The gambling industry is undoubtedly one of the worlds most lucrative. From Las Vegas to Macau and everywhere in between. If you are someone who likes an occasional flutter or a professional player, this industry can be both exciting and lucrative.
The problems however, are not far from the surface. Whilst we enjoy a relaxed, even liberal attitude to betting in Australia and throughout Europe, there are many countries whose betting industries have been stifled and even prohibited completely by overbearing bureaucracy. This is where crypto and the blockchain can be hugely beneficial.
Why the Gambling Industry Needs Crypto
As we mentioned, some of the world’s largest countries have a pretty conservative stance on gambling. This includes the USA, where, aside from a small pocket of areas and activities, are pretty staunch when it comes to being against gambling. South Korea too is a nation which completely prohibits ANY form of gambling for its citizens. This goes so far as to even prosecute some Koreans after they return from gambling trips in OTHER countries.
Ultimately, this removes a huge number of potential gamblers and revenue from the industry. Crypto can and has been implementing itself as the solution. The ease with which you can transfer coins from you secure crypto wallet to a betting site, and vice versa is staggering.
The speed of transactions, removal of costly intermediaries and full transparency of the networks are only a few reasons why these two sectors go hand in hand so well.
Why Crypto Needs Gambling
This is another simple and logical set of reasons. At the end of the day, the more people who are exposed to, and using cryptocurrency in their daily lives, the bigger the entire sector will become. What better way to introduce new users and spread crypto fever than harnessing an industry and hobby which millions of people love, and allowing them to carry it out in a safe and cost-effective environment.