The crypto gambling industry is firing on all cylinders right now. So, what’s driving that success? There’s only one answer to that question — crypto slots.
Roughly 80% of all games in crypto casinos are slots. Simple gameplay, great payout opportunities, and generous Bitcoin casino free spins deals are some reasons why crypto slots are on the road to supplanting fiat slots as players’ got-to gambling options. Will that ever happen?
Stay tuned as we bring you a full breakdown of how crypto slots work, their advantages, features, and potential place in the future of crypto gambling.
First Crypto Slots Hit the Stage
The history of crypto slots started with the first crypto casino, SatoshiDice, in 2012. Ever since, crypto casinos have been springing up like mushrooms, each coming out with a portfolio of exciting slot games.
In essence, crypto slots are similar to regular slots. The only significant difference is that they operate on cryptocurrencies like Bitcoin, Ethereum, Litecoin, or Litecoin, instead of fiat money. The gameplay largely remains the same. There are a number of different symbols on a grid that consists of several reels and paylines. You get the corresponding payout if you match three or more identical symbols on a payline.
However, as blockchain technology evolved, so did crypto slots. One of the most important innovations was the implementation of provably fair algorithms into slot games.
Provably Fair Slots Explained
Provably fair slots work on blockchain technology, just like cryptocurrencies. This technology allowed the developers of provably fair slots, such as BGaming, to create a way for players worldwide to verify the round’s outcome and its fairness manually. In order to do this, players need to use a unique code dubbed the provably fair algorithm.
This algorithm generates an encrypted key featuring the end result of the slot round, plus another key for you to enter in the special section that will allow you to verify the outcome of the round. No more need for third-party verification to ensure the outcomes are fair.
Admittedly, provably fair slots don’t have these elaborate themes or graphics like other crypto slots. However, their Return to Player (RTP) ratios that, in part, determine your potential payouts are more in the neighborhood of 98% rather than about 96% featured in regular crypto slots.
Crypto vs. Fiat Slots
Crypto slots have the upper hand on their fiat counterparts thanks to the very nature of cryptocurrencies that drives the growth of digital banking. Sure, there are many things to consider before getting into crypto, like their volatility, but the advantages this technology brought to casino gaming outweigh them all. Here are some of the benefits of playing crypto instead of traditional fiat slots:
- Anonymity — Playing in online cryptocurrency casinos means you won’t have to deal with boring KYC policies that imply sharing personal information with the casino.
- Better bonuses — You will find an abundance of bigger prizes for crypto slots with more user-friendly terms.
- Faster withdrawal — Playing slots with Bitcoin and other cryptos guarantees you can cash out faster. You won’t have to wait for sites to approve the transactions, so the payouts are almost instant.
- Provably fair games — Provably fair slots featured on blockchain sites are entirely fair, and you can even track down the result to see for yourself, thanks to the provably fair algorithm.
The Future of Crypto Slots
Crypto gambling is skyrocketing, and there’s no holding it back. Experts claim it will be worth $93 billion by the end of 2023. Things like gambling in the Metaverse and the new technologies it brings, like playing VR slots with cryptocurrencies, will change the casino gaming experience forever.
Already VR slots are getting a solid foothold in the industry; just check out Evolution’s Gonzo’s Treasure Hunt title, which offers you the option of playing in virtual reality mode. As you can see, slot games are at the center of that change in the industry, so we can expect more advances in that area in years to come.