Over the years, online gambling has become more prominent among players. It has created a buzz within the betting community, especially after the rise of crypto casinos and betting sites.
These platforms have provided the ideal arenas for crypto gambling activities. And while crypto betting is quite similar to traditional staking, the main difference lies in the payment methods. Unlike traditional gambling, crypto gambling transactions use cryptocurrencies.
However, with its many benefits over conventional casinos, many people have been drawn to it and forced to consider crypto as their ideal gambling currency.
According to BanklessTimes.com, crypto enthusiasts make an average of 337 bets per second on the now flourishing gambling sites, and at least 30,000 crypto users bet their money every week, bringing in millions for the newly founded space.
The site’s crypto expert, Alice Leetham, comments:
With the newly found acceptance in digital assets, crypto gambling is making way for itself in our lives. The rise of crypto staking is a true reflection of our technology advancements and constantly evolving playing preferences. The global gambling arena’s future is gradually leaning toward blockchain, and we expect to see more crypto casinos open.
BanklessTimes crypto expert, Alice Leetham
Overview of Crypto Gambling
The global gambling industry was valued at $279.3 billion at the beginning of the year. And although crypto gambling contributes a small fraction of that, its growth is not to be ignored.
As of Q1′ 21, about 3 billion crypto bets were placed; soon after, the number of crypto bets in Q1′ 22 increased twice as much to about 6 billion. These 6 billion bets accounted for nearly 36% of global gambling activity.
By the end of 2021, around 304 casinos were established. 30% of which are pure casinos dealing exclusively in crypto, while 70 % are hybrid casinos that accept both crypto and traditional currencies.
Most of these platforms, however, include many of the traditional games like video poker, roulette, blackjack and dice, giving players a unique blend of both traditional and modern.
About cryptocurrencies, the latest statistics reveal that most crypto enthusiasts deal in Bitcoin, Ethereum and Litecoin. As of Q1 22, about 83 % of crypto bets involved Bitcoin, 13.5% Ethereum and around 6.5 % Litecoin.
Why is Crypto Gambling Becoming More Popular?
Cryptocurrency gambling has been a viable substitute to the already established traditional playing platforms, especially for players seeking more privacy. Crypto transactions provide gamblers with the anonymity they crave. Not to mention, crypto platforms’ decentralized nature and enhanced security features make it all the while better, giving gamblers a sense of security and privacy while doing transactions.
A great advantage that comes with crypto gambling is its faster transaction rates. One can instantly deposit and withdraw funds, avoiding any delays associated with traditional payment processing methods, making crypto an ideal currency to bet with.
Crypto staking is revolutionizing the future of our gambling industry. The ease of transactions and convenience it offers will be instrumental in drawing gamblers to its side. The crypto gambling industry will undoubtedly grow, paving the future for more crypto advancements.