Since crypto first captured the public’s attention during the bull run in 2017, there’s been all kinds of talk about how crypto is going to change the world and the mythical power of blockchain. Unfortunately, most of this has been nothing but talk, and the result has seen failed projects and rug-pull scams.
An unlikely use case has emerged that has spurred on crypto’s growth: online gambling. Strap in as we explore the use of crypto in online gambling!
How Does Crypto Gambling Work?
When people hear blockchain and crypto gambling, they immediately think of something complicated, but nothing could be further from the truth. Crypto gambling works almost the same as standard online gambling, the only difference is you are betting in BTC, ETH, USDT, XRP, or DOGE instead of USD.
If you are new to crypto, you first need to purchase crypto from an exchange that works just like a foreign currency exchange. Then, to deposit, you just transfer your crypto to your betting account just like a bank transfer.
Once your account is locked and loaded with crypto, you can then use it to bet on sports and play different casino games like slots, blackjack, poker, roulette, live dealer games, TV shows, and everything you can think of.
Crypto casinos offer virtually the exact same gaming experience as stand online casinos, including 24/7 customer support, bonuses, and the chance to win real money prizes.
What is the Impact of Crypto on Online Gambling?
Crypto offers online gamblers anonymity, fast payouts, flexibility, and security and helps them access betting sites. Crypto has played an important role in the growth of online gambling and elevated the gaming experience of many players.
Here are a few facts that should get you excited about crypto in online gambling:
- 22% of Bitcoin investors used it for online gambling
- 55% of online gamblers would happily return to a casino offering crypto.
- 72% of people who own cryptocurrencies believe crypto gambling will increase in the next three years.
With answers like that, it’s easy to get excited about crypto casinos!
What are the Advantages of Crypto in Online Gambling?
One of the biggest advantages of crypto in online gambling is cash-out speeds. Some online casinos like to keep players waiting for days to receive their hard-earned winnings. This is not the case at crypto betting sites, as soon as you hit that withdraw button, your crypto will hit your wallet in under 10 minutes!
Another key advantage of crypto in online gambling is it provides anonymity. With crypto casinos, you don’t have to share your personal data and can maintain your privacy while enjoying your hobby securely. This protects you from identity theft which costs Americans $50+ billion every year!
Crypto promotes global access to online gambling. A foundational aspect of crypto is providing online payment and banking services to everyone around the world. It is estimated that 1.4 billion adults globally are unbanked, thanks to crypto’s decentralized nature, low cost, and free wallets these people can now access online gambling.
From an online casino’s perspective, they’re also big fans of crypto transactions being irreversible. Betting sites are often inundated with chargeback requests, which can cause transaction costs to rise and can get sites banned from payment providers. With crypto, chargebacks are not possible.
What Does the Future Hold for Crypto in Online Gambling?
Online gambling is responsible for introducing a lot of people to crypto. It stands to reason as online gambling gets more popular that, crypto is going to come along for the ride and grow as well. The online gambling market is expected to be US$131.90bn by 2027 and grow at 8.54% per year.
Currently, around 5% of people globally own crypto, it would not be surprising if online gambling plays a key role in bumping that number up to 10% over the next 10 years.
As the world moves more and more online, expect everything to become digitalized, from casinos to currency to every experience you can think of. Just imagine how many extra online gambling players and crypto users once internet users go from 64% (current) to 95%. Explore our other articles to learn about the latest crypto gambling happenings!
