How Crypto is Taking over the iGaming World
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How Crypto is Taking over the iGaming World

It has been becoming more and more common to find online gambling platforms which offer crypto as an accepted payment option.

Most casinos are going for the hybrid model, meaning they offer both fiat payment options as well as crypto banking methods. Others, like Stake which is one of the top casinos in Canada at the moment, are fully crypto casinos.

There are various reasons why we have seen this sudden increase in interest in crypto from online casinos.

Despite how recent this evolution within the igaming industry might feel, crypto casinos are not a new concept.

The very first crypto casino in the history of online gambling appeared in 2012 and was called SatoshiDice. Despite crypto still being rather lowkey at this point in time, within a year of activity, SatoshiDice managed to rack up over $15M in bets.

In 2021 we lived through the crypto boom during which it became a sort of gambling activity within itself, with people investing real money in these crypto banks with the hope of the value of crypto increasing and therefore growing their savings.

It is not at all surprising that there is now such high demand from online gamblers for casinos to offer them the possibility to make transactions using crypto rather than fiat currencies.

The most popular online gambling platforms at the moment could be considered those which have adapted to this demand.

But why is crypto taking over the igaming scene?

This shift we are witnessing on our favourite online gambling platforms towards being more crypto-friendly is not only because a large majority of players have invested in crypto over the past years and want to you their investments to gamble online.

There are a few other very straightforward and simple reasons why this is happening.

  • Crypto is safer and more convenient

Technically, crypto is not regulated by any governing entity.

However, crypto technology is deemed to be a fully secure blockchain technology which is transparent, making it practically impossible for transactions to be tampered with.

Since the appearance and popularity of crypto payment methods, fraud has been kept to a minimum at online casinos. This is of course also thanks to the extreme safety measures and encryption technology employed on these websites to keep a safe environment for players.

Apart from being safer, crypto banking options are also a lot faster than fiat payment options. Normally depositing money at a casino is always instant, but when it comes to withdrawing winnings it's a bit of a different story.

With most fiat payment methods, a withdrawal could take up to six business days to go through whereas when withdrawing your winnings in crypto form, the transaction is instantly completed.

  • Crypto has become more easily accessible and simple to use

One of the wonders of making transactions at an online gambling platform using crypto is that there is less involvement of third parties to complete and confirm your transaction.

Normally all it takes to confirm your deposit or withdrawal is following a link or scanning a QR code on your phone to confirm your identity and/or link your account to that at your casino of choice.

This is unless you're buying crypto at your casino, in which case you're likely to make your purchase through a third party such as MoonPay.

When depositing and withdrawing using fiat currencies, the process of completing your transactions could be quite tedious and long.

You would need to pay attention to limits set by the bank or the casino itself as to how much you can withdraw and deposit and also wait to be redirected to your bank's website to complete the transaction.

When it comes to limits to withdraw, crypto is normally a lot more flexible and allows for larger withdrawals.

  • Crypto transactions come with no fees at the casino

Using crypto is more affordable for most players simply because there are no required fees to be paid at the casino for players to be able to complete transactions when using crypto.

However, the blockchain will impose some fees, normally standing at $3 for Bitcoin and Ethereum and just $0.50 for other crypto banks like Litecoin.

Although fees have been reduced or even completely removed at most online casinos, it may still be the case when using fiat currencies to complete your transactions that your deposit or withdrawal comes with a small fee.

  • Crypto players could enjoy special bonuses and promotions at their casino of choice

Since crypto gambling is becoming so popular, casinos have started coordinating special promotions targetting crypto players specifically, as well as tournaments and even games for crypto players.

This exclusivity does make it feel as though crypto players are treated like VIPs at their casino, having opportunities to play games inaccessible to players using fiat currencies and the ability to participate in tournaments which other players can not.

  • Crypto is definitely being boosted thanks to online gambling streamers

Many influencers who have risen in popularity for creating online gambling content have been collaborating with various platforms to create special promotions for their viewers.

For the most part, these bonuses and promo codes target crypto players.

Streamers often use crypto to play themselves, inspiring viewers to do the same during their own gameplay.

Which are the most popular cryptocurrencies?

Bitcoin is definitely most players' go-to when online gambling, and in terms of the activity of investing in crypto itself, this bank has become the destination which is welcoming the most people.

It is certain that whichever crypto casino you access, Bitcoin will be among the options for you to make deposits and withdrawals.

This crypto bank has been preferred by players and investors over others mostly because it steers away from traditional banking systems and is practically independent of the regulations and jurisdiction of various governments.

But Bitcoin is not the only reliable and trustworthy crypto banking option out there. A few of the most popular ones which you are likely to find on online casinos available in Canada are:

  • Litecoin

  • Dogecoin

  • Tether

  • Ethereum

Which are the best crypto-casinos in Canada?

Below, we've narrowed it down to our top three hybrid or fully crypto casinos that we would recommend you play if you're planning on using crypto during your gameplay.

Check out our in-depth reviews of each of these casinos by clicking the links provided.

Being a crypto-only casino, you surely will not be disappointed playing at Stake. This is a fully equipped platform which offers casino, live casino and sports betting options.

The range of products here is simply insane and a total of thirteen different crypto-payment methods are available! We really like how diverse the options are.

If you still have not invested in crypto, you may purchase some using real money through the casino itself either through Remik or MoonPay.

This is currently the top hybrid online casino on the market.

BitStarz is an ideal online gambling destination due to the amazing variety of gaming options available among which Bitcoin games and exclusive games.

The promotions at this casino are also very attractive, as well as the incredibly modern, organized and user-friendly website.

This casino recently appeared in the Canadian market and is a very fun and bright online gambling environment.

Neon54 is a very detailed and professionally curated casino, which offers various welcome bonuses tailored towards the gaming style of a diversity of players, as well as competitions for specific audiences too.

We would highly recommend all three of these casinos.

From our personal experience, they were great and we really think that they are some of the best online gambling destinations in the Canadian market, which are ideal for crypto players!

We believe crypto and igaming have a very lucrative future together ahead of them.

These two industries work very well together as has been proven through the activity of online gamblers in the past couple of years.

Online casino companies have been incredibly receptive to the idea of integrating crypto into their system and services, which has led to the online gambling scene becoming generally more accessible, affordable and safe.

What we expect for the future is for all serious and trustworthy modern casinos to make the switch and introduce crypto payment options for their players.

About the authorClaude Gillet
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Since 2019, Claude has been editor-in-chief. His role is the most comprehensive, as he is responsible for publishing, editing and proofreading. All articles published on the site have been checked by him.

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