Cryptocurrency casino and online financial transactions

The year 2024 gets closer every day and casino platforms continue to gain momentum as one of the main pastimes for Brazilians. The country has an ingrained gambling habit that is showing its strength today, with millions of Brazilians consuming lotteries, jogo do bicho and, nowadays, casino games.

With this in mind, online casino platforms seek to be as comprehensive and accessible as possible, in addition to offering the highest quality service, they also offer a wide range of payment methods. Among them, cryptocurrencies present themselves as a somewhat innovative option for some, but as a valuable alternative for others.

In this article, we'll analyse some data from recent studies on the subject and see how some of the casino sites have adapted to accept the most diverse financial transactions. In addition, we'll analyse some current news that could have an impact on the casino sector, as well as the movement of cryptocurrencies in Brazil and around the world from this end of the year.

Casinos that accept cryptocurrencies are becoming more and more common

It's been five years since online casino platforms began operating and the number of sites accepting cryptocurrency payments has grown rapidly. Although some of the biggest operators still don't fully accept the method, many others are already adapting and offering the option of financial transactions in cryptocurrencies.

Well-recognised names in the country such as KTO, chosen as one of the 10 best casino platforms in this year's iBest awards, Stake, Sportsbet.io, 1win, among others, already offer the option to players.

Whether it's the simplicity of making transactions or the security that blockchain offers its users, the fact is that the method is becoming more popular in the country. With the approval of the Gambling Bill on the horizon, which will also regulate online casino activity, the trend is for the practice to become even more popular in the sector.

Brazilian casino players are still wary of crypto transactions

An interesting study into the behaviour of casino players and gamblers carried out recently by ENV Media, especially with regard to payment methods, revealed important data. Although the numbers are still small, especially when compared to the extremely popular payment methods on online casino platforms, cryptocurrencies have increased their presence.

The data shows that cryptocurrencies are already the 4th most used payment method on online casino platforms in Brazil. The publication also analysed the level of trust that casino players have in the different payment methods available.

As you can see, only cryptocurrencies and e-wallets have similar levels of security and insecurity among payment methods in the view of users. Several factors contribute to this "distrust" on the part of users, including low awareness of cryptocurrencies, as well as lower accessibility compared to other methods considered more traditional.

Could taxing cryptocurrencies affect online casino operations?

Another issue that could affect cryptocurrency transactions at online casinos is the Offshore Bill, which applies a 15 per cent tax on cryptocurrency earnings abroad. If approved, these taxes could affect everyone who invests in platforms like Binance, for example, as well as others that operate abroad.

However, it is possible that the tax will have an effect on both sides, especially in relation to the movement of cryptocurrencies by users. While the 15 per cent tax may discourage investment in cryptocurrencies for profit, it could boost the use of the payment method for recreational use, as is the case with online casinos. Only time will tell what will really happen, but cryptocurrencies are already a reality around the world.

What to expect in the future of casino gaming

Well, it's always difficult to make any kind of deduction in a field as volatile as cryptocurrencies and online casinos, which are considered adventures of the internet generation, in a way. What we do see is that both sectors, or markets, are known for their rapid metamorphosis and adaptive nature.

As such, it is to be expected that both crypto casinos and the iGaming sector in general will adapt to what the future will bring. The fact is that both the regulation of casinos and the Offshores Bill have almost been approved and are due to take place in 2024. So there will be no option but to accept the facts and progress towards safe and healthy markets in both cases.