After the pandemic, almost every Crypto casino has gained a lot of user base. As they have offered an alternative way to engage in online gambling. However, I wonder if they have been able to churn customers who are used to traditional online fiat casinos.
As per my understanding, crypto casinos have offered benefits that some fiat-based casinos cannot match. Another reason is cryptocurrency provides faster transactions and a level of privacy. Thinking about the regulatory environment surrounding cryptocurrency globally. I think a lot of crypto casinos are still churning existing users of other crypto casinos.
Some of these features can be appealing. If a user is looking for a more seamless and secure gambling experience. Whereas as per my understanding, not all players are comfortable using cryptocurrency. One reason, that I could think about is that cryptocurrency is still a relatively new technology & it might be the primary reason some players are hesitant to try them out.
Another reason is strict regulations on Crypto Casinos. That is one of the primary reasons why I think churning of fiat casinos user is not able to attract new users and retain old customers.
There are many more issues that I believe have hampered the churning of a traditional user to a crypto gambler. But the number one issue as per my research is individual preferences and circumstances.
I think most crypto casinos are still churning out existing customers. I also believe that it is not that easy to get a traditional online gambling user to change their habit. What do you think?
I can predict in the very near future that a lot of the existing cryptocurrency casino and sportbooks are going to increasingly pivot towards fiat currency users. It makes ultimate sense really, because they are coming under a lot of pressure to perform KYC processes on their users now and not having KYC was one of the primary distinguishing factors for these companies to stick with cryptocurrency for so long. They will likely start hooking up with mainstream payment processors to facilitate these transactions more easily and we do see a few of them already advertising in big venues like sponsoring major football teams - so they've already got huge credibility in that department.