The popularity of cryptocurrency use within the gambling industry has accelerated over the past couple of years as some of these coins have begun to break into the mainstream. Now, it’s not uncommon to see online casinos advertise this payment option in their adverts and promotional material as they aim to engage tech-savvy players seeking to unlock exclusive bonuses and rewards that can multiply their potential winnings.
Casino bonuses have a long history, even when just looking back to the rise of online gambling, with new player promotions and reload offers being among the most popular types. This can even be traced back to land-based casinos, although they’ve taken on a whole new life since the digital revolution in the late 1990s got underway.
With the launch of Bitcoin in 2009 and the more widespread adoption in the years that followed, it was surely only going to be a matter of time until we started to see these digital currencies become more common when playing our favorite online casino games. This came true in the mid-2010s as Ethereum’s smart contract feature made it easy for casino operators to manage payments and reward players with offers and bonuses easily.
In this article, we’ll take a closer look at how casino bonuses have changed over the years and how the rise of cryptocurrencies has changed the way we view the offers and promotions available to players.
The history of traditional casino bonuses
When we look back at some of the first online casinos, which rose to prominence in the early to mid-1990s, the most common bonus was a matched deposit that was typically capped at around $100 to $200. These often had high wagering requirements — sometimes being 30x or higher.
These rewards were designed to be similar to free-play chips, which were often seen in the casinos in Las Vegas. This bonus was a simple but effective way to achieve buy-in among skeptical bettors who were unsure about taking the leap into the world of online gambling. While some rewards were higher, such as matched bonuses as high as 200%, they came and went quickly due to player abuse and fraud.
As online casinos gained a foothold in many American households, particularly in the 2000s and 2010s, the variety of bonuses increased exponentially. These included welcome bonuses, reload offers for repeat players and loyalty rewards for long-time visitors.
While it was something of a free-for-all at first, with players able to benefit from offers no matter where they lived, the introduction of geo-restrictions in the post-mobile app era helped prevent abuse and better ensure fair play.
However, players still faced hurdles to overcome, such as slow bank transfers, which could take up to five business days, and currency conversion fees, which could make it difficult for players to access their bonus winnings.
Crypto’s entry into the gambling world
Things quickly changed with the introduction of cryptocurrencies into the world of online gambling, with pioneering platforms such as SatoshiDice, which is widely regarded as the first Bitcoin casino to offer microbets with the backing of the blockchain, leading the way.
The key factors that persuaded many early adopters to make the move were the quick transaction times, zero risk of chargebacks and added privacy, which appealed to millennials who wanted to try something new and demonstrate that this new technology has real-world use.
This explosion in popularity only intensified as we entered the mid-2010s and Ethereum became the go-to choice for many crypto-loving online casino enthusiasts, particularly in the post-ICO era. This allowed peace of mind, while the rise of stablecoins, such as USDT, helped allay the fears of many skeptics, particularly those concerned with volatility.
This accelerated further as the world experienced the COVID-19 pandemic. Some estimates put this growth at around the 300% mark, which would be in line with the increase in general cryptocurrency interest in many parts of the world during this time.
The different types of modern crypto bonuses
Here are a few different types of casino bonuses that you may see when visiting a new cryptocurrency casino online:
Welcome bonuses
Welcome bonuses for new players can multiply the deposit made by around 100%, which can be beneficial for high rollers, although they are often capped at a certain amount. They may also include free spins, which can be handy for those wanting to try new games without the pressure of having their funds on the line.
Reload and deposit matches
Some new online casinos offer deposit boosts for returning players as a way to keep them engaged and to prevent them from losing users to rival sites. It’s also not uncommon to see casinos offer cashback rewards for those using specific payment methods, such as cryptocurrencies.
Free play
Some online cryptocurrency casinos offer free play options for players who have yet to become engaged customers. This can be a great way to try new games without having to spend any of your own money. The downside is not being able to cash in any potential winnings you might unlock.
Comparing the pros and cons of modern casino bonuses
There are many different casino deposit bonus options, as well as bonuses for newly registered and returning players, which is why it can be hard to know whether it’s right for you and how you like to spend your time when enjoying online casino games.
In simple terms, these bonuses often have low or no fees because they do not require a deposit made using a bank transfer or debit card, meaning there’s no associated service charge.
At the same time, they are also incredibly quick to activate, as cryptocurrency transactions are near-instant and don’t require the player to wait several days for their newly unlocked bonus to be activated.
However, there are still concerns about the volatility of coins, and what may have been a very appealing account balance on one day could be worth a lot less the next.
Final thoughts
From fairly standard online casino games in the 1990s to immersive AI-fueled digital platforms in the 2010s and 2020s, the world of cryptocurrencies has taken the online gambling experience to an entirely new level. The many changes we’ve seen in recent years have improved accessibility and made it much easier for players to play in a way that suits them, all while being able to benefit from the ability to pay with and win their favorite digital coins.
This article provides information about gambling platforms or casinos operating with cryptocurrencies. Crypto Economy is not affiliated with any of the mentioned services. We remind our readers that the use of crypto casinos involves inherent financial and legal risks, which may vary depending on the jurisdiction. This content is for informational purposes only and should not be interpreted as an investment or participation recommendation.
