If you follow the news, you’ve likely heard about the significant growth in cryptocurrencies like Bitcoin or Dogecoin. But why exactly has crypto gambling taken off?
First, it’s beneficial to know what a cryptocurrency is. A cryptocurrency is a virtual form of proxy payment similar to arcade tokens or casino chips and can be used online for goods and services.
Online betting is one of many industries that now accept the digital currency. But few industries outweigh the popularity cryptocurrencies have within gambling, as a significant amount of Bitcoin transactions are gambling-related, which could be attributed to a few factors.
Unlike traditional gambling, crypto coins do not show up on bank or credit card statements, providing players with a false sense of anonymity. This can pose risks for those who struggle with problem gambling, as they could hide their behaviors more easily.
Cryptocurrencies are loosely regulated. That means every purchase is made through a peer-to-peer network instead of a centralized bank and credit card company. For those who struggle with gambling, this can pose risks because digital currencies have been shown to make it easier to lose track of spending.
Due to these reasons and more, the crypto gambling industry continues to expand. But it’s important to remember that buying, using, and gambling with cryptocurrencies comes with risks, so do so responsibly if you choose to participate. Responsible gambling starts with knowing the facts and gauging your risk.
Before You Bet also provides access to resources if you think you or someone you care about might have a problem with gambling, like a quick two-minute quiz to assess your risk of problem gambling. You can access help 24/7 by calling the free and confidential Problem Gambling Helpline at 1-800-589-9966 or by texting 4HOPE to 741741.