Over the years, the cryptocurrency-based gambling market has recorded a significant increase in value and patronage, with experts predicting that the market would reach an unprecedented value of $1 billion in the next few months.
At the moment, the crypto gambling markets record a transactional volume of $3m daily, the numbers of players who prefer to use cryptocurrencies casinos are on the increase as well, with their numbers exceeding 30,000 every week.
As a matter of fact, the size of the crypto gambling industry has surpassed that of the entire gambling industry by a margin of 6% between October 2020 and January 2021. In addition, furthermore to this, in addition to the forty-two cryptocurrencies that back the gambling sector, several factors have enabled the smooth advancement of the crypto-based gambling market.
Crypto-Based Casinos Vs. Hybrid Casinos
There are two types of casinos that regular punters and players know too well as two betting sites that process payments. As the name implies, Crypto-based casinos only allow payments only through cryptocurrencies. The only downside here is that some people are discouraged from crypto-based casinos due to their restricted banking options and several games. Nevertheless, the crypto gambling industry has continued to record giant strides.
Why Punters and Players Prefer The Crypto Gambling Market
There are many obvious reasons why people are switching to crypto-based gambling. Over the years, cryptocurrencies have become massively popular and acceptable around the world. Many prefer to use it because it offers a wide range of advantages when gambling online.
One of the key advantages is that there is no need for players to verify their identity. This ensures that their privacy is kept intact at all times, and this sits well with players who live in countries where there are strict restrictions on gambling.
Another key advantage of the crypto-based online casino is the second-tier layer of security it offers all players. As a result, players feel comfortable when playing any of the exciting games available on crypto-based platforms.
Compared to fiat currencies, the anonymity of the crypto-based casinos also serves as an additional benefit. This is because digital currencies are decentralized and government authorities and financial institutions are unable to monitor how you spend your money and what you spend it on.
Other reasons people prefer crypto-based casinos include; convenience and ease, simplicity of use, and seamless depositing process.
More Casinos Will Accept Cryptocurrencies In The Future
The popularity of crypto casino is ever-increasing. Therefore, it’s not entirely surprising that major casinos are rushing to implement this groundbreaking payment method to stay competitive in a fiercely competitive market.
Experts as predicted that this trend will most likely continue as more and more casinos and other gambling sites will continue to adopt cryptocurrencies-based payment in the future. This, as expected, would be a win-win situation for players and sites alike.
How Crypto Gambling Market Will Keep Increasing in Value
Although the cryptocurrency market does not have a stable value, it broke the $2 trillion thresholds for the first time in 2021. This growth is expected to continue with an increase in its total value likely to be recorded every year.
The same thing can be said for the crypto gambling market. Although statistics are a little sketchy at this point, early estimations reveal that the market is well worth over $939 million at the moment. This value is expected to keep increasing as more and more people switch to digital currency-based crypto casinos.
There are cryptocurrencies specially created for gambling, with some primarily used to wager at online crypto casinos. These cryptocurrencies also use blockchain technology and decentralized technology and thus ensure that it is fair play and all players stand an equivalent chance of winning.
Some online crypto casinos have adopted the use of cryptocurrencies as reward or loyalty tokens, while some allow players to buy the casino’s cryptocurrency as a form of investment. This means that when the casino makes profits, you’ll be enabled to a share from it. This is a further indication that gambling crypto serves as a smart investment for crypto gambling enthusiasts.
With the demand for crypto-based casinos on a constant increase, players are on the lookout for platforms that offer crypto and user-friendly experience, while operators are beginning to examine different ways of meeting these rising demands. There is little or no doubt, that the crypto gambling market would continue to see its value grow rapidly in subsequent years.