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Crypto and Gambling: Yes, it’s Happening!

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Caption: Could we see their digital counterparts in casinos?

You know we love a good poker session here at BFS. So, you’re probably not at all surprised that my husband and I started a poker club in college. Right? But we’re pretty sure that if we went back in time and asked our college-going selves if they thought we’d be playing poker with digital currency only eight years later, we’d have laughed our young heads off.

But it’s happening, folks! Yes, cryptocurrency is finally making its way into the gambling industry, and it’s about time, too. But interestingly enough, it’s not the complete breakthrough that most gamblers would have hoped.

Is it at the tracks?

Nope, you’re not done with cash and credit cards at the track as of yet. The racing industry is notoriously resistant to change, especially when it comes to matters of dollars and cents. But it’s a marriage of convenience that has to happen soon.

Think about it: racegoers using their digital wallets to place bets at the track would be a much safer way to handle the vast sums of cash that makes its way through the bookmakers on a daily basis.

What about the casinos?

No, I’m afraid it’s not quite there yet either. There are some casinos in Vegas that accept Bitcoin for accommodations and in their restaurants while a couple of hotels and a few businesses even have Bitcoin ATMs on-site.

However, although casinos understand the desire from their customers to use cryptocurrencies, they’re tentatively dipping their toes in the water first. But again, like the racetrack, the use of cryptocurrencies at casinos would offer players a higher level of security when claiming their winnings or carrying in their cash for a night of blackjack or poker.

So, where is it happening?

While it may take some time yet before we see crypto at the track or casinos, there’s one place where it’s already in play, and yes, you guessed it, that place is the internet. Right now, there is an online platform that is making waves in the poker world for all the right reasons. CoinPoker is a platform that utilizes blockchain technology to offer players a chance to play poker using crypto.

Now, it might not sound all that amazing, but given that this is an industry that has yet to embrace the use of digital currency, it’s a big deal. But what’s even more interesting is the fact that it is proving to be a huge success.

The platform only accepts one form of currency called Chips (CHP), which makes it all the more intriguing. Players must buy these tokens before playing in the platform’s tournaments. Can you see what I’m getting at here? The popularity of this platform, even though it requires the use of a specific token, proves that there’s a significant demand for this kind of service in the gambling industry.

Perhaps it’s a matter of security (no need to give out a credit card or bank details) or maybe it’s one of convenience. Whatever the reasons are, it’s apparent that gamblers want to use cryptocurrency when they play. The success of the Chip token should give pause to the industry heavyweights and if they’re savvy enough, also encourage them to take a chance on crypto.

Yes, crypto isn’t quite here yet, but it sure is on the way. Within the next five years, we could all be using our digital wallets at the slot machines and tables. Although with that said, I’m not sure anything could replace the sound of a coin in a slot machine!

FYI:  I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year.  I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home.  If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!).  Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!
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