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Why do top industry brands refrain from crypto gambling?

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With a marked increase in crypto gambling, some question why top brands choose to avoid it. We explore why they do.

Innovation and iGaming are inseparable, which is why it makes complete sense for online casinos and game providers to offer players advanced solutions like cryptocurrency bets. The rise of crypto gambling and the increased availability of Bitcoin casinos are testaments to the adoption of blockchain technologies worldwide.

However, punters in certain jurisdictions and fans of specific brands experience frustrations with a lack of options. Despite the rise in popularity of the decentralised currencies and increased demand from the online gambling community, many big names remain apprehensive about crypto adoption. We can link the accessibility to crypto gambling, or lack thereof, to a few reasons. The most important being regulation.

We dive into the reasoning behind a lack of options from industry giants like Novomatic, Aristocrat, Bally Gaming, and more to understand why players can't enjoy their favourite online casino games when using cryptocurrency.

Crypto gambling regulation around the world

Besides Maltese and Isle of Man crypto regulations, online gambling regulations mostly exclude crypto gambling. Gambling with decentralised currencies remains a grey area as laws from the most prominent global legislators omit specific protocols for decentralised financial solutions (DeFi). For this reason, the same operators that avoid grey markets with ambiguous laws for online gambling will avoid offering crypto solutions to their players.

SoftSwiss, the market leader in cryptocurrency casino and betting solutions, argues that this phenomenon will disappear only once the world's leaders recognise cryptocurrencies as real currency. Until such time, separate and clear laws could guide operators in ensuring safe and responsible options for gamblers who prefer blockchain wagers.

Offering safe and legal gambling options to their remote patrons is a priority of leading providers. The lack of clarity in the blockchain sphere may be why some steer clear of it. Brands such as IGT, Light and Wonder (previously SG Digital), and WMS might join the innovative brands that already have cryptocurrency as an option once reputable jurisdictions incorporate relevant laws for blockchain gambling.

The popularity of crypto gambling

Although some popular casino brands choose to avoid cryptocurrencies, the decentralised currency continues to grow in popularity in the iGaming sector. Subsequently, many online casinos started offering their customers Bitcoin, Ethereum, and the likes, as a means of payment. Modern gamblers prefer these because it provides anonymity, speedy transactions, and low costs.

Since the launch of crypto gambling, some providers opted to become specialised in the field, presenting punters with a list of Bitcoin-only casinos. What we find interesting is that although these casinos enjoy brilliant success and build trustworthy reputations, a lack of adoption from long-standing operators and game providers continues.

A company's historical approach to regulations is important when questioning reluctance to crypto adoption. Providers like the Aussie-based slot machine pioneer, Aristocrat, historically chose safe and undeniably legal regions to offer their services to. Suppose a company prefers regulations in black and white before staking its reputation on something. In that case, chances are they won't change that for the highly volatile, unregulated cryptocurrency space.

Regulation and reputation

Most crypto-enabled casinos have a Curacao online gambling licence, and unfortunately, some unscrupulous operators gave this licence a bad rap. This does not mean that all online gambling providers with a Curacao gaming licence are questionable. Most Curacao licence holders provide safe gambling for their players.

A great example of a top licence-holder from this jurisdiction is SoftSwiss. The leading crypto gambling brand maintains the highest standards in player safety and partners with the best names in the industry.

Apart from being one of the first providers to offer Bitcoin gambling, SoftSwiss is also the largest operator, provider, and aggregator with a Curacao licence and boasts an impressive collection of over 11,800 gambling titles to choose from.

Industry experts believe that online gambling providers avoid DeFi because of a lack of knowledge and fears related to money laundering. As mentioned above, long-standing brands such as Barcrest, WMS, and Bally Gaming steer clear of any potential moves that may damage their reputations. In an industry where bad actors have caused a stigma, reputation is vital for many. Therefore, these big brands prefer to wait it out until more prominent regulators create specific laws to legalise crypto gambling considering the responsible gambling factor for players.

Adapt to survive

The tech industry is a highly competitive space where change is both inevitable and rapid. While some still believe that cryptocurrencies may fail and disappear, many have come to terms with the amazing advantages the blockchain presents. Although most online punters remain loyal to casinos without cryptocurrency options, studies prove a marked increase in demand for DeFi gambling.

Adopting to survive is part of a tech-driven world, but gambling is an age-old practice, and only time will tell whether Fiat-only casinos could become redundant.

Published: June 22, 2022

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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