Online gambling has exploded in popularity in recent years, with various factors bolstering its double digital annual growth and introducing new audiences to it by the barrelful.
Crypto gambling is an increasingly influential niche of the wider casino market, and is enjoying even rosier projections for its revenue generating potential.
Let’s look at where this industry is headed, and why it is able to live up to the sky high expectations of analysts.
The future is bright
A quick look at the competing brands on casinoscrypto.com reveals just how many different operators are vying for the attention of players in this space right now.
This is no accident, but rather the result of a snowball effect which has built up inexorably for reasons we’ll get into later.
The fact is that online gambling as a whole has an expected CAGR of 11.6 percent, which means it will be valued at $172 billion by the end of the decade.
Crypto casinos stand apart from this ecosystem to a degree, but are benefiting from the same uplift in interest, further spurred on by the rise and rise of cryptocurrencies themselves. Hence this segment alone could be worth $93 billion by 2024.
The momentum is growing
So what are the main catalysts for this stellar expansion of crypto gambling? Well first and foremost, it’s the increased accessibility of online casinos in general, as well as the loosening of the regulations around this type of activity across the US and in other parts of the world.
While in the past there was a degree of skepticism around and opposition to web-based gambling services, particularly in America, opinions have softened and laws have been altered to reflect the changing trends and shifting values worldwide.
Hand in hand with this goes the increase in mobile gaming, with smartphones making it convenient and easy for people to play a whole universe of titles while out and about. Inevitably this has made online gambling attractive, since there’s no need to slink off to the den at home to gamble, as you can simply do this via any modern handset, from any location.
It’s also necessary to mention the impact that the pandemic has had on gambling, specifically of the online variety. When it struck in 2020, land-based casinos were closed and people were trapped at home and starved of entertainment. This encouraged a spike in visits to online casinos, and helped convince skeptics that this digital adaptation of their favorite pastime was worth it.
Among several other pandemic-proof industries, online casinos shone. Moreover, habits were formed while quarantines and lockdowns were in place, with players retaining an interest in web-based gambling even after a semblance of normality was restored.
The crypto scene brings something new to the table
So if online casinos that deal in fiat currencies are experiencing a surge, what’s giving crypto operators in this industry even more of an edge in terms of attracting and retaining players?
There are a few benefits to gambling using blockchain-based tech, both to stake wagers and function as the backend of the games themselves.
First, there’s the anonymity and privacy that cryptocurrencies naturally afford users. If you want to gamble without worrying about your data being purloined by a malicious third party, this is a valuable asset.
Next there’s the transparency. By having gambling take place on the blockchain, everyone can see which outcomes were arrived at, which payouts were assigned, and which players won a given game. This eliminates issues with casino customers feeling duped because they didn’t get what they were expecting after placing a wager and winning.
Finally there’s the volatility of cryptocurrencies themselves. Because some coins can start off low down the scale in terms of value, before skyrocketing in weeks, months or years to come, a small win at a crypto casino could blossom into a serious payday, so long as the market veers in favor of the player in question.
It seems like that crypto gambling technologies will eventually be adopted in the mainstream, if only because the sheer growth potential of this industry is hard to ignore, and casino operators in all corners will want to jump on this bandwagon, since the wheels are made of gold.