matter what currency they use. For the customers, using cryptos speeds up payment and transaction processes while keeping fees and processing charges at a minimum, making cryptos a more affordable option when gambling online.