Coins or tokens are almost always present in casinos. They were originally used for Ombre and Quadrille, which are card games from France. Their purpose was to allow players to keep score, and they also had different colors, which helped players withdraw funds after winning the game. Today we have different coins for different casino games, and some of them have specific purposes. Here we will discuss different coins that are present in casinos and explain their purpose.
Coins in Online Casinos
Currently, most gambling enthusiasts play casino games online. Given how this money is digital, there is no need for special coins. That being said, there are some online casino sites that actually use digital coins. This can be used as a part of specific bonuses. Online gambling sites can give you bonus funds, free spins, or free chips that can be used for poker. This makes it easier to create specific offers for certain user groups, and they don’t have to worry that those funds will be used on games they are not intended for.
Incentivize User Spending
Casinos usually offer specific chips for specific games, and each chip or coin has a specific value. This means that a customer cannot simply spend $5.67 on the purchase they need to buy $6 worth of chips if the minimum value is $1. Additionally, if they want to play multiple games, they will have to buy a specific coin for each game, which once again translates to bigger sales numbers.
It also creates a standard for slot machines that are exported internationally. Instead of creating a machine for each metal coin in a specific country, you have a standard that is applied regardless of location.
Casino entertainment has been associated with incredible luxury, unforgettable parties, and unfortunately with mobsters and criminal activity. We heard it time and again that casinos are used for money laundering, but we often think that it’s the owner who is doing something shady. However, even smaller criminals use these institutions to create new origins for funds, and not only casinos but insurance companies as well.
However, these tokens don’t really prevent that kind of fraud, they can prevent players from stealing the money they lost in the game. By converting money into chips they need to go to the counter in order to convert them back. If they simply steal them from the table they will be worthless. And it’s impossible for them to change it back if the security is chasing after them.
Since the casino industry is so vast, it was only a matter of time before blockchain-based tokens were created for this ecosystem. This is probably the newest version of the coin in the casino industry. Of course, we already have casinos that accept cryptocurrencies like Bitcoin and Ethereum, and many regard crypto trading as a form of gambling on its own. But these tokens were more about the sense of community and allowing multiple sites that accept them to share a user base.
It’s hard to say how long and if these coins will stay relevant, mainly due to the nature of this market. We constantly get new currencies and coins, and it’s hard to keep track of all of the options that are not in the public eye. But, the crypto market as a whole seems to have solidified its position and countries can no longer simply ban them. A lot of big companies also have a stake in this, and blockchain technology can revolutionize our payment system.
The coins are usually made of clay and they are always unique for each casino. They might have their name or logo on them so that users cannot cash them in when they visit another casino. It’s a business practice that’s been around for ages, and it’s way better than throwing paper money or other valuables on the table in order to make a wager.