Are you an operator looking to streamline your business, boost your revenues, and attract more users? Then, online casinos are the best way to go.
Now, if we talk about payment terms, online casinos have been bifurcated in two types viz. Traditional Online Casino and Crypto Online Casinos.
Sometimes it’s challenging for operators to choose between these two casinos. Here in this blog, we will be discussing a detailed comparison between the normal online casinos and the crypto casino platforms so that you can get all the details you need for your casino business.
Understanding the Basics
Online casinos enable players to participate in casino games through the Internet in the comfort of their homes, using fiat money such as dollars, euros, rupees, etc. Money is transferred by the users to be used to gamble on games, play games, and withdraw winnings through bank transfers, credit cards, or e-wallets.
On the other hand, crypto casino platforms are relatively new in the market and have disrupted the market with the help of blockchain technology. These casinos employ cryptocurrencies like Bitcoin, Ethereum, or USDT for payment. The major attraction is the incorporation of blockchain technology, which increases the level of security, transparency, and anonymity. Transactions on such platforms are swift with relatively less costly compared to those of the online casino solutions.
Tabular Comparison Between Traditional Online Casinos vs Crypto Casino Comparison
| Feature | Traditional Online Casinos | Crypto Casino PLatforms |
| Currency | Fiat currencies (USD, EUR, etc.) | Cryptocurrencies (Bitcoin, Ethereum, etc.) |
| Transactions | Credit/debit cards, bank transfers, e-wallets; longer times, higher fees | Blockchain; faster, lower fees |
| Security | SSL encryption, KYC | Blockchain security, enhanced privacy |
| Transparency | Third-party audits | Blockchain transparency, provably fair |
| Player Acquisition | Geographic limits, currency issues | Global access, no currency conversion issues |
| ROI Improvement | Higher costs, slower transactions | Lower costs, faster transactions |
1. Currency and Transactions
In the world of online casino solutions, the use of money can define the success of the business and the experience of your users. Traditional online casinos use what we all know: fiat money, which is the money in our day-to-day use such as dollars, euros and so on. Money is invested in conventional methods such as bank wire transfers, credit cards or through online payment options such as PayPal. This can be reassuring because it is familiar and this is what people have always known. But, there’s a catch. Such transactions may take time to be completed and there may be charges on your end as well as on the players.
On the other side, the platforms of the crypto casino platforms employ digital currencies like Bitcoin. This is where it gets a little more exciting. Purchases and sales involving cryptocurrencies are faster and less costly since they do not involve the services of a bank. Also, they provide more anonymity to the users which is a plus for some of them.
2. Security and Anonymity
Traditional casinos use standard security features such as Secure Socket Layer to safeguard information. They also employ secure servers to keep personal information of their clients safe. Crypto casino platforms, on the other hand, make use of the inherent security features of the blockchain. Every transaction is stored in a block of the chain, and since the chain is distributed, it is very hard to manipulate or hack. This also provides a strong layer of security not only for the transaction but also for the player’s money. Also, the use of cryptocurrencies entails increased privacy and anonymity of the parties involved in the transactions. Some players can join and play without having to give as much personal information as those in physical casinos.
3. Player Acquisition
The acquisition of players is a critical factor for any online casino since the main objective is to attract as many active users as possible. It becomes challenging here for traditional online casinos because of geographical restrictions and currency conversion. These barriers can pose a problem when it comes to attracting international players since not everyone can be willing or able to go through the process of converting currency or dealing with payment methods that may be restricted for their country.
Crypto casino software solution, however, are a powerful tool in this regard since they have one significant advantage. Due to the use of cryptocurrencies, these platforms do not encounter many of the issues that are associated with banking and currency exchange.This way players from different countries can participate without having to worry about their local currency or having to pay a fee for conversion. Crypto transactions make it easier for casinos to reach out to players from all parts of the world.
4. ROI Improvement
Most of the traditional online casinos have higher charges and fees because they are associated with banks and other conventional financial institutions. Such costs can reduce the amount of profits hence making it difficult to realize a good return on investment. Also, long transaction times impact cash flow, which affects players’ experience. Crypto casinos, however, are a breath of fresh air when it comes to enhancing the ROI. Cryptocurrency transaction costs are much lower. Since there is no middleman involved, a significant amount of money can be saved on transactions. In addition, efficient transactions maintain the cash circulation fast and facilitate quicker reinvestment and payout that can improve the satisfaction and loyalty of the players.
Conclusion
The decision to go with a regular online casino or a crypto casino platforms depends on your business model and what you consider most important when it comes to running the business and the end consumer. Operators should understand the above-mentioned differences as it will help you to make the right decision. Whether you are planning to continue the development of the conventional online casino or create a new kind of crypto casino, it is essential to provide your users with a secure, fair, and entertaining gambling experience.
