The United States is currently undergoing a massive wave of gambling expansions, both online and in the retail space.
Dwindling tax revenues resulting from COVID-19 lockdowns have empowered state lawmakers to push for more lenient casino gambling laws, particularly those that might make the market more broadly accessible.
18+ Casinos Begin To Eye Crypto
From coast to coast, trusted 18+ casinos and sports betting lounges are popping up at an unprecedented rate. While still the exception, there’s no denying that under-21 options for legitimate domestic gambling are increasing.
Of course, even those commercial gaming giants with 21+ age limits continue to compete with long-established offshore brands, the latter of which have long been friendly to 18+ gamblers.
But aside from lower age requirements, many analysts have found that the biggest advantage offshore betting has over domestic betting is the option for cryptocurrency-based online gambling banking.
Crypto remains the biggest wedge between offshore players and domestic providers. This is largely because state governments aren’t yet comfortable with the idea of cryptocurrency, its tax ramifications, and its technical aspects.
Until crypto becomes integrated with other retail industries, blockchain transactions likely won’t be used as banking options by major domestic casinos.
Casino Plans To Include Trading Floor
Nonetheless, gambling operators are still looking for ways to capitalize on the crypto craze.
This month, former Las Vegas Sands board member Jason Ader will submit a $3 billion casino plan that will include a crypto trading floor and landing pad for flying cars.
Ader will partner with Japan’s Universal Entertainment for the project.
Naturally, Ader’s ideal location for the casino is in Manhattan. And while many have argued against the operation of a full-service casino within the city, Ader argues that his project would be a unique, multi-purpose space:
“The goal is to have a differentiated, but comprehensive, approach to entertainment that goes beyond casino gaming with some pretty cool elements… “
Aside from flying carports and crypto trading, Ader wants to add both an eSports arena and a major events venue to the prospective casino. These additions all contribute to the concept of futurism, a major theme Ader is running on in his proposal.
We just hope he consults the late Syd Mead’s portfolio for the aesthetics.
What Happens If Crypto Hits Casinos?
While the prospect of flying cars is exciting, it isn’t our main prerogative, here.
With a cryptocurrency trading center in the middle of Manhattan, Bitcoin casino gambling and other betting-friendly crypto coins will have new ways to break into the mainstream market.
In that same breath, the casino operator would be able to mitigate the issue of the “crypto glass ceiling” without directly offering the stuff as a deposit or withdrawal option.
This way, the casino can relish the appeal of cryptocurrencies without having to manage the financial side of things. Especially as it pertains to tax revenues.
However, some remain critical of bringing crypto into a domestic casino. Many experts and onlookers fear that the association of domestic gambling with cryptocurrency could open a Pandora’s Box of government oversight.
One Reddit user said the following, which sums up the sentiment of crypto enthusiasts reasonably well:
“If you want to get crypto regulated into oblivion, put it on a casino floor…”
Ader has not yet submitted his proposal but plans to do so on Friday. Should the project receive the green light from the state gaming commission, New York gambling fans can expect to see the casino open within the next few years.
Source: Business Insider