Technology has developed at a rapid pace over the past few decades. The internet has changed the world since it was introduced in the ’80s and has been the catalyst for countless other technological developments in the world.
One sector to benefit from the internet and technology is the gambling industry. Sports and casino betting ventured online in the mid-’90s with a handful of betting sites launching at first. These days, gamblers and traders have the choice of several dozen different betting sites, such as the ones listed on whichbookie.co.uk, that now offer betting across more sports & markets and more casino games across both desktop and mobile devices.
Another area in which the online betting industry has developed is with their banking options. Players now generally have several options when it comes to depositing and withdrawing from their accounts with E-Wallets such as PayPal, Neteller and Skrill widely available as well as pre-paid cards and other options. Some betting sites also offer ‘Fast Funds’ which allows customers to receive their money in their bank accounts within a matter of hours rather than days. Fast Funds isn’t available with all withdrawal methods but it is certainly an advantage to be able to receive your funds quicker.
Over the past few years, blockchain technology has started to gain a lot of traction in what it is used for and how it could possibly be used to improve the efficiency of certain industries. Some online casinos and bookmakers now accept deposits and withdrawals in cryptocurrencies such as Bitcoin, Ethereum, Litecoin and others but transactions are still regularly delayed and there are fees associated with them. One new development in this area is the introduction of a cryptocurrency named ‘CasinoCoin’.
What Is CasinoCoin?
CasinoCoin is a digital currency, but unlike Bitcoin and other cryptos, it is not intended for everyday spending or to replace fiat currency. It has been specifically developed for the gaming industry with the aim for it to be used by online betting sites such as bookmakers, casinos, poker sites and others.
What Are The Benefits Of CasinoCoin?
CasinoCoin benefits both the operator (betting sites) and the player in several different ways.
Firstly, for the operator, the transaction fees are minimal. Processing thousands of transactions every day can be very costly for a betting site and CasinoCoin has the ability to cut those costs dramatically.
The typical transaction cost of a deposit ranges from 0.5% to 6% for an operator but when using CasinoCoin, the transaction fee is around just $0.00000676. That cost is regardless of the size of the deposit and with some high-rollers making deposits into the tens of thousands on a regular basis, the potential savings are significant.
Another advantage for operators is that there are no chargebacks when using CasinoCoin. With an average of 1% of deposits resulting in a chargeback, they add to the cost of operating a betting site but with CasinoCoin and blockchain technology, chargebacks are not possible.
In terms of benefits for the player, the main advantage is being able to move your funds around almost instantly. Let’s say that you have accounts with multiple casinos, which many players do. If we had a $500 bankroll and deposit that into Casino #1, if we wanted to play at Casino #2, we would have to withdraw the funds, wait a few days for the funds to reach our account and then deposit into Casino #2. However, using the CasinoCoin Bankroll Manager, we’re able to move money between casinos within a matter of minutes.
Instead of withdrawing the funds from Casino #1 to our bank account, which can take a lot of time, we instead withdraw it to our own CasinoCoin wallet. This transaction is extremely fast and takes usually a matter of seconds. We can then deposit the funds from the wallet into another casino that accepts CasinoCoin, again, almost instantly.
One feature that benefits both the operator and the player is the one-time KYC check that is available with CasinoCoin. Online betting sites are legally required to perform KYC (Know Your Customer) checks on every new player. This is both a costly and time-consuming task and needs to be performed by each betting site for each customer. However, when a player registers with CasinoCoin, they perform a single KYC check. That KYC check is then valid for every online betting site that they play at that uses CasinoCoin. It saves the player a lot of hassle in sending proof of address and identity documents multiple times and saves the operator a considerable amount of money.
Lastly, every single wager that is made on a betting site that uses CasinoCoin is recorded on the blockchain which is incredibly secure. The blockchain is available for all to see and so should there ever be any disputes regarding a wager, the details are completely transparent for all to see which can help disputes be resolved a lot quicker.
How To Use CasinoCoin
Although CasinoCoin and blockchain technology is still in the relatively early stages of mass awareness, it is developing at a rapid pace. The first online casinos to accept CasinoCoin are due to be announced very soon and there’s an extremely strong possibility that many more will follow.
The benefits of using CasinoCoin and/or other similar digital currencies in the gambling industry are evident and are another step in the right direction in providing a more seamless and cost-effective online betting experience for all involved.