As the already massive gambling industry continues its steady, consistent growth, it accumulates more and more partnerships with interesting, overlapping markets in hopes of mutual positive outcomes. One such market is the cryptocurrency one, a young industry with promise and potential and a decently large current success state.
Of course, these alternative currencies have integrated themselves in many other fields, but their collaborations with the gambling world have proven to be especially fruitful. Below, we will explore exactly how fruitful, through highlighting interesting data, as well as breaking down what crypto casinos are, and what differentiates them from standard establishments.
Crypto vs Standard Casinos
Truth be told, there is not too much to digest here, as crypto casinos are defined as digital gambling providers that accept alternative currencies as valid deposit options. In other words, these establishments give their customers a chance to play casino games with Bitcoin, or realistically, many more relatively popular coins, integrating the cryptocurrency within traditional games, such as poker, baccarat, roulette, and blackjack.
Why is this so convenient for so many people? It is entirely because of the characteristics the crypto market has and inherently brings to the table with any industry that partners with it.
To elaborate, there are typically 3-4 things often highlighted when discussing this topic. The transaction speed for crypto-based operations tends to be significantly faster than most alternatives. Of course, this is in addition to these same transactions having lower fees than those charged by traditional financial institutions like banks.
On top of this, perhaps the biggest draw for the crypto market’s popularity is the accessibility. Being available to anyone with an internet connection while not requiring the same identity verification, background checks, or credit checks as traditional financial accounts helps quite a bit. The lack of checks also contributes to the enhanced privacy and safety of the customer, adding yet another differentiating factor.
Lastly, crypto integration simply gives players extra diversity in their option pool when it comes to payment preferences. If one is a crypto enthusiast, for one reason or another, and tries to stay away from using traditional transaction methods whenever possible, they might have turned away from trying out casinos due to them not having their preferred deposit methods. But of course, nowadays that is not a problem, as the crypto sub-section is decently large, with many reputable establishments having already implemented it.
Niche Sub-Section or a Growing Powerhouse?
With the basics out of the way, we can discuss numbers. Over the years of Crypto’s existence, it has accounted for 4% of all gambling, with that number growing rapidly in the modern environment. Just to highlight how substantial this growth rate seems to be, in the current market, Crypto payments account for 25% of all online gambling payments, according to some sources.
On top of this, around 48% of all crypto holders have used the currencies for gambling purposes, highlighting just how massive of an impact casino collaborations have had on the market. On the other side of the spectrum though, the crypto-gambling market size is around 250 million USD, a smaller yet notable share of the overall iGaming market.
As for what coins are the most popular in crypto gambling, the results are quite predictable. Bitcoin is on top, having accounted for 73% of all gambling-related transactions in 2023. To take this even further, according to the same sources, approximately 60% of all Bitcoin transactions are related to gambling, which is an incredible statistic that really puts into perspective how important casinos seem to be for the alternative coin market.
Keeping all this information in mind, as well as the interesting fact that around 3 million USD is gambled in crypto casinos daily, we can conclude that while due to the sheer, unimaginable scale of the overall gaming market, the crypto casino sub-section seems to be a niche, it is big enough to be an established force within the industry, with many reputable casinos pushing it forward through proper implementations.
The Future of the Collaboration
Inherently, the crypto market is a very unstable one, with most of their coins having fluctuating prices, with the obvious exclusion of stablecoins, leading to unpredictable outcomes for their eventual states. However, as we have demonstrated, this has not stopped partnerships with other massive industries, and the crypto market continues to move forward. With the projections and analysis predicting larger peaks than the initial famous explosion of the market in the year 2021, the future is looking bright.
Of course, all of this is in addition to the fact that it is becoming a standard of sorts, for reputable, popular casinos to have these currencies implemented into their transaction systems, promising even more fruitful collaborations in the future.
While these partnerships evidently achieve greater results for alternative coins, it cannot be denied that the crypto casino market is a substantial piece of the overall gambling world, as demonstrated by the numbers and statistics above.
For casino establishments, embracing crypto technology could lead to reduced transaction costs, faster payouts, and access to a global customer base. On the other hand, the crypto market stands to benefit from increased utility and adoption, potentially driving long-term value and stability for various cryptocurrencies.
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This page was last updated on July 8, 2024.
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