News Americas, NEW YORK, NY, Thurs. May 20, 2021: Much has been made in recent years about the possible connections between cryptocurrency and casinos. The casino industry is often fairly quick to integrate with new trends in technology including 50 free spins, and as cryptocurrency expands and becomes more influential, it does seem as if more overlap is virtually inevitable. Indeed, some overlap has already begun. And this leads us to our question: How is cryptocurrency changing casino industries in Latin America?
The simplest answer is that the spread of digital currencies has not had a drastic effect on these industries just yet. However, the big picture is a little bit more complicated than that, and much more interesting. This is because even if there hasn’t been a massive, measurable effect just yet, there are signs of a crypto impact to come.
An Influx of Wealth
Maybe the most noteworthy factor at this early stage is that there are many in Latin America or who merely do business in the region who are making fortunes in cryptocurrency. Just last fall, Finance Magnates reported that Latin America was seeing a surge in bitcoin trading, and this actually fit into a broader crypto trend we’ve seen for a while now. This of course does not mean that everyone dabbling in cryptocurrency is striking it rich. Some are, however, and where fortunes emerge, casinos often follow.
Case in point, there was a report in The Guardian just a few years ago detailing Calvin Ayre’s plan to build a bitcoin-funded resort in Antigua. Ayre has expanded his fortune via crypto investment, and is pouring some $100 million worth of crypto profits into the project. Now, we don’t know if this resort specifically will have a casino component to it. But you can begin to see how this is likely to work. In time, individuals and businesses will inevitably use crypto earnings to expand hospitality and entertainment options throughout Latin America (and likely in the Caribbean in particular). Some of this expansion is likely to include the emergence of new casino properties.
Reassurance in Online Gaming
There is also an online component to all of this. In fact, it is within the online casino industry that we’ve seen the most growth with respect to cryptocurrencies in gaming. Numerous platforms such as bitStarz, Bitcasino, and mBit Casino have already sprouted out of crypto expansion, giving those who are interested the option of playing real-money games with digital currency rather than ordinary money.
That alone is a major development, because some of those online platforms are available and gaining popularity in parts of Latin America. And on top of the mere existence of the platforms, it’s important to note that crypto-driven gaming is also likely to reassure some who are interested in online casinos, but uneasy about potential legal restrictions. Many have long held a hunch that cryptocurrency could “get around” online gaming restrictions, and an article on Poker.org clarifies that in some instances this is likely to be the case because bank transactions aren’t involved. In the case of the U.S. — where a lot of visitors who would like to play at online casinos come from — it is banks’ processing of interstate casino winnings that is actually prohibited by law. Cryptocurrency, some believe, is at least something of a grey area, and this may well persuade a larger population to partake of crypto-based platforms in Latin America.
Potential in Land-Based Casinos
The other key factor to consider is that there are already a lot of perfectly successful land-based casinos in parts of Latin America. There is the Ocean Sun Casino in Panama; there is the Crowne Plaza Maruma in Venezuela; The Bahamas’ Atlantis Resort is recognizable around the world; and the Tropicana Aruba is fresh off a recent renovation. Even these impressive examples make up only a portion of the offerings throughout the region, too.
These are worth noting in part because they show that casino industries are thriving in Latin America with or without cryptocurrency. However, they are also worth keeping in mind as opportunities for cryptocurrency. If the day does come when the crypto-casino link becomes stronger, each of these properties will represent massive potential. It may only take one of them to start dealing in cryptocurrency for there to be a significant domino effect.
Considering all of this, it is clear that a foundation is being laid for cryptocurrency to have a major impact on Latin American casino industries. Cryptos aren’t essential for these industries just yet, but in another few years they may be extremely influential.
