Online casinos conduct millions of financial transactions daily through debit and credit cards, bank transfers, e-wallets, and more recently, Bitcoin wallets. With this being the case, it should come as no surprise to anyone that online gambling is among the most targeted industries on the internet for hackers. The growth of online gambling is estimated to be worth around $100 billion by 2025. Combined with the ever-increasing sophistication of tools and tactics used to breach casino security, threats to operators and players are sure to intensify in the coming years.
Hacking is by far the most significant cybersecurity issue online casinos face, but cyberattacks come in many forms:
- Ransomware attacks, as shown by the SBTech attack in 2020.
- Automated Bots directed to access customer data.
- DDOS attacks overloading servers with traffic to slow or crash a website.
- Scraping to steal data from casino website databases.
- SQL injection attacks to take control of a database server
- Takeover Attacks to steal user profiles
With all these threats and more to consider, online casinos and players are moving towards blockchain casinos as a safe way to counter the increasing risks posed by online hackers. Cryptocurrency casinos using the blockchain offer some major security benefits to players and casino operators. Notably, It is virtually impossible to hack blockchain systems. There is also no need for players to provide bank details when making a casino deposit. When using cryptocurrencies, players can top up accounts anonymously when executing transactions.
Aside from being significantly safer than traditional online casinos, there are plenty of other reasons why online casinos are moving towards the blockchain. For starters, they offer a higher degree of transparency. In an industry rife with fraudulent operators, this benefits both players and legitimate operators. Players also enjoy faster and cheaper transactions using cryptocurrency than they do with standard banking methods. The ability to establish an online casino operation unbounded by banking regulations has opened the doors to many new operators, who are now competing with established platforms moving in the same direction. There are now many Bitcoin casinos to choose from, and their numbers are growing daily.
In 2021, it is no longer difficult to find a safe place to play online casino games using cryptocurrency. An online search will reveal hundreds of options online. For extra security, gambling review platforms such as Gamblescope.com offer a fast and reliable way to shortlist the safest bitcoin casinos available as per geographical location as personal preferences. Unbiased and trusted casino review platforms do the hard research to uncover safe, secure, and legitimate online gambling sites, providing additional peace of mind for online gamblers.
The ever-increasing cybersecurity threat casinos face rises in line with the growing wealth of the gambling industry. Are cryptocurrency casinos the best way forward to mitigate the rising threat to casino cybersecurity? It’s almost certainly a step in the right direction.