Role of Nigerian Crypto Casinos in the Rise of the African Gambling Market
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Cryptocurrencies have swept the world far too many times to ignore them anymore. When the paradigm first came to light, the huge majority of the world didn’t bother because they were yet to realize the potential of these virtual currencies. The picture is completely different now. In fact, there are crypto games casino in Nigeria and many other African countries.
As it happens, that’s our topic of discussion for this post. The role of Nigerian crypto casinos and how it can impact the African online gambling scene. It will be a step-by-step approach to different aspects that all come together at the end.
What is Crypto Casino?
That’s a very good question to start this analytical post. A “top crypto casino” can mean 2 different things. It can either be a top casino that accepts crypto as payments or a casino in crypto blockchain.
When the concept of the best crypto casino online was introduced, it initially targeted the payment paradigm only. As long as you could deposit from your crypto wallet in your casino account, you could call it a top crypto casino at that time.
As time went by and the 2nd generation of blockchain was introduced, developers could launch DApps (Decentralized Apps) that work to create a casino in crypto blockchain. Instead of running on regular servers and RNG, these casinos run on a blockchain.
Now, how does acrypto casino in Nigeria come into the mix? Well, as of now, Nigeria is Africa’s largest economy. It also happens to be the latest untapped market for crypto users. Within the span of 1 year, the number of crypto users jumped 1200% in Nigeria! That’s despite the fact that the Central bank barred all financial institutions from dealing with crypto.
It’s not only fascinating but also liberating for the Nigerians. According to the latest reports, 1 in 3 people in Nigeria uses crypto for various needs. Considering the 206 million people, over 68 million are crypto users!
As it seems, the ban from the central authority couldn’t stop the trading of digital currencies. And that’s what was supposed to happen. Because the entire crypto paradigm is based on the idea of “decentralization” where there are no central bodies for regulatory purposes.
As a result of all of these turbulent events, Nigeria has seen massive growth in the number of crypto casinos. Some of them are based within the country, boasting a license from the Lagos State Lotteries Board. And some of them are offshore, accepting Nigerian players from some remote corner of the world.
Can Nigeria’s Best Crypto Casino Sites Impact the African Gambling Market?
You might be wondering, why are we sweating the crypto casinos in Nigeria too much. It’s simply because Nigeria is not only the biggest economy in the continent right now but also the biggest market for online gambling companies.
The surrounding countries often follow what the Nigerian government is doing. On the other end of the spectrum is South Africa which was once the most booming economy. Since the very beginning, South Africa has been very friendly to the use of crypto. In fact, the government has regulated the industry by imposing regular income tax on crypto gains or losses.
Another important thing to note here is that in many African countries, online gambling is not regulated yet. While many of them have been regulating land-based gambling since their independence from the French colony, none of them seems to bother about online gambling.
It can all change with the best crypto casino at the players’ disposal. Just because a country doesn’t regulate online gambling doesn’t mean the players are refraining from it. Statistics show that gamblers are prevalent in all countries.
The rise of the best crypto casino sites means all the players from the continent can have a safe and fair gambling experience. It also counters the government’s concern about shady practices. The biggest benefit the African countries have right now is the lack of awareness.
In fact, more than half of the continent’s population don’t have a bank account! It’s higher than any other continent in the world. And if you don’t know yet, playing at a top casino that accepts crypto doesn’t require a bank account!
It means millions of punters can join in on the revolution without spending anything extra from their pockets or even stepping outside their homes. If that’s not a severe impact on the Nigerian crypto casinos, we don’t know what is.
What are the Benefits of the Best Crypto Casino Online?
While we’re so focused on how these online casinos will impact the overall gambling industry, we forgot to introduce you to the benefits of the crypto games casino in the first place.
- No More Waiting: You all know that crypto transactions are fast. How fast will depend on what token you decide to use. Also, you can expect instant withdrawal from the brands because crypto wallets are pre-approved.
- Extra Dose of Fairness: One of the biggest reasons casinos on blockchains are so popular these days is the use of a differing hashing algorithm. Instead of the regular RNG (Random Number Generator), they use a “provably fair” algorithm. It means you can trace back your steps and verify whether the game’s results are truly randomized or not. Neat, right?
- Cross Border Payments: There’s no denying that modern payment methods have helped with cross-border payments a lot. Then again, a lot of mainstream payment methods are yet to enter the African market. A cryptocurrency, on the other hand, isn’t bound by any kind of regulation by any government. That’s the beauty of a peer-to-peer method.
- Bonuses: Well, you’re still likely to get a crypto casino no deposit bonus against your sign-up. The background technology might be different, but the morals of the operators are still the same!
Final Words
As you’re reading this post, new crypto casinos are popping up in Nigeria. It’s because Nigeria has the largest demographic to use the method. The good news is that it’s spreading across Africa like wildfire.
