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The Impact of Cryptocurrency on the Gambling Industry

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Cryptocurrency and Gambling

The crypto gambling industry alone is estimated to be worth $250 million, and things are just heating up! Over 35% of all online bets are made via crypto, and 50% of bitcoin transactions are gambling-related. As you can see, online gambling and cryptocurrency are forming a synergy that is propelling both sectors forward. In this article, we’re going to get to the bottom of why crypto gambling is so popular and the impacts it’s having on the iGaming industry as a whole.

Slow Transactions Are a Thing of the Past

Cryptocurrency has really sped up gambling-related transactions, specifically withdrawals. Before the rise of crypto betting sites, traditional online casinos would often take 7+ days to pay players out. Crypto casinos have thrown that old meta out the window, thanks to the blockchain and ease of transactions, players can cash out via bitcoin or ethereum and receive their winnings in under 10 minutes. 

Anonymity Is Back in Style

Back in the early days of online casinos, there were virtually no rules as there were no laws governing the industry. Governments eventually responded by either shutting down these online casinos or by attempting to regulate them. 

Governments tasked gaming authorities with monitoring these sites, and one of the big rules they came up with was KYC (know your customer). This forced online casinos to verify the identity of all players, their residence, and their source of funds.

KYC was extremely unpopular with a significant segment of gamblers who promptly stopped gambling at licensed online casinos, and many stopped gambling altogether because non-licensed sites were too risky to play at.

A large percentage of crypto casinos don’t require any kind of verification and allow you to play anonymously. This has caused a wave of players who value their privacy to come flooding back. And thanks to the provably fair algorithm that many crypto casinos use, players can personally check if the games are rigged or not, giving them peace of mind.

Cryptocurrency Has Altered the iGaming Experience via Tokenization

Another way cryptocurrency has transformed the iGaming experience is by creating new ways to earn rewards and connect with other players. Via tokenization, crypto casinos can create their own digital assets, which they can give to players, who then can trade and sell them to fellow players. This creates a whole separate economy.

Decentraland is a perfect example of this. This metaverse features a casino where you can play all of your favorite games and win crypto, which you can cash out or use to purchase things in the metaverse, from property to businesses to cars to clothes. We will see crypto casinos transform into entire online worlds just like the mega brick-and-mortar casinos transformed from a handful of tables and slots into resorts.

Cryptocurrency Enhances Security For Players and Operators

A significant issue facing online gambling operators is chargebacks with disgruntled players filing fraudulent claims and cybercriminals stealing card details to play online. Betting sites have one of the highest chargeback rates of any industry which costs operators millions in fees every year. It is expensive to fight chargebacks card processors tack on extra fees as online gambling is considered a high-risk industry. As cryptocurrency transactions are 100% non-reversible, accepting crypto an online betting site can instantly eliminate the chargeback problem and boost their profit margins. 

Cryptocurrency also boosts player safety. As mentioned earlier many crypto betting sites allow you to play anonymously. This means you don’t have to share personal documents like your passport, bank statement and utility bill with the online casino. You no longer have to trust a betting site to securely store information that can be used for identity fraud.

The other big way cryptocurrency has transformed player security is the use of provably fair. Traditional online casinos get their random number generator (RNG) and games inspected by third-party testers and you as a player just have to trust the results. Well, thanks to cryptography and the blockchain you can now personally inspect the game results at a crypto casino and verify if they are legitimate.

Cryptocurrency has positively impacted online gambling as players get greater access, fast payments, enhanced privacy and security, and new gaming experiences. To learn more about the future of crypto and online gambling, read some of our other articles!

As an avid enthusiast of technological innovation and the thrilling intersection of machinery and athleticism, I proudly consider myself a steadfast supporter of Machina Sports, advocating for its growth, celebrating its pioneers, and contributing to the vibrant community that shares a passion for the future of sports.

Casino & Games

Illinois Players Won’t Enjoy Online Casinos After Legislation Hits Roadblocks

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Online Casino

Online casinos were on the brink of being legalized in Illinois. Unfortunately, both bills weren’t voted on after the exact details of the bill, particularly taxes, couldn’t be ironed out.

State Representative Edgar Gonzalez Jr. and State Senator Cristina Castro both introduced separate but almost identical bills that, if passed, would’ve legalized online casinos in the Land of Lincoln. However, both bills were left to languish in the committee process. For now, the Subcommittee on Gaming, Wagering, and Racing has put the bills on the back burner.

There was no urgency among the politicians to vote on the pieces of legislation. The state budget has been much more stable in recent years. The state government has achieved a surplus over the last three years, and the 2023/2024 fiscal year is predicted to end in a $1.4 billion surplus.

Without pressing budget constraints, the government no longer needs to get creative with generating revenue. They’re likely keeping the legalization of online casinos in their back pocket until they need additional funds.

What Do the Illinois iGaming Bills Entail?

If passed, the bills would authorize an Internet gaming operator to offer internet gaming in Illinois after successfully receiving a license. The operator could run up to 3 individually branded internet gaming skins and would be subject to a 15% tax on revenues.

Online sports betting is already legal in Illinois, and major players include DraftKings, FanDuel, and BetMGM. The regulated online casino market would operate similarly to the established sports betting industry, and many of the same brands would also add casino games.

One of the sticking points with the iGaming bills is the 15% tax rate. Online sportsbooks are currently subject to a 15% tax on gross gaming revenue. However, the government wants to boost it to 20% for low earners and up to 40% for the top performers. 

The government wants to take advantage of online sportsbooks and use their growing revenues to fund the state. However, FanDuel and DraftKings have threatened to leave the state if they’re hit with higher taxes. 

It’s unlikely that the iGaming bills will pass with the old 15% flat tax. At a minimum, that will need to bump up to 20%. However, the state risks destroying the industry before it’s even started if it places too heavy tax burdens on operators.

Players in Illinois are also subject to a 15% state tax if they win over $600 when sports betting. This rule will likely apply to online casinos as well. This tax may disincentivize locals from playing at regulated casinos. Instead, they’re likely to continue playing at offshore casinos where there are no taxes on winnings. 

Will iGaming Ever Be Legalized in Illinois?

As the state legislative session has concluded, now the earliest state politicians can visit the online casino bills in the new year. If the bills are going to get passed, Rep. Gonzalez and Sen. Castro will have to reintroduce new online bills in January 2025.

Castro and Gonzalez’s bills were virtually identical, and both mirrored Illinois’ online sports betting legislation. The politicians believe that online casinos can be a great source of ongoing revenue for the state and help Illinois continue to fund social services while balancing the budget.  

The iGaming industry has struggled to win over lawmakers in the US. Only six states have legalized online casinos, while online sports betting is live in 30 states. Online casinos have proved more controversial, and brick-and-mortar casinos have lobbied hard to keep them banned. 

Neighboring Michigan has managed to successfully balance online and brick-and-mortar casinos. According to the latest research, the introduction of online casinos in 2021 hasn’t negatively impacted brick-and-mortar casino revenue. Hopefully, Gonzalez and Castro will use the Wolverine State as a shining example.

Gonzalez and Castro are no rookies when it comes to campaigning for online casinos in The Prairie State. The lawmakers have submitted numerous pieces of legislation only to see them rejected. However, there’s a very good chance that iGaming will finally be legalized in Illinois in 2025. Let’s hope that the lawmakers can come to a consensus and actually vote on the bill. It’s about time Illinoisans have access to online slots!

Read more: France May Legalize Online Casinos in 2024 or 2025

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iGaming

Rhode Island Reports $31.1 Million in iGaming Wagers in First Month

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Rhode Island iGaming

Rhode Island is the latest state to regulate and legalize iGaming. Bally Casino is the only online gambling operator in Rhode Island and offers slots and table games via a strategic partnership with Stakelogic. The monopolist started its first month of operation on March 4, 2024, and has just reported their results. 

In March, Bally Casino accepted $31.1 million in wagers. The bets were almost evenly split between slots and table games. Bally Casino accepted $15,471,572 in slot bets and $15,636,724 in table game wagers. The most popular table games were blackjack and roulette.

Bally Casino’s Revenue in Rhode Island Revealed

Bally Casino took $31,108,296 in total iGaming wagers and paid out $29,897,749. The result is a monthly revenue of $1,210,547. The return to player (RTP) percentage was 96.1. As is standard for online casinos, the majority of revenue was generated from slot machines. Despite taking slightly more table game wagers, this type of game only resulted in $238,641 in revenue. At the same time, slot machines contributed $971,906 to Bally Casino’s Rhode Island monthly revenue.

This is not surprising, as online slots, on average, have lower RTPs and higher volatility compared to table games. The average slot has a 96% RTP, while blackjack’s RTP can be as high as 99.5%.

Rhode Island Lags Other States in Terms of per Capita Revenue

Despite Bally Casino’s impressive monthly results, Rhode Island is seriously lagging when it comes to per capita revenue. In March, Pennsylvanian online casinos generated $233.1 million in revenue, which is $17.93 per capita. In second place was Michigan, which had $215.2 million in monthly revenue and the highest per capita revenue at $21.52. Rounding out the top three was New Jersey, with $197.1 million in revenue in March and $21.19 per capita.

All the way down in the last position was Rhode Island, with $1.2 million in monthly revenue. This is to be expected, as the state has a population of only 1.1 million. However, Rhode Island was also in last place in terms of per capita revenue, with just $1.1. Delaware has a population similar to Rhode Island but almost four times more iGaming revenue in March.

Online casinos are currently legal in seven states, and the average monthly revenue for March was $6.5 million, and the per capita revenue was $18.34. Rhode Island has a long way to go to reach these figures.

Experts predict it’ll take up to six months for iGaming revenue in Rhode Island to match other states as players adapt and the operator figures out how to meet local users’ needs. Bally Casino will be excited about the potential for growth and, in their first month, has proven there’s an appetite for iGaming in Little Rhody. If Rhode Island just achieves average iGaming revenue, then they can expect their current revenue to increase by 18x!

Sports Betting in Rhode Island Is Also Growing

Rhode Island also has mobile sports betting, which has been live for over one year. The only mobile sportsbook in the state is Sportsbook Rhode Island. The Rhode Island Lottery recently released sports betting statistics and, according to their data, just $45 million worth of sports bets were accepted in March 2024. Sportsbook Rhode Island had an online handle of $37 million in March 2024. Over 80% of sports bets in RI were placed online. This number is set to rise, as in most states, 90% of the handle is generated online.

Online casino players and sports bettors in Rhode Island would benefit from more competition. However, it remains to be seen when the authorities will allow other operators to enter the market. Skilled operators like DraftKings and FanDuel, with their sleek marketing campaigns, are champing at the bit to get access to Rhode Island bettors. Players are likewise keen to take advantage of more bonuses, games, and betting markets.

Despite the impressive figures, Rode Island and Bally Casino have a lot of room to grow. Per capita, Bally Casino’s revenue was only $1.10, while the average among states where online casinos are legal is $18.34. Bally Casino and Sportsbook Rhode Island will be keen to expand their operations across the state. We’ll keep you updated on the latest iGaming and sports betting trends in the RI, which have the potential for serious growth.  

Read more: France May Legalize Online Casinos in 2024 or 2025

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Drone

How Women’s representation in FPV shapes the scene

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KalliFPV’s Journey in the Drone Racing World

But is it? 

It was representation and passion that got KalliFPV into FPV Drone Racing, a\nd her ascent in the drone racing world is more than just a personal triumph; it’s a beacon for diversity and inclusion in a space where both are urgently needed.

A Sky Without Limits

Kalli’s journey isn’t just a story of overcoming odds; it’s a narrative that mirrors the ongoing evolution in STEM — a field continuously enriched by the diverse perspectives women bring. Her path from curiosity to competitive racing sums up a broader truth: when given the opportunity, women not only participate but excel and innovate.

Her inspiration? A blend of familial bonds and a natural inclination towards the mechanics of flight. Initially drawn to the sport by her father’s own passion, Kalli quickly transitioned from an observer to a key player.

“Back in 2022…I was like, dad, I really want to get into flying,” 

Kalli recounted, reflecting on the moment her journey took flight in a FuturePlay Interview. It’s a testament to the power of mentorship and representation. Seeing someone you identify with succeeding can sometimes be all the push you need to get on a similar path.

The Simulator as a Springboard

Kalli’s rigorous dedication to mastering her craft through simulators — a digital proving ground where countless hours are spent refining skills — highlights an essential message about the importance of accessible resources in fostering talent. 

“Most of my practicing I did on simulators. I practiced at least five hours a week,” she shared. 

This statement not only showcases her dedication but also underlines the role of technology in democratising fields like drone racing, making them more accessible to diverse groups.

Breaking Barriers and Building Community

Kalli’s decision to join the all-girls team Mach1 is a vibrant illustration of the changing landscape of drone racing — a world becoming increasingly inclusive. 

“Of course, an all-girls team, of course, I’ll join it,” 

She enthusiastically remarked, underlining the significance of finding a community where she felt represented and supported. Here, Kalli’s narrative intertwines with the larger discourse on the importance of community in breaking down barriers and fostering a sense of belonging.

A New Horizon

KalliFPV is more than a competitor; she’s a symbol of change in the aerial arenas of drone racing and beyond. Her story is a powerful reminder that with passion, mentorship, and access to the right resources, the sky is not the limit but the beginning.

In sharing KalliFPV’s journey, we not only celebrate her achievements but also ignite a conversation about the future of women in STEM and sports. It’s a discussion about the potential that lies in empowering young women to explore, to create, and to dream without limits.

As KalliFPV continues to fly, her content serves as an inspiration — to young girls who look up at the sky and see not a limit, but a vast expanse of possibilities. It’s a call to the community, to mentors, and to organisations to invest in these dreams, to nurture these ambitions, and to watch as they take flight, transforming our world in the process.

What are your thoughts about the representation in sports and scientific fields? 
If you want to watch the entire interview with Kalli – be sure to follow us on YouTube

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