India has seen the use of cryptocurrency continue to soar in recent years, with more and more of its residents continuing to use virtual currency for a variety of different activities, including gambling. With the increased usage, the country has decided to implement a taxation policy that would treat transactions that are made in the same way as winnings from gambling activities.
Indeed, in recent years there has also been an increase in the use of a live casino in India as players have been able to find that they have been able to experience a number of benefits when playing live dealer games via the use of crypto that they have not been able to make use of when using the traditional Indian Rupee.
There are five key benefits that have been identified when using digital assets, with increased trust in the system; security; anonymity; easier transactions, and the elimination of cross-border discrimination having each been highlighted.
Enhanced trust in the system
Although there are a number of online casino platforms that look to increase the amount of trust between them and their players, however, history has played a rather significant role in making this rather difficult for some.
Some have seen a range of issues including underpaid payouts and even manipulative odds causing problems but the introduction of blockchain technology and the availability of using crypto to play live dealer games appears to have helped trust to be created and thrive. Operators are able to log the winners of each game, thus showing each game to be fair and paying out when it should and in a timely and effective manner.
Security
The use of blockchain technology has helped players to feel a lot more secure when using crypto to wager, as anyone who decides to use virtual currency will know that they will not have to input as many personal details as they would have done when using Indian Rupees, whilst the digital assets used and the e-wallet that they are held in will be protected by a secure key that makes things incredibly hard for people to try and steal from.
Anonymity
Players who use cryptocurrency can benefit from a high level of user anonymity due to blockchain technology, which will have played a huge role in the rise of blockchain gaming in India. Players are able to keep their identities a secret from a number of different institutions whilst also further protecting themselves against any possible hacks and identity theft that could happen.
They only need to provide a few details due to the blockchain technology being used, with things such as a wallet address being required to deposit and withdraw funds, rather than having to enter a number of personal data including name, address, and bank details when using traditional fiat currency.
Easy transactions
One of the biggest benefits of using crypto when gambling is the fact that players are able to enjoy an easier transaction process; one that is extremely easy and a lot quicker than those that involve traditional currency.
When trying to obtain winnings in Indian Rupees, players can incur things such as bank charges or see that it takes a while to receive any withdrawn winnings into their bank account. However, the introduction of blockchain technology and the use of digital assets has effectively eliminated this for many and has made the entire gambling experience more enjoyable, as well as potentially lucrative.
Cross border discrimination eliminated
A huge strength of cryptocurrency is that it helps to eliminate any cross-border discrimination that may take place, as players are able to play any live dealer games that they wish without having to worry about the location. Blockchain technology has eliminated the need for exchange rates and conversions, thus allowing gamblers to be able to get the same values if they were to bet abroad instead of if they were to bet at home.
Verdict
With the five features outlined above, it is clear and easy to understand why blockchain technology has helped see live dealer games in India trend within the country, as many of the benefits provide a huge advantage.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.