The introduction of cryptocurrency into gambling has created valuable opportunities for both industries. Cryptos used in gambling are gradually revolutionizing the sector and attracting new users by offering advantages not typically available with non-crypto gambling. With crypto, users enjoy privacy, increased security, transaction transparency, quick transactions, and cheap fees, among other factors. Some of the best gambling cryptos to watch out for as 2024 begins include:
Bitcoin (BTC)
Bitcoin is the most common cryptocurrency used on gambling platforms. It is the world’s largest crypto by market cap and the asset with the highest level of adoption among the more than 11,000 active cryptos in the market, according to CoinGecko. Bitcoin was originally designed as a peer-to-peer cryptocurrency and not intended for use in sectors like gambling. However, its growing recognition and use cases have encouraged online casinos to accept crypto customers, expanding its customer base beyond traditional fiat users.
As the de-facto cryptocurrency of choice, all crypto gambling sites accept Bitcoin. Most require one blockchain confirmation before the deposit is credited. This means waiting about 10 minutes (source: https://readwrite.com/cryptocurrency/best-bitcoin-gambling-sites/).
Bitcoin’s global acceptance and high liquidity make it a top choice for online casinos, solidifying its position as the leading crypto asset for gambling.
Enjin Coin (ENJ)
Established in 2017, Enjin Coin has enjoyed recognition for its focus on blockchain technology and non-fungible tokens (NFTs). While the token was initially launched specifically for gaming, its NFT solutions are also applicable to gambling to promote transparency and ownership.
ENJ facilitates the tokenization of assets and can help represent these assets using NFTs on blockchains. This design helps to tokenize in-game assets like digital chips, giving players a solid sense of belonging via true asset ownership. In addition, ENJ supports provably fair gaming, a type of technology based on cryptography, which ensures online casinos operate fairly and reduces the risk of foul play.
In addition to simply supporting the tokenization of gambling assets via NFTs, the ENJ ecosystem’s design facilitates interoperability. This expands the general network of online casinos, allowing users to interact with each other across platforms, exchanging NFTs and other crypto tokens. Through ENJ, users and service providers can design platforms and tokens that serve multiple purposes, helping to build a robust gambling community and ecosystem.
Ethereum (ETH)
Ethereum is the second-largest cryptocurrency, running on one of the most versatile blockchains in the industry. The asset is the native token of the Ethereum blockchain, which is very popular for its smart contract functionality. Gambling platforms can use these self-executing contracts to automate the deposit, wagering, and playing processes while using ETH tokens for user deposits and withdrawals. Via smart contracts, service providers can also ensure transparency and trustlessness.
Another advantage here is the token standards on the Ethereum blockchain. Online platforms that accept Ether are indirectly supporting one or more token standards, such as the ERC-20 and the ERC-721. Support for token standards allows these platforms to seamlessly integrate new compliant gambling tokens and facilitate playing with existing ones, which may be useful for live games or special tournaments between casinos.
Chiliz (CHZ)
CHZ is the native token of the Chiliz ecosystem, popular for enabling fan engagement and user participation. Running on the proof-of-authority (PoA) Chiliz blockchain, the ecosystem popularized fan tokens – digital assets fans use to interact with their favorite sports events or teams. These tokens give users early access to events, special privileges, and can be used to purchase merchandise.
The Chiliz platform operates Socios.com, its own exchange platform for trading CHZ and fan tokens. While the exchange provides an easy way to acquire these assets, it is also an excellent source of liquidity for fan tokens. In addition, the platform is a great way for gambling service providers to offer sports enthusiasts and gamblers an excellent way to interact, join sports or gambling communities, and bet on their favorite teams.
Theta Token (THETA)
The Theta project was launched in 2018 and was designed to fix problems around streaming and general video delivery. It is a decentralized video delivery network focused on affordable and efficient video streaming, leveraging shared bandwidth and computing resources.
Theta’s ecosystem can significantly improve gambling, especially with sports betting, where live streaming events is essential. In addition, the protocol is excellent for streaming other casino games, including poker, baccarat, and roulette, which can be played in real-time. The decentralized nature of the network makes this easy by solving problems with latency, buffering, and general picture quality typical of centralized options.
Theta also enforces an earning model encouraging users to share their computing resources for better video streaming. This method helps keep the ecosystem running and contributes to its scalability. The more scalable the network is, the more it can deliver videos and attract bettors looking to win big from gambling.
