Examining the Impact of Cryptocurrency on Online Casinos in Estonia
3 minutes
Last Updated: August 23, 2023
With the introduction of cryptocurrencies on the global landscape, digital payments have come a long way. These will completely change the way we perform digital transactions online. These effects can already be felt in different industries. Gambling is one of them.
Operators in several are now accepting cryptocurrency payments from players. Being the technologically savvy nation that Estonia is, it wasn’t late to the party. You can find a list of these sites on Online-casino.ee. Be sure to check that out.
So today, we want to take a closer look at how cryptocurrencies have changed things for gamblers in Estonia. Let’s dive right in.
Blockchain Technology in Online Gambling
The reason why cryptocurrency works so well with casino payments is because of how secure it is. This added layer of safety and transparency has made it popular with many players in Estonia.
Operators worldwide have started to notice this and are trying to integrate payment systems that work using this blockchain technology. Some are starting off slow by offering a few cryptocurrency options, while others are completely rebranding into crypto casinos.
The Online Gambling Situation in Estonia
Estonia is one of the few countries where all forms of online gaming with money is legalized. By accepting and regulating this industry, the country has positioned itself as one of the global online gambling leaders.
Since local and offshore operators have been a part of the country’s economy since 2010, it shows how Estonia accepts the potential impact of this industry on the national income. This same line of forward-thinking aligns with what cryptocurrencies and decentralized finance are all about.
Crypto Payments in Estonian Online Casinos
Like the rest of the world, Estonian gambling sites offer the most popular crypto payment options out there. We’re talking about Bitcoin, Litecoin, and Ethereum. But this isn’t the complete list. As we mentioned, some online casino sites offer even more range regarding digital coins that players can use for transactions.
There are some obvious advantages for which players are opting to switch from fiat payments to using this secure method. We’ve already talked about the security of cryptos. Besides that, they allow a player to remain anonymous and perform instantaneous transactions for quick deposits and withdrawals.
Players can also use the altcoins to directly enjoy gambling online. There’s no need for conversions, so the gameplay experience remains uninterrupted.
There’s something in this for the casinos as well. Since it’s all based on decentralized finance, the operators don’t have to deal with huge transaction fees. It also lets them appeal to a broad range of customers.
Challenges to Be Considered
No one can deny that cryptocurrencies in online gambling bear many fruits. But they also have some issues that need to be addressed.
The biggest of the bunch is the volatility of the coins. As there’s no fixed value for them, players and casinos are at risk of a sudden market crash that can occur at any time.
To solve these issues, policymakers must develop acceptable solutions for both parties, gamblers and operators. Unless that happens, there’s no telling when things might go south.
Potential for Growth
All things considered, there’s still an untapped potential for crypto payments in online casinos in Estonia. The inclusion and improvements with this payment method have a good chance of attracting a new generation of gamblers; gambling sites can get a boost to their player base.
It, in turn, will improve revenue generation, create new jobs, and overall contribute to Estonia’s economy.
Fiat Currency Vs. Cryptos: Which Is Better?
If we directly compare traditional payment methods and cryptocurrency transactions, crypto will always come out on top. It’s faster, more secure, and reduces the risk of anyone getting scammed.
But the one thing that regular payment methods have over crypto is a stable value. That’s something digital coins will never have, so it hasn’t been accepted everywhere.
Our Thoughts
As Estonia accepts this technology for online casinos, we can expect many things from the country’s gambling industry. It’s already regarded as a digital haven for digital gamblers. If they keep this up, things will only improve for players living there.
