Cryptocurrencies becoming big business for online gambling sites

The likes of Bitcoin are proving more popular than ever with online gamblers…

The benefits offered by cryptocurrencies like Bitcoin have been felt across several industries. One of them has been online gambling, for better or worse. And now we get news of a site that’s marrying up online gambling and cryptocurrency . This time the benefactor is an online betting and gambling site, which has now reported a spike in the amount of stakes being placed with cryptocurrency.

In the past few years, numerous online and betting sites have started accepting digital assets as payment. This gives players more options to gamble with a pseudonymous currency such as Bitcoin. The anonymity is likely a key appeal. As it turns out,  Winning Poker Network is one of the companies benefiting from supporting cryptos over the past years.

The company processed its first Bitcoin transaction in 2015 and now accepts over 60 different cryptocurrencies for deposits and withdrawals. During the first year, the company observed just 2% of the business was being conducted using cryptocurrencies. However, crypto now represents 60% of all transactions across the network.

According to WPN Affiliates spokesman, Brian Harris, cryptocurrency payments are gaining popularity because they’re better—and cheaper. He points out that “compared to traditional banking methods which cost 13% on average to process, cryptocurrencies cost sites just 2%”.

The universality of cryptocurrencies obviously helps as well. But then as Bitcoin and other equivalent cryptos provide that larger slice of anonymity, players aren’t necessarily leaving much of a trail they leave behind when engaging in online gambling. Whether you view that as a good or bad thing, it’s certainly proving to be a selling point…

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